Vietnam: Provisions on the cancellation of membership of derivative market makers

According to Article 24 of Circular 58/2021/TT-BTC on the cancellation of membership of market makers in Vietnam:​

1. Vietnam Exchange shall cancel membership of market makers in the following cases:

a) The market maker submits an application for voluntary cancellation of membership which is approved by Vietnam Exchange under terms and conditions of the market making contract signed with HNX;

b) The market maker is subject to compulsory cancellation of membership.

2. A market maker shall be subject to compulsory cancellation of membership as prescribed in Point b Clause 1 of this Article in the following cases:

a) The market maker fails to rectify the causes of suspension by the end of the suspension period of market making activities specified in Clause 2 Article 23 hereof;

b) The market maker fails to meet membership requirements for market makers laid down in Clause 1 Article 24 of Decree No. 158/2020/ND-CP ;

c) The membership of trading member or special trading member of the market maker is cancelled by Vietnam Exchange, or their membership of clearing member is cancelled by the Vietnam Securities Depository and Clearing Corporation;

d) Other cases specified in Vietnam Exchange’s regulations;

dd) Other cases reported by Vietnam Exchange and approved by SSC.

3. Required documents and procedures for cancellation of membership of market makers shall comply with Vietnam Exchange’s regulations.

Sincerely!