What are depository members in Vietnam? What are regulations on rights and obligations of depository members in Vietnam?

What are depository members in Vietnam?

At Point a, Clause 1, Article 56 of the Law on Securities 2019, it is stipulated:

1. Members of VSDCC include:

a) Depository members include securities companies, commercial banks, FBBs licensed to provide securities depositing services by SSC and accepted by VSDCC as depository members;

b) Offsetting members include securities companies, commercial banks, FBBs licensed to provide securities offsetting and payment services by SSC and accepted by VSDCC as offsetting members.

What are regulations on rights and obligations of depository members in Vietnam? 

Rights and obligations of Clauses 2 and 3, Article 56 of the Law on Securities 2019, stipulate:

2. Depository members have the rights to:

a) Provide securities depositing and payment services for clients;

b) Exercise other rights prescribed by law and VSDCC’s charter.

3. Depository members have the obligations to:

a) Fulfill the obligations specified in Points  b, d, dd, g, h, i, l, m Clause 2 Article 55 of this Law;

b) Ensure availability of premises and equipment serving the securities depositing and payment;

c) Contribute to the compensation fund as prescribed by law;

d) Separately manage assets of clients and assets of depository members; promptly and accurately record assets, rights to assets and interests relevant to assets deposited by clients;

d) Maintain fulfillment of conditions for provision of securities depository services;

e) Report and fulfill other obligations prescribed by law and VSDCC’s charter.

Best Regards!