What are procedures for issuing, revising the license for establishment and securities operation and certificate of operation registration in Vietnam?
What are procedures for issuing, revising the license for establishment and securities operation and certificate of operation registration in Vietnam?
What are procedures for issuing, revising the license for establishment and securities operation and certificate of operation registration in Vietnam? - image from internet
Pursuant to Article 186 of the Decree 155/2020/ND-CP stipulating following regulations:
- SSC shall carry out an inspection at the premises of the securities company, securities investment fund management company, branch in Vietnam of foreign securities company or foreign fund management company in case of change of headquarters address, addition of proprietary trading operations, securities brokerage before issuing or revising the license for establishment and securities operation.
- Procedures for issuance of the license for establishment and securities operation:
+ Within 20 days from the receipt of the satisfactory application, SSC shall send a written request for completion of facilities, freezing of contributed capital and preparation of personnel. The shareholders, contributing members, owner of the company may use contributed capital to invest in facilities. The remainder of contributed capital shall be frozen in an account opened at a clearing bank, which will only be unfrozen after the license for establishment and securities operation is issued;
+ If SSC’s request is not fulfilled within 03 months from the day on which it is received, SSC is entitled to reject the application;
+ Within 05 working days from the written certification of frozen capital, the inspection record and other valid documents, SSC shall issue the license for establishment and securities operation. In case the application is rejected, SSC shall issue a written rejection and provide explanation.
- Procedures for issuance of the certificate of representative office registration:
+ Within 07 working days from the receipt of the satisfactory application, SSC shall issue the certificate of representative office registration. In case the application is rejected, SSC shall issue a written rejection and provide explanation;
+ Within 15 days from the official inauguration date, the representative office shall submit Form No. 71 in the Appendix hereof to SSC.
- In case of addition or removal of securities operations, change of name, headquarters location, charter capital, legal representative, branch or representative office manager, replacement of the license for establishment and securities operation, within 07 working days from the receipt of the satisfactory application and the inspection record mentioned in Clause 1 of this Article, SSC shall issue the revised license or certificate and, in case of termination of securities brokerage, the decision to revoke the certificate of securities depository registration and the certificate of eligibility to provide securities clearing and settlement services. In case the application is rejected, SSC shall issue a written rejection and provide explanation.
Best regards!
