What are regulations on management, supervision of securities practicing certificate holders and their employers in Vietnam?

What are regulations on management, supervision of securities practicing certificate holders and their employers in Vietnam? - image from internet

Pursuant to Article 216 of the Decree 155/2020/ND-CP stipulating management, supervision of securities practicing certificate holders and their employers in Vietnam:

1. SSC shall manage and supervise securities practicing certificate holders as prescribed by law.

2. Securities practice principles:

a) A securities brokerage certificate holder may provide securities brokerage and securities investment advisory services;

b) A financial analysis certificate holder may provide securities brokerage and securities investment advisory services, proprietary trading, securities underwriting;

c) A fund management certificate holder may provide securities brokerage and securities investment advisory services, proprietary trading, securities underwriting, securities investment portfolio management, securities investment fund management;

d) A securities practicing certificate is only valid when its holder is working at a securities company, securities investment fund management company, Vietnamese branch of a foreign securities company or foreign fund management company, or investment company and his/her employment has been notified by the company to SSC;

dd) A person who holds 01 of the 03 securities practicing certificates mentioned in Points a, b, c of this Clause and has certificates of training in derivatives and derivative market may operate within the derivative-related certificates at a securities company or securities investment fund management company;

e) A securities practicing certificate holder may only work at 01 securities-related department at a time.

3. Every securities practicing certificate holder shall submit a report to SSC according to Form No. 86 in the Appendix hereof within 05 working days from the day on which the employment contract with the securities company, securities investment fund management company, Vietnamese branch of the foreign securities company or foreign fund management company is concluded or terminated, or the day on which a securities transaction account is opened.

4. The securities practicing certificate holder (hereinafter referred to as “securities practitioner”) shall notify SSC if the certificate is lost on information thereon is changed according to Form No. 86 in the Appendix hereof.

5. Responsibilities of employers of securities practitioners and their legal representatives

a) Assign securities practitioners according to their securities practicing certificates;

b) Supervise securities practitioners complying with securities laws;

c) Within 02 working days from the day on which the employment contract with a is concluded or terminated, or the securities practitioner is found to act against regulations of law on securities and the securities market, his/her employer shall send SSC a report according to form No. 87 in the Appendix hereof together with his/her employment contract or employment decision (in case of employment), the decision on employment contract termination (in case of resignation) or the violation record (in case of violations);

d) Before January 20 every year, employers of securities practitioners shall submit reports on employment of their securities practitioners in the previous year according to form No. 87 in the Appendix hereof.

Best regards!