What are responsibilities of certified securities professionals in Vietnam?

What are responsibilities of certified securities professionals in Vietnam?

I'm learning about securites in Vietnam. I want to ask about responsibilities of certified securities professionals in Vietnam? Thank you!

Answer:

Pursuant to Article 98 of the Law on Securities in 2018 stipulating responsibilities of certified securities professionals in Vietnam as follows:

1. Holders of securities professional certifications shall operate as representatives of securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies, or investment companies.

2. A certified securities professional must not:

a) Simultaneously work for 02 or more securities companies, fund management companies, branches foreign securities companies or foreign fund management companies in Vietnam, or investment companies;

b) Open, manage securities trading accounts at the securities company for which he/she works, unless it does not provide securities brokerage services;

c) Act beyond the authorization of the company for which he/she works.

3. Certified securities professionals shall attend training courses in securities and securities market, systems for trading of new securities organized by SSC, VSE and its subsidiaries, and VSDCC.

4. Securities companies, fund management companies, branches foreign securities companies and foreign fund management companies in Vietnam, and investment companies are responsible for operation of their certified securities professionals.

What are prohibited acts for certified securities professionals in Vietnam?

According to latest Law on Securities, what are prohibited acts for certified securities professionals in Vietnam? Thank you!

Answer:

Pursuant to Clause 2 Article 98 of the Law on Securities in 2018 stipulating prohibited acts for certified securities professionals in Vietnam as follows:

A certified securities professional must not:

- Simultaneously work for 02 or more securities companies, fund management companies, branches foreign securities companies or foreign fund management companies in Vietnam, or investment companies;

- Open, manage securities trading accounts at the securities company for which he/she works, unless it does not provide securities brokerage services;

- Act beyond the authorization of the company for which he/she works.

What shall securities copmpanies in Vietnam do in case the license is revoked?

According to latest regulations, what shall securities copmpanies in Vietnam do in case the license is revoked? Thank you!

Answer:

Pursuant to Clause 3 Article 95 of the Law on Securities in 2018 stipulating as follows:

When the license is revoked, the license holder shall:

- Immediately terminate all operations in the license and make an announcement on 01 online newspaper or 03 consecutive issues of a printed newspaper;

- Finalize assets of clients received and managed by the securities company, or assets on the depository account of the fund management company;

- Submit a report to SSC after clients’ assets are finalized.

Best regards!