What are rights and obligations of VSD towards the Clearing Fund for derivatives market at Vietnam Securities Depository Center?

What are rights and obligations of VSD towards the Clearing Fund for derivatives market at Vietnam Securities Depository Center?

In Article 9, Regulations on management and use of clearing funds for derivatives market at the Vietnam Securities Depository issued with Decision 115/QD-VSD in 2022 regulating rights and obligations of VSD for the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center as follows:

1. VSD's rights:

a) Regulations on principles for establishing, managing and using the Clearance Fund.

b) Use the Clearing Fund to ensure payment obligations in case clearing members become insolvent according to regulations.

c) Supervise clearing members' compliance with regulations in contributing, using and repaying the Clearing Fund.

d) Apply forms of handling violations in case clearing members do not comply with the contents related to the Clearing Fund as prescribed in the Regulations on derivatives clearing members at VSD.

d) Deduct payables (debt obligations), clearing members' uses of the Clearing Fund and financial loss costs arising in connection with the handling of operations when clearing members lose solvency.

2. Obligations of VSD:

a) Manage clearing members' assets contributed to the Clearing Fund separately from VSD's assets.

b) Ensure the management and use of the Clearance Fund in accordance with the provisions of this Regulation and relevant legal documents.

c) Carry out accounting, auditing and financial disclosure according to the provisions of law.

d) Provide data related to assets contributed to the Clearing Fund and distributed profits of clearing members at the request of the clearing members themselves.

d) Provide data related to the Clearance Fund at the request of the competent authority.

What are rights and obligations of VSD towards the Clearing Fund for derivatives market at Vietnam Securities Depository Center? (image from the Internet)

What are rights and obligations of clearing members towards the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center?

In Article 10, Regulations on management and use of clearing funds for derivatives market at the Vietnam Securities Depository issued with Decision 115/QD-VSD in 2022, stipulates rights and obligations of clearing members towards the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center as follows:

1. Rights of clearing members:

a) Receive information about the value of contributed assets, amount of money used, interest on the use of the allocated Clearing Fund (if any), interest on deposits of the Clearing Fund at the allocated payment bank and rights arising over securities contributed to the Clearing Fund of the clearing members themselves.

b) Withdraw the assets contributed to the Clearance Fund according to the provisions of Point b, Clause 2, Article 16 of Circular No. 58/2021/TT-BTC and Clause 1, Article 6 of this Regulation.

2. Obligations of clearing members:

a) Contribute to the Clearance Fund according to regulations.

b) Refund the amount used from the Clearance Fund and interest from using the Clearance Fund (if any) according to regulations.

c) Report to VSD within 01 working day from the date of receiving the official dispatch from the competent authority regarding the clearing member being placed on warning status according to securities laws on financial safety, banking law regulations on

What are accounting regulations for the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center?

In Article 11 Regulations on management and use of clearing funds for derivatives market at the Vietnam Securities Depository issued with Decision 115/QD-VSD in 2022, regulations on accounting regulations for the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center as follows:

1. VSD is responsible for opening accounting books and accounting clearly and fully for all revenues and expenses arising in accordance with legal regulations on accounting and the Circular guiding VSD's accounting regime issued by the Ministry of Finance. promulgate.

2. The monitoring and accounting of the Clearance Fund must ensure the principle of separation from VSD's capital and assets.

3. Organize the storage of records and documents according to the provisions of law.

What is reporting regime on use of the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center? 

In Article 12, Regulations on management and use of clearing funds for derivatives market at the Vietnam Securities Depository issued with Decision 115/QD-VSD in 2022, stipulating reporting regime on use of the Clearing Fund for the derivatives market at the Vietnam Securities Depository Center is as follows:

VSD is responsible for preparing a report on the use of the Clearance Fund in accordance with current law.

Best regards!