What are rights and responsibilities of State Securities Commission of Vietnam (SSC)?

What are rights and responsibilities of SSC?

Pursuant to Article 2 of the Circular 6/2022/TT-BTC (takes effect from 24/03/2022) stipulating rights and responsibilities of SSC as follows:

1. Formulate legislative documents on supervision of compliance with the law on securities and securities market by VNX and its subsidiaries and VSDC, and submit them to competent authorities for promulgation and promulgate documents providing specialized guidelines within its competence.

2. Consider giving permission to VNX and VSDC to promulgate regulations on specialized operations and other documents on performance of securities operations in accordance with law; request VNX and its subsidiaries and VSDC to revise their rules and regulations on specialized operations.

3. Supervise the compliance with the law on securities and securities market during performance of securities operations by VNX and its subsidiaries and VSDC (hereinafter referred to as “compliance supervision”).

4. Suspend or invalidate decisions on operations of VNX and its subsidiaries and VSDC; direct VNX and its subsidiaries and VSDC to perform tasks related to their operations, where necessary, so as to protect legitimate rights and interests of investors in accordance with regulations of law.

5. Develop annual plans for compliance supervision and inspection, and organize periodical inspections or ad hoc inspections, where necessary, of VNX and its subsidiaries and VSDC.

6. Take actions within its competence or request competent authorities to take actions against violations against the law on securities and securities market committed by VNX and its subsidiaries and VSDC.

7. Submit reports to the Ministry of Finance on compliance supervision results at the request of the Ministry of Finance.

What are SSC’s supervision methods?

Pursuant to Article 3 of the Circular 6/2022/TT-BTC (takes effect from 24/03/2022) stipulating SSC’s supervision methods as follows:

1. SSC shall perform compliance supervision on the basis of reports submitted by VNX and its subsidiaries and VSDC as prescribed in Clause 3 Article 5 and Chapter IV of this Circular; denunciations of organizations and individuals operating on securities market and information available on the mass media concerning the compliance with regulations of law in respect of organization and performance of securities operations by VNX and its subsidiaries and VSDC.

2. Based on annual plans for compliance supervision and inspection, SSC shall organize periodical inspections and ad hoc inspections, where necessary, of VNX and its subsidiaries and VSDC.

Best regards!