Recently, the National Assembly of Vietnam has issued the Law on Securities 2019, replacing the Law on Securities 2006 and the amended Law on Securities 2010.
According to Article 87 of the Law on Securities 2019 of Vietnam, a securities company or fund management company shall obtain a written approval of the State Securities Commission (SSC) before initiating the following operations:
- Suspension of operation, except for force majeure events;
- Offering and listing securities of the company overseas;
- Making indirect outward investments;
- Establishing, closing a branch or representative office in Vietnam or overseas; establishing an overseas subsidiary; changing business operations at the branch; establishing or closing a transaction office;
- Changing the name or location of a branch, representative office or transaction office;
- Provision of the services mentioned in Point b Clause 1 Article 86 of this Law.
Suspension of the branch in Vietnam of a foreign securities company or fund management company is subject to written approval by SSC.
Note: The Government shall specify the requirements, documentation and procedures for approving the operations specified in Article 87 of the Law on Securities 2019 of Vietnam.
View more details at the Law on Securities 2019 of Vietnam, effective from January 01, 2021.
Ty Na
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