Conditions for issuance of securities professional certification in Vietnam

Conditions for issuance of securities professional certification in Vietnam (Internet image)

1. Who is a certified securities professional?

According to Clause 47, Article 4 of the Law on Securities 2019, a certified securities professional is a person who has the securities professional certification granted by SSC and works for a securities company, fund management company, foreign branch in Vietnam of a foreign securities company or foreign fund management company (hereinafter referred to as “foreign securities company”) or a securities investment company.

2. Conditions for issuance of securities professional certification in Vietnam

Specifically, in Clause 2, Article 97 of the Law on Securities 2019, a securities professional certification will be granted to an individual who:

- Has full legal capacity; is not facing criminal prosecution and is not being banned from securities practice as prescribed by law;

- Has a bachelor’s degree or above;

- Has professional training in securities; and:

- Passes the test for the securities professional certification.

Foreigners who have securities qualifications and foreign certified securities professionals need to pass the test securities and securities market of Vietnam.

3. Cases in which securities practice certificates are revoked

According to Clause 3, Article 97 of the Law on Securities 2019, a securities professional certification will be revoked if its holder:

- No longer satisfies the requirements specified in Clause 2 of Article 97 of the Law on Securities 2019;

- Commits any of the offences specified in Article 12 or Clause 2 Article 98 of the Law on Securities 2019; or

- Fails to work as a certified securities professional for 03 consecutive years.

4. Responsibilities of certified securities professionals in Vietnam

Responsibilities of certified securities professionals include:

- 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.

- 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.

- 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.

- 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.

(Article 98 of the Law on Securities 2019)

Thanh Rin

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