Conditions for issuance of the securities practicing certificate in Vietnam

Conditions for issuance of the securities practicing certificate in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Types of securities professional certifications in Vietnam

According to Clause 1, Article 97 of the Law on Securities 2019, securities professional certifications include:

- Securities broker certificate;

- Financial analyst certificate;

- Fund management certificate.

2. Conditions for issuance of the securities practicing certificate in Vietnam

2.1. For securities brokerage certificate

According to Clause 1, Article 213 of Decree 155/2020/ND-CP, the securities brokerage certificate will be issued to an individual who:

- Satisfies the conditions specified in Clause 2 Article 97 of the Law on Securities 2019:

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

+ Having a bachelor’s degree or above;

+ Having professional training in securities; and:

+ Passing 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.

- Has securities-related qualifications, including: certificate of basic training in securities and securities market, certificate of training in securities and securities market laws, certificate of training in securities analysis and investment, certificate of training in securities brokerage and securities investment counseling or equivalent certificates.

2.2. For financial analysis certificate

Specifically, in Clause 2, Article 213 of Decree 155/2020/ND-CP, the financial analysis certificate will be issued to an individual who:

- Satisfies the conditions specified in Section 2.1

- Has the following qualifications: certificate of training in financial counseling and securities underwriting, certificate of training in financial statement analysis or equivalent certificates.

2.3. For fund management certificate

According to Clause 3, Article 213 of Decree 155/2020/ND-CP, the fund management certificate will be issued to an individual who:

- Satisfies the conditions specified in Section 2.2

- Has certificates of training in fund and asset management; and

- Has at least 03 years’ experience of working in sales, investment, finance, accounting departments of enterprises, organization of finance-, banking-, insurance-, securities-, audit-related activities or has a lawful securities practicing certificate issued overseas;

3. Responsibilities of certified securities professionals in Vietnam

According to Article 98 of the Law on Securities 2019, the 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.

Tran Thanh Rin

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE