Vietnam: Methods to determine professional securities investor

Vietnam: Methods to determine professional securities investor
Lê Trương Quốc Đạt

On September 16, 2022, the Government of Vietnam issued Decree 65/2022/ND-CP amending Decree 153/2020/ND-CP regulates the offering and trading of privately placed corporate bonds.

According to Vietnam's Decree 65/2022/ND-CP, the method of identifying professional securities investors is added as follows:

- "Professional securities investor" means an investor with financial capacity or professional qualifications in securities as prescribed in Article 11 of the Law on Securities.

Organizations responsible for identifying professional securities investors and documents identifying professional securities investors shall follow the regulations of Articles 4 and 5 of Vietnam's Decree 155/2020/ND-CP;

(Except for the identification of professional securities investors specified at Point d, Clause 1, Article 8 of Vietnam's Decree 153/2020/ND-CP).

- The identification of a professional securities investor as an individual according to the provisions of Point d, Clause 1, Article 11 of the Law on Securities to purchase private-issued corporate bonds must ensure the following:

List of listed and registered securities held by investors with a value of at least VND 2 billion, which is determined by the daily average market value of the securities portfolio for a period of at least 180 consecutive days before the date of determination of professional securities investor status;

(Note: excluding loan value for margin trading and security value for resale transactions)

The determination of professional securities investors at Point d, Clause 1, Article 8 of Vietnam's Decree 153/2020/ND-CP is valid for 3 months from the date of confirmation.

(New content added)

Vietnam's Decree 65/2022/ND-CP takes effect from September 16, 2022.


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