Who is certified securities professional? Responsibilities of certified securities professionals in Vietnam

Who is certified securities professional? Responsibilities of certified securities professionals in Vietnam (Internet image)

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

1. Who is 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. Responsibilities of certified securities professionals in Vietnam

Responsibilities of certified securities professionals under Article 98 of the Law on Securities 2019 are as follows:

- 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.

3. Securities-related offences in Vietnam

Securities-related offences in Vietnam under Article 12 of the Law on Securities 2019 are as follows:

- Direct or indirect commission of frauds, forgery of documents, provision or disclosure of false information to conceal true information or omit necessary information in a manner that causes misunderstanding, adversely affects the offering, listing, trading, investment of securities and provision of securities-related services.

- Use of internal information to buy or sell securities to oneself or another person; revelation or provision of internal information; advising another person to buy or sell securities based on internal information.

- Use of one or several accounts of oneself or another person, trading securities in a manner that creates artificial demand or supply; collaborating with another person in trading securities to manipulate securities prices; use of other methods, with or without false information, to manipulate securities prices.

- Engaging in securities trade or provision of securities-related services without a license, certification or approval from SSC.

- Use of a client’s account or asset without the client’s authorization or against the law; abuse of trust to appropriate a client’s assets.

- Allowing another person to borrow the account to trade securities, hold securities in the name of another person for the purpose of manipulating securities prices.

- Organizing the securities market against regulations of the Law on Securities 2019.

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