Ministry of Finance amends financial safety regulations for securities trading organizations

Photo caption — Investors monitor stock market developments. Photo: Hua Chung/VNA

In addition to the appropriate and consistent adjustments with current legal regulations (Law No. 56/2024/QH15 dated November 29, 2024, Decree No. 155/2020/ND-CP, Decree No. 245/2025/ND-CP and implementing documents), Circular No. 102/2025/TT-BTC was issued with the goal of calculating financial safety indicators covering risks in the operations of securities companies and fund management companies (securities trading organizations) in accordance with the strong development in both breadth and depth of the stock market, especially the growth rate of market capitalization in recent times.

Thereby, the issuance of Circular No. 102/2025/TT-BTC helps securities trading organizations better manage risks, improve their capacity and ability to provide services, and attract investors, especially foreign investors, in the context that the Vietnamese stock market is entering a new development stage after being upgraded to a secondary emerging market by FTSE Russell. At the same time, the issuance of Circular No. 102/2025/TT-BTC also contributes to increasing the effectiveness of state management of securities and the stock market, ensuring the market operates effectively and transparently, protecting the rights and legitimate interests of market participants.

Circular No. 102/2025/TT-BTC amends and supplements the contents of 7 Articles of Circular No. 91/2020/TT-BTC, replaces a number of attached Appendices, and abolishes related contents in a number of clauses. The main amendments and supplements in Circular No. 102/2025/TT-BTC are as follows:

Regarding available capital, the circular has amended the provisions on undistributed profits to calculate available capital to be consistent with the current accounting regime; at the same time, it has amended a number of increases and decreases when calculating available capital of securities trading organizations to be consistent with the provisions of Circular No. 91/2020/TT-BTC and to be consistent with the actual operating situation of securities trading organizations in the past time.

Regarding the market risk coefficient, the Circular has amended and supplemented a number of regulations on the market risk coefficient for listed stocks to ensure compliance with the regulations on transferring stock listing floors in Decree No. 155/2020/ND-CP, Circular No. 57/2021/TT-BTC, Circular No. 69/2023/TT-BTC; at the same time, the Circular also stipulates additional non-cash costs in calculating and measuring investment assets and activities of securities trading organizations.

In addition, the circular specifically stipulates the market risk coefficient for corporate bonds with credit ratings to calculate risks when securities trading organizations invest according to the credit rating of bonds or bond issuers according to international practices, as well as ensuring the implementation of Law No. 56/2024/QH15 dated November 29, 2024 (stipulating the content of credit ratings in bond issuance and investment in the Securities Law).

Accordingly, securities trading organizations are allowed to refer to the credit rating results announced by 3 international rating organizations including Standard & Poor's, Fitch Rating and Moody's and other independent credit rating organizations granted Business Eligibility Certificate by the Ministry of Finance . In addition, the Circular also stipulates the principles applicable to credit rating results in cases where bonds/bond issuers have more than one credit rating result, and the time of announcing credit rating results exceeds one year.

Regarding the price for calculating risks, the circular has adjusted the principles of pricing securities and other assets of securities trading organizations to conform to the principles of determining the price of listed securities and transactions according to the reality at the Stock Exchange (including registered shares for trading, listed bonds, unlisted bonds).

Regarding the reporting form, to unify the application in reporting work according to regulations for securities business organizations, the Circular has replaced the reporting form of fund management companies and securities companies according to the above-mentioned amendments.

Regarding the transitional regulations, to facilitate securities trading organizations to gradually approach the revised contents as well as limit the impact of new risk adjustment levels on previous financial safety indicators, securities trading organizations have a period of 6 months to adjust their activities to ensure the financial safety ratio according to regulations.

Source: https://baotintuc.vn/kinh-te/bo-tai-chinh-sua-doi-quy-dinh-an-toan-tai-chinh-voi-to-chuc-kinh-doanh-chung-khoan-20251031165043947.htm