Ministry of Finance proposes new regulations on securities practice
The Ministry of Finance said that the Vietnamese stock market has developed strongly in both breadth and depth, especially in the growth rate of market capitalization. After nearly 10 years of application, Circular No. 197/2015/TT-BTC needs to be adjusted to suit the practice of management and supervision of securities practitioners. Specifically as follows:
Regarding equivalent practice certificates: Currently, the regulations on cases exempted from practice certificates (equivalent practice certificates) in Circular No. 197/2015/TT-BTC have expired. In reality, there are many cases where applicants for practice certificates have international certificates (CIIA, ACCA, CPA, CFA certificates) or practice legally abroad. These are prestigious certificates that are widely recognized worldwide or are people who have legally practiced securities abroad. In the context of attracting high-quality human resources to work at organizations in the securities market, it is necessary to stipulate certificates equivalent to securities professional certificates to facilitate practitioners when participating in the Vietnamese securities market.
Regarding knowledge updating training: Currently, the Securities Law stipulates the responsibility of practitioners to participate in training courses on securities law and the securities market, trading systems, new types of securities organized by the State Securities Commission, the Vietnam Stock Exchange and its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation. However, currently, Circular No. 197/2015/TT-BTC only stipulates courses on granting professional certificates on securities to take the practice certificate exam, and does not have specific regulations or instructions on how to organize "knowledge" training courses according to the provisions of the Securities Law.
Regarding electronic securities practice certificates: with the increasing number of people being granted securities practice certificates, there is a need to innovate the method of managing securities practice certificates from paper to electronic. This conversion helps to exploit data and provide information quickly, effectively, conveniently and save time, ensuring stability and readiness for digital services. The digitization of securities practice certificates helps to promote the settlement of administrative procedures, creating a unified, convenient and effective public service ecosystem for people and businesses.
The Ministry of Finance has drafted a Circular consisting of 05 chapters and 12 articles. In addition to general regulations, the draft proposes specific regulations on: Securities professional certificates and equivalent certificates; electronic securities practice certificates; training knowledge for securities practitioners...
Securities Professional Certificate and Equivalent Certificate
The Ministry of Finance said that, implementing the provisions at Point e, Clause 73, Article 1 of Decree 245/2025/ND-CP on assigning "the Minister of Finance to prescribe fees for granting and re-granting securities practice certificates; professional certificates and equivalent certificates", the draft Circular is built on the basis of inheriting and completing the provisions on professional certificates and equivalent certificates in Article 4 and Article 9 of Circular 197/2015/TT-BTC. Specifically as follows:
Article 3 (Securities Professional Certificate) maintains the regulations on 07 securities professional certificates organized by the Securities Scientific Research and Training Center under the State Securities Commission. However, there is an adjustment in the content that the State Securities Commission only approves the training program, while the curriculum will be developed by the training institution according to the approved training program, ensuring the spirit of decentralization and delegation of authority according to the functions and tasks of the training institution.
Article 4 (Certificates equivalent to securities professional certificates) basically stabilizes the cases that are stipulated to be equivalent to securities professional certificates organized by the Securities Research and Training Center. The draft Circular proposes to supplement the provisions in Clause 1, Article 4 on the conversion of international certificates CIIA, CFA level II and above to be equivalent to the Fund and Asset Management Certificate, Derivative Securities Certificate and Derivative Securities Market to facilitate learners when the CIIA and CFA level II basic training programs already include the training contents of the above 02 certificates.
Electronic Securities Practice Certificate
The draft Circular develops detailed regulations as a basis for implementing electronic securities practice certificates (CCHN), converting paper CCHNs to electronic CCHNs according to the provisions of Clause 7, Article 3 of Decree No. 245/2025/ND-CP "When the State Securities Commission implements the issuance of electronic Certificates of Practice, previously issued paper Certificates of Practice shall be converted to electronic Certificates of Practice according to the guidance of the State Securities Commission. Paper Certificates of Practice shall expire from the time of conversion". Specifically, including the following contents:
Convert paper CCHN to electronic CCHN:
The draft Circular proposes to stipulate the time when the State Securities Commission will start issuing electronic securities practice certificates when the State Securities Commission's information technology system for securities practitioners management comes into operation. From this time, the State Securities Commission will not issue paper securities practice certificates.
To ensure the process of converting paper-based certificates to electronic certificates is carried out smoothly and effectively, the draft Circular also proposes to stipulate the following deadlines: Within 01 year, the person granted a certificate of registration must convert to an electronic certificate of registration when the State Securities Commission issues conversion instructions. After 01 year, the paper-based certificate of registration that has not been converted is no longer valid. After 03 years, the paper-based certificate of registration that has not been converted to an electronic certificate of registration will be revoked according to the provisions of Clause 3, Article 97 of the Law on Securities.
In addition, to create a legal basis for implementing the application of information technology and digitalization in the management of CCHN and practitioners; the draft Circular proposes regulations on:
"Electronic practice certificates and information on securities practice processes on the State Securities Commission's information technology system for managing securities practitioners are the basis for the State Securities Commission to manage and supervise persons granted securities practice certificates according to the provisions of Article 216 of Decree No. 155/2020/ND-CP dated December 31, 2020.
A person granted a securities practice certificate is only recognized as practicing securities when the information technology system managing securities practitioners confirms the status as a "securities practitioner".
Regarding the responsibilities of the person granted a Certificate of Professional Practice and the organization employing the securities practitioner when implementing the electronic Certificate of Professional Practice, to ensure the effective operation of the information system for managing practitioners and the electronic Certificate of Professional Practice, the draft Circular proposes to stipulate the responsibilities of the person granted a Certificate of Professional Practice and the organization employing the practitioner to comply with the regulations and instructions of the State Securities Commission on the management and use of the electronic Certificate of Professional Practice; to update the information technology system for managing securities practitioners of the State Securities Commission on changes related to the process of practicing securities.
Using electronic CCHN and looking up securities practice status
To ensure publicity, transparency, and protection of the rights of people and businesses when accessing services in the securities sector, the draft Circular proposes regulations on individuals and organizations being able to look up electronic CCHN information of practitioners with the aim of avoiding cases where people who are not qualified to practice and do not have professional knowledge in the securities sector give advice and recommendations that may affect the rights of individuals and organizations. Specifically, the draft Circular proposes the following regulations:
"1. Securities practitioners can directly present electronic securities practice certificates through the State Securities Commission's information technology system for managing securities practitioners.
2. Individuals and organizations can look up the securities practice status of securities practitioners on the State Securities Commission's information technology system for managing securities practitioners."
The Ministry of Finance is soliciting comments on this draft on the Ministry's Electronic Information Portal./.
Source: https://baochinhphu.vn/du-kien-quy-dinh-moi-ve-hanh-nghe-chung-khoan-102251127162352071.htm
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