On October 8th, the State Securities Commission (SSC) organized a workshop to gather feedback on the proposed amendments and additions to several articles of the Securities Law.
After more than three years of implementation, the Securities Law of 2019 and its implementing regulations have created a relatively complete, synchronized, and unified legal framework to comprehensively regulate securities activities and the market.
However, the Chairwoman of the State Securities Commission, Vu Thi Chan Phuong, noted that, alongside the positive results, the rapid development of the market has given rise to some shortcomings and obstacles in the practical implementation of the Law that need to be considered and promptly amended, supplemented, and perfected.
Chairperson of the State Securities Commission, Vu Thi Chan Phuong, delivered a speech at the seminar.
Therefore, three fundamental aspects of the Securities Law have been amended and supplemented to promptly address urgent difficulties and obstacles in practice, and to better protect the legitimate rights and interests of entities participating in the securities market.
Firstly, amend and supplement the set of regulations to enhance transparency and efficiency in the issuance and offering of securities.
Secondly, revise and supplement regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in the issuance and offering of securities, clearly defining the responsibilities of relevant organizations and individuals, and ensuring effective prevention and handling of violations in the securities market.
Thirdly, amend and supplement a group of regulations to remove practical obstacles and promote the development of the stock market with the goal of upgrading the stock market's ranking. Specifically, this involves perfecting the legal framework to enable the clearing and settlement of securities transactions on the market under the Central Counterparty Clearing (CCP) mechanism in the Vietnamese stock market.
Ms. Phuong emphasized that perfecting securities legislation has always been a priority for the Party, the National Assembly, the Government, and the Prime Minister, who have provided close leadership and guidance to promote the sustainable development of the securities market, contributing to driving growth, controlling inflation, and stabilizing the macroeconomy .
Given the rapid development of the market, several shortcomings and obstacles have arisen in the practical implementation of the Law, which need to be considered and promptly amended, supplemented, and perfected in order to promptly overcome limitations and risks in market operations.
This will contribute to further enhancing the effectiveness and efficiency of state management of securities and the securities market, while creating favorable conditions for businesses to participate in the market and raise capital to serve production and business development.
Source: https://www.nguoiduatin.vn/sua-luat-chung-khoan-se-xu-nghiem-cac-hanh-vi-gian-lan-lua-dao-204241008161819818.htm
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