More meetings with foreign organizations

Final step for stock market upgrade: More meetings with foreign organizations

The State Securities Commission (SSC) has just worked with the World Bank and ASIFMA on draft regulations related to criteria for upgrading the Vietnamese stock market.

The State Securities Commission works online with the World Bank, the Asian Securities and Financial Markets Association and investors.

Recently, the State Securities Commission (SSC) had an online meeting with the World Bank and the Asian Securities and Financial Markets Association (ASIFMA) on the contents of the draft Circular amending and supplementing a number of provisions on securities transactions on the securities trading system; clearing and settlement of securities transactions; activities of securities companies and information disclosure on the stock market to remove some obstacles related to the criteria for upgrading the Vietnamese stock market.

The meeting was attended by the leadership of the State Securities Commission; members of the Working Group on Upgrading the Vietnamese Stock Market; representatives of the leaders of units under the Commission; representatives of the Vietnam Securities Depository and Clearing Corporation (VSDC) and representatives of custodian banks and securities companies.

The agencies have worked with international organizations from the Asian Securities and Financial Markets Association and members of ASIFMA, representing a number of foreign investors such as Citibank, BlackRock, etc.

Speaking at the meeting, Chairwoman of the SSC Vu Thi Chan Phuong expressed her gratitude to the World Bank and ASIFMA for coordinating the meeting, creating an opportunity for the SSC to listen to multi-dimensional contributions from international organizations as well as representatives of foreign investors on the draft Circular to remove obstacles related to the criteria for upgrading the stock market. The draft Circular has been widely consulted in many forms such as officially posting on the SSC Portal; organizing seminars and working sessions with domestic and international experts and market members. The contributions of ASIFMA members at the meeting will help the management agency complete the draft Circular, including providing regulations on payment procedures more in line with international practices.

At the meeting, VSDC representatives presented some key points on payment procedures according to current regulations and draft regulations on payment procedures that do not require pre-transaction securities deposits for transactions of foreign investors on the Vietnamese stock market.

Payment process does not require deposit before trading - Source: VSDC

The SSC and representatives of ASIFMA members, along with a number of foreign investors, discussed and exchanged in an open spirit to clarify some contents of the draft Circular that the Ministry of Finance is developing and soliciting opinions. In particular, the contents that the parties attending the meeting were particularly interested in were the issue of pre-transaction deposits, payment processing procedures of VSDC, securities companies, and depository members for transactions of foreign investors, and the ability to pay for transactions.

Source