Revised Law on securities waits for changes in nature

	Minister Dinh Tien Dung struck the gong to open the first securities trading session of early 2018
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	The financial market grew comprehensively in the first eleven months

In the report on the situation of the 2017 securities market and solutions for the market development in 2018 at a recent conference, the SSC said that its important task in 2018 is to develop the Law on securities (revised) to submit to the Government or the National Assembly for consideration and comments at the sixth session (October 2018), and then to submit to the National Assembly for approval in 2019.

Mrs. Vu Thi Chan Phuong, Vice Chairman of the SSC, said recently that some codes and laws such as the Civil Code, Enterprise Law, Investment Law, Law on Handling Administrative Violations Law on and Inspection, etc are newly issued or added and supplemented. These Laws contain a number of points related to the enforcement of the Law on securities, such as the ownership of foreign investors, regulations on corporate governance, competence in administrative inspection and penalties.

Thus, the promulgation of the Law on securities (revised) in the current period is necessary to overcome the shortcomings and limitations of the 2016 Law on securities and the revised Law in 2010 to develop the securities market, to meet the requirements for the country’s socio-economic development and to ensure uniformity and consistency with the system of relevant legal documents.

The revised Law on securities aims to concretize the guidelines and policies of the Party and the State, including the restructuring of the financial market, the restructuring of SOEs and the establishment of a fair, favourable and transparent business and investment environment for businesses.

The new Law on securities will focus on revising contents related to functions, tasks, structure of securities market, ownership of foreign investors, public companies, securities companies, fund management companies, information disclosure, inspection, supervision and management.

This Law on securities shall standardize the conditions, order and procedures for issuance and offering of securities in accordance with securities types; improve the quality of public companies by adjusting the criteria of public companies, thereby improving the quality of goods on the exchange

For the ownership of foreign investors, the revised Law will aim at clearly determining the ownership ratio of foreign investors in public companies in Vietnam securities market, reviewing the conditions and procedures for foreign investors towards reform and simplification of administrative procedures.

At the conference, the attendants exchanged, assessed and analysed the results achieved in the implementation of the Law on Securities, as well as the inadequacies and obstacles in the implementation of the Law. At the same time, they discussed and proposed solutions for amending and supplementing the Law on securities, focusing on eight policy groups: goods on the securities market; Securities trading market; Registration, depository, clearing and settlement of securities; Foreign investment attraction; corporate governance; Securities business organizations; Disclosure of information on the securities market; and fulfillment of tasks and powers of the SSC.

Stock market in 2017 saw a rapid growth VCN - On 22ndJanuary 2018, the State Securities Commission (SSC) held a conference to deploy the task ...

It is expected that the new law will create a push, not only improving the quality of goods, contributing to making the securities market more transparent, but also facilitating businesses and market members to apply and comply with legal regulations on securities and related legal documents more conveniently.