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Securities listed for 6 months to be applied margin trading

14:28 | 09/02/2017

VCN- The State Securities Commission of Vietnam has issued guidelines for regulations on margin trading of securities to replace Decision No 637/QD-UBCK of 30th August 2011 about regulations on margin trading of securities, and Decision No. 09/QD-UBCK of 8th January 2013 amending regulations on margin trading of securities.

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Securities which are eligible for margin trading include: stocks and fund certificates on the stock exchange.

As stipulated in the new regulations, securities which are eligible for margin trading include: stocks and fund certificates on the stock exchange and securities to be listed for 6 months from the date of delivery to the time of review and selection for margin trading.

In the case where securities are listed under strict and special control, suspended or cancelled in accordance with the relevant provisions on listed securities; securities of issuers with annual financial statements or semi-annual financial statements which are not fully accepted by audit organizations will not be applied margin trading.

The State Securities Commission of Vietnam regulated that securities companies must comply with the loan limits in margin trading as follows: total outstanding loans for margin trading of a securities company shall not exceed 200% of capital ownership of the securities company; total loans for margin trading of a securities company for a client must not exceed 3% of capital ownership of the securities company; total outstanding loans for margin trading of a securities company for a type of securities on the stock exchange shall not exceed 10% of capital ownership of the securities company; and total securities for margin trading of a securities company shall not exceed 5% of total listed securities of the securities company.

According to new regulations, securities companies must learn and update information of customers opening an account for margin trading to determine whether customers are internal staff or not to ensure regulations on information disclosure. In the case where customers do not provide information as required by securities companies, securities companies shall exclude liability related to this provision. Also, securities companies have to build the system and trading software for the management of a margin trading account.

If customers do not agree to provide information in accordance with relevant legislation, securities companies must not use securities in margin trading of customers as deposits for any relationship beyond the trading relationship between brokers and clients.

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New regulations will take effect from 1st April 2017.

By Thuy Linh/ Hoang Anh