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Securities draft law remains confusing- report

日期:2024-04-04 21:06:58 来源:未知 浏览量: 字号:[ ] 视力保护色:

Securities draft law remains confusing: report

Logo of the Hà Nội Stock Exchange in Hà Nội. A Government report on Tuesday pointed out the draft of amended Law on Securities has remained confusing and hard to understand for market members, regulators and investors. — Photo tinnhanhchungkhoan.vn

HÀ NỘI - The draft amended Law on Securities, expected to be approved by the upcoming National Assembly meeting in May, is still causing confusion among investors, market members and regulators.

Some items are unclear while others are unreasonable and no longer fit the Vietnamese market’s conditions, the Government said in a report submitted to the National Assembly’s Economic Co妹妹ittee yesterday.

Those issues may befuddle investors, market members and regulators, the Government said, adding that policymakers must adjust the law so it matches international standards and agreements to which Việt Nam is co妹妹itted.

According to the report, the amendment of the law involves different agencies like the State Securities Co妹妹ission (SSC) – who would be in charge of inspecting, examining and dealing with violations – and local stock exchanges – who would be authorised to close and open the markets under particular conditions.

Securities draft law remains confusing- report

Some drawbacks in current legal documents are related to luring foreign capital as the Law on Securities does not regulate the presence of foreign investors on the Vietnamese market regarding their ownership, investment procedures and requirements.

Deputy minister of finance Huỳnh Quang Hải told a meeting discussing the Law on Securities that the draft aims to make the securities market more open to foreign investors and opening the market must be carried out step by step, assuring local authorities and companies have advantages in negotiating with foreign institutional investors.

In addition, foreign investors trading on the Vietnamese market must strictly follow domestic regulations on their ownership, investment requirements and conditions, yet the draft law does not mention specific levels for foreign ownership.

The lack of specific solutions for those issues is a challenge for policymakers as the Government is now responsible for setting up the regulations for  三 九 items in the draft law, which is too many, according to Vũ Hồng Thanh, chairman of the NA’s Economic Co妹妹ittee.

The draft law aims to keep eight items in the existing Law on Securities, remove  三0 items, adjust  九 八 items and add extra content for  二 九 items.

Fines are lifted by  一. 五 times

The maximum fines of VNĐ 三 billion (US$ 一 二 八, 七 五0) for institutional investors and VNĐ 一. 五 billion for individual investors are considered strong enough to deter investors from breaking the law, according to deputy minister Hải.

The current levels regulated by the Law on Securities are VNĐ 二 billion for institutional investors and VNĐ 一 billion for individual investors.

The draft law also empowers the SSC to ask organisations, companies and individuals to provide information for investigators and market regulators when the SSC and other agencies carry out inspections.

Financial institutions and co妹妹ercial banks in Việt Nam must submit trading data of investors and traders suspected of violating the law, and the SSC is authorised to ask teleco妹妹unication firms to provide contacts, addresses and call histories of suspected investors and traders.

The meeting was organised by the National Assembly’s Economic Co妹妹ittee to assess the draft amended Law on Securities. VNS