Amending the Securities Law to perfect the legal system in the securities sector

Previously, the Government submitted to the National Assembly a proposal to amend a number of laws, including the Securities Law, to implement resolutions and programs for law and ordinance making in 2024. The draft law has been sent to relevant ministries, branches, localities, agencies, organizations, and individuals for comments and appraisal by the Ministry of Justice.

According to the State Securities Commission, after more than 3 years of implementation, the 2019 Securities Law and its detailed implementing regulations have created a relatively complete, synchronous, and unified legal framework to comprehensively regulate securities activities and the securities market; promptly institutionalize the Party and State's guidelines, policies, and strategies on securities market development; contribute to ensuring that the securities market operates fairly, publicly, transparently, safely, protects the legitimate rights and interests of investors, and serves as an important capital mobilization channel for the Government and enterprises and an attractive investment channel for the public.

Conference scene.

In addition to the positive results, especially with the rapid development of the market, some shortcomings and problems have arisen in the practical implementation of the law that need to be reviewed, promptly amended, supplemented and perfected to promptly overcome limitations and risks in market operations, contributing to further improving the effectiveness and efficiency of state management of securities and the securities market, while creating favorable conditions for enterprises to participate in the market and mobilize capital to serve production and business development.

In order to fully institutionalize the policies and orientations of the Party and State on perfecting the legal system in the securities sector; promptly remove urgent difficulties and obstacles in practice; implement proposals and recommendations of competent authorities; better protect the legitimate rights and interests of subjects participating in the securities market, the basic contents amended and supplemented in the Securities Law focus on a number of issues including: First, amending and supplementing a group of regulations to improve transparency and efficiency in securities issuance and offering activities.

Second, amend and supplement regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in securities issuance and offering activities, clearly define the responsibilities of relevant organizations and individuals, and ensure effective prevention and handling of violations in the securities market.

Third, amend and supplement a group of regulations to remove practical obstacles, promote the development of the stock market with the goal of upgrading the stock market, specifically perfecting the legal basis to carry out clearing and settlement activities for securities transactions on the market according to the central clearing counterparty (CCP) mechanism on the Vietnamese stock market.

Source: https://nhandan.vn/sua-luat-chung-khoan-de-hoan-thien-the-che-phap-luat-trong-linh-vuc-chung-khoan-post835445.html