The amendment of a number of articles of the Securities Law aims to remove practical obstacles, promote the development of the stock market with the goal of upgrading the stock market.
On the morning of October 29, the National Assembly listened to the presentation and report on the examination of the draft Law amending and supplementing a number of articles of the Securities Law, the Accounting Law, the Independent Audit Law, the State Budget Law, the Law on Management and Use of Public Assets, the Tax Administration Law and the Law on National Reserves.
Ensuring effective prevention and handling of violations in the stock market
Regarding the Securities Law, Deputy Prime Minister and Minister of Finance Ho Duc Phoc clearly stated the need to perfect regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in issuance and offering activities. Securities, clearly defining the responsibilities of relevant organizations and individuals, ensuring effective prevention and handling of violations in the securities market.
The Government proposes to amend and supplement a number of regulations on the responsibilities of organizations and individuals related to records and reporting documents; prohibited acts in securities and securities market activities; and cancellation of the offering.
The amendment of a number of articles aims to remove practical obstacles, promote the development of the stock market with the goal of upgrading the stock market.
The draft Law also proposes to perfect the legal basis to implement clearing and settlement activities for securities transactions on the market according to the central clearing counterparty mechanism on the Vietnamese securities market.
Regarding the Law on Independent Audit, Deputy Prime Minister Ho Duc Phoc said that the revised and supplemented content targets three main groups of goals.
Firstly, enhancing the effectiveness and efficiency of State management activities regarding independent audit, contributing to economic stability and development.
Second, improve the quality of independent audits, increase the reliability of information serving the management and operation of economic activities.
Third, expand the subjects that need mandatory audits, ensuring sufficient and reliable information for state management and decision making.
With the above 3 target groups, the Government proposes to amend and supplement the contents related to state management of independent auditing activities; handling violations of the law on independent auditing; and those who are not allowed to register and continue practicing auditing.
At the same time, amend the obligation to maintain conditions for auditing enterprises and branches of foreign auditing enterprises in Vietnam; rotate practicing auditors to sign audit reports for auditing enterprises and audited units; expand the subjects that need to be subject to mandatory audit.
Supplementing prohibited acts in securities activities
Examining the draft law, Chairman of the National Assembly's Finance and Budget Committee Le Quang Manh said that the examining agency basically agreed to add stock market manipulation as a prohibited act in securities and stock market activities as stipulated in Article 12 of the current law.
However, the majority of opinions suggested that it is necessary to review and supplement regulations on acts considered as stock market manipulation when determined by competent authorities.
Avoid cases where the law stipulates signs of prohibited behavior that are similar to the normal business activities of securities companies, market members, and investors when participating in the market.
Regarding the Law on Independent Auditing, the auditing agency believes that it is necessary to expand the subjects that need to be subject to mandatory audit by adding Clause 5, Article 37 to include other large-scale enterprises and organizations.
However, in the process of researching and developing the Government Decree, it is necessary to clearly define the scope of mandatory audit subjects, avoid the situation of having too many audit subjects, ensure that the adjustment of mandatory audit subjects must be commensurate with independent audit resources, ensure efficiency, feasibility and avoid incurring costs for businesses and society.
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