The Minister of Finance issued Circular 69/2023/TT-BTC amending and supplementing a number of articles of Circular 57/2021/TT-BTC stipulating the roadmap for restructuring the stock trading market, bond trading market, derivatives trading market and other securities trading markets. This Circular takes effect from December 30, 2023.
Accordingly, Article 4 of Circular 57/2021/TT-BTC is amended in Circular 69/2023/TT-BTC regulating the rearrangement of the stock, fund certificate and covered warrant trading market.
Specifically, the roadmap for rearranging the stock trading market, bond trading market, derivatives trading market and securities trading market is changed as follows:
Firstly, by December 31, 2026 at the latest, the Ho Chi Minh City Stock Exchange shall unify the organization of a market for trading stocks, fund certificates and listed warrants, and a market for trading stocks of organizations registered for trading in accordance with the provisions of the Law on Securities and its implementing guidelines (Previously, Circular 57/2021/TT-BTC stipulated that by June 30, 2025 at the latest).
Second, within the time limit specified in (1), the Ho Chi Minh City Stock Exchange shall organize the market for trading stocks, fund certificates and listed warrants, and the market for trading stocks of organizations registered for trading according to the following provisions:
Continue to organize the trading market for stocks, fund certificates and covered warrants listed on the Ho Chi Minh City Stock Exchange before July 20, 2021.
Organizing transactions for newly registered listed fund certificates and warrants.
Before July 1, 2025: Ho Chi Minh City Stock Exchange receives and reviews listing registration dossiers, organizes trading of new shares of organizations that meet the listing conditions prescribed in Decree 155/2020/ND-CP and have contributed charter capital at the time of listing registration of VND 120 billion or more (Previously, Circular 57/2021/TT-BTC stipulated before July 1, 2023).
From July 1, 2025: Ho Chi Minh City Stock Exchange receives and reviews listing registration dossiers, organizes trading of new shares of organizations that meet the listing conditions prescribed in Decree 155/2020/ND-CP (Previously, Circular 57/2021/TT-BTC stipulated from July 1, 2023).
No later than December 31, 2025: Ho Chi Minh City Stock Exchange shall complete the receipt of shares of listed organizations from Hanoi Stock Exchange (Previously, Circular 57/2021/TT-BTC stipulated from July 1, 2023 to December 31, 2023).
No later than December 31, 2026: Ho Chi Minh City Stock Exchange shall complete the receipt of shares of organizations registering for trading from Hanoi Stock Exchange (Previously, Circular 57/2021/TT-BTC stipulated from January 1, 2025 to June 30, 2025).
Receive and review the organization's new stock trading registration dossier after completing the receipt of the organization's shares registered for trading from the Hanoi Stock Exchange as prescribed in Point e, Clause 2, Article 4, Circular 57/2021/TT-BTC.
Third, within the time limit specified in (1), the Hanoi Stock Exchange shall organize the stock trading market according to the following provisions:
Continue to organize the trading market for listed stocks, registered for trading at the Hanoi Stock Exchange before July 20, 2021 until completing the transfer of listed stocks, registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange according to the provisions at Point d, e, Clause 3, Article 4 of Circular 57/2021/TT-BTC.
Before July 1, 2025: Hanoi Stock Exchange receives and reviews listing registration dossiers, organizes trading of new shares of organizations that meet the listing conditions prescribed in Decree 155/2020/ND-CP and have contributed charter capital at the time of listing registration of VND 30 billion or more.
From July 1, 2025: Hanoi Stock Exchange will not accept new stock listing registration applications from organizations.
No later than December 31, 2025: Hanoi Stock Exchange shall complete the transfer of shares of listed organizations from Hanoi Stock Exchange to Ho Chi Minh City Stock Exchange.
Continue to organize the stock trading market of the organization that has registered for trading and receive new trading registration dossiers of the organization at the Hanoi Stock Exchange until completing the transfer of shares of the organization registered for trading to the Ho Chi Minh City Stock Exchange as prescribed in Point e, Clause 3, Article 4 of Circular 57/2021/TT-BTC.
No later than December 31, 2026: Hanoi Stock Exchange shall complete the transfer of shares of the organization registered for trading from Hanoi Stock Exchange to Ho Chi Minh City Stock Exchange. After completing the transfer of shares of the organization registered for trading from Hanoi Stock Exchange to Ho Chi Minh City Stock Exchange, Hanoi Stock Exchange shall not accept new trading registration dossiers of the organization.
Fourthly, the Vietnam Stock Exchange shall develop a plan to transfer shares of listed organizations registered for trading from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange in accordance with the provisions of Point d, Clause 2, Point d, Clause 3, Article 4 of Circular 57/2021/TT-BTC and report to the State Securities Commission before implementation.
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