More meetings with foreign organizations.

Determined to upgrade the stock market: More meetings with foreign institutions.

The State Securities Commission (SSC) recently held meetings with the World Bank and ASIFMA regarding draft regulations related to the criteria for upgrading the Vietnamese stock market.

UBCKNN worked online with the World Bank, the Asian Financial and Securities Market Association, and investors.

Recently, the State Securities Commission (SSC) held an online working session with the World Bank and the Asian Association of Financial Markets and Securities Authorities (ASIFMA) regarding the draft Circular amending and supplementing several provisions on securities trading on the securities trading system; clearing and settlement of securities transactions; operations of securities companies; and information disclosure in the securities market, aiming to resolve some obstacles related to the criteria for upgrading the Vietnamese stock market.

The meeting was attended by the leadership of the State Securities Commission of Vietnam (UBCKNN); members of the Task Force for Upgrading the Vietnamese Stock Market; representatives of the leadership of units under the Commission; representatives of the Vietnam Securities Depository and Clearing Corporation (VSDC) and representatives of custodian banks and securities companies.

The agencies have worked with international organizations from the Asian Association of Financial and Securities Markets and members of ASIFMA, as well as representatives of several foreign investors such as Citibank, BlackRock, etc.

Speaking at the meeting, the Chairwoman of the State Securities Commission of Vietnam (SSC), Vu Thi Chan Phuong, expressed her gratitude to the World Bank and ASIFMA for coordinating the meeting, creating an opportunity for the SSC to listen to diverse contributions from international organizations as well as representatives of foreign investors on the draft Circular aimed at resolving obstacles related to the criteria for upgrading the stock market. The draft Circular has been widely discussed through various forms, such as official posting on the SSC's online portal; organizing workshops and meetings with domestic and international experts and market participants. The contributions from ASIFMA members at the meeting will help the regulatory body finalize the draft Circular, including establishing regulations on settlement procedures that are more in line with international practices.

During the meeting, VSDC representatives presented several key points regarding the current regulations on payment procedures and the draft regulations on payment procedures that do not require pre-transaction margin for securities transactions by foreign investors in the Vietnamese stock market.

The settlement process does not require a deposit before the securities transaction - Source: VSDC

The State Securities Commission of Vietnam (UBCKNN) and representatives of ASIFMA members, along with several foreign investors, held open discussions to clarify some aspects of the draft Circular being developed by the Ministry of Finance for public comment. Of particular interest to the participants were the issues of pre-transaction margin requirements, the payment processing procedures of VSDC, securities companies, and custodian members for transactions involving foreign investors, and the ability to settle these transactions.

Source