“Proposal to Elevate the Position of ‘Deputy Chief’ for the State Securities Commission”

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In the draft decision of the Prime Minister regulating the functions, tasks, and organizational structure of the State Securities Commission of Vietnam (SSC), the Ministry of Finance proposes to add several tasks and an additional vice-chairperson to the SSC.

According to the Ministry of Finance, the decision to transform the SSC’s representative office in Ho Chi Minh City into a branch office (Decision 48/2015/QD-TTg) has created challenges and complications in managing and governing this key southern region. Ho Chi Minh City is home to numerous publicly traded companies, listed companies, financial intermediaries, and investors.

The operating model of the branch office in Ho Chi Minh City does not empower it to perform functions related to the regulation and supervision of securities and the securities market. Meanwhile, fraud and violations are increasing in number, scale, and complexity.

The Ministry of Finance emphasizes the necessity of establishing a unit with a sufficient legal position, similar to the previous representative office of the SSC in Ho Chi Minh City, to undertake management and supervisory tasks effectively.

The Ministry of Finance proposes adding an additional vice-chairperson to the SSC.

Currently, the SSC is allowed to have no more than three vice-chairpersons. While the SSC has diligently adhered to this regulation, the upcoming tasks outlined in the Securities Law and its guiding documents, the market restructuring mission until 2025, and the market development goals until 2030 will significantly increase the workload and complexity of the SSC’s leadership responsibilities.

Notably, the tasks of formulating and refining securities and market-related policies, developing new products, and conducting market inspections and supervision are becoming more challenging due to the rising sophistication of market fraud.

The Ministry of Finance proposes that having four vice-chairpersons for the SSC aligns with the regulation on the number of deputies for the head of a General Department (a maximum of four).

On May 10th, Deputy Minister of Finance Nguyen Duc Chi presented the decision of the Minister of Finance to appoint Mr. Bui Hoang Hai as Vice Chairman of the SSC. The SSC’s leadership team now comprises Chairwoman Vu Thi Chan Phuong and three vice-chairmen: Mr. Pham Hong Son, Mr. Hoang Van Thu, and Mr. Bui Hoang Hai.

Regarding the tasks and authority of the SSC, the Ministry of Finance suggests expanding its responsibilities to include organizing and developing the securities market, directly managing and supervising securities and market activities, and overseeing activities related to securities and the market conducted by organizations and individuals. Additionally, they propose enhancing the SSC’s authority to implement measures ensuring the security and safety of the securities market.

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