Vice Prime Minister Ho Duc Phoc directs the amendment of Decree No. 155/2020/ND-CP on Securities
On the afternoon of August 13, Vice Prime Minister Ho Duc Phoc had a meeting with relevant ministries and agencies on the draft Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP detailing a number of articles of the Law on Securities.
According to the report by the Ministry of Finance, the construction of the draft Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP was carried out in a shortened procedure, complying with the proper process of building legal documents.
The draft has received feedback from Government members, with 23/24 members voting in favor. 1/24 member had no different opinion. There were 3 members with different opinions (a total of 7 different opinions). Out of the 7 different opinions, the Ministry of Finance accepted 04, and explained the remaining 3.
Specifically, the Ministry of Finance accepted the opinion on point d clause 3 Article 1 of the draft relating to the use of national population data in administrative procedures in the securities and securities market field; about the transitional provision to clarify that enterprises no longer have the right to self-adjust the maximum foreign ownership ratio according to the decision of the General Meeting of Shareholders after this Decree takes effect; accepting the opinion on Clause 12 Article 1 of the draft decree, Clause 15 Article 1 of the draft decree towards not referring to “foreign financial institutions, financial institutions prescribed by law on credit institutions” and editing in the draft decree.
The Ministry of Finance also provided specific explanations for the 3 remaining opinions: proposing not to abolish the regulation allowing the General Meeting of Shareholders and the Charter of public companies to self-determine the maximum foreign ownership ratio; the participation of commercial banks and branches of foreign banks in the central counterparty model as clearing members in the underlying securities market; Clause 83 Article 1 of the draft (amended and supplemented point a clause 4 Article 293, clause 5 Article 293) is inconsistent with the provisions of Clause 1 Article 134, Clause 9 Article 70 of the Law on Credit Institutions 2024 and proposed to edit in the direction that this regulation does not apply to public companies that are credit institutions to ensure consistency with the Law on Credit Institutions.
Photo: VGP/Tran Manh
After the report, the representative of the State Bank of Vietnam expressed an opinion on the explanation of the Ministry of Finance regarding the decision-making power on the maximum foreign ownership ratio; risks when commercial banks participate in clearing… The Ministry of Finance discussed with the State Bank on the above contents.
At the meeting, the representative of the Ministry of Justice also spoke about the relevant contents of the procedure, process of building and promulgating legal documents…
Concluding the meeting, Vice Prime Minister Ho Duc Phoc emphasized the spirit that the regulations must ensure the right to do business and create conditions for enterprises to develop sustainably. Upgrading the stock market must be based on the foundation of the vitality of the economy and enterprises…
Vice Prime Minister Ho Duc Phoc directed specific contents on: Maximum foreign ownership ratio; commercial banks as clearing members in the underlying securities market, central counterparty (CCP) model; financial institutions guaranteeing bonds; trading accounts.
Vice Prime Minister Ho Duc Phoc requested the Ministry of Finance to synthesize, edit technically, complete the draft; coordinate with the Government Office to perform the procedures for submission to competent authorities in accordance with regulations.
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