Circular No. 135/2025/TT-BTC on securities business operations

CIRCULAR

Regulations on securities practice

On the basis of Securities Law No. 54/2019/QH14 amended and supplemented by Law No. 56/2024/QH15;

Decree No. Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain provisions of the Securities Law amended and supplemented by Decree No. 245/2025/NĐ-CP;

Decree No. Decree No. 29/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance amended and supplemented by Decree No. 166/2025/NĐ-CP;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance issues this Circular on regulations regarding securities practice.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation and Applicability

Article 1. Scope of application:

This Circular stipulates on:

a) Securities professional certificates and equivalent certificates;

b) Electronic securities practice certificates;

c) Training for securities practitioners.

Article 2. Objectives of application:

a) Individuals participating in courses for obtaining securities professional certificates;

b) Securities practitioners and organizations employing securities practitioners;

c) Other relevant organizations and individuals.

Article 2. Explanation of terms

1. Securities practice certificate is a document (paper or electronic) issued by the State Securities Commission to the named person to work at securities companies, investment fund management companies, foreign securities company branches in Vietnam, and foreign investment fund management company branches in Vietnam, and securities investment companies legally operating within the territory of the Socialist Republic of Vietnam.

2. Securities professional certificate is a document (paper or electronic) issued by the Securities Science Research and Training Center under the State Securities Commission to confirm that the named person has met the requirements in securities and securities market professional level examinations.

3. Organizations employing securities practitioners include securities companies, investment fund management companies, foreign securities company branches in Vietnam, and foreign investment fund management company branches in Vietnam, and securities investment companies.

Chapter II
SECURITIES PROFESSIONAL CERTIFICATE AND EQUIVALENT CERTIFICATE

Article 3. Securities professional certificate

1. Courses for obtaining securities professional certificates include:

a) Basic Issues in Securities and the Securities Market course;

b) Securities and Securities Market Law course;

c) Securities Analysis and Investment course;

d) Securities Brokerage and Investment Advisory course;

đ) Financial Advisory and Securities Issuance Guarantee course;

e) Corporate Financial Statement Analysis course;

g) Fund Management and Asset Management course;

h) Derivatives Securities and Derivatives Securities Market course.

2. The courses specified in Clause 1 of this Article shall be organized by the Securities Science Research and Training Center under the State Securities Commission or by training institutions affiliated with universities collaborating with the Securities Science Research and Training Center.

3. Securities professional certificates shall be issued to successful candidates by the Securities Science Research and Training Center within fifteen (15) days after passing the professional level examinations (including those who have completed courses organized by training institutions affiliated with universities collaborating with the Securities Science Research and Training Center).

4. The State Securities Commission shall approve the training programs for the courses specified in Clause 1 of this Article.

5. Cases where individuals are exempt from attending professional courses but must take examinations to obtain securities professional certificates:

a) Individuals holding a bachelor's degree or higher in economics, business administration, finance-banking-insurance, accounting-audit are exempt from the Basic Issues in Securities and the Securities Market course;

b) Individuals holding a bachelor's degree or higher in economic law are exempt from the Securities and Securities Market Law course.

Article 4. Equivalent certificates to specialized securities certificates

1. The international certificate CIIA (Certified International Investment Analyst) or a confirmation of passing the international CFA level II (Chartered Financial Analyst level II) or higher is equivalent to the certificates on Basic Securities and Securities Market Issues, Securities Analysis and Investment, Corporate Financial Statement Analysis, Fund Management and Assets, Derivatives Securities and Derivatives Securities Market.

2. The international certificate ACCA (Association of Chartered Certified Accountants), CPA (Certified Public Accountants) or auditor certificate, accountant certificate issued by the Ministry of Finance or a confirmation of passing the international CFA level I (Chartered Financial Analyst level I), CIIA level I (Certified International Investment Analyst level I) is equivalent to the certificates on Basic Securities and Securities Market Issues, Corporate Financial Statement Analysis.

3. A legally valid securities practice certificate from another country or equivalent documentation proving that an individual is legally permitted to practice securities in another country is equivalent to all specialized securities certificates.

Chapter III
ELECTRONIC SECURITIES PRACTICE CERTIFICATE

Article 5. Conversion of paper securities practice certificate to electronic securities practice certificate

1. The State Securities Commission will commence issuing electronic securities practice certificates when its information technology system for managing securities practitioners officially commences operation. From this time onward, the State Securities Commission will no longer issue paper securities practice certificates.

2. When the State Securities Commission implements the issuance of electronic securities practice certificates, individuals who have been granted a securities practice certificate and organizations utilizing securities practitioners must be responsible for converting their existing paper securities practice certificates to electronic ones within a period of 01 (one) year from the date the State Securities Commission issues guidelines for conversion.

The paper securities practice certificate becomes invalid upon conversion. Individuals who have been granted a securities practice certificate are responsible for returning the expired paper securities practice certificate to the State Securities Commission.

3. Beyond the deadline stipulated in Clause 2 of this Article, individuals who have not completed the conversion of their securities practice certificates will not be recorded in the State Securities Commission's information technology system for managing securities practitioners as "securities practitioners."

4. The electronic securities practice certificate and information on the securities practitioner’s activities recorded in the State Securities Commission's information technology system for managing securities practitioners serve as the basis for the State Securities Commission to implement management and supervision of individuals holding securities practice certificates in accordance with Article 216 of Decree No. 155/2020/NĐ-CP dated December 31, 2020.

An individual holding a securities practice certificate can only be recognized as practicing securities when the information technology system for managing securities practitioners confirms their status as "securities practitioner."

Article 6. Responsibilities of persons granted a securities practice certificate and organizations using securities practitioners when implementing electronic securities practice certificates

1. Persons granted a securities practice certificate and organizations using securities practitioners shall be responsible for complying with the regulations and guidelines of the State Securities Commission on the management and use of electronic securities practice certificates.

2. Persons granted a securities practice certificate shall be responsible for updating information related to their securities practice process onto the securities practitioner management information technology system of the State Securities Commission.

3. Organizations using securities practitioners shall be responsible for updating information changes onto the securities practitioner management information technology system of the State Securities Commission when signing or terminating labor contracts with persons holding a securities practice certificate.

4. The subjects specified in Clause 2 and Clause 3 of this Article shall be responsible for ensuring the accuracy, completeness, and truthfulness of the information provided on the securities practitioner management information technology system of the State Securities Commission.

Article 7. Using electronic securities practice certificates, checking the status of securities practice

1. Securities practitioners may directly present their electronic securities practice certificates through the securities practitioner management information technology system of the State Securities Commission.

2. Individuals and organizations can check the status of securities practice of securities practitioners on the securities practitioner management information technology system of the State Securities Commission.

Chapter IV
TRAINING KNOWLEDGE FOR SECURITIES PRACTITIONERS

Article 8. Training knowledge

1. Securities practitioners must participate in annual knowledge training sessions (the period is from January 1 to December 31 each year).

2. Securities practitioners are not required to participate in knowledge training sessions in the year they are granted a securities practice certificate.

Article 9. Content and materials for knowledge training

1. Content of knowledge training: Securities laws and the securities market, trading systems, new types of securities.

Based on the content of knowledge training, the State Securities Commission shall issue a training program framework before December 31 each year. The framework may be adjusted and supplemented in accordance with actual circumstances.

2. Materials for knowledge training

a) Knowledge training materials are developed by units organizing training in the form of written documents or electronic data;

b) Knowledge training materials must be consistent with the framework program prescribed in Clause 1 of this Article.

Article 10. Organizing knowledge training

1. Units organizing knowledge training: The Securities Science Research and Training Center under the State Securities Commission shall take the lead and coordinate with the Vietnam Stock Exchange and subsidiaries, the Vietnam Securities Depository and Central Counterparty Corporation and subsidiaries.

2. Securities practitioners shall register to participate in knowledge training sessions in person or online.

3. The duration of knowledge training sessions shall be designed to suit the content, training materials, and participants, ensuring a minimum of eight hours of training per year.

4. The State Securities Commission shall promulgate the Regulation on organizing knowledge training for securities practitioners.

Article 11. Cases of failing to complete training requirements

Before January 31 each year, the State Securities Commission shall publicly announce on its electronic portal and information technology system for managing securities practitioners the list of securities practitioners who failed to meet the previous year's training requirements.

Chapter V
EFFECTIVE DATE AND IMPLEMENTATION

Article 12. Effective date and implementation

1. This Circular takes effect from February 9, 2026. The Circular No. 197/2015/TT-BTC dated December 3, 2015 issued by the Minister of Finance regarding securities practice is hereby repealed.

2. The State Securities Commission shall issue regulations on the management and use of the information technology system for managing securities practitioners in accordance with this Circular’s provisions concerning the management and use of electronic securities practice certificates and the status check of securities practice.

3. The organization of knowledge training for securities practitioners as stipulated in Chapter IV of this Circular shall be implemented from January 1, 2027.

4. In cases where laws and regulations cited in this Circular are amended, supplemented, or replaced by other laws and regulations, the provisions of the amended, supplemented, or replacing laws and regulations shall apply.

5. Any difficulties encountered during implementation should be promptly reported to the Ministry of Finance for study and resolution./.