Decree No. 158/2020/NĐ-CP on derivative securities and the derivative securities market

DECREE
On derivative securities and the derivative securities market

________

Pursuant to the Law on Organization of the Government dated June 19, 2015; the Law Amending and Supplementing Certain Provisions of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Pursuant to the Securities Law promulgated on November 26, 2019;

Pursuant to the Enterprise Law dated January 17 May 14, 2016 Government Decree detailing some provisions and measures to implement the Law on Legislative Regulatory Documents;

At the proposal of the Minister of Finance;

The Government promulgates the Decree on derivative securities and the derivative securities market.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Decree stipulates derivative securities and the derivative securities market in Vietnam.

Article 2. Applicability

1. Vietnamese organizations and individuals and foreign organizations and individuals participating in investment in derivative securities and activities on the derivative securities market in Vietnam.

2. State management agencies for securities and the securities market.

3. Other agencies, organizations, and individuals related to investment and business activities with derivative securities and the derivative securities market in Vietnam.

Article 3. Explanation of Terms

In this Decree, the following terms are understood as follows:

1. Derivative securities trading means carrying out one or more or all of the following activities: brokerage of derivative securities, proprietary trading of derivative securities, investment advisory services for derivative securities.

2. A position in a derivative security (hereinafter referred to as a position) is the trading status and quantity of outstanding derivative securities held by an investor at a given time. An investor who buys or sells a derivative security is said to open a buy position or a sell position in that derivative security.

3. An open position in a derivative security indicates that the investor holds outstanding derivative securities.

4. A net position in a derivative security at a given time is determined by the difference between the open buy position and the open sell position of that derivative security at the same time.

5. Position limit is the maximum position of a derivative security, or of that derivative security and other derivative securities based on the same underlying asset that an investor may hold at a given time.

6. Trading order limit of a derivative security is the maximum quantity of derivative securities that can be placed on a single trading order.

7. Derivative securities trading member (hereinafter referred to as trading member) is a securities company approved by the Stock Exchange to become a derivative securities trading member.

8. Special trading member on the derivative securities market (hereinafter referred to as special trading member) is a commercial bank, foreign bank branch approved by the Stock Exchange to become a special trading member to trade derivative securities on government bonds.

9. Market maker is a trading member, special trading member conducting market making activities for one or more derivative securities.

10. Derivative securities clearing member (hereinafter referred to as clearing member) is a securities company, commercial bank, foreign bank branch approved by the Vietnam Securities Depository and Clearing Corporation to become a derivative securities clearing member to conduct clearing and settlement of derivative securities transactions.

11. Central counterparty is a clearing member that clears and settles its own derivative securities transactions, those of its clients, and provides clearing and settlement services for non-clearing members and their clients.

12. Direct counterparty is a clearing member that only clears and settles its own derivative securities transactions or those of its clients.

13. Non-clearing trading member (hereinafter referred to as non-clearing member) is a trading member, special trading member that is not a clearing member.

14. Market making activity is the execution of buying and selling transactions to create liquidity for one or more types of derivative securities traded on the Stock Exchange.

15. Tripartite clearing and settlement agreement is an agreement where a non-clearing member entrusts a central counterparty to carry out clearing and settlement of its own and its clients' derivative securities transactions.

16. Collateral deposit (hereinafter referred to as collateral) is money, securities, and other assets as prescribed by the Vietnam Securities Depository and Clearing Corporation used to guarantee payment obligations arising from derivative securities transactions of investors and clearing members.

17. Collateral deposit account (hereinafter referred to as collateral account) is an account opened for investors, clearing members to manage positions, collateral, and settle derivative securities transactions.

18. Clearing and settlement of derivative securities transactions include margining, reconciliation, confirmation of transaction results, error handling, novation, clearing, determination of payment obligations, transfer of funds or transfer of funds and underlying assets on the settlement date.

19. Central counterparty mechanism is the clearing and settlement of derivative securities transactions carried out by the Vietnam Securities Depository and Clearing Corporation, wherein the Vietnam Securities Depository and Clearing Corporation becomes a party to the derivative securities transaction through novation, and the clearing member is the remaining party to the transaction.

20. Novation is the substitution of one party in a derivative securities contract or transaction by another party, whereby the substituting party assumes all rights and obligations related to the derivative securities contract or transaction of the substituted party.

Chapter II

ORGANIZATIONS ENGAGED IN DERIVATIVE SECURITIES BUSINESS AND PROVIDERS OF CLEARING AND SETTLEMENT SERVICES FOR DERIVATIVE SECURITIES TRANSACTIONS

Section 1

ORGANIZATIONS ENGAGED IN DERIVATIVE SECURITIES BUSINESS

Article 4. Conditions for Issuing a Certificate of Eligibility to Conduct Derivative Securities Business

1. Securities companies and investment fund management companies (hereinafter referred to as fund management companies) may only conduct derivative securities business after being issued a Certificate of Eligibility to Conduct Derivative Securities Business by the State Securities Commission:

a) Securities companies may conduct one or more or all activities of derivative securities business, including: derivative securities brokerage, proprietary trading in derivative securities, derivative securities investment advisory services;

b) Fund management companies may only conduct derivative securities investment advisory services.

2. Conditions for issuing a Certificate of Eligibility to Conduct Derivative Securities Business for securities companies include:

a) Having been fully licensed for securities business operations;

b) Meeting the capital stock and net asset requirements as follows:

- For derivative securities brokerage activities: having a minimum capital stock and net assets of VND 800 billion or more;

- For proprietary trading in derivative securities activities: having a minimum capital stock and net assets of VND 600 billion or more;

- For derivative securities investment advisory services activities: having a minimum capital stock and net assets of VND 250 billion or more;

- In cases where derivative securities brokerage, proprietary trading in derivative securities, and derivative securities investment advisory services activities are registered for business, the securities company must have a minimum capital stock and net assets of VND 800 billion or more;

c) Meeting the internal control and risk management requirements for securities business operations as prescribed by laws governing securities companies;

d) Meeting personnel conditions: the General Manager (Managing Director), Deputy General Manager (Deputy Managing Director) responsible for operations, and at least five employees for each planned derivative securities business activity must hold appropriate securities practice certificates as required by law and specialized certificates in derivative securities and derivative securities markets;

đ) Having a minimum available capital ratio of 220% continuously for the last twelve months; fully establishing reserve provisions as prescribed by law;

e) Not having losses in the two most recent years;

g) The audit organization's opinion in the audited financial report of the most recent fiscal year and the reviewed semi-annual financial report (in cases where the application for a Certificate of Eligibility to Conduct Derivative Securities Business is made after June 30) must be an unqualified opinion;

h) Not currently undergoing restructuring, dissolution, bankruptcy; not currently suspended from operations or temporarily halted from operations according to the decision of the competent authority.

3. Conditions for issuing a Certificate of Eligibility to Conduct Derivative Securities Business for fund management companies include:

a) Having a minimum capital stock and net assets of VND 25 billion or more;

b) The General Manager (Managing Director), Deputy General Manager (Deputy Managing Director) responsible for operations, and at least five employees for derivative securities investment advisory services activities must hold securities practice certificates and specialized certificates in derivative securities and derivative securities markets;

c) Meeting the requirements set forth in points đ, e, g, h of Clause 2 of this Article.

Article 5. Documents, procedures, and formalities for issuing and adjusting the Certificate of Eligibility to Operate Derivative Securities Business

1. The application documents for the Certificate of Eligibility to Operate Derivative Securities Business include:

a) An application form for issuance or adjustment of the Certificate of Eligibility to Operate Derivative Securities Business according to Form No. 01 attached to this Decree;

b) The resolution of the Shareholders' Meeting, Board of Members, or the Decision of the owner regarding the implementation of derivative securities business;

c) Financial statements of the two most recent fiscal years that have been audited and the most recent semi-annual financial report that has been reviewed (in cases where the application for the Certificate of Eligibility to Operate Derivative Securities Business is submitted after June 30); Financial safety ratio report for the last twelve months;

d) A list of Directors (General Directors), Deputy Directors (Deputy General Directors) responsible for operations and staff for each derivative securities business activity as guided in Form No. 02 attached to this Decree, along with individual files of the aforementioned individuals. Individual files must minimally include: Identity card or citizen identification card or passport, securities business practice certificate, specialized certificate on derivative securities and derivative securities market, labor contract;

đ) Internal control procedures and risk management procedures for derivative securities business activities.

2. Documentation components of the application file as stipulated in Clause 1 of this Article shall be exempted if such documentation has already been submitted to the State Securities Commission in accordance with regulations on reporting and information disclosure.

3. The application file for the Certificate of Eligibility to Operate Derivative Securities Business shall be prepared in one original copy. In cases where the documents in the file are copies, they must be copies from the original book or certified. This file shall be sent to the State Securities Commission either directly, through postal service, or via the online public service system as directed by the Minister of Finance.

4. Within five working days from the date of receipt of the file, the State Securities Commission shall send a written request to the securities company or fund management company to amend or supplement the file (if necessary).

5. Within fifteen days from the date of receipt of a complete and valid file, the State Securities Commission shall issue the Certificate of Eligibility to Operate Derivative Securities Business. In case of refusal, the State Securities Commission must provide a written response detailing the reasons.

6. Within twelve months from the date of issuance of the Certificate of Eligibility to Operate Derivative Securities Business, a securities company engaged in derivative securities brokerage must register as a trading member. If registration as a trading member is not made, the State Securities Commission shall issue a decision to revoke the Certificate of Eligibility to Operate Derivative Securities Business.

7. Adjustments to the Certificate of Eligibility to Operate Derivative Securities Business due to additional derivative securities business activities shall be carried out in accordance with the corresponding provisions for issuing the Certificate of Eligibility to Operate Derivative Securities Business as stipulated in Article 4, Clauses 1, 2, 3, 4, and 5 of Article 5 of this Decree.

Article 6. Suspension and Restoration of Derivative Securities Business Operations

1. The State Securities Commission shall decide to suspend one or more derivative securities business operations of a derivative securities business organization for a maximum period of twelve months in the following cases:

a) A securities company fails to meet one or more provisions set out in Points b, c, d, đ Clause 2 Article 4 of this Decree for six consecutive months; a fund management company fails to meet one or more provisions set out in Point đ Clause 2, Points a, b Clause 3 Article 4 of this Decree for six consecutive months;

b) Being suspended or halted from operating pursuant to the provisions of the law.

2. From the date of receipt of the document from the State Securities Commission regarding the suspension of derivative securities business operations:

a) Within twenty-four hours, the derivative securities business organization shall be responsible for disclosing information about the suspension of derivative securities business operations;

b) Within five working days, the derivative securities business organization must disclose information on the plan, timeframe, and roadmap for handling outstanding contracts and notify each client about the plan for handling the contract with the client. The handling period must ensure that clients have at least forty-five days to handle their positions and transfer margin funds, but not exceeding sixty days, from the date of disclosure of information.

3. During the suspension period, the derivative securities business organization shall be responsible for:

a) Periodically every month or upon request of the State Securities Commission, reporting and disclosing information about its status and related activities; it shall not enter into new derivative securities business contracts, and shall cease all derivative securities business operations except in the cases provided for in Points b, c, d of this Clause;

b) For outstanding derivative securities business contracts, the securities company shall be responsible for:

- Only accepting and executing client orders for offset transactions; only accepting margin deposits from clients for additional margin purposes;

- Reconciling balances, settling client accounts; liquidating positions and returning margin deposits to clients; agreeing, transferring rights, responsibilities, obligations, transferring accounts, margin deposits, and open positions of clients to replacement securities companies according to client requests;

- Executing transactions at the request of the Vietnam Securities Depository Corporation and Stock Exchanges to reduce client positions.

c) Liquidating and closing positions on proprietary trading accounts, market-making accounts (if any), ensuring priority for client transactions over its own position closure transactions;

d) Paying all tax amounts, service fees, debts, and other financial obligations related to derivative securities business operations (if any).

4. The State Securities Commission shall decide to restore derivative securities business operations of a derivative securities business organization only after such organization has remedied all actions leading to the suspension of operations.

Article 7. Voluntary termination of derivative securities business operations

1. An organization voluntarily terminating its derivative securities business operations must submit an application to the Securities Commission. The application shall include the following documents:

a) A request for termination of derivative securities business operations according to Form No. 03 attached as an appendix to this Decree;

b) The resolution of the Shareholders' General Meeting, Board of Members, or the Decision of the owner regarding the termination of derivative securities business operations and approval of the plan to handle related issues;

c) The plan to handle outstanding derivative securities business contracts, including the handling of customer accounts and collateral.

2. The application for voluntary termination of derivative securities business operations shall be prepared in one original copy. In cases where the documents in the application are copies, they must be certified true copies from the original or notarized. This application shall be submitted to the Securities Commission either directly, through postal service, or via the online public service system as directed by the Minister of Finance.

3. Within five working days from the date of receipt of the application, the Securities Commission shall send a written notice to the organization requesting modifications or additions to the application (if necessary).

4. Within seven working days from the date of receipt of a complete and valid application, the Securities Commission shall issue a written permit to proceed with the voluntary termination procedures of derivative securities business operations. If the application is rejected, the Securities Commission must provide a written response stating the reasons.

5. From the date of receipt of the Securities Commission's written permit to proceed with the termination procedures of derivative securities business operations:

a) Within twenty-four hours, the derivative securities business organization shall be responsible for publicly announcing information about the termination procedures;

b) Within five working days, the securities company shall announce the plan, timeframe, and schedule for handling outstanding contracts and notify each client about the contract handling plan. The processing period must ensure that clients have at least forty-five days to settle their positions and transfer collateral funds, but not exceeding sixty days from the date of announcement.

6. During the termination process, the derivative securities business organization shall be responsible for:

a) Regularly reporting and publicly disclosing information on its status and related activities monthly or upon request of the Securities Commission; it shall not enter into new derivative securities business contracts; terminate all derivative securities business operations except as provided in points b, c, and d of this Clause;

b) For outstanding derivative securities business contracts, the securities company shall be responsible for:

- Only accept and execute client orders for offset transactions; only accept additional collateral from clients;

- Reconcile balances, close out client accounts; liquidate positions and return collateral to clients; negotiate, transfer rights, responsibilities, obligations, accounts, collateral, and open positions of clients to the replacement derivative securities business organization;

- Executing transactions at the request of the Vietnam Securities Depository Corporation and Stock Exchanges to reduce client positions.

c) Liquidate and close out positions on proprietary trading accounts and market-making accounts (if any), ensuring priority for client transactions over the organization's own position closures.

d) Paying all tax amounts, service fees, debts, and other financial obligations related to derivative securities business operations (if any).

7. Within five working days from the completion of the procedures stipulated in Clauses 5 and 6 of this Article, the derivative securities business organization shall submit a report to the Securities Commission on the results of the handling, including the following documents:

a) A list of customers with full identification information, derivative securities trading account numbers, collateral account numbers, and collateral asset lists on each account; reasons for failing to fully settle and handle remaining accounts (if not yet resolved);

b) A liquidation record and confirmation from the replacement clearing member regarding the completion of the transfer of all customer accounts and collateral to the replacement member (if applicable);

c) A decision to withdraw trading member status and clearing member status;

d) A confirmation document stating that all taxes, service fees, debts, and other financial obligations related to derivative securities business operations have been fully paid.

8. Within five working days from the date of receipt of the report on the results stipulated in Clause 7 of this Article, the Securities Commission shall adjust the Certificate of Eligibility for Derivative Securities Business Operations for cases of termination of one or more derivative securities business operations, or issue a decision to revoke the Certificate of Eligibility for Derivative Securities Business Operations in cases of termination of all derivative securities business operations. If the application is rejected, the Securities Commission must provide a written response stating the reasons.

Article 8. Mandatory Termination of Derivative Securities Business Operations

1. An organization conducting derivative securities business operations shall be compelled to terminate such operations in the following cases:

a) After the suspension period for derivative securities business operations, if violations leading to suspension have not been rectified;

b) Dissolution, bankruptcy, temporary cessation of operations, or revocation of establishment and operation permits; division, separation, merger, or consolidation where the resulting organization does not meet one of the business conditions stipulated in Clause 2 and 3 of Article 4 of this Decree.

2. Within thirty days from the date when the organization conducting derivative securities business operations falls under any of the circumstances specified in Clause 1 of this Article, the State Securities Commission shall issue a document requesting the organization to proceed with the procedures for terminating derivative securities business operations.

3. From the date of receipt of the document from the State Securities Commission regarding the mandatory termination of derivative securities business operations, the organization conducting derivative securities business operations shall disclose information and notify customers in accordance with Clause 5 of Article 7 of this Decree.

4. The organization conducting derivative securities business operations shall implement the provisions of Clause 6 and 7 of Article 7 of this Decree to carry out the procedures for terminating derivative securities business operations and submit a report on the results of handling to the State Securities Commission.

5. Within five working days from the date of receipt of the report on the results of implementing the procedures for terminating derivative securities business operations, the State Securities Commission shall adjust the Certificate of Eligibility for Derivative Securities Business Operations for the case of terminating one or more derivative securities business operations, or issue a decision to revoke the Certificate of Eligibility for Derivative Securities Business Operations in the event of terminating all derivative securities business operations.

Section 2

ORGANIZATION PROVIDING SETTLEMENT AND CLEARING SERVICES FOR DERIVATIVE SECURITIES TRANSACTIONS

Article 9. Conditions for Issuance of Certificate of Eligibility for Providing Settlement and Clearing Services for Derivative Securities Transactions

1. Securities companies, commercial banks, and foreign bank branches may only provide settlement and clearing services for derivative securities transactions after being issued a Certificate of Eligibility for Providing Settlement and Clearing Services for Derivative Securities Transactions by the State Securities Commission:

a) A securities company may conduct settlement and clearing of its own derivative securities transactions and those of its clients, and provide settlement and clearing services for non-clearing members and their clients;

b) Commercial banks and foreign bank branches may only conduct settlement and clearing for their own transactions.

2. Conditions for issuance of a Certificate of Eligibility for Providing Settlement and Clearing Services for Derivative Securities Transactions for securities companies include:

a) Holding a Certificate of Registration for Securities Custody Activities;

b) Permission to engage in derivative securities brokerage activities;

c) Meeting the capital stock and net worth requirements as follows:

- For direct clearing members: having a minimum capital stock and net worth of 900 billion VND;

- For common clearing members: having a minimum capital stock and net worth of 1.2 trillion VND;

d) Maintaining a minimum available capital ratio of 260% continuously for the last twelve months; the debt-to-equity ratio on the most recent annual financial report not exceeding five times; fully establishing reserve funds as prescribed by law;

đ) Not having losses in the two most recent years;

e) The audit opinion in the most recently audited annual financial report and reviewed semi-annual financial report (in the case of applying for a Certificate of Eligibility for Providing Settlement and Clearing Services for Derivative Securities Transactions after June 30) must be unqualified;

g) Meeting internal control and risk management requirements as prescribed by law for securities company operations;

h) Not currently undergoing restructuring, dissolution, bankruptcy; not currently suspended from operations or temporarily halted from operations according to the decision of the competent authority.

3. Conditions for issuance of a Certificate of Eligibility for Providing Settlement and Clearing Services for Derivative Securities Transactions for commercial banks and foreign bank branches include:

a) Meeting the requirements for providing settlement and clearing services for securities transactions as prescribed by law for credit organizations;

b) Having a minimum capital stock and net worth of 5 trillion VND for commercial banks, and a minimum capital of 1 trillion VND for foreign bank branches;

c) Meeting the minimum capital adequacy ratio requirement as prescribed by law for credit organizations over the last twelve months;

d) Meeting the requirements set forth in point a and h of Clause 2 of this Article.

Article 10. Documents, procedures, and formalities for issuing the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement

1. The application documents for the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement include:

a) An application form for the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement according to Model No. 04 attached as an appendix to this Decree;

b) The resolution of the Shareholders' Meeting, Board of Members, or the decision of the owner regarding the implementation of activities to provide settlement services and securities derivatives transaction settlement;

c) Financial statements of the two most recent fiscal years audited and the most recent semi-annual financial statement reviewed (in case of application for the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement after June 30); Financial safety ratio report for the last twelve months (for securities companies) or documentation proving compliance with the minimum capital adequacy requirement (for commercial banks, foreign bank branches);

d) Internal control procedures and risk management procedures for the provision of settlement services and securities derivatives transaction settlement activities;

đ) The approval document of the State Bank of Vietnam regarding the provision of settlement services and securities derivatives transaction settlement by commercial banks, foreign bank branches in accordance with the laws on credit institutions;

2. Documentation components of the application file as stipulated in Clause 1 of this Article shall be exempted if such documentation has already been submitted to the State Securities Commission in accordance with regulations on reporting and information disclosure.

3. The application documents for the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement shall be prepared in one original set. In cases where the documents in the application are copies, they must be certified true copies from the original or notarized. This application shall be submitted to the Securities Commission either directly, through postal service, or via the online public service system as instructed by the Minister of Finance.

4. Within five working days from the date of receipt of the application, the Securities Commission shall send a written request to the securities company, commercial bank, or foreign bank branch to amend or supplement the application documents if necessary.

5. Within fifteen days from the date of receipt of complete and valid application documents, the Securities Commission shall issue the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement. In case of rejection, the Securities Commission must respond in writing and specify the reasons.

6. Within twelve months from the date of issuance of the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement, the service provider organization must register as a settlement member. Failure to do so will result in the Securities Commission's decision to revoke the Certificate of Eligibility to Provide Settlement Services and Securities Derivatives Transaction Settlement.

Article 11. Suspension and Restoration of Activities to Provide Settlement Services and Securities Derivatives Transaction Settlement

1. The Securities Commission decides to suspend the activities to provide settlement services and securities derivatives transaction settlement of the service provider organization for a maximum period of twelve months in the following cases:

a) A securities company fails to meet the requirements stipulated at point c, d, Clause 2, Article 9 of this Decree for six consecutive months; a commercial bank or foreign bank branch fails to meet the requirements stipulated at point b, c, Clause 3, Article 9 of this Decree for six consecutive months;

b) Being suspended or halted from operating pursuant to the provisions of the law.

2. The service provider organization whose activities to provide settlement services and securities derivatives transaction settlement have been suspended must implement and apply measures as prescribed in Clause 2, 3, Article 6 of this Decree.

3. The Securities Commission shall decide to restore the activities to provide settlement services and securities derivatives transaction settlement of the service provider organization only after these organizations have fully remedied all actions leading to suspension.

Article 12. Voluntary Termination of Derivatives Securities Settlement and Transaction Payment Services Operations

1. An organization providing derivatives securities settlement and transaction payment services that voluntarily terminates its operations must submit an application to the State Securities Commission. The application shall include the following documents:

a) A request for termination of derivatives securities settlement and transaction payment service provision according to Form No. 05 attached to this Decree;

b) The resolution of the Shareholders' Meeting, Board of Members, or the Decision of the owner regarding the termination of derivatives securities settlement and transaction payment service provision and approval of the plan to handle related issues;

c) The plan to handle valid derivatives securities settlement and transaction payment service contracts, including the handling plan for customer accounts and collateral assets.

2. The application for voluntary termination of derivatives securities settlement and transaction payment service provision shall be prepared in one original set. If the documents in the application are copies, they must be certified true copies from the original book or notarized. This application shall be submitted to the State Securities Commission either directly, through postal mail, or via the online public service system as directed by the Minister of Finance.

3. Within five working days from the date of receipt of the application, the State Securities Commission shall send a written notice to the organization providing derivatives securities settlement and transaction payment services requesting amendments or supplements to the application (if necessary).

4. Within seven working days from the date of receipt of a complete and valid application, the State Securities Commission shall issue a written permit to proceed with the procedures to terminate derivatives securities settlement and transaction payment service provision. In case of refusal, the State Securities Commission must provide a written response stating the reasons.

5. From the date of receipt of the State Securities Commission's written permit to proceed with the procedures to terminate derivatives securities settlement and transaction payment service provision, the organization providing derivatives securities settlement and transaction payment services must implement and apply measures as stipulated in Clause 5 and 6 of Article 7 of this Decree.

6. Within five working days from the completion of the procedures specified in Clause 5 of this Article, the organization providing derivatives securities settlement and transaction payment services must submit a report to the State Securities Commission on the results of the handling, including the following documents:

a) A list of customers with full customer identification information, derivative securities trading accounts, margin accounts, and margin asset portfolios, positions on each account; reasons for inability to settle and handle remaining accounts (if not yet resolved);

b) A liquidation record and confirmation from the replacement clearing member regarding the completion of the transfer of all customer accounts and collateral to the replacement member (if applicable);

c) The decision to withdraw settlement membership status;

d) A confirmation document stating that all taxes, service fees, debts, and other financial obligations related to the provision of derivatives securities settlement and transaction payment services have been fully paid.

7. Within five working days from the date of receipt of the report on the results of handling the termination of derivatives securities settlement and transaction payment service provision, the State Securities Commission shall issue a decision to revoke the Certificate of Eligibility for Providing Derivatives Securities Settlement and Transaction Payment Services. In case of refusal, the State Securities Commission must provide a written response stating the reasons.

Article 13. Compulsory Termination of Derivative Securities Settlement and Transaction Services

1. An organization providing derivative securities settlement and transaction services shall be compelled to terminate such service activities in the following cases:

a) After the suspension period for providing derivative securities settlement and transaction services, it still fails to rectify violations leading to the suspension;

b) Dissolution, bankruptcy, temporary cessation of operations, or revocation of establishment and operation licenses; or ceasing to engage in derivative securities brokerage activities; or undergoing division, separation, merger, or consolidation where the resulting organization does not meet one of the business conditions stipulated in Clause 2 and Clause 3 of Article 9 of this Decree.

2. Within thirty days from the date on which the organization providing derivative securities settlement and transaction services is compelled to terminate its service provision activities, the State Securities Commission shall issue a document requesting the organization to proceed with the termination procedures for derivative securities settlement and transaction services.

3. From the date of receipt of the document from the State Securities Commission regarding the compulsory termination of derivative securities settlement and transaction service activities, the organization providing derivative securities settlement and transaction services must implement and apply relevant provisions as stipulated in Clause 5 and Clause 6 of Article 7 of this Decree.

4. Within five working days from the completion of the procedures specified in Clause 3 of this Article, the organization providing derivative securities settlement and transaction services shall submit a report to the State Securities Commission on the results of handling according to the provisions of Clause 6 of Article 12 of this Decree.

5. Within five working days from the date of receipt of the report on the results of completing the termination procedures for derivative securities settlement and transaction service activities, the State Securities Commission shall issue a decision to revoke the Certificate of Eligibility for Providing Derivative Securities Settlement and Transaction Services.

Chapter III

DERIVATIVE SECURITIES MARKET

Section 1

DERIVATIVE SECURITIES

Article 14. Derivative Securities Traded on the Derivative Securities Market

1. Derivative securities traded on the derivative securities market include:

a) Futures contracts and options contracts listed based on underlying assets being securities, stock indices, or other assets as prescribed by the Government that serve as the basis for determining the value of derivative securities;

b) Forward contracts and negotiated options contracts based on underlying assets being securities or stock indices traded on the Stock Exchange.

2. Derivative securities traded on the Stock Exchange must contain the following main contents:

a) Information about the underlying asset including: name, code, and other information about the underlying asset;

b) Information about the derivative security including: contract name, contract size, trading method, position limit, trading time, maturity date, final settlement date, listing date, settlement method, price tick, quotation unit, price fluctuation range, end-of-day settlement price determination method, final settlement price, reference price, margin level;

c) In the case of derivative securities being option contracts, additional information must be provided about the type of option (buy or sell), option style (exercise only on the maturity date or exercise before or on the maturity date), and strike price.

Article 15. Listing of derivative securities

1. The stock exchange shall cooperate with the Vietnam Securities Depository and Central Counterparty to determine the contents of derivative securities in accordance with Clause 2 of Article 14 of this Decree; implement the listing and organize trading of derivative securities after obtaining approval from the State Securities Commission in accordance with the provisions of the law.

2. The stock exchange shall delist derivative securities in the following cases:

a) Derivative securities have matured;

b) The underlying asset of derivative securities has been delisted or is no longer used as an underlying asset;

c) Other cases where the State Securities Commission deems it necessary to delist to protect investors' rights and interests.

3. The delisting of derivative securities as provided for in point b of Clause 2 of this Article must be approved by the State Securities Commission.

Article 16. Investment in derivative securities

1. Organizations and individuals may invest in derivative securities on the derivative securities market, except in cases where they are prohibited from engaging in securities and securities market activities for a limited or indefinite period due to violations in securities and securities market activities, and in specific investment cases as follows:

a) Securities companies may only invest in derivative securities after being granted a Certificate of Eligibility for Securities Business issued by the State Securities Commission allowing them to engage in proprietary trading of derivative securities;

b) Fund management companies may only invest in derivative securities for the purpose of hedging risks for the portfolio of securities held using entrusted funds from investment portfolio management activities; fund management companies may only invest in derivative securities for the purpose of hedging risks in accordance with the laws on investment funds for the capital of investment funds and securities companies. Fund management companies are not allowed to invest in derivative securities using their own capital, borrowed capital, and other legally raised capital;

c) Credit institutions and foreign bank branches may only invest in derivative securities after receiving written approval from the State Bank;

d) Insurance enterprises and foreign insurance enterprise branches may only invest in derivative securities in accordance with the laws on insurance business;

đ) State-owned economic groups, state-owned corporations, and state enterprises may only invest in derivative securities after being permitted by competent state authorities in accordance with the laws on managing and using state capital in production and business operations at enterprises.

2. During the process of investing in and trading derivative securities, organizations and individuals bear responsibility for risks and must comply with legal regulations, and may not engage in prohibited acts as stipulated by the laws on securities and the securities market.

Section 2

MARKET ORGANIZATION FOR DERIVATIVE SECURITIES TRADING

Article 17. Organization of derivative securities trading

1. The stock exchange organizes a market for trading derivative securities as specified in Clause 1 of Article 14 of this Decree.

2. The stock exchange is responsible for organizing and operating the derivative securities trading market in accordance with the Securities Law, this Decree, related legal documents, and the Stock Exchange's Charter.

3. The stock exchange may suspend trading of one, several, or all derivative securities on the market after obtaining approval from the State Securities Commission in the following situations:

a) The value of the underlying asset cannot be determined due to the suspension of trading in the underlying market, or the underlying asset is temporarily suspended from trading for three working days;

b) An unforeseen event or technical failure occurs in the securities trading system, the settlement and payment system;

c) At the request of the State Securities Commission to protect the legitimate rights and interests of investors and ensure stability and safety of the securities market.

Article 18. Rights of the Securities Trading Exchange in relation to derivative securities trading activities

1. Design products, list, organize trading for listed derivative securities, and issue business regulations after obtaining approval from the State Securities Commission.

2. Approve registration, reject registration, suspend, and revoke membership status of trading members, special trading members, and market makers.

3. In cases where trading members are suspended or their membership revoked and cannot fulfill agreements, designate substitute trading members to assume the rights and obligations of suspended or membership-revoked trading members.

5. Require the Vietnam Securities Depository and Central Counterparty Company to provide timely and complete information necessary for market supervision and organization of derivative securities trading activities as prescribed by law.

4. Other rights as stipulated in Clause 1 and Clause 4 of Article 46 of the Securities Law and relevant laws.

Article 19. Obligations of the Securities Trading Exchange in relation to derivative securities trading activities

1. Ensure information technology systems and technical infrastructure for the operation of the derivative securities trading market; organize derivative securities trading market operations, supervise, and disclose information on derivative securities trading as prescribed by law.

2. Inspect and supervise the maintenance of registration conditions, compliance with the exchange's rules, and relevant laws by trading members, special trading members, and market makers; promptly report fully and accurately about market activities and member activities to the State Securities Commission as required by law or upon request or when violations are discovered.

3. Coordinate with the Vietnam Securities Depository and Central Counterparty Company to ensure safe and efficient trading activities on the derivative securities market, settlement, and transaction clearing as prescribed in this Decree and other related legal documents.

4. Other obligations as stipulated in Clause 2 and Clause 4 of Article 46 of the Securities Law and relevant laws.

Article 20. Derivative Securities Trading

1. Listed derivative securities trading as specified in Point a, Clause 1 of Article 14 of this Decree shall be conducted through trading members and the Securities Trading Exchange. The Securities Trading Exchange organizes listed derivative securities trading through matching orders and negotiated transactions.

2. Negotiated derivative securities trading as specified in Point b, Clause 1 of Article 14 of this Decree shall be carried out according to agreements between the parties involved and in accordance with relevant laws. After concluding and performing the contract, investors must notify the Vietnam Securities Depository and Central Counterparty Company in writing.

3. The Minister of Finance shall guide derivative securities trading.

Article 21. Market Stabilization Measures

1. The securities exchange may apply one or more of the following measures to stabilize the market and protect investors in accordance with the regulations of the securities exchange:

a) Changing the number of trading sessions and trading hours;

b) Applying and adjusting order limits;

c) Applying price fluctuation bands and interrupting market operations;

d) Limiting new positions;

đ) Suspending or canceling trading orders.

2. The securities exchange may temporarily suspend, partially or wholly halt, or resume derivative securities trading activities after obtaining approval from the State Securities Commission.

Section 3

MEMBERS FOR TRADING, SPECIAL TRADING MEMBERS, MARKET MAKERS

Article 22. Registration of Trading Members

1. A securities company wishing to register as a trading member on the securities exchange must meet the following conditions:

a) It must be a securities company authorized to conduct derivative securities brokerage activities;

b) It must satisfy the securities exchange's requirements for information technology infrastructure and business procedures for derivative securities trading;

c) It must have a tri-party collateral management and settlement agreement in cases where it registers as a non-collateral member.

2. The registration dossier for a trading member of a securities company includes:

a) The application form for registration as a trading member on the derivative securities market according to Form No. 06 attached to this Decree;

b) The certificate of eligibility to operate derivative securities issued by the State Securities Commission;

c) An explanation of the information technology infrastructure and business procedures in accordance with the guidelines of the securities exchange;

d) A tri-party collateral management and settlement agreement in cases where it registers as a non-collateral member.

3. The registration dossier for a trading member shall be prepared in one original copy. In cases where the documents in the dossier are copies, they must be certified true copies from the original or notarized. This dossier shall be submitted to the securities exchange either directly or through postal service.

4. Within seven working days from the date of receipt of the trading member registration dossier:

a) If the dossier is complete and valid, the securities exchange shall issue a document requesting the registering organization to complete physical facilities, install systems, connect transaction data transmission software, test transactions, and other implementation tasks;

b) If the dossier is incomplete or invalid, the securities exchange shall issue a document requesting the registering organization to amend and supplement the dossier.

5. Within five working days from the date when the securities company completes all preparatory work for implementation, the securities exchange shall issue a Decision approving the trading member status and publish information about the new member on its information dissemination channels.

6. The securities exchange shall refuse to approve the trading member status in the following cases:

a) The registering organization does not meet the conditions for becoming a trading member;

b) The registration dossier contains forged documents or false information;

c) The securities company fails to complete the procedures to obtain the decision approving the trading member status within ninety days from the date the securities exchange sends the securities company a document as stipulated in Clause 4 of this Article.

The securities exchange shall send a document to the securities company applying for membership clearly stating the reasons for refusal and publish the information on its information dissemination channels.

7. Trading members must commence trading activities on the securities exchange's derivative securities trading system within sixty days from the date their trading member status is approved.

8. Suspension of trading activities of trading members, termination, revocation of trading member status, forms of disciplinary actions against trading members, and other related activities shall be carried out in accordance with the regulations of the Minister of Finance and the rules of the securities exchange.

9. A securities company may re-register as a trading member only two years after voluntarily revoking its trading member status or three years after being compulsorily revoked.

Article 23. Registration of Special Trading Members

1. Commercial banks and foreign bank branches shall register as special trading members on the securities exchange when meeting the following conditions:

a) Being a special trading member in the government bond market of the securities exchange;

b) Receiving written approval from the State Bank to invest in derivative securities;

c) Having a settlement and payment agency agreement with a common clearing member in case of registration as a non-collateral member;

d) Meeting the securities exchange's requirements for information technology infrastructure and business procedures for derivative securities trading;

đ) Not being in the process of merger, consolidation, dissolution; not being under control, special control, suspension, or temporary cessation of operations according to the decision of the competent authority.

2. The registration dossier for special trading members includes:

a) The application form for registration as a special trading member on the derivative securities market according to Form No. 06 attached hereto as an appendix;

b) A document from the State Bank of Vietnam allowing the implementation of derivative securities investment;

c) An explanation of the information technology infrastructure and business procedures in accordance with the guidelines of the securities exchange;

d) A tri-party collateral management and settlement agreement in cases where it registers as a non-collateral member.

3. The registration dossier for special trading members shall be prepared in one original copy. In cases where the documents in the dossier are copies, they must be copies from the original book or certified. This dossier shall be sent to the securities exchange either directly or through postal service.

4. Within seven working days from the date of receipt of the special trading member registration dossier:

a) If the dossier is complete and valid, the securities exchange shall issue a document requesting the registering organization to complete physical facilities, install systems, connect transaction data transmission software, test transactions, and other deployment activities;

b) If the dossier is incomplete or invalid, the securities exchange shall issue a document requesting the registering organization to amend and supplement the dossier.

5. Within five working days from the date commercial banks and foreign bank branches complete their transaction preparation work, the securities exchange shall issue a Decision approving the status of special trading member and publish information about the new member on its information dissemination means.

6. The securities exchange shall refuse to approve the status of special trading member in the following cases:

a) The registering organization does not meet the conditions for becoming a special trading member;

b) The registration dossier contains forged documents or false information;

c) Commercial banks and foreign bank branches fail to complete the procedures to obtain the Decision approving the status of special trading member within ninety days from the date the securities exchange sends a document to the commercial banks and foreign bank branches as stipulated in Clause 4 of this Article.

The securities exchange shall send a document to commercial banks and foreign bank branches applying for membership clearly stating the reasons for refusal and implement information dissemination on its information dissemination means.

7. Suspension of trading activities of special trading members, termination, revocation of special trading member status, forms of handling violations by special trading members, and other related activities shall be carried out in accordance with the regulations of the Minister of Finance and the rules of the securities exchange.

8. Commercial banks and foreign bank branches may only re-register as special trading members two years from the date of voluntary revocation of member status or three years from the date of compulsory revocation of member status.

Article 24. Registration of Market Maker Members

1. Trading members, special trading members who are also clearing members may register as market maker members based on a market-making agreement signed with the Stock Exchange.

2. The Stock Exchange may adjust the number of market maker members, refuse to register market maker members, or refuse to renew market-making agreements.

3. Documents for registering as a market maker member on the derivatives securities market include the following:

a) A market maker membership registration form according to Form No. 07 attached as an appendix to this Decree;

b) A derivative securities clearing member certificate issued by the Vietnam Securities Depository and Clearing Corporation;

c) An explanation of information technology infrastructure and business processes in accordance with the guidance of the Stock Exchange.

4. The market maker membership registration documents shall be prepared in one original set. In cases where the documents in the file are copies, they must be certified true copies from the original or notarized. These documents shall be submitted directly to the Stock Exchange or sent via postal service.

5. Within seven working days from the date of receipt of the market maker membership registration documents:

a) If the documents are complete and valid, the Stock Exchange shall issue a request for the organization applying for market maker membership to conduct a trial run of market-making functions;

b) If the documents are incomplete or invalid, the Stock Exchange shall issue a request for the organization applying for market maker membership to amend and supplement the documents.

6. After the member completes the trial run of quotation functions serving market-making activities, the Stock Exchange shall issue a notice of principle approval to become a market maker member, allowing the member to prepare for market-making activities as required by the Stock Exchange.

7. Within five working days from the date the member completes all preparatory work for the commencement of activities, the Stock Exchange shall issue a Decision approving the status of market maker member and publish information about the new member through the Stock Exchange's information dissemination means.

8. The Stock Exchange shall refuse to approve the status of market maker member in the following cases:

a) The organization applying for membership does not meet the conditions for becoming a market maker member;

b) The application documents for market maker membership contain forged documents or false information;

c) Within thirty days from the date of principle approval to become a market maker member, the member does not implement the contents stipulated in Clause 6 of this Article;

d) Within ninety days from the date the Stock Exchange receives complete and valid application documents, the member does not complete the procedures to obtain approval status.

The Stock Exchange shall send a letter to the organization applying for market maker membership detailing the reasons for refusal and publish the information through the Stock Exchange's information dissemination means.

9. Suspension of market-making activities by market maker members, termination, revocation of market maker membership status, forms of disciplinary action against market maker members, and other related activities shall be carried out in accordance with the regulations of the Minister of Finance and the rules of the Stock Exchange.

Article 25. Rights and obligations of trading members, special trading members, and market-making members

1. Rights and obligations of trading members:

a) Execute investment orders from investors after ensuring that the investor has a trading account, margin account, and sufficient margin as required by the clearing member; provide complete information about activities on the trading account to the investor periodically or upon request of the investor;

b) A trading member whose membership is suspended or revoked shall have the obligation to agree and establish a substitute trading member, provide all necessary information about the investor to the substitute trading member, and continue to fulfill all its obligations until the transfer of rights and obligations to the substitute trading member is completed;

c) Other rights and obligations as prescribed in Clause 2 and Clause 3 of Article 47 of the Securities Law and guiding documents.

2. Rights and obligations of special trading members:

a) Be allowed to invest in derivative securities based on government bonds for themselves;

b) Other rights and obligations as prescribed in Clause 2 and Clause 3 of Article 47 of the Securities Law and guiding documents.

3. Rights and obligations of market-making members:

a) Enjoy incentives agreed with the stock exchange in accordance with the provisions of the law;

b) Open a separate market-making account distinct from proprietary accounts and investor trading accounts;

c) Provide quotations in accordance with the rules of the stock exchange.

Article 26. Contract for opening a derivative securities trading account

1. Trading members must require investors to provide complete and accurate identification information before signing a contract to open a derivative securities trading account for the investor.

2. The contract for opening a derivative securities trading account must include basic contents regarding the entrustment settlement and post-trade settlement activities:

a) The clearing member has the right to use the investor's pledged assets to pledge for Vietnam Securities Depository and Clearing Corporation for the investor's open position; has the right to close positions and use the investor's pledged assets in case the investor loses the ability to pay;

b) Risks arising in case the clearing member loses the ability to pay or is suspended, temporarily halted, dissolved, or declared bankrupt.

3. The template for a contract to open a derivative securities trading account for investors shall be implemented in accordance with the regulations of the Minister of Finance.

Chapter IV

SETTLEMENT AND PAYMENT OF DERIVATIVE SECURITIES TRANSACTIONS

Section 1

ORGANIZATION OF SETTLEMENT AND PAYMENT ACTIVITIES FOR DERIVATIVE SECURITIES TRANSACTIONS

Article 27. Organization of settlement and payment activities for derivative securities transactions

1. Derivative securities transactions listed as prescribed in Point a Clause 1 Article 14 of this Decree shall be settled and paid through the central counterparty mechanism via Vietnam Securities Depository and Clearing Corporation.

2. Derivative securities transactions conducted through negotiation as prescribed in Point b Clause 1 Article 14 of this Decree shall be settled and paid through the central counterparty mechanism via Vietnam Securities Depository and Clearing Corporation based on service provision contracts between Vietnam Securities Depository and Clearing Corporation and the parties involved in the transaction.

Article 28. Rights of Vietnam Securities Depository and Clearing Corporation in derivative securities transactions settlement and clearing activities

1. To conduct derivative securities transactions settlement and clearing; to issue business regulations after obtaining approval from the State Securities Commission.

2. To approve registration, reject registration, suspend, and revoke the status of clearing members.

3. In cases where a suspended or revoked clearing member cannot fulfill agreements, the Vietnam Securities Depository and Clearing Corporation has the right to designate a substitute clearing member to assume the rights and obligations of the suspended or revoked clearing member.

4. Rights of the Vietnam Securities Depository and Clearing Corporation towards clearing members:

a) To require clearing members to post collateral and contribute to the clearing fund;

b) To request clearing members to report fully, promptly, and in detail on their trading activities, settlement and clearing operations, accounts, and investor collateral assets;

c) To determine types of collateral, adjust collateral levels, and accept collateral asset categories;

d) To determine and adjust position limits;

đ) To execute offsetting transactions, transfer positions held in the name of a clearing member who has lost the ability to pay or has gone bankrupt to a substitute clearing member to close out positions;

e) To determine the value and method of compensation when a clearing member does not have sufficient funds for payment or securities for delivery;

g) To refuse to take over positions for transactions that are not valid according to the provisions of the Minister of Finance.

5. To carry out the following activities to protect investors and market safety:

a) To refuse to take over positions for transactions conducted after the Vietnam Securities Depository and Clearing Corporation has notified the Stock Exchange to suspend trading for a clearing member and a non-cleared member with a mandate for clearing and settlement with that clearing member (if applicable);

b) To close out and liquidate positions held in the name of a clearing member who has lost the ability to pay, including positions of the clearing member and investors who have lost the ability to pay;

c) To use, sell, and transfer collateral assets of the clearing member and investors who have lost the ability to pay to fulfill the payment obligations of the clearing member who has lost the ability to pay;

d) To use contributions to the clearing fund made by clearing members to ensure payments and compensate financial losses incurred by the Vietnam Securities Depository and Clearing Corporation (if applicable);

đ) To transfer collateral assets and open positions of customers to a substitute clearing member as stipulated in point h, Clause 2, Article 31 of this Decree. In cases where this cannot be done, the Vietnam Securities Depository and Clearing Corporation may close out and liquidate positions; use, sell, and transfer assets of customers that the clearing member who has lost the ability to pay has deposited at the Vietnam Securities Depository and Clearing Corporation to fulfill customer obligations or compensate financial losses arising from customer open positions. Customer collateral can only be used to fulfill financial obligations arising from customer derivative securities transactions;

e) The Vietnam Securities Depository and Clearing Corporation is a creditor of clearing member receivables and is entitled to priority distribution of assets under the law on bankruptcy in the event of a clearing member's bankruptcy;

g) To request other clearing members to execute offsetting transactions to close out positions held in the name of a clearing member who has lost the ability to pay or has gone bankrupt, regardless of whether these are open positions of the clearing member or of investors who have lost the ability to pay.

6. To provide account and collateral asset management services for clearing members, non-clearing members, and customers of non-clearing members, ensuring separate management for each customer's account and investment portfolio.

7. To request the Stock Exchange and clearing members to provide timely and complete information about their transactions and those of investors.

8. To exercise other rights as prescribed in Clause 1, Article 55 of the Securities Law and relevant laws.

Article 29. Obligations of the Vietnam Securities Depository and Central Counterparty Company in relation to the settlement and payment of derivative securities transactions

1. Ensuring the information technology system and technical infrastructure for the settlement and payment of derivative securities transactions; organizing and supervising the settlement and payment of derivative securities transactions to ensure safety, efficiency, fairness, and objectivity.

2. Establishing and operating a risk management system and building a payment guarantee mechanism for the settlement and payment of derivative securities transactions.

3. Inspecting and monitoring clearing members in their compliance with the regulations of the Vietnam Securities Depository and Central Counterparty Company and the provisions of the law; promptly reporting fully and accurately on the settlement and payment of derivative securities transactions and the activities of clearing members to the State Securities Commission as prescribed or when required or upon discovering violations.

4. Cooperating and guiding clearing members in handling issues related to the settlement and payment of derivative securities transactions.

5. In the settlement and payment of derivative securities transactions, the Vietnam Securities Depository and Central Counterparty Company shall be responsible for fulfilling its obligations and commitments only towards clearing members, not towards third parties.

6. Establishing a system to ensure separate management of clearing members' accounts and assets from those of the Vietnam Securities Depository and Central Counterparty Company; separating the accounts and assets of each clearing member; and separating the accounts and assets of clearing members from those of their own clients.

7. Managing and using the settlement fund and operational risk prevention fund in accordance with the provisions of the law.

8. Other obligations as stipulated in Clause 2 of Article 55 of the Securities Law and relevant legal provisions.

Article 30. Registration of Clearing Members

1. Securities companies, commercial banks, and foreign bank branches wishing to register as clearing members of the Vietnam Securities Depository and Central Counterparty Company must meet the following conditions:

a) Having a Certificate of Eligibility to Provide Settlement and Payment Services for Derivative Securities Transactions issued by the State Securities Commission;

b) Being a trading member or a special trading member on the derivative securities market of the Stock Exchange;

c) Meeting the requirements of the Vietnam Securities Depository and Central Counterparty Company regarding the information technology infrastructure and business procedures for the settlement and payment of derivative securities transactions.

2. The registration dossier for clearing members includes:

a) A clearing member registration form on the derivative securities market according to Form No. 08 attached to this Decree;

b) A Certificate of Eligibility to Provide Settlement and Payment Services for Derivative Securities Transactions issued by the State Securities Commission;

c) A Decision Approving Trading Member Status or a Decision Approving Special Trading Member Status issued by the Stock Exchange;

d) An explanation meeting the requirements for information technology infrastructure and business procedures as guided by the Vietnam Securities Depository and Central Counterparty Company.

3. The registration dossier for clearing members shall be prepared in one original copy. If the documents in the dossier are copies, they must be certified true copies from the original or authenticated. This dossier shall be submitted to the Vietnam Securities Depository and Central Counterparty Company either directly or through postal service.

4. Within seven working days from the date of receipt of the clearing member registration dossier, if the dossier is complete and valid, the Vietnam Securities Depository and Central Counterparty Company shall issue a principle approval letter for the registration of clearing members to the registering organization and request the implementation of tasks to launch the settlement and payment of derivative securities transactions; if the dossier is incomplete or invalid, the Vietnam Securities Depository and Central Counterparty Company shall issue a letter requesting the registering organization to amend and supplement it.

5. Within one working day from the date the registering organization completes the tasks as requested by the Vietnam Securities Depository and Central Counterparty Company, the Vietnam Securities Depository and Central Counterparty Company shall issue a Certificate of Clearing Member.

6. The Vietnam Securities Depository and Central Counterparty Company shall refuse to approve the status of a clearing member in the following cases:

a) The registering organization does not meet the conditions to become a clearing member;

b) The registration dossier for becoming a clearing member contains forged documents or false information;

c) The registering organization for clearing members fails to complete the procedures to obtain a Certificate of Clearing Member within ninety days from the date the Vietnam Securities Depository and Central Counterparty Company issues a principle approval letter for the registration of clearing members.

The Vietnam Securities Depository and Central Counterparty Company shall send a letter to the registering organization detailing the reasons for refusal and publish the information on its information dissemination channels.

7. Suspension of the settlement and payment of derivative securities transactions by clearing members, termination, revocation of clearing member status, and other forms of disciplinary actions against clearing members and related activities shall be carried out in accordance with the regulations of the Minister of Finance and the regulations of the Vietnam Securities Depository and Central Counterparty Company.

8. Securities companies, commercial banks, and foreign bank branches may re-register as clearing members two years after voluntarily revoking their clearing member status or three years after being compulsorily revoked.

Article 31. Rights and Obligations of Settlement Members

1. Rights of Settlement Members:

a) Request investors to fully and timely contribute margin before placing orders; determine margin levels based on the nature and scale of customer transactions, ensuring they are not lower than the minimum margin level stipulated by the Vietnam Securities Depository and Clearing Corporation; select types of securities for margin within the accepted collateral portfolio; determine the method and deadline for margin contributions, additional margin contributions, changes in margin securities, and transfer of margin assets in accordance with legal provisions;

b) In case the investor loses their ability to pay, the settlement member has the right:

- To request the investor to close positions, compulsorily liquidate open positions. If the investor does not comply, the settlement member may close positions and compulsorily liquidate open positions of the investor;

- To use, sell, or transfer the investor's margin assets to purchase or as collateral for loans to fulfill payment obligations for the investor's open positions;

c) Use the investor's margin assets to fulfill margin obligations with the Vietnam Securities Depository and Clearing Corporation for the investor's own positions according to the principle set forth in Clause 2, Article 33 of this Decree; use the investor's margin assets to ensure and execute payments for the investor's positions under their name;

d) The settlement member who assumes contractual obligations instead of a suspended or disqualified settlement member as provided in Clause 3, Article 28 of this Decree shall receive the investor's margin assets transferred by the suspended or disqualified settlement member for management.

2. Obligations of Settlement Members:

a) As the authorized representative of customers, represent customers to fulfill all obligations towards the Vietnam Securities Depository and Clearing Corporation;

b) Contribute to the settlement fund; fully and timely contribute margin to the Vietnam Securities Depository and Clearing Corporation for their own and customers' open positions; implement business support measures as guided by the Vietnam Securities Depository and Clearing Corporation in cases where settlement members or investors lose their ability to pay or go bankrupt;

c) Establish and maintain internal control systems, risk management systems and procedures for each business activity; establish and operate account systems to manage separate assets and trading positions of individual investors and between investors and settlement members;

d) Determine profit and loss of positions, calculate margin levels and collateral asset values for each investor's trading account; require investors to timely and fully replenish margin; return excess margin assets upon investor's request; monitor and manage investor positions and margin assets to ensure compliance with legal regulations;

đ) Compensate investors for losses resulting from non-compliance with legal obligations that cause damage to the legitimate interests of investors. The compensation amount is agreed upon with the investor;

e) Provide the Vietnam Securities Depository and Clearing Corporation with copies of the agency settlement and payment contracts; retain original documents related to derivative securities settlement and payment; provide complete, timely, and accurate information about open positions, margin assets, and relevant documents concerning trading, settlement, and payment activities as required by the Vietnam Securities Depository and Clearing Corporation;

g) Timely and fully settle service fees and other costs as prescribed to the Vietnam Securities Depository and Clearing Corporation;

h) A suspended or disqualified settlement member must transfer all margin assets and open positions of customers, provide necessary customer information to the replacement settlement member, and continue to fulfill all obligations until the handover of rights and obligations to the replacement settlement member is completed;

i) Fulfill information disclosure and reporting requirements; provide periodic or requested information by investors regarding account activities, margin account balances, and margin account statements;

3. Perform other rights and obligations as stipulated in Clause 4 and 5, Article 56 of the Securities Law and guiding documents.

Section 2

SETTLEMENT AND PAYMENT OF DERIVATIVE SECURITIES TRANSACTIONS

Article 32. Principles of Netting and Settlement of Derivative Securities Transactions

1. The Vietnam Securities Depository and Clearing Corporation ensures the netting and settlement capability of derivative securities transactions for clearing members through the risk management mechanism stipulated in Article 35 of this Decree and relevant laws.

2. The settlement and final settlement of derivative securities transactions between the Vietnam Securities Depository and Clearing Corporation and clearing members shall be conducted via bank transfers in accordance with the law. The transfer of underlying assets, which are securities traded on the stock exchange, shall be carried out through the deposit account system at the Vietnam Securities Depository and Clearing Corporation.

Article 33. Management of Accounts and Margin Assets of Clearing Members

1. Clearing members must fully and promptly deposit margin on accounts named in the name of the Vietnam Securities Depository and Clearing Corporation. The margin assets of clearing members include money, securities, and other assets eligible for margin deposits according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

2. The margin deposit of clearing members shall be made for all open positions named under the clearing member, including the open position of the clearing member itself and the open position of investors, following the principles below:

a) The margin level is calculated by the Vietnam Securities Depository and Clearing Corporation for each open position on individual investor and clearing member margin accounts to determine the required margin level for each investor's account of the clearing member;

b) The assets of investors deposited with clearing members as prescribed in Clause 1, 2, and 3 of Article 34 of this Decree shall be used by clearing members to secure the position of that investor only, and not for securing positions of other investors or the position of the clearing member itself.

3. On a daily basis and during trading sessions with significant fluctuations in security prices, the Vietnam Securities Depository and Clearing Corporation will determine the required margin level for each investor's account and clearing member's account, calculate the total value of required margin assets that clearing members must deposit, and the additional margin asset value of clearing members (if applicable).

4. Clearing members are responsible for supplementing margin or partially or fully closing positions upon request from the Vietnam Securities Depository and Clearing Corporation. In cases where clearing members fail to timely and sufficiently supplement margin, the Vietnam Securities Depository and Clearing Corporation has the right to partially or fully close positions named under the clearing member, including the positions of the clearing member itself and those of investors who have not timely and sufficiently supplemented margin.

5. If the value of the margin assets of investors and clearing members exceeds the required margin level set by the Vietnam Securities Depository and Clearing Corporation, clearing members may withdraw excess margin assets according to the guidance of the Vietnam Securities Depository and Clearing Corporation.

6. Types of margin, methods for determining margin levels, methods of depositing margin, margin holding periods, margin supplementation, transfer of margin assets, valuation methods for margin assets, determination of gains and losses from positions, and management activities related to accounts and margin assets of clearing members shall be implemented in accordance with the regulations of the Minister of Finance and the charter of the Vietnam Securities Depository and Clearing Corporation.

Article 34. Management of Investors' Margin Accounts

1. Investors must deposit margin fully and promptly with clearing members according to the terms of the securities derivatives trading account opening contract. The collateral assets must be within the list of assets accepted for margin by the clearing member.

2. Daily and during trading sessions with significant stock price fluctuations, the clearing member calculates gains and losses of positions, reassesses the value of collateral assets, ensuring that investors maintain margin as agreed in the contract and in compliance with legal regulations.

3. Investors are responsible for supplementing margin upon request of the clearing member as stipulated by the Minister of Finance. In case the investor fails to replenish margin fully and promptly as required, the clearing member has the right to act in accordance with the provisions of point b, Clause 1, Article 31 of this Decree. If the value of the investor's collateral assets exceeds the required margin level, the investor may withdraw part of the collateral assets.

4. Clearing members must manage accounts and collateral assets separately for each investor; separate from their own accounts and collateral assets according to the following principles:

a) In case the collateral asset is money, the clearing member must open a bank deposit account, managing the deposit margin of each investor separately. The clearing member is responsible for coordinating with the bank and requesting the bank to provide timely, complete, and accurate information about the balance on the investor's account;

b) In case the collateral asset is securities, the clearing member manages this asset on the investor's custodial account at the Vietnam Securities Depository and Central Counterparty Corporation.

5. In case the clearing member goes bankrupt as prescribed by law on bankruptcy, the investor's collateral assets are not the property of the clearing member and shall not be used for bankruptcy proceedings under the law on bankruptcy, nor shall they be distributed to the clearing member's creditors or shareholders or contributing members of the company in any form. These assets can only be used to settle and ensure settlement of obligations arising from the investor's open position. Any remaining assets after fulfilling the investor's settlement obligations must be immediately returned to the investor.

6. The management of investors' accounts and collateral assets is carried out in accordance with the regulations of the Minister of Finance.

Article 35. Risk Prevention Mechanism at the Vietnam Securities Depository and Central Counterparty Corporation

1. The Vietnam Securities Depository and Central Counterparty Corporation shall apply the following measures to prevent risks in the settlement system and protect investors:

a) Determining and adjusting the specified margin levels;

b) Requiring clearing members to contribute to the guarantee fund;

c) Determining and adjusting position limits applicable to clearing members and investors;

d) Closing part or all of the open positions of investors and clearing members who lose their ability to pay;

đ) Using the guarantee fund and implementing other measures as provided for in Clause 5, Article 28 of this Decree.

2. The Vietnam Securities Depository and Central Counterparty Corporation shall guide risk prevention measures after obtaining approval from the State Securities Commission.

Article 36. Coordination between the Securities Trading Department and the Vietnam Securities Depository and Clearing Corporation

Within their respective scopes of operation, the Securities Trading Department and the Vietnam Securities Depository and Clearing Corporation shall coordinate to implement the following:

1. Guide the contents related to listed derivative securities on the Securities Trading Department in accordance with Clause 1, Article 15 of this Decree.

2. Assign identification numbers for investors, transaction codes, and ISIN codes for derivative securities.

3. Coordinate in handling situations where securities companies, commercial banks, foreign bank branches are suspended from trading, revoked of trading member status, special trading member status of the Securities Trading Department, or suspended from derivative securities clearing and settlement operations, revoked of clearing member status at the Vietnam Securities Depository and Clearing Corporation.

4. Establish and manage position limits, determine types of settlement prices, share information, and perform monitoring tasks and other necessary activities.

Chapter V

REPORTING REGIME AND DUTY TO DISCLOSE INFORMATION

Article 37. Reporting Regime

1. The Securities Trading Department, the Vietnam Securities Depository and Clearing Corporation, derivative securities trading organizations, service providers for derivative securities clearing and settlement, trading members, special trading members, market makers, and clearing members must retain all documents related to transactions and business operations.

2. Periodically, irregularly, or upon request of the State Securities Commission, the Securities Trading Department, the Vietnam Securities Depository and Clearing Corporation, derivative securities trading organizations, service providers for derivative securities clearing and settlement must report on derivative securities trading operations, clearing and settlement operations, and transaction reports to the State Securities Commission.

3. The Securities Trading Department, the Vietnam Securities Depository and Clearing Corporation, derivative securities trading organizations, service providers for derivative securities clearing and settlement, trading members, special trading members, market makers, and clearing members have the obligation to promptly, fully, and accurately provide information, documents, and explanations as required by the State Securities Commission.

4. Trading members, special trading members, market makers, and clearing members must report to the Securities Trading Department and the Vietnam Securities Depository and Clearing Corporation in accordance with the regulations of the Securities Trading Department and the Vietnam Securities Depository and Clearing Corporation.

5. Organizations and individuals participating in derivative securities trading, derivative securities trading operations, and service provision for derivative securities clearing and settlement have the obligation to promptly, fully, and accurately provide information, documents, and data related to derivative securities transactions and explain matters related to such transactions as required by the State Securities Commission, the Securities Trading Department, and the Vietnam Securities Depository and Clearing Corporation.

6. The entities mentioned in Clauses 1, 2, and 3 of this Article shall comply with the reporting regime as prescribed by law.

Article 38. Obligation to disclose information

The disclosure of information by entities participating in investment and activities on the derivatives securities market shall be carried out in accordance with the provisions of the law.

Chapter VI

MANAGEMENT AND SUPERVISION OF THE DERIVATIVES SECURITIES MARKET

Article 39. Supervisory activities of the Securities Commission

1. Supervise derivative securities transactions; supervise activities related to derivative securities and the derivatives securities market of the Stock Exchange, Vietnam Securities Depository and Central Counterparty Company in accordance with the regulations of the Minister of Finance.

2. Supervise compliance with legal provisions on securities by derivative securities business organizations, service providers for settlement and transaction clearing of derivative securities, trading members, special trading members, market makers, and central counterparties.

3. Supervise the implementation of procedures, rules, and internal regulations related to risk management and internal control activities in business and service provision to investors at derivative securities business organizations and service providers for settlement and transaction clearing of derivative securities.

4. Supervise the maintenance of operational conditions of derivative securities business organizations and service providers for settlement and transaction clearing of derivative securities; compliance with restrictions on operations and protection of investor rights and interests as stipulated in this Decree and other relevant laws on securities and the securities market.

5. Supervise the segregation of investor accounts and assets from those of derivative securities business organizations and service providers for settlement and transaction clearing of derivative securities as stipulated in this Decree and related legal documents.

6. Supervise the storage and management of transaction data; compliance with reporting and disclosure obligations as prescribed.

Article 40. Supervisory activities of the Stock Exchange

1. The Stock Exchange has the responsibility to supervise the following activities:

a) Supervise trading members, special trading members, and market makers in their compliance with legal provisions on securities and related laws;

b) Monitor the trading activities of organizations and individuals on the Stock Exchange to detect and prevent abnormal transactions that may violate legal provisions on securities.

2. The Stock Exchange establishes and promulgates a system of criteria for monitoring derivative securities transactions after obtaining approval from the Securities Commission.

Article 41. Supervisory activities of the Vietnam Securities Depository and Central Counterparty Company

1. The Vietnam Securities Depository and Central Counterparty Company has the responsibility to supervise the following activities:

a) Supervise central counterparties in their compliance with legal provisions on securities and related laws; manage and supervise the maintenance of required margin levels;

b) Supervise investors' compliance with position limits when engaging in derivative securities transactions.

2. In case of detecting abnormal activities in settlement and transaction clearing or signs indicating that investors or central counterparties have lost their ability to pay, the Vietnam Securities Depository and Central Counterparty Company will issue warnings, request explanations and provide relevant documents and information from central counterparties, and promptly report to the Securities Commission.

Chapter VII

IMPLEMENTING PROVISIONS

Article 42. Effective Date

1. This Decree takes effect from January 1, 2021, and replaces Government Decree No. 42/2015/NĐ-CP dated May 5, 2015, which regulates derivative securities and the derivatives securities market.

2. Provisions regarding business operations in this Decree apply to the Stock Exchange and the Vietnam Securities Depository and Central Counterparty Company until the Stock Exchange of Vietnam and the Vietnam Securities Depository and Central Counterparty Company commence operations in accordance with the Securities Law No. 54/2019/QH14.

Article 43. Implementation

1. The Minister of Finance shall implement guidance for the enforcement of this Decree.

2. Ministers, heads of ministerial-level agencies, heads of government-affiliated agencies, Chairpersons of provincial and centrally-administered city People's Committees shall be responsible for enforcing this Decree.

ANNEX

(Attached to the Government Decree determines number 158/2020/NĐ-CP dated December 31 2020)

 

Form No. 01

REPUBLIC OF XMen's coat (category 14) REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
----------------

....on ….. theJune 2024;energy ……. nthe Minister of Transport issues this Circular amending and supplementing some articles of Circular No. 6/2016/TT-BGTVT dated March 13, 2016 of the Minister of Transport regulating the maximum service charge for using roads in road construction projects for business purposes under the management of the Ministry of Transport: …….

APPLICATION FOR ISSUANCE/AMENDMENT OF CERTIFICATE MEETING CONDITIONS FOR SECURITIES DERIVATIVES TRADING

Respectfully submitted to: State Securities Commission.

We are:

- Name of organization:... (full and official name of the company in capital letters)logoa.3) Two (02) color photographs measuring 3x4 cm taken within six (6) months prior to the submission of the examination application dossier, clearly indicating the full name and date of birth on the back of each photograph (one (01) photograph affixed to the application form for examination registration, one (01) photograph affixed to the Certificate when issued);12. Leather shoes - Establishment and Operation License number: ... issued by the State Securities Commission on ... month ... year ...

- Shareholders' equity:

- Telephone number:                                   Fax number:

- Head office address:

based on the conditions for securities derivatives trading stipulated by law, we recognize that we meet无效 the required conditions.in State Securities Commission approves our company to implement/

- Website:                             2. Intellectual Property Rights Owner:

Camendengage in securities derivatives fully trading activities: Issued adopted The - Proposed securities derivatives trading activities:regulates We commit to comply certificates. with current laws governing securities derivatives trading and service provision.

(List fully)on LIST OF BOARD MEMBERS AND STAFF ENGAGED IN SECURITIES DERIVATIVES TRADING

- Name of organization: ... (fullâand official name of the company in capital letters)

 

 

Form No. 02

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
--------------

APPLICATION FOR …… theJune 2024;energy ….. year ….

- Head office address:

Respectfully submitted to: State Securities Commission.

We hereby register the list of Board Members responsible for the company and staff engaged in securities derivatives trading along with their signatures as follows: 1. Inspection regime ID card number or Citizen Identification Card number or Passportlogosecurities

professional certificate

in securities derivatives and the securities derivatives market

- Website:                    2. Intellectual Property Rights Owner:

Anticipated job position

APPLICATION FOR ISSUANCE OF CERTIFICATE MEETING CONDITIONS FOR PROVIDING SETTLEMENT AND PAYMENT SERVICES FOR SECURITIES DERIVATIVES TRANSACTIONSpoliciesTo: State Securities Commission.

 

 

Implementation Report of Production Projects of Supporting Industry Products Confirmed with Incentives

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
----------------

……, dated …… the …… namendGranite, gabbro, decorative stone... ……

- Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...

Respectfully submitted to: State Securities Commission.

We are:

- Name of organization:... (full and official name of the company in capital letters)logosecurities

- Shareholders' equity:

- Certificate Meeting Conditions for Securities Derivatives Trading number: ... issued by the State Securities Commission on ... month ... year ...ứBased on the conditions for providing settlement and payment services for securities derivatives transactions stipulated by law, we recognize that we meet

- Telephone number:                                   Fax number:

- Head office address:

based on the conditions for securities derivatives trading stipulated by law, we recognize that we meet无效 the required conditions.in State Securities Commission approves our company to implement/

- Website:                    2. Intellectual Property Rights Owner:

- Office of the President of the Stateon the required conditions.of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home AffairsWe request the

…………………………………………………………………………………………………………..

State Securities

 

 

Form number 04

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
----------------

……, dated …… the …… namendGranite, gabbro, decorative stone... ……

Commission to approve our company/bank to provide settlement and payment services for securities derivatives transactions.

Respected submissionIndependence - Freedom - Happiness

We are:

APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND PAYMENT SERVICES FOR SECURITIES DERIVATIVES TRANSACTIONS

- Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...No.- Certificate Meeting Conditions for Securities Derivatives Trading number: ... issued by the State Securities Commission on ... month ... year ...amend- Certificate

- Securities Derivatives Business Eligibility Certificate number: ... issued by the State Securities Commission on ... month ... year ...

- Telephone number:                                   Fax number:

- Head office address:

- Main office address:

- Website:                        2. Intellectual Property Rights Owner:

Based on the conditions for providing settlement and transaction payment services for securities derivatives as prescribed by law, we observe thatof the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairsthey meet the requirements according to fully registered the regulations. Agreement letter. We request the State Securities Commission to approve our company/bank's provision of settlement and transaction payment services for securities derivatives..Independence - Freedom - Happiness

State Securities

 

 

Form number 05

SOCIALIST REPUBLIC OF VIET NAM
APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND TRANSACTION PAYMENT SERVICES FOR SECURITIES DERIVATIVES - Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...
-------------------

…….., dated ……. the ……. Year ...

- Securities Derivatives Business Eligibility Certificate number: ... issued by the State Securities Commission on ... month ... year ...

Respectfully submitted to: State Securities Commission.

We are:

APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND PAYMENT SERVICES FOR SECURITIES DERIVATIVES TRANSACTIONS

- Certificate of Qualification

3. Personnel responsible for market-making operations:June 2024;Name (General Director/Deputy General Director or/and Market-Making Operations Staff)

(Please fill in all relevant information for each individual): fully conditions for providing settlement services and securities derivatives transactions clearing: number...g issued by the State Securities Commission on...g date...

- Telephone number:                                   Fax number:

- Head office address:

based on the conditions for securities derivatives trading stipulated by law, we recognize that we meet无效 main office location:

- Website:                         2. Intellectual Property Rights Owner:

- Office of the President of the Stateon requesting the State Securities Commission to approve our company/bank to cease operations in providing settlement services and securities derivatives transactions clearing.

State Securities

 

 

Form number 06

SOCIALIST REPUBLIC OF VIET NAM
APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND TRANSACTION PAYMENT SERVICES FOR SECURITIES DERIVATIVES - Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...
-------------------

…….., dated ……. the ……. Year ...

APPLICATION FOR REGISTRATION AS A MARKET PARTICIPANT/ SPECIAL MARKET PARTICIPANT ON THE SECURITIES DERIVATIVES MARKET

To: The Securities Exchange.

We are:

Name of organization... (full and official name of the company/bank/foreign bank branch in capital letters): 1. Voluntary drug rehabilitation participants Registration and operation permit number...

English name:

Abbreviation:

issued by the State Securities Commission/Bank of Vietnam. ……. dated ………. - Capital stock

in securities derivatives and the securities derivatives market                                                Email/Website:

- Telephone number:                                   Fax number:

held - Securities derivatives business activities:u:

- Settlement method

+ Direct clearing member

Clearing member

+ + Has signed a mandate agreement with counterparties:

- Shareholders/Contributors (specify major shareholders, number of shares, and holding ratio).

Based on the conditions for becoming a market participant/special market participant as stipulated by law, we believe that we meet all the required conditions. We hereby apply to become a market participant/special market participant on the securities derivatives market. Connection method for trading: organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.êConnecting through the online trading system

- Trading location:to- Online trading software provider name:t T195/2013/NĐ-CP dated November 21, 2013 of the Government detailing certain provisions and measures to enforce the Law on Publishingof the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs- Online trading software name:

HConnecting through the remote trading system

□ - Number of machines:policiesn

- Type of machine:policiesm nNo.- Software used:

- Number of IT staff

We guarantee that the information provided above and in the attached documents is entirely accurate. If approved as a market participant/special market participant of the Securities Exchange, we commit to complying with the laws and operational regulations of the Securities Exchange.

□ APPLICATION FOR REGISTRATION AS A MARKET MAKER ON THE SECURITIES DERIVATIVES MARKETNo.Name of organization... (full and official name of the company/bank/foreign bank branch in capital letters):

Registration and operation permit number... dated... month... year issued by the State Securities Commission;

Is a market participant/special market participant on the securities derivatives market pursuant to Decision number... issued by the Securities Exchange on... month... year;

Is a clearing member on the securities derivatives market pursuant to Decision number... issued by the Vietnam Securities Depository and Clearing Corporation on... month... year;

Has been permitted by the Bank of Vietnam to invest in securities derivatives and clear securities derivatives pursuant to Decision number... dated... month... year (if it is a commercial bank);

Capital stockto Business activities:ứBased on the conditions for becoming a market maker as stipulated by law, we believe that we meet all the required conditions. We hereby apply to become a market maker on the securities derivatives market of the Securities Exchange as follows:

 

 

Form No. 07

SOCIALIST REPUBLIC OF VIET NAM
APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND TRANSACTION PAYMENT SERVICES FOR SECURITIES DERIVATIVES - Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...
-------------------

…….., dated ……. the ……. Year ...

1. Duration of market making activity:

To: The Securities Exchange.

We are:

Unlimited or... months from the date of approval 2. Trading connection: - Location for executing market making activities:

English name:

Abbreviation:

- Market making software provider name:

- Market making software name:

3. Personnel responsible for market making activities: Name (General Manager/Deputy General Manager or/and Business personnel responsible for market making activities) (Please fill in all relevant information for each individual): Credit organizations on- Name: ADJUSTMENT - Securities business license number:

- Specialized certificate in securities derivatives and the securities derivatives marketâ(Attached to this application for registration as a market maker are the files, decisions appointing the individuals mentioned above).

Main office address:                              Email/Website:

Some key indicators

We guarantee that the information provided above and in the attached documents is entirely accurate. If approved as a market maker on the securities derivatives market of the Securities Exchange, we commit to complying with the laws and operational regulations of the Securities Exchange, and the terms of the market making contract.12. Leather shoesu:

APPLICATION FOR REGISTRATION AS A CLEARING MEMBER ON THE SECURITIES DERIVATIVES MARKET

To: Vietnam Securities Depository and Clearing Corporation.

Name of organization (full and official name of the company/bank/foreign bank branch in capital letters): Abbreviation:development Registered abbreviation for depository member:

Articles of Association:

Telephone:                         

Registration and operation permit for securities business number...

issued by the State Securities Commission.

- Name:

- Securities Trading License number:, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP- Specialized certificate in securities derivatives and securities derivatives market (Attached to this application are the files, appointment decisions for the individuals mentioned above).aWe hereby guarantee that the information provided herein and in the attached documents is entirely accurate. Should we be approved as a market-making member on the securities derivatives market of the Securities Exchange, we commit to complying with legal regulations and operational rules of the Securities Exchange, as well as the terms of the market-making agreement.ỗouncil CJune 2024; APPLICATION FOR REGISTRATION AS A SETTLEMENT MEMBER ON THE SECURITIES DERIVATIVES MARKET

Respected: Vietnam Securities Depository and Clearing Corporation.

- Position:

Full and official name of the organization (company/bank/foreign bank branch) in uppercase letters:

Abbreviation:ngRegistered abbreviation for depositary member:concerning the classification and determination of state management authority in the field of crop productionArticles of Association:

Telephone:                        , amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP Business Establishment and Operation License numberâissued by the State Securities Commission.

WE HEREBY ENSURE THAT THE INFORMATION PROVIDED HEREIN AND IN THE ATTACHED DOCUMENTS IS COMPLETELY ACCURATE. IF APPROVED TO BE A MARKET MAKER MEMBER ON THE DERIVATIVES MARKET OF Sin SECURITIES EXCHANGE, WE COMMIT TO COMPLYING WITH LEGAL REGULATIONS AND BUSINESS RULES OF THE SECURITIES EXCHANGE, AS WELL AS THE TERMS OF THE MARKET MAKING AGREEMENT.

 

 

Form No. 08

SOCIALIST REPUBLIC OF VIET NAM
APPLICATION FOR TERMINATION OF ACTIVITIES PROVIDING SETTLEMENT AND TRANSACTION PAYMENT SERVICES FOR SECURITIES DERIVATIVES - Establishment and Operation License number: ... issued by the State Securities Commission/Vietnam National Bank on ... month ... year ...
-------------------

…….., dated ……. the ……. Year ...

APPLICATION FOR MARKET MAKER MEMBERSHIP ON THE DERIVATIVES MARKET

RESPECTFULLY SUBMITTED TO: VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION.

We are:

NAME OF ORGANIZATION (FULL AND OFFICIAL NAME OF COMPANY/BANK/FOREIGN BANK BRANCH IN UPPERCASE LETTERS):logong chữ in hoa):

English name:

d.1. Amount of taxable income in Vietnam:ABBREVIATION:

REGISTERED SHORT NAME FOR DEPOSITORY MEMBER:đượ đamendACCORDING TO ARTICLES OF ASSOCIATION:

Main office address:

VNo.TELEPHONE NUMBER:

LICENSE NUMBER FOR ESTABLISHMENT AND OPERATION OF SECURITIES BUSINESS ISSUED BY 2. Intellectual Property Rights Owner:

THE SECURITIES COMMISSION.tonh lập và hoạt động kinh doanh chứng khoán số …… dated ………. do Ủy ban Chứng khoán Nhà nước cấp.

Certificate fully conditions for providing settlement services, securities transaction settlement number …on the day ……… HAPPY The issued by the State Securities Commission.

Based on the membership settlement conditions as prescribed, we find that all required conditions are met. We hereby apply to register type of settlement member: (general settlement member/(direct settlement member)

We hereby guarantee that the information provided above and in the attached documents is entirely accurate. We commit to comply with legal regulations and operational rules of Vietnam Securities Depository and Clearing Corporation.