Consolidated Document number 43/VBHN-BTC stipulating the level of collection, management, payment, submission, and use of fees for the examination and issuance of licenses for surveying and mapping activities.

SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness _____________________

 

CIRCULAR [1]

Guidelines for certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market

 

Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market, effective from August 27, 2021, amended and supplemented by:

Circular No. 14/2025/TT-BTC dated February 4, 2025 of the Minister of Finance amending and supplementing certain provisions of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance regulating activities of registration, custody, netting, and settlement of securities transactions and Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market, effective from June 1, 2025.

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

Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain provisions of the Securities Law;

Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

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

The Minister of Finance issues this Circular guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market.[2]

PART I

GENERAL PROVISIONS

 

Article 1. Scope of Regulation and Applicability

1. This Circular guides the following contents of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market (hereinafter referred to as Decree No. 158/2020/NĐ-CP):

a) Activities of trading, netting, and settlement of derivative securities transactions, including: Futures contracts on stock indices, futures contracts on government bonds;

b) Activities of members of the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation.

2. The subjects to which this Circular applies include:

a) State management agencies for securities and the securities market;

b) Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange;

c) Vietnam Securities Depository and Clearing Corporation;

d) Derivative securities business organizations, service providers for netting and settlement of derivative securities transactions, payment banks;

đ) Trading members, special trading members, market makers, clearing members;

e) Investors and related organizations and individuals.

Article 2. Interpretation of Terms

In addition to terms defined in Decree No. 158/2020/NĐ-CP, in this Circular, the following terms shall be understood as follows:

1. Netting means determining the net position and net payment obligation for the parties involved in the transaction.

2. Offset transaction means opening a new buy (or sell) position to reduce the existing sell (or buy) position of the same type of derivative security with the same underlying asset and maturity date.

3. Settlement price is the matched trade price of futures contracts between investors through the trading system of the Hanoi Stock Exchange.

4. End-of-day settlement price is the price determined at the end of the trading day to calculate daily profit and loss of positions.

5. Final settlement price is the price determined on the last trading day to determine the payment obligation when performing the contract.

6. Collateral value includes the balance on the margin account and the value of the collateral securities portfolio determined according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

7. Brokerage client is an investor who conducts derivative securities transactions through the brokerage activities of trading members.

8. Clearing and settlement client is a non-clearing member and clients of this member who have entrusted clearing and settlement of derivative securities transactions to a designated clearing member.

9. Open interest of a derivative security at a point in time is the number of outstanding derivative security contracts at that time.

10. Margin deposit means the party with an obligation to deposit a sum of money or acceptable collateral securities to ensure the obligation to settle derivative securities transactions.

11. Initial margin deposit means depositing margin before conducting derivative securities transactions.

12. Margin requirement is the value or ratio of margin that the obligor must deposit for anticipated executed or maintained derivative securities contracts.

13. Risk margin is the value of margin that investors and clearing members must deposit to cover the maximum potential loss of derivative securities calculated based on scenarios of underlying asset price fluctuations.

14. Futures contract parallel margin is the value of margin that investors and clearing members holding futures contracts must deposit to cover additional potential losses compared to risk margin due to differences in underlying asset price volatility and futures contract price volatility.

15. Government bond futures transfer margin is the value of margin that investors participating in the performance settlement of government bond futures contracts must deposit to cover potential losses that may occur if the investor does not have sufficient funds to settle or deliver government bonds.

16. Cash margin ratio is the ratio of cash collateral value to the total value of required collateral.

17. Futures contract on stock index (hereinafter referred to as futures contract on index) is a futures contract based on a stock index as the underlying asset.

18. Government bond futures contract is a futures contract based on government bonds or hypothetical bonds with some basic characteristics of government bonds as the underlying asset.

19. Clearing and settlement agreement is an agreement between clearing members and the Vietnam Securities Depository and Clearing Corporation to perform clearing and settlement activities of derivative securities transactions under the name of clearing members with the Vietnam Securities Depository and Clearing Corporation.

20. A derivative securities trading account is an account opened at a trading member to execute derivative securities transactions for customers.

21. Contract performance refers to the act of transferring the underlying asset, transferable assets, and making payments or settling the price difference between the final settlement price, settlement price, and the last settlement price according to the terms of the futures contract and the regulations of the Vietnam Securities Depository and Clearing Corporation by the parties involved in the futures contract transaction.

22. The position under the name of the clearing member includes the investor's position and the clearing member's position, specifically as follows:

a) Positions in proprietary trading and market-making transactions (if any) of the clearing member;

b) Positions of the clearing member's brokerage clients;

c) Positions of the clearing member's clients for clearing and payment.

23. An aggregate trading account is the trading account of an investor where buy and sell positions of the same futures contract (with the same underlying asset and the same maturity month) are opened and maintained until the clearing member requests the Vietnam Securities Depository and Clearing Corporation to net out based on an agreement or the investor's request.

Chapter II

DERIVATIVE SECURITIES PRODUCTS

 

Article 3. Index Futures Contracts

1. The underlying asset of index futures contracts is the stock index designed by the Vietnam Stock Exchange based on principles for constructing and managing indices issued by the Vietnam Stock Exchange after reporting and being approved by the State Securities Commission.

2. Upon expiration, index futures contracts are settled in cash according to the regulations issued by the Vietnam Securities Depository and Clearing Corporation.

3. The form of index futures contracts is issued by the Vietnam Stock Exchange after reporting and being approved by the State Securities Commission.

Article 4. Government Bond Futures Contracts

1. The underlying asset of government bond futures contracts is:

a) Government bonds traded on the market; or

b) Hypothetical government bonds with basic characteristics of government bonds. The State Securities Commission establishes the basic characteristics of government bonds, designs hypothetical bonds, reports to the Ministry of Finance for approval before implementation.

2. Upon expiration, government bond futures contracts are settled in cash or by transferring the underlying asset according to the regulations of the Vietnam Securities Depository and Clearing Corporation. The settlement method must be specified before listing.

3. The form of government bond futures contracts is issued by the Vietnam Stock Exchange after reporting and being approved by the State Securities Commission.

4. The Hanoi Stock Exchange cooperates with the Vietnam Securities Depository and Clearing Corporation to determine and publish on its website the following contents:

a) List of government bonds that can be transferred, determination principles, and conversion factor (for government bond futures contracts settled by transferring the underlying asset);

b) List of government bonds used to determine the final settlement price, determination principles, and weight of each bond in the list (for government bond futures contracts settled in cash).

5. Determination and publication of information about government bonds as stipulated in Clause 4 of this Article shall be carried out according to the regulations of the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation. The Hanoi Stock Exchange cooperates with the Vietnam Securities Depository and Clearing Corporation to determine the final deadline for closing the list of government bonds that can be transferred or used to determine the final settlement price. After this deadline, the Hanoi Stock Exchange and the Vietnam Securities Depository and Clearing Corporation may not adjust the aforementioned list of government bonds.

Chapter III

ACTIVITIES OF TRADING, CLEARING, AND SETTLING DERIVATIVE SECURITIES TRANSACTIONS

Section 1. SECURITIES DERIVATIVES TRADING ACTIVITY

Article 5. Securities Derivatives Trading of Investors

1. To engage in securities derivatives trading, investors must open a securities derivatives trading account with a trading member and a margin account (hereinafter referred to as the margin account) at a clearing member designated by the trading member. In cases where an investor already has a securities trading account opened with a trading member, the investor is permitted to use this securities trading account for securities derivatives trading after opening a margin account at a clearing member designated by the trading member.

2. Prior to placing a trading order, during the holding period of a position, and when executing a contract, investors must deposit margin according to the requirements of the clearing member.

3. Investors must ensure that their positions on the trading account comply with the regulations of the Vietnam Securities Depository and Clearing Corporation. In cases where the position limit is exceeded, the investor, the clearing member, and the Vietnam Securities Depository and Clearing Corporation must take the following measures:

a) The investor must execute offset transactions to reduce the position;

b) After the specified time period, if the investor does not implement the reduction of the position, the clearing member may execute offset orders to close part or all of the investor's position to the level required to comply with the position limit on the account;

c) If the clearing member does not execute offset transactions to close the investor's position, the Vietnam Securities Depository and Clearing Corporation may request another clearing member to execute offset orders or may execute offset orders to close part or all of the investor's position registered under the name of the clearing member.

4. The implementation of offset transactions as stipulated in Clause 3 of this Article shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 6. Investor's Securities Derivatives Trading Account

1. Investors must sign a contract to open a securities derivatives trading account with a trading member. Foreign investors must register a securities trading code in accordance with the law before opening a securities derivatives trading account. Securities companies with a Certificate of Eligibility for Securities Derivatives Business but not being trading members may open trading accounts at trading members to invest in securities derivatives in accordance with this Circular.

2. Investors who are Members of the Board of Directors, Members of the Board of Members, Directors (General Directors), Deputy Directors (Deputy General Directors), heads of departments, and employees of trading members may only open a securities derivatives trading account for themselves at the same trading member.

3. Except for the cases stipulated in Clause 4 and Clause 5 of this Article, investors may open multiple securities derivatives trading accounts based on the principle that each trading member can only open one securities derivatives trading account, corresponding to each securities derivatives trading account, investors may open one margin account at a clearing member designated by the trading member in accordance with Clause 1 of Article 10 of this Circular.

4. Investment Fund Management Companies may open multiple securities derivatives trading accounts at each trading member, specifically as follows:

a) May open two total trading accounts named after the investment fund management company to manage portfolios for entrusted investors, including one account for trading securities derivatives for domestic entrusted investors, and one account for trading securities derivatives for foreign entrusted investors;

b) May open one securities derivatives trading account for each investment fund and securities company managed by the investment fund management company, named after the investment fund and securities company at each trading member.

5. Securities companies established abroad may open two securities derivatives trading accounts at each trading member, specifically as follows:

a) May open one securities derivatives trading account to conduct proprietary securities derivatives trading activities;

b) May open one total trading account to conduct brokerage securities derivatives trading activities for other foreign investors.

6. Registration of information for trading accounts and total trading accounts on the securities derivatives trading settlement system shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 7. Receiving, Executing Orders, Confirming Transaction Results

1. Trading members shall receive, execute orders, and confirm transaction results for derivative securities transactions in accordance with the provisions set forth in Clauses 1, 2, 3, 5, and 7 of Article 16 of Circular No. 121/2020/TT-BTC dated December 31, 2020, issued by the Minister of Finance on the activities of securities companies and any subsequent amendments, supplements, or replacements thereof (if any).

2. Trading members may only execute customer orders when such trading orders contain all required information about the customer, trading date, time of order receipt, trading account, trading date, derivative security code, trading method, type of order, trading volume, and trading price according to the regulations of the Vietnam Stock Exchange.

3. Trading members must refuse to accept customer orders in the following cases:

a) The order does not contain all the required information as stipulated in Clause 2 of this Article;

b) The customer has not fully deposited margin, except for offsetting transactions; or

c) The order exceeds the limit as prescribed by the regulations of the Vietnam Stock Exchange or leads to the customer's position on that account exceeding the position limit as prescribed by the Vietnam Securities Depository and Clearing Corporation.

Article 8. Post-Transaction Error Correction

1. The Vietnam Securities Depository and Clearing Corporation shall correct post-transaction errors in the following cases:

a) Transactions lacking customer account information due to incomplete system updates;

b) Position closing transactions where the number of matched orders exceeds the corresponding positions on suspended accounts due to non-compliance with margin requirements, position limits, and open position limits set by the Vietnam Securities Depository and Clearing Corporation.

2. Post-transaction error correction shall be carried out as follows:

a) For errors as specified at point a of Clause 1 of this Article, the Vietnam Securities Depository and Clearing Corporation shall correct the transaction to the correct customer account after completing the system update. If the clearing member fails to update customer information on the system by the deadline set by the Vietnam Securities Depository and Clearing Corporation, the corporation will correct the transaction lacking account information to the clearing member’s proprietary account;

b) For errors as specified at point b of Clause 1 of this Article, the Vietnam Securities Depository and Clearing Corporation shall correct the erroneous transaction to the clearing member’s proprietary account.

3. For transaction errors not covered under Clause 1 of this Article, the Vietnam Securities Depository and Clearing Corporation may consider and report to the State Securities Commission for approval to handle such errors.

4. All parties involved in the transaction shall bear responsibility for errors caused by themselves within their respective authority and responsibilities. The clearing member shall be responsible for customer transaction errors, including those of non-clearing members and customers of non-clearing members (for common clearing members).

5. After post-transaction error correction, if a clearing member loses its ability to settle, it may utilize support sources as prescribed in Clause 2, Article 15 of this Circular.

6. Documentation, procedures, and processes for post-transaction error correction shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Section 2. CASH SETTLEMENT AND SECURITIES DERIVATIVES TRANSACTION SETTLEMENT

Article 9. Principles for Settlement of Securities Derivatives Transactions for Investors

1. The settlement activities of securities derivatives transactions for investors include position profit and loss settlement and contract execution settlement, specifically as follows:

a) In the case of position profit and loss settlement:

- On trading days prior to the final trading day, the value of the position profit and loss settlement amount is determined daily based on open positions on the investor's trading account and the difference between the end-of-day settlement price compared to the end-of-day settlement price of the previous trading day; or the difference between the end-of-day settlement price compared to the settlement price (for positions opened on that day); or the difference between the settlement price and the end-of-day settlement price of the previous trading day (for early position closure); or the difference between the closing position settlement price and the opening position settlement price (for opening and closing positions on the same trading day);

- On the final trading day, the value of the position profit and loss settlement amount is determined based on open positions on the investor's trading account and the difference between the final settlement price compared to the end-of-day settlement price of the previous trading day; or the difference between the final settlement price compared to the settlement price (for positions opened on that day); or the difference between the settlement price and the end-of-day settlement price of the previous trading day (for early position closure); or the difference between the closing position settlement price and the opening position settlement price (for opening and closing positions on the final trading day).

The end-of-day settlement price, final settlement price are published on the electronic information website of Vietnam Securities Depository and Central Counterparty Corporation;

b) In the case of contract execution settlement:

- For contracts settled in cash form: the contract execution is completed when the final trading day's position profit and loss settlement is completed.

- For contracts settled in the form of transferring underlying assets: Contract execution is completed when the selling investor must transfer the underlying asset or transferable asset according to regulations and the buying investor must make payment according to the terms stipulated in the contract and the rules of Vietnam Securities Depository and Central Counterparty Corporation; or the investor completes the payment of compensation amount (if any) as provided in point c Clause 4 Article 11 of this Circular.

2. Settlement shall be conducted through the investor's margin deposit account and margin securities account. The settlement activity is carried out by Vietnam Securities Depository and Central Counterparty Corporation and clearing members in accordance with the provisions of the Clauses 3, 4 Article 11 of this Circular.

Article 10. Investor Margin Account

1. Clearing members shall open a margin deposit account for investors named after the clearing member and are responsible for managing margin deposits separately for each investor as stipulated in point a Clause 4 Article 34 of Decree No. 158/2020/NĐ-CP.

Clearing members may use the investor's margin deposit account in accordance with the provisions of Clause 2 of this Article.

Clearing members shall open one margin securities account for each investor to manage positions, margin obligations, collateral assets, transferable assets, and fulfill settlement obligations for positions on the investor's trading account. Non-clearing members and non-clearing member brokerage clients shall open a margin securities account at a common clearing member.

2. The investor's margin deposit account and margin securities account can only be used for the following activities:

a) Receiving and returning collateral to investors;

b) Receiving daily interest or paying daily losses from the investor's position; settlement upon contract execution; receiving interest on margin deposits at banks (if any);

c) Receiving or transferring underlying assets, transferable assets when executing contracts (in the case of settlement in the form of transferring underlying assets) for the investor's position.

3. When conducting securities derivatives transactions, investors must deposit initial margins with clearing members as follows:

a) Investors are responsible for fully depositing initial margins for all anticipated open positions with clearing members before executing transactions, except for offsetting transactions;

b) Investors must maintain margins for their positions and must replenish margins when the value of collateral assets falls below the required margin level or the margin deposit balance does not meet the required cash margin ratio set by the clearing member. Depending on market conditions, clearing members have the right to request investors to replenish margins during the trading session;

c) Investors may withdraw excess collateral if the value of collateral assets exceeds the required margin level set by the clearing member;

d) When depositing initial margins or replenishing margins, clearing members may require investors to deposit entirely in cash or allow investors to use part of the collateral assets as securities according to the cash margin ratio set by the clearing member but not lower than the cash margin ratio stipulated in the rules of Vietnam Securities Depository and Central Counterparty Corporation.

Article 11. Principles of netting and settlement by Vietnam Securities Depository and Clearing Corporation

1. The netting of derivative securities shall be carried out by Vietnam Securities Depository and Clearing Corporation on each investor's account and clearing member's account based on the principle that positions of the same derivative security with the same maturity date on the same account will be offset by Vietnam Securities Depository and Clearing Corporation to determine the net position of derivative securities on that account.

2. Vietnam Securities Depository and Clearing Corporation has the right to refuse to net transactions that are not valid and notify the Hanoi Stock Exchange of refused netting transactions in the following cases:

a) Transactions conducted by clearing members after Vietnam Securities Depository and Clearing Corporation has notified the Hanoi Stock Exchange to suspend trading for such clearing members. Transactions of non-clearing members who have entrusted contracts for netting and settlement with such clearing members will also be refused netting;

b) Receiving transactions with a transaction date different from the working day on Vietnam Securities Depository and Clearing Corporation's system;

c) Transactions executed with derivative security codes not yet accepted for netting and settlement on Vietnam Securities Depository and Clearing Corporation's system;

d) Transactions conducted by non-clearing members when they have not been accepted for netting and settlement on Vietnam Securities Depository and Clearing Corporation's system by the clearing members;

đ) Other cases reported by Vietnam Securities Depository and Clearing Corporation and approved by the State Securities Commission.

3. In daily profit and loss settlement activities, based on the end-of-day profit and loss results on each investor's account, Vietnam Securities Depository and Clearing Corporation offsets funds according to each clearing member to determine the payable and receivable amounts of each clearing member. Daily profit and loss settlement is carried out through bank transfers to the settlement deposit accounts of Vietnam Securities Depository and Clearing Corporation at the settlement bank.

4. In settlement activities upon contract execution, Vietnam Securities Depository and Clearing Corporation conducts settlement on the final settlement date based on the following principles:

a) In case of cash settlement: Vietnam Securities Depository and Clearing Corporation calculates separate payment obligations for each investor and each clearing member. The paying clearing member must transfer sufficient funds into the settlement deposit account opened at the settlement bank. The receiving clearing member is obligated to settle payments to investors immediately after receiving settlement from Vietnam Securities Depository and Clearing Corporation;

b) In case of delivery of underlying assets: the selling clearing member must deliver the full quantity and correct type of underlying assets or deliverable assets according to the derivative securities contract into the margin securities account as required by Vietnam Securities Depository and Clearing Corporation. In case of insufficient securities for delivery, the clearing member may use borrowed securities from the securities lending and borrowing system of Vietnam Securities Depository and Clearing Corporation to settle according to the regulations of Vietnam Securities Depository and Clearing Corporation.

The buying clearing member can only receive delivered assets after fully paying the required amount as requested by Vietnam Securities Depository and Clearing Corporation, then allocate the delivered assets to the buying investors immediately after receiving the delivered assets;

c) In case a clearing member does not have sufficient funds for settlement or government bonds for delivery within the specified period, Vietnam Securities Depository and Clearing Corporation may settle government bond futures contracts in cash. In this case, the clearing member without sufficient funds for settlement or government bonds for delivery is responsible for compensating the related clearing member through Vietnam Securities Depository and Clearing Corporation, with a compensation amount not less than 5% of the contract settlement value. Vietnam Securities Depository and Clearing Corporation stipulates the method of determining the compensation value and the settlement method.

5. Vietnam Securities Depository and Clearing Corporation issues regulations guiding procedures and formalities for netting, settlement, and delivery of underlying assets when executing contracts, payment methods, and settlement times.

Article 12. Member Settlement Firm Margin Accounts

1. The Vietnam Securities Depository and Clearing Corporation shall be responsible for opening margin deposit accounts, settlement deposit accounts in the name of the Vietnam Securities Depository and Clearing Corporation at the settlement bank (hereinafter referred to as member deposit accounts) and margin securities accounts at the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as member margin securities accounts) to manage collateral assets and fulfill settlement obligations for positions in the name of the settlement members.

2. Member deposit accounts at the settlement bank opened for each settlement member include:

a) An independent trading margin deposit account to manage margin deposits for independent trading and market making activities of that settlement member;

b) A customer margin deposit account to manage margin deposits of all customers of that settlement member;

c) A settlement deposit account to settle daily profit and loss positions, execute contracts in the name of the settlement member, and other settlement activities of the settlement member.

3. Member deposit accounts and member margin securities accounts may only be used for the following activities:

a) Receiving and returning collateral assets to settlement members. Collateral assets on this account include both assets of customers used by the settlement member to secure their own positions;

b) Receiving interest or paying losses daily for positions in the name of the settlement member; executing and receiving payments when contracts are executed; receiving interest on margin deposits at the bank;

c) Receiving and transferring underlying securities when contracts are executed (in case of settlement in the form of underlying asset transfer) for positions in the name of the settlement member.

4. Member deposit accounts and member margin securities accounts must be established to ensure separate management of assets of settlement members from those of the Vietnam Securities Depository and Clearing Corporation; separate assets of each settlement member; and separate assets of settlement members from their respective customers.

5. At any time, the Vietnam Securities Depository and Clearing Corporation has the right to request settlement members to provide detailed information about transaction accounts, margin accounts, value and portfolio of collateral assets of each investor.

6. Money and securities arising from exercising rights over margin securities on member margin accounts shall be allocated according to the regulations of the Vietnam Securities Depository and Clearing Corporation. The Vietnam Securities Depository and Clearing Corporation shall not conduct term deposits with margin deposits of settlement members. Interest on margin deposits will be returned to settlement members at the call rate announced by the settlement bank.

7. The Vietnam Securities Depository and Clearing Corporation shall be responsible for establishing a comprehensive system to manage information on positions, settlement obligations, balance of margin deposits, value and portfolio of collateral securities by each investor's margin account, settlement member.

Article 13. Margin Deposits of Clearing Members

1. The Vietnam Securities Depository and Clearing Corporation shall determine the required margin level that clearing members must deposit for positions held in their name and still outstanding after the trading hours have ended.

2. The required margin level shall be determined based on various types of risk margins, futures contract margin, government bond futures contract transfer margin, minimum margin, and other factors deemed necessary by the Vietnam Securities Depository and Clearing Corporation.

3. Clearing members must supplement margin assets when the value of the margin assets does not meet the required margin level set by the Vietnam Securities Depository and Clearing Corporation. Clearing members may withdraw margin assets if the value of the margin assets exceeds the required margin level as stipulated by the Vietnam Securities Depository and Clearing Corporation.

4. Clearing members may deposit margin with either cash or securities, but must ensure that the cash margin ratio is not less than 80% of the required margin level, except in cases where an investor holding a short position in a government bond futures contract performs the contract through the transfer of the underlying asset and uses government bonds that can be transferred to secure the margin.

5. During trading days, the Vietnam Securities Depository and Clearing Corporation periodically monitors the value of clearing members' margin assets. If a clearing member fails to meet the required margin asset value, the Vietnam Securities Depository and Clearing Corporation has the right to warn the clearing member and apply one of the following measures:

a) Request the Hanoi Stock Exchange to suspend trading for related accounts, except for offset transactions to reduce positions;

b) Require the clearing member (for proprietary accounts) or through the clearing member require the investor (for investor accounts) to supplement margin assets, execute offset transactions to reduce positions.

6. The opening of margin accounts, determination of margin type, adjustment of margin levels, methods for determining margin levels and parameters of these methods, types of collateral accepted, procedures and timing for depositing or withdrawing margin, execution of rights related to pledged securities, and other relevant matters shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 14. Collateral Assets

1. Investors and clearing members may use cash and securities to provide collateral for derivative securities transactions.

2. Securities permitted by clearing members for investors to submit as collateral assets must meet the following criteria:

a) They are securities included in the list of acceptable collateral securities published by the Vietnam Securities Depository and Clearing Corporation pursuant to Clause 3 of this Article;

b) They are not collateral assets in transactions under civil law regarding collateral transactions, including shares purchased in margin buying transactions; they are not assets currently frozen by state management organizations according to relevant laws or not assets currently being lent according to laws;

c) They meet other criteria set by the clearing member.

3. Securities accepted by the Vietnam Securities Depository and Clearing Corporation as collateral assets for derivative securities positions must fully meet the following criteria:

a) They belong to the list of acceptable collateral assets of the Vietnam Securities Depository and Clearing Corporation;

b) They are not listed as warned, controlled, or temporarily suspended from trading on the Hanoi Stock Exchange or Ho Chi Minh City Stock Exchange; or securities of issuers in liquidation, dissolution, bankruptcy, merger, or consolidation;

c) They are not pledged, frozen, or held at the Vietnam Securities Depository and Clearing Corporation;

d) They are freely transferable and have been deposited in trading securities accounts at the Vietnam Securities Depository and Clearing Corporation; they are assets owned by the pledgor, which is the investor or clearing member;

đ) They meet other criteria according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

4. The Vietnam Securities Depository and Clearing Corporation and clearing members are responsible for publishing lists of acceptable collateral securities and discount rates for each security on their websites. In case of changes to acceptable collateral securities, investors and clearing members are responsible for replacing them with cash or other acceptable collateral securities according to the requirements of the Vietnam Securities Depository and Clearing Corporation and clearing members.

5. Management of collateral assets:

a) The Vietnam Securities Depository and Clearing Corporation and clearing members manage the collateral assets of clearing members and investors in accordance with Articles 33 and 34 of Decree No. 158/2020/ND-CP;

b) Clearing members may only use collateral assets on investor margin accounts for margin purposes, to guarantee payment obligations, and to settle positions on corresponding trading accounts of the same investor, except as provided in points d and đ of this clause;

c) Investor collateral assets must be managed separately and cannot be considered as assets of the clearing member, even if they have been pledged on the clearing member's margin account. In the event of the clearing member's bankruptcy, investor collateral assets must be returned to the investor after fulfilling the investor's own payment obligations;

d) In the event that an investor loses their ability to pay, the clearing member may use, sell, or transfer collateral assets without the investor's consent. Within one day after handling the collateral assets, the clearing member must notify the investor about the handling of the collateral assets according to the methods specified in the derivative securities trading account opening contract. The notification must clearly state the reasons, type of assets handled, method and time of handling, and the realized value.

đ) The Vietnam Securities Depository and Central Counterparty Corporation has the right to use the collateral assets of investors and clearing members that have been deposited with the Vietnam Securities Depository and Central Counterparty Corporation to support payments for the positions of investors and clearing members in accordance with points c and đ, Clause 5, Article 28 of Decree No. 158/2020/NĐ-CP.

e) During the collateral period, investors and clearing members still have the right to receive rights and benefits arising from the securities on which collateral has been placed according to corporate law and securities law. The handling of investor interests related to collateral securities shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Central Counterparty Corporation.

g) During the collateral period on the collateral account, investors and clearing members may not transfer, give, gift, mortgage, pledge, re-collateralize, register as secured property, or use collateral assets for other purposes.

Article 15. Handling of Insolvency Cases

1. A clearing member or an investor who is a client of a clearing member is considered insolvent when they fall under any of the following circumstances:

a) Failing to timely perform or fully perform their obligations to cover losses from positions or obligations to pay compensation amounts as prescribed at point c Clause 4 Article 11 of this Circular or obligations to pay money upon performance of contracts in accordance with the regulations of the Vietnam Securities Depository and Central Counterparty Corporation;

b) Being declared bankrupt or undergoing bankruptcy proceedings in accordance with the law on enterprise bankruptcy;

c) Other cases as stipulated in the regulations of the Vietnam Securities Depository and Central Counterparty Corporation.

2. In the event that a clearing member or an investor who is a client of a clearing member becomes insolvent as provided for in point a, Clause 1 of this Article, the Vietnam Securities Depository and Central Counterparty Corporation may use the following sources of support in the following sequence:

a) Using the collateral funds of the insolvent clearing member and the clients of the insolvent clearing member;

b) If the collateral funds are insufficient to cover payment obligations, the Vietnam Securities Depository and Central Counterparty Corporation may use the monetary contribution to the clearing fund of the insolvent clearing member;

c) Using the monetary contributions to the clearing fund of other clearing members in proportion determined by the Vietnam Securities Depository and Central Counterparty Corporation. In this case, the Vietnam Securities Depository and Central Counterparty Corporation shall notify relevant clearing members in detail about the use of the clearing fund on the same day it is used. The insolvent clearing member is obligated to repay the entire amount of assets used from the clearing fund and pay interest on the use to other clearing members at the rate determined by the Vietnam Securities Depository and Central Counterparty Corporation in accordance with current laws;

d) Using the operational risk prevention fund of the Vietnam Securities Depository and Central Counterparty Corporation as prescribed;

đ) Using legitimate capital resources of the Vietnam Securities Depository and Central Counterparty Corporation after approval by the Ministry of Finance.

3. In addition to using the sources of support prescribed in Clause 2 of this Article, the Vietnam Securities Depository and Central Counterparty Corporation may take the following measures:

a) Requesting the insolvent clearing member to explain the reasons, provide all information related to insolvency, provide a list of clients, customer identification information, and information on the client's collateral account;

b) Cooperating with the Hanoi Stock Exchange to limit or prohibit the opening of new positions in the name of the insolvent clearing member, except for offset transactions;

c) Requesting the insolvent clearing member to liquidate its positions in accordance with point b, Clause 5, Article 28 of Decree No. 158/2020/NĐ-CP;

d) Opening a trading account at the Hanoi Stock Exchange to execute offset transactions to reduce the position of the insolvent clearing member in accordance with point b, Clause 5, Article 28 of Decree No. 158/2020/NĐ-CP.

4. In the event that an investor becomes insolvent, the clearing member is responsible for immediately notifying the Vietnam Securities Depository and Central Counterparty Corporation of the position and the collateral asset portfolio of that investor and may take the following measures:

a) Requesting the investor to perform or the clearing member to perform the closing or forced liquidation of open positions of the investor;

b) Suspending the acceptance of trading orders to open new positions from the related investor; simultaneously canceling unexecuted trading orders of that investor;

c) Using, selling, or transferring the collateral assets of the investor to purchase or serve as collateral for loans to fulfill payment obligations for the investor's open positions. If insufficient, the clearing member must use its own assets to fulfill derivative securities contracts of the investor;

d) The investor is responsible for repaying the clearing member the full portion of assets used by the clearing member to fulfill the investor's payment obligations and bear all related costs incurred.

5. In the event that a clearing member becomes insolvent and has received payment support measures from the Vietnam Securities Depository and Central Counterparty Corporation as prescribed in Clauses 2 and 3 of this Article, the clearing member is responsible for repaying the Vietnam Securities Depository and Central Counterparty Corporation the full portion of assets used from the clearing fund, the operational risk prevention fund, and legitimate capital resources of the Vietnam Securities Depository and Central Counterparty Corporation to ensure payment and bear all related costs incurred.

The Vietnam Securities Depository and Central Counterparty Corporation may sell collateral assets and stock contributions to the clearing fund of the insolvent clearing member at prices determined by the Vietnam Securities Depository and Central Counterparty Corporation to repay the used sources and compensate for financial losses incurred during the insolvency resolution process (if any).

6. In the event that a clearing member or investor, who is a customer of a clearing member, loses their ability to pay, they must repay the sources of support used according to the provisions set forth in Clause 2 of this Article in the following sequence:

a) Legal capital of the Vietnam Securities Depository and Clearing Corporation;

b) The business risk prevention fund of the Vietnam Securities Depository and Clearing Corporation;

c) Contributions from other clearing members in the clearing fund;

d) Contributions from the clearing member itself in the clearing fund at the Vietnam Securities Depository and Clearing Corporation;

đ) Margin deposits of the clearing member used to ensure payment for investors who have lost their ability to pay.

Article 16. The Clearing Fund

1. Forms of contribution to the Clearing Fund:

a) A clearing member has the obligation to contribute to the Clearing Fund at a minimum initial level after the Vietnam Securities Depository and Clearing Corporation approves the principle of registration as a clearing member, and has the obligation to make periodic contributions to the Clearing Fund (if applicable) according to the provisions set forth in Clause 2 of this Article.

A clearing member may contribute to the Clearing Fund in the form of money or securities according to the regulations of the Vietnam Securities Depository and Clearing Corporation;

b) A clearing member has the obligation to make extraordinary contributions to the Clearing Fund according to the regulations of the Vietnam Securities Depository and Clearing Corporation in the following cases:

- The clearing member is placed under warning status according to securities laws on financial safety, banking laws on capital safety;

- Assets contributed to the Clearing Fund by the clearing member are frozen or confiscated by state authorities or pursuant to court decisions;

- Other cases reported by the Vietnam Securities Depository and Clearing Corporation and approved by the State Securities Commission.

2. Contribution levels to the Clearing Fund:

a) Initial minimum contribution level: Value of 10 billion VND for direct clearing members, 15 billion VND for common clearing members;

b) Monthly, the Vietnam Securities Depository and Clearing Corporation reassesses the scale of the Clearing Fund and determines the contribution obligations of each clearing member based on transaction volume, market price volatility, financial obligations, risk levels, and other criteria. The contribution of each clearing member must be reassessed periodically to ensure it does not fall below the initial minimum contribution level specified in point a of this clause.

In the case where the balance of contributions to the Clearing Fund exceeds the obligation to contribute, the clearing member can withdraw the difference; In the case where the balance of contributions to the Clearing Fund is less than the obligation to contribute, the clearing member must make additional contributions to cover the difference.

3. Management of the Clearing Fund:

a) Assets contributed by each clearing member to the Clearing Fund belong to that clearing member and are managed separately from the assets of the Vietnam Securities Depository and Clearing Corporation by the Vietnam Securities Depository and Clearing Corporation. The Vietnam Securities Depository and Clearing Corporation has full authority to use, including selling the assets contributed to the Clearing Fund to fulfill the obligations of positions held by clearing members;

b) For monetary contributions, the Vietnam Securities Depository and Clearing Corporation opens a deposit account at a settlement bank to manage the money contributed by clearing members to the Clearing Fund.

For security contributions, the Vietnam Securities Depository and Clearing Corporation opens a securities account in the name of the Vietnam Securities Depository and Clearing Corporation to manage the security contributions of clearing members. Dividends, interest, and other benefits arising from contributed securities must be returned to the clearing member after deducting related costs and taxes;

c) Interest generated from contributions to the Clearing Fund is allocated to clearing members proportionally to the amount and duration of their contributions after deducting related costs.

4. Use of the Clearing Fund:

a) Assets contributed to the Clearing Fund are used by the Vietnam Securities Depository and Clearing Corporation to guarantee the payment obligations of clearing members who lose their ability to pay. Cases of using the Clearing Fund are carried out according to the provisions set forth in points b, c of Clause 2 and Clause 5 of Article 15 of this Circular Clearing members who lose their ability to pay must bear interest on the use of the Clearing Fund according to the regulations of the Vietnam Securities Depository and Clearing Corporation;.

b) Clearing members can only be refunded the assets contributed to the Clearing Fund when their status as a clearing member is revoked or they are no longer a clearing member. Refunds of the Clearing Fund are made after the Vietnam Securities Depository and Clearing Corporation has deducted all amounts owed, including financial compensation to the Vietnam Securities Depository and Clearing Corporation (if applicable) and amounts due to fulfill positions held by that member according to regulations.

In the case where a clearing member is in the process of being processed for revocation of their status as a clearing member, the assets contributed to the Clearing Fund by that clearing member are managed separately from the Clearing Fund and serve as the basis for the competent authority to issue a decision to recover (if applicable) after deducting the amount the clearing member still owes to the Vietnam Securities Depository and Clearing Corporation.

5. Contribution ratios to the Clearing Fund in the form of money and types of securities contributed to the Clearing Fund; Methods of assessing the scale of the Clearing Fund; Procedures for submitting and withdrawing contributions to the Clearing Fund; Ways of receiving and allocating interest from deposits and the use of the Clearing Fund and some related matters are implemented according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

MEMBERS OF THE VIETNAM SECURITIES EXCHANGE AND THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

Chapter IV

MEMBERS OF THE VIETNAM SECURITIES EXCHANGE AND THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

 

Mục 1. MEMBERS OF THE VIETNAM SECURITIES EXCHANGE

Article 17. Activities of Trading Members, Special Trading Members

1. Non-collateral members must enter into a collateral settlement and payment agency contract with the common collateral member. The contract must comply with current regulations and include the minimum contents set forth in Form No. 01 Appendix issued together with this Circular.

The finalization, transfer of margin accounts, and position transfers in cases of changing the common collateral member shall be carried out according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

2. Trading members must enter into a securities derivatives trading account opening contract with customers. The securities derivatives trading account opening contract must comply with current regulations and include the minimum contents set forth in Form No. 02 Appendix issued together with this Circular.

3. Non-collateral members have the responsibility to regularly reconcile, review, update, and provide complete and timely information about transactions and other related information to the common collateral member. All information about investors and investor trading accounts (if any) must be provided fully and promptly to the State Securities Commission, the Vietnam Securities Depository and Clearing Corporation, the Hanoi Stock Exchange, and the Vietnam Stock Exchange upon request in writing.

4. Trading members must immediately stop accepting trading orders from customers, except for offsetting transactions, and close the customer's account immediately after completing the liquidation of that customer's positions when discovering that the customer has opened a trading account under any of the following circumstances:

a) The customer violates the provisions at Clause 2 of Article 6 of this Circular;

b) The customer is a minor;

c) The customer is a person with limited civil capacity; a person who has lost civil capacity; a person with difficulty in understanding and controlling their actions; a person serving a prison sentence or prohibited from practicing a profession or performing certain work by a court.

5. Trading members may only continue to accept offsetting transactions from collateral members and customers of collateral members who have lost the ability to pay, and perform other activities as required by the Hanoi Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, and the State Securities Commission.

Article 18. Activities of Market Maker Members

1. Market maker members fulfill market-making obligations according to the market-making contract and the regulations of the Vietnam Securities Exchange.

2. Market maker members may simultaneously conduct market-making transactions and proprietary trading but must ensure the principles stipulated in the regulations of the Vietnam Securities Exchange.

Article 19. Suspension of Trading Activities of Trading Members

1. The Vietnam Securities Exchange suspends part or all of the securities derivatives trading activities of trading members in the following cases:

a) Trading members are suspended from operating securities derivatives brokerage or proprietary trading by the State Securities Commission;

b) Trading members are suspended from collateral settlement and payment of securities derivatives transactions by the Vietnam Securities Depository and Clearing Corporation (in cases where trading members are also collateral members);

c) The common collateral member providing collateral settlement and payment services to that trading member is suspended from collateral settlement and payment of securities derivatives transactions or revoked its membership status by the Vietnam Securities Depository and Clearing Corporation (in cases where trading members are non-collateral members);

d) Trading members seriously and systematically violate their obligations under the regulations of the Vietnam Securities Exchange;

đ) Other cases as stipulated in the regulations of the Vietnam Securities Exchange;

e) Other cases reported by the Vietnam Securities Exchange and approved by the State Securities Commission.

2. The suspension period for the cases specified in Clause 1 of this Article is as follows:

a) For the case specified in Point a of Clause 1 of this Article, the suspension period is the period during which the State Securities Commission suspends the securities derivatives business operations;

b) For the case specified in Point b of Clause 1 of this Article, the trading member will be suspended until the Vietnam Securities Depository and Clearing Corporation restores its collateral settlement and payment of securities derivatives transactions;

c) For the case specified in Point c of Clause 1 of this Article, the trading member will be suspended for a maximum of 90 days or until it receives collateral settlement and payment services from another collateral member (whichever occurs first);

d) For the case specified in Point d of Clause 1 of this Article, the suspension period is a maximum of 90 days;

đ) For the cases specified in Points đ and e of Clause 1 of this Article, the suspension period will be implemented according to the regulations of the Vietnam Securities Exchange.

3. The procedures for suspending trading activities of trading members are carried out according to the regulations of the Vietnam Securities Exchange.

Article 20. Revocation of Trading Member Status

1. The Vietnam Stock Exchange shall revoke the trading member status in the following cases:

a) The trading member voluntarily requests revocation of their status and such request is approved by the Vietnam Stock Exchange;

b) The trading member's status is compulsorily revoked.

2. The compulsory revocation of the trading member status as stipulated in point b, Clause 1 of this Article includes the following cases:

a) Exceeding the maximum suspension period prescribed in Clause 2, Article 19 of this Circular without being able to rectify the causes leading to suspension;

b) Failing to meet the conditions for trading members as prescribed in Clause 1, Article 22 of Decree No. 158/2020/NĐ-CP;

c) Being deprived of the Securities Business Establishment and Operation License;

d) Being merged, dissolved, or declared bankrupt;

đ) Other cases as stipulated in the regulations of the Vietnam Securities Exchange;

e) Other cases reported by the Vietnam Securities Exchange and approved by the State Securities Commission.

3. The dossier, procedures, and process for revoking the trading member status shall be carried out in accordance with the regulations of the Vietnam Stock Exchange.

Article 21. Suspension of Trading Activities of Special Trading Members

1. The Vietnam Stock Exchange shall suspend the trading activities of special trading members in the following cases:

a) The special trading member is suspended from providing derivative securities settlement and transaction services by the State Securities Commission (in case the special trading member is also a clearing member);

b) The special trading member is suspended from derivative securities settlement and transaction activities by the Vietnam Securities Depository and Clearing Corporation (in case the special trading member is also a clearing member);

c) The common clearing member providing settlement services to the special trading member is suspended from derivative securities settlement and transaction activities or has its membership revoked by the Vietnam Securities Depository and Clearing Corporation (in case the special trading member is a non-clearing member);

d) The special trading member seriously and systematically breaches obligations under the regulations of the Vietnam Stock Exchange;

đ) Other cases as stipulated in the regulations of the Vietnam Securities Exchange;

e) Other cases reported by the Vietnam Securities Exchange and approved by the State Securities Commission.

2. The suspension period for the cases specified in Clause 1 of this Article is as follows:

a) For the case stipulated in point a, Clause 1 of this Article, the suspension period is the period during which the State Securities Commission suspends the provision of derivative securities settlement and transaction services;

b) For the case stipulated in point b, Clause 1 of this Article, the suspension period is the period during which the Vietnam Securities Depository and Clearing Corporation suspends derivative securities settlement and transaction activities;

c) For the case stipulated in point c, Clause 1 of this Article, the special trading member may be suspended for up to 90 days or until provided with settlement services from another substitute clearing member (whichever occurs first);

d) For the case specified in Point d of Clause 1 of this Article, the suspension period is a maximum of 90 days;

đ) For the cases specified in Points đ and e of Clause 1 of this Article, the suspension period will be implemented according to the regulations of the Vietnam Securities Exchange.

3. The procedure for suspending the trading activities of special trading members shall be carried out in accordance with the regulations of the Vietnam Stock Exchange.

Article 22. Revocation of Special Trading Member Status

1. The Vietnam Stock Exchange shall revoke the special trading member status in the following case:

a) The special trading member voluntarily requests revocation of their status and such request is approved by the Vietnam Stock Exchange;

b) The special trading member's status is compulsorily revoked.

2. The compulsory revocation of the special trading member status as stipulated in point b, Clause 1 of this Article includes the following cases:

a) Exceeding the maximum suspension period prescribed in Clause 2, Article 21 of this Circular without being able to rectify the causes leading to suspension;

b) Failing to meet the conditions for special trading members as prescribed in Clause 1, Article 23 of Decree No. 158/2020/NĐ-CP;

c) Being merged, dissolved, or declared bankrupt;

d) Other cases as prescribed in the regulations of the Vietnam Stock Exchange;

đ) Other cases reported by the Vietnam Stock Exchange and approved by the State Securities Commission.

3. The dossier, procedures, and process for revoking the special trading member status shall be carried out in accordance with the regulations of the Vietnam Stock Exchange.

Article 23. Suspension of Market-Making Activities of Market-Making Members

1. The Vietnam Securities Trading Corporation shall suspend the market-making activities of market-making members in the following cases:

a) A market-making member fails to comply with one of its obligations under the regulations of the Vietnam Securities Trading Corporation;

b) A market-making member is suspended from trading on the derivatives securities market by the Vietnam Securities Trading Corporation or is suspended from settlement and clearing activities on the derivatives securities market by the Vietnam Securities Depository and Clearing Corporation;

c) Other cases as stipulated in the regulations of the Vietnam Securities Trading Corporation;

d) Other cases reported by the Vietnam Securities Trading Corporation and approved by the State Securities Commission.

2. For the cases specified in points a and b of Clause 1 of this Article, the maximum suspension period is ninety days. For the cases specified in points c and d of Clause 1 of this Article, the suspension period shall be carried out according to the regulations of the Vietnam Securities Trading Corporation.

3. The procedures for suspending the market-making activities of market-making members shall be implemented in accordance with the regulations of the Vietnam Securities Trading Corporation.

Article 24. Revocation of Market-Making Member Status

1. The Vietnam Securities Trading Corporation shall revoke the status of a market-making member in the following case:

a) A market-making member voluntarily requests to revoke its market-making member status and such request is approved by the Vietnam Securities Trading Corporation in accordance with the market-making agreement signed with the Hanoi Securities Trading Corporation;

b) A market-making member is compulsorily revoked of its market-making member status.

2. The compulsory revocation of a market-making member's status as provided for in point b of Clause 1 of this Article includes the following cases:

a) Expiration of the suspension period for market-making activities as prescribed in Clause 2 of Article 23 of this Circular without being able to rectify the causes leading to suspension;

b) Failure to meet the requirements to become a market-making member as stipulated in Clause 1 of Article 24 of Decree No. 158/2020/NĐ-CP;

c) Being revoked of trading member status, special trading member status, or settlement and clearing member status by the Vietnam Securities Trading Corporation or being revoked of settlement and clearing member status by the Vietnam Securities Depository and Clearing Corporation;

d) Other cases as prescribed in the regulations of the Vietnam Stock Exchange;

đ) Other cases reported by the Vietnam Stock Exchange and approved by the State Securities Commission.

3. The documentation, procedures, and processes for revoking the status of a market-making member shall be carried out in accordance with the regulations of the Vietnam Securities Trading Corporation.

Article 25. Other Forms of Violation Handling Against Members of the Vietnam Securities Trading Corporation

1. In addition to the forms of violation handling prescribed in Clauses 1 and 2 of Article 19, Clause 2 of Article 20, associations and non-governmental organizations operating in the Clauses 1 and 2 of Article 21, Clause 2 of Article 22, associations and non-governmental organizations operating in the Clauses 1 and 2 of Article 23, Clause 2 of Article 24 of this Circular, the Vietnam Securities Trading Corporation may apply the following forms of violation handling:

a) Warning;

b) Reprimand;

c) Temporary disconnection from the trading system, temporary cessation of order submission and receipt.

2. The acts of violation, procedures, and processes for handling violations of members as stipulated in Clause 1 of this Article shall be carried out in accordance with the regulations of the Vietnam Securities Trading Corporation.

Section 2. MEMBERS OF THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

Article 26. Activities of Clearing Members

1. Clearing members must enter into clearing and settlement contracts with the Vietnam Securities Depository and Clearing Corporation. Common clearing members must also enter into agency clearing and settlement contracts with non-clearing members (if any). The contracts must include provisions clearly stating that the clearing member acts as the agent for the brokerage clients and clearing clients, standing in the positions of these clients and being responsible for fully performing the obligations of the clients towards the Vietnam Securities Depository and Clearing Corporation.

2. Clearing members must have the obligation to manage accounts and collateral deposits separately for each client; establish a system of ledgers and compile comprehensive information on positions, daily gains and losses, initial margin values, required margin values, and the value and list of collateral assets according to each investor's account.

3. Clearing members have the right to determine the initial margin value, required margin value, and cash collateral ratio for investors but shall not be lower than the corresponding values stipulated in the regulations of the Vietnam Securities Depository and Clearing Corporation. Information about accepted collateral assets, methods, and time of depositing collateral must be detailed published on the electronic information website of the clearing member.

Article 27. Suspension of Clearing and Settlement Activities of Clearing Members

1. The Vietnam Securities Depository and Clearing Corporation shall issue a decision to suspend the clearing and settlement activities of derivative securities transactions of clearing members in the following cases:

a) The clearing member loses the ability to settle payments when the payment shortfall exceeds the total amount of usable collateral assets at the time of determining the inability to pay and the balance of the contribution to the Clearing Fund of the clearing member itself;

b) The clearing member fails to contribute adequately to the Clearing Fund within ten days from the due date as notified by the Vietnam Securities Depository and Clearing Corporation;

c) The clearing member fails to repay sufficient funds supported by the Clearing Fund, Risk Prevention Fund, and the capital of the Vietnam Securities Depository and Clearing Corporation within five working days from the date of use;

d) The clearing member fails to transfer the compensation amount as prescribed in point c Clause 4 Article 11 of this Circular within two working days from the due date as notified by the Vietnam Securities Depository and Clearing Corporation;

đ) The clearing member fails to reduce the number of positions exceeding the position limit within five working days from the date of receiving the violation notice from the Vietnam Securities Depository and Clearing Corporation;

e) The clearing member fails to submit collateral assets within three working days from the date of receiving the notice from the Vietnam Securities Depository and Clearing Corporation;

g) The clearing member has been issued a reprimand decision by the Vietnam Securities Depository and Clearing Corporation twice or more within one month or consecutively within two months;

h) The clearing member is suspended from providing clearing and settlement services for derivative securities transactions by the State Securities Commission;

i) Other cases as stipulated in the regulations of the Vietnam Securities Depository and Clearing Corporation;

k) Other cases reported by the Vietnam Securities Depository and Clearing Corporation and approved by the State Securities Commission.

2. The suspension period for the cases specified in Clause 1 of this Article is as follows:

a) For the cases specified in points a, b, c, d, đ, e, and g of Clause 1 of this Article, the suspension period shall not exceed ninety days;

b) For the case specified in point h of Clause 1 of this Article, the suspension period shall be the duration of the suspension imposed by the State Securities Commission on the provision of clearing and settlement services for derivative securities transactions;

c) For the cases specified in points i and k of Clause 1 of this Article, the suspension period shall be implemented according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

3. The procedures for suspending the clearing and settlement activities of derivative securities transactions of clearing members shall be carried out in accordance with the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 28. Revocation of Clearing Member Status

1. The Vietnam Securities Depository and Clearing Corporation shall revoke the clearing member status in the following cases:

a) A clearing member voluntarily requests to revoke their clearing member status and such request is approved by the Vietnam Securities Depository and Clearing Corporation;

b) A clearing member's clearing member status is revoked compulsorily.

2. A clearing member's compulsory revocation of clearing member status as provided for in point b, Clause 1, Article 28 of this Circular includes the following cases:

a) At the end of the suspension period for derivative securities trading clearing and settlement activities as stipulated in Clause 2, Article 27 of this Circular, if the clearing member fails to rectify the violation as required by the Vietnam Securities Depository and Clearing Corporation and the State Securities Commission;

b) Voluntarily ceasing operations or being compelled to cease operations by the State Securities Commission in providing derivative securities trading clearing and settlement services as stipulated in Articles 12 and 13 of Decree No. 158/2020/NĐ-CP;

c) Being decided by the Vietnam Stock Exchange to revoke the trading member status or special trading member status;

d) Other cases as prescribed by the regulations of the Vietnam Securities Depository and Clearing Corporation;

đ) Other cases reported by Vietnam Securities Depository and Clearing Corporation and approved by the State Securities Commission.

3. The revocation of clearing member status can only be carried out after the clearing member has completed the transfer of positions, margin deposits to settle customer accounts, liquidate positions, and complete payment obligations on proprietary accounts (if any), and has fully fulfilled their obligations to the Vietnam Securities Depository and Clearing Corporation.

4. The files, procedures, and formalities for revoking clearing member status shall be implemented according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

Article 29. Other Forms of Violation Handling for Clearing Members

1. In addition to the forms of violation handling prescribed in Clause 1, 2 of Article 27, Clause 2 of Article 28 of this Circular,the Vietnam Securities Depository and Clearing Corporation may apply the following forms of violation handling:

a) Warning;

b) Reprimand.

2. The acts of violation, procedures, and formalities for handling violations of clearing members as stipulated in Clause 1 of this Article shall be implemented according to the regulations of the Vietnam Securities Depository and Clearing Corporation.

Chapter V

REPORTING SYSTEM

 

Article 30. Periodic Reports

1. Monthly, quarterly, and annually, derivative securities business organizations must submit written or electronic reports to the State Securities Commission on their derivative securities business activities according to Implementation Report of Production Projects of Supporting Industry Products Confirmed with Incentives Appendix issued together with this Circular.

2. Monthly, quarterly, and annually, commercial banks and foreign bank branches that are special trading members must submit written or electronic reports to the State Securities Commission on their derivative securities trading activities according to Form number 04 Appendix issued together with this Circular.

3. Monthly, quarterly, and annually, payment banks must submit written or electronic reports to the State Securities Commission on their derivative securities trading settlement activities according to Form number 05 Appendix issued together with this Circular.

4. Annually, payment banks must submit written or electronic reports to the State Securities Commission on meeting the conditions to act as payment banks according to Form number 06 Appendix issued together with this Circular.

5. Semi-annually, clearing members that are commercial banks and foreign bank branches must submit written or electronic reports to the State Securities Commission on meeting the conditions to provide derivative securities trading clearing and settlement services according to Form No. 07 Appendix issued together with this Circular.

6. The reporting deadlines are as follows:

a) Monthly reports must be submitted to the State Securities Commission within the first ten days of the following month;

b) Quarterly reports must be submitted to the State Securities Commission within the first twenty days of the following quarter;

c) Semi-annual reports must be submitted to the State Securities Commission within forty-five days from the end of the first six months of the calendar year;

d) Annual reports must be submitted to the State Securities Commission within the first ninety days of the following year.

7. The data cut-off periods for periodic reports are as follows:

a) The annual reporting period is twelve months, from the start of January 1st to the end of December 31st of the calendar year;

b) The semi-annual reporting period is six months, from the start of January 1st to the end of June 30th of the calendar year;

c) The quarterly reporting period is three months, from the start of the first day of the quarter to the end of the last day of the quarter;

d) The monthly reporting period is one month, from the start of the first day to the end of the last day of the month.

Article 31. Unusual Reports

1. Derivatives securities business organizations, service providers for derivatives securities settlement and trading, trading members, special trading members, market makers, clearing members must submit written or electronic reports to the State Securities Commission within a maximum period of 24 hours from the occurrence of the following events:

a) Changes in clearing members;

b) When there are incidents related to the trading system (order receipt, placement);

c) Clearing members that are commercial banks or foreign bank branches no longer meet one of the conditions for providing settlement and trading services for derivatives securities;

d) Clearing members have paid-in capital, owner's equity reduced by more than 10% compared to the audited annual financial report or reviewed semi-annual financial report or most recent quarterly financial report; the debt-to-equity ratio exceeds five times.

2. Payment banks must immediately submit written or electronic reports to the State Securities Commission and Vietnam Securities Depository and Central Counterparty Corporation when there is a disruption in the payment activity for derivatives securities transactions.

3. Payment banks must submit written or electronic reports to the State Securities Commission within a maximum period of 24 hours from the time they fail to meet one of the conditions to be a payment bank.

4. Vietnam Stock Exchange, Hanoi Stock Exchange must submit written reports to the State Securities Commission within a maximum period of 24 hours from the occurrence of the following events:

a) When there are incidents in the derivatives securities trading system or abnormal signs in derivatives securities trading;

b) Suspension of derivatives securities trading activities, market making activities, revocation of trading member status, special trading member status, market maker status;

c) Providing confidential information to competent state agencies.

5. Vietnam Securities Depository and Central Counterparty Corporation must report to the State Securities Commission within a maximum period of 24 hours from the occurrence of the following events:

a) Clearing members lose their ability to settle derivatives securities transactions;

b) Suspension of clearing and settlement activities for derivatives securities transactions, revocation of clearing member status.

c) Providing confidential information to competent state agencies.

Article 32. Reports upon Request

1. In addition to periodic and unusual reporting cases prescribed in Article 30, Article 31 of this Circular,in necessary circumstances, to protect common interests and investor interests, the State Securities Commission may request Vietnam Stock Exchange, Hanoi Stock Exchange, Vietnam Securities Depository and Central Counterparty Corporation, derivatives securities business organizations, service providers for derivatives securities settlement and trading, payment banks to report on trading activities, derivatives securities business activities, clearing and settlement activities for derivatives securities transactions.

2. Vietnam Stock Exchange, Hanoi Stock Exchange, Vietnam Securities Depository and Central Counterparty Corporation, derivatives securities business organizations, service providers for derivatives securities settlement and trading, payment banks must submit written or electronic reports to the State Securities Commission within the time limit requested by the State Securities Commission from the date of receiving the report request as stipulated in Clause 1 of this Article.

Chapter VI

IMPLEMENTING PROVISIONS[3]

Article 33. Effective Date

1. This Circular takes effect from August 27, 2021.

2. Circular No. 11/2016/TT-BTC dated January 19, 2016, issued by the Minister of Finance guiding certain provisions of Decree No. 42/2015/NĐ-CP dated May 5, 2015, of the Government on derivatives securities and derivatives securities markets (hereinafter referred to as Circular No. 11/2016/TT-BTC) and Circular No. 23/2017/TT-BTC dated March 16, 2017, issued by the Minister of Finance amending and supplementing certain provisions of Circular No. 11/2016/TT-BTC dated January 19, 2016, issued by the Minister of Finance guiding certain provisions of Decree No. 42/2015/NĐ-CP dated May 5, 2015, of the Government on derivatives securities and derivatives securities markets (hereinafter referred to as Circular No. 23/2017/TT-BTC) shall cease to be effective from the date this Circular takes effect, except for the provision at Clause 1 of Article 34 of this Circular.

Article 34. Transitional Provisions

1. Prior to the official implementation of the margin requirements for clearing members as prescribed in Article 13 of this Circular, Vietnam Securities Depository and Central Counterparty Corporation, Hanoi Stock Exchange, trading members, special trading members, market makers, clearing members continue to apply the margin requirements as prescribed in Circular No. 11/2016/TT-BTC and Circular No. 23/2017/TT-BTC. Margin requirements, refusal of substitute positions, post-trade error correction activities prescribed in this Circular will be implemented from the date of the official implementation of the margin requirements under the new information technology system for the securities market.

2. The provisions on business operations in this Circular apply to Vietnam Securities Depository and Central Counterparty Corporation carried out by the Vietnam Securities Depository Center until Vietnam Securities Depository and Central Counterparty Corporation officially operates according to the Securities Law No. 54/2019/QH14.

3. The provisions on business operations in this Circular apply to Vietnam Stock Exchange carried out by Hanoi Stock Exchange until Vietnam Stock Exchange officially operates according to the Securities Law No. 54/2019/QH14 and Clause 1 of Article 8 of Decision No. 37/2020/QĐ-TTg dated December 23, 2020, of the Prime Minister on the establishment, organization, and operation of Vietnam Stock Exchange.

Article 35. Implementation

1. Based on the provisions of this Circular, Vietnam Securities Depository and Central Counterparty Corporation, Vietnam Stock Exchange shall promulgate operational regulations after obtaining approval from the State Securities Commission.

2. During the implementation process, if there are any difficulties, organizations and individuals are requested to promptly reflect them to the Ministry of Finance for research and guidance on amendments and supplements./.

 

MINISTRY OF FINANCE _____________ Number: 43/VBHN-BTC Place of Receipt: - OFFICE OF THE GOVERNMENT (FOR PUBLICATION IN THE GAZETTE); - Official Website of the Ministry of Finance (for publication); - Official Website of the State Securities Commission (for publication); - Legal Department of the Ministry of Finance; - To be kept: VT, UBCK (06b).

CERTIFIED CONSOLIDATED DOCUMENT Hanoi, October 28, 2025 DEPUTY MINISTER DEPUTY MINISTER Nguyen Duc Chi

 

ANNEX

(Issued together with Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance)

 

Form No. 01	Entrusted Settlement and Payment Contract
Form No. 02	Securities Margin Account Opening Contract
Implementation Report of Production Projects of Supporting Industry Products Confirmed with Incentives	Derivatives Securities Business Activity Report
Form number 04	Special Trading Member Derivatives Securities Trading Activities Report
Form number 05	Derivatives Securities Trading Settlement Payment Activities Report
Form number 06	Report on Meeting the Conditions to Act as a Settlement Bank
Form No. 07	Report on Meeting the Conditions to Provide Settlement Services for Derivatives Securities Transactions

 

 

Form No. 01(1)

SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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..., day..., month..., year...

ENTRUSTED SETTLEMENT AND PAYMENT CONTRACT

The entrusted settlement and payment contract between non-custodian members and custodian members shall include at least the following contents:

1. Legal basis

- Based on the Securities Law dated November 26, 2019;

- Based on the Civil Code dated November 24, 2015;

- Based on Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivatives securities and derivatives securities market;

- Based on Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivatives securities and derivatives securities market;

- Based on Circular No. 14/2025/TT-BTC dated April 4, 2025 of the Minister of Finance amending and supplementing certain provisions of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance on activities of registration, custody, settlement and payment of securities transactions and Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivatives securities and derivatives securities market.

2. Parties entering into the contract

- Name, address, telephone number, establishment and operation license number of the non-custodian member; Full name, middle name, date of birth, personal identification number (for Vietnamese citizens, Vietnamese origin persons not yet determined their nationality residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), position, authorization decision of the representative and authorized person according to the law of the non-custodian member;

- Name, address, telephone number, establishment and operation license number of the custodian member; Full name, middle name, date of birth, personal identification number (for Vietnamese citizens, Vietnamese origin persons not yet determined their nationality residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), position, authorization decision of the representative and authorized person according to the law of the custodian member.

3. Terms and specific agreements

- Opening investor accounts at the non-custodian member;

- Opening margin accounts at the custodian member;

- The non-custodian member represents the investor in relation to the custodian member;

- Three-party contract between the investor - the non-custodian member - the custodian member;

- Provisions on deposit/withdrawal of investor margin assets;

- Provisions on pre-trade margin verification before placing orders for derivatives securities transactions;

- Provisions on monitoring the number of contracts held to ensure margin asset usage ratio and permissible position limits.

4. Terms regarding rights and obligations of the parties involved

- The custodian member accepts the entrustment of the non-custodian member to implement transaction settlement guarantees for derivatives securities transactions through payment guarantee mechanisms and risk prevention measures;

- The custodian member provides the non-custodian member with services related to settlement and payment activities, including: settlement and payment of derivatives securities transactions; monitoring and managing margin assets of the non-custodian member and its clients; ensuring separate management of the non-custodian member's account and assets from those of its clients;

- Other rights and obligations of the parties (if any).

5. Terms regarding other agreements

- Entrustment fees as prescribed (if applicable) or agreed upon by the parties;

- Dispute resolution for arising disputes;

- Handling plan for cases where the non-custodian member or its client loses payment capability;

- Handling plan for cases where the non-custodian member or its client goes bankrupt;

- Handling of issues caused by errors of the non-custodian member (incorrect orders...) or errors of the custodian member (incorrect margin information, number of contracts held...);

- Amending, supplementing, terminating the contract.

6. Other matters affecting the rights and obligations of the parties.

 

Form No. 02(2)

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

..., day..., month..., year...

SECURITIES DERIVATIVES ACCOUNT OPENING CONTRACT

The securities derivatives account opening contract between securities companies and clients shall include at least the following contents:

1. Parties entering into the contract

- Name, address, telephone number, establishment and operation license number of the securities company; Full name, middle name, date of birth, personal identification number (for Vietnamese citizens, Vietnamese origin persons not yet determined their nationality residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), authorization decision of the representative and authorized person according to the law of the securities company;

- Surname, middle name, given name at birth, date of birth, address, telephone number, individual identification number (for Vietnamese citizens, Vietnamese-origin individuals who have not yet determined their nationality and are residing in Vietnam, foreigners who have been issued an individual identification number); passport number (for foreigners without an individual identification number) of individual customers; Name, address, business registration certificate of corporate customers; surname, middle name, given name at birth, date of birth, position, individual identification number (for Vietnamese citizens, Vietnamese-origin individuals who have not yet determined their nationality and are residing in Vietnam, foreigners who have been issued an individual identification number); passport number (for foreigners without an individual identification number), power of attorney decision of the representative and authorized person according to the law of corporate customers (if any).

2. Clause on specific agreements

a) Methods of receiving orders from the company;

b) The margin ratio for derivative securities applied;

c) Agreement on interest rates on the balance of pledged deposits at the bank;

d) Term and method of handling assets in case the customer loses payment capability;

đ) Agreement on the time and method of converting foreign currency to Vietnamese Dong in the case of transferring transaction funds for derivative securities in foreign currency;

e) Clearly state the risks arising in case the clearing member loses payment capability or is suspended, temporarily halted, dissolved, or declared bankrupt.

3. Clause on rights and obligations of the parties involved

a) Rights and obligations of the customer (ownership of money, derivative securities and profits, other lawful rights and interests attached to that amount of money and derivative securities; providing information as required by the company, paying transaction fees...);

b) Rights and obligations of the securities company (collecting transaction fees, performing other lawful mandates agreed with the customer; holding and managing money, derivative securities for the customer, executing transactions, protecting confidential information, providing information as requested by the customer...);

c) Rights of the clearing member (using the investor's pledged assets to collateralize for the Vietnam Securities Depository and Clearing Corporation for the investor's open positions; having the right to close positions and use the investor's pledged assets in case the investor loses payment capability...).

4. Clause on other agreements

a) Liability for breach of contract, this clause specifies:

- The customer is entitled to compensation for damages if the company breaches its obligations under this Contract;

- Level of damage compensation: To be specifically agreed upon by the parties or as prescribed by law.

b) Method of handling accounts in case the company is suspended from operations, revoked of its status, adjusted to withdraw brokerage activities, dissolved, or had its license revoked and withdrawn;

c) Cases of terminating the contract prematurely;

d) Effective period of the contract;

đ) Resolution of disputes arising;

Other agreements in accordance with applicable laws.

 

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

NAME OF DERIVATIVE SECURITIES BUSINESS ORGANIZATION -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: .../BC-	...,day...month...year...

 

REPORT

Derivative securities business activities month.../quarter.../year...

To: State Securities Commission

Derivative securities business organization ... has been granted a Certificate of Eligibility for Derivative Securities Business by the State Securities Commission, number ...

Respectfully submitted to the State Securities Commission for report on the situation of derivative securities business activities month.../quarter.../year... as follows:

Table 1. Personnel situation

 Unit of measurement: person

Recipient	Number of persons with a securities trading qualification certificate		Number of persons with a specialized certificate in derivative securities and the derivative securities market		Remarks
	End of period	Increase/Decrease compared to the end of the previous period	End of period	Increase/Decrease compared to the end of the previous period
(1)	(2)	(3)	(4)	(5)	(6)
I. Head Office
1. Board of Directors
2. Brokerage Department
3. Proprietary Trading Department
4. Investment Advisory Department
II. Branches
1. Branch... (branch name)
- Branch Manager
- Brokerage Department
- Advisory Department
2. Branch... (branch name)
- Branch Manager
- Brokerage Department
- Advisory Department
III. Trading Rooms
1. Trading Room... (trading room name)
2. Trading Room... (trading room name)
IV. Other Departments - Column (7): Land area in land allocation decisions, lease decisions, or documents of the competent authority or actual land area managed and used (applicable to assets that are buildings and land).
Total

Remarks:

- Columns (2), (3), (4), (5): Enter in numerical format ("Number"). In case of negative numbers, enclose them in parentheses ( ).

 

Table 2. Number of derivative securities trading accounts of investors

Type of customer	Number of tài accounts		Number of accounts with transaction activity during the period
	End of period	Increase/Decrease compared to the end of the previous period
(1)	(2)	(3)	(4)
I. Domestic
1. Individuals
2. Organization
II. Foreign
1. Individuals
2. Organization
Total (I + II)

Remarks:

- Columns (2), (3), (4): Enter in numerical format ("Number"). In case of negative numbers, enclose them in parentheses ( ).

 

Table 3. Investor's derivative securities trading deposits

Serial number	Bank accepting deposits	Balance on account (in millions of VND)	Remarks
(1)	(2)	(3)	(4)
1	I. Bank A
2	1. Account number A1
3	2. Account number A2
4	3. Account number...
5	II. Bank B
6	1. Account number B1
7	2. Account number B2
8	3. Account number...
9	Total (I + II +…)

Remarks:

- Detail each account at all banks accepting derivative securities trading deposits of investors.

- Row 1 column (3): Total balance on accounts A1, A2,...

- Row 5 column (3): Total balance on accounts A1, A2,...

 

Table 4. Derivative securities transactions

Unit of measurement: Contracts

Type of security	Total purchases		Total sales		Total purchases and sales
	Cumulative since the beginning of the year	Year-to-date cumulative	Cumulative since the beginning of the year	Year-to-date cumulative	Cumulative since the beginning of the year	Year-to-date cumulative
(1)	(2)	(3)	(4)	(5)	(6)	(7)
I. Investors
Product 1
1. Domestic investor derivative securities transactions
2. Foreign investor derivative securities transactions
Product 2
1. Domestic investor derivative securities transactions
2. Foreign investor derivative securities transactions
Product...
1. Domestic investor derivative securities transactions
2. Foreign investor derivative securities transactions
II. Proprietary trading
1. Product 1
2. Product 2
3. Product...

 

Table 5. Derivative securities advisory activities

Number of contracts at the beginning of the period	Number of contracts liquidated during the period	Number of new contracts signed during the period	Number of contracts still effective at the end of the period	Fees collected during the period

 

ANNEX XVIII INTERNAL CONTROL (Signature, full name)

(TOTAL) DIRECTOR (Signature, full name, stamp)

 

Form number 04

NAME OF MEMBER SPECIAL TRANSACTIONS -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: .../BC-	...,day...month...year...

 

REPORT

 Special derivative securities trading activities month.../quarter.../year...

(From.../.../... to.../.../...)

Unit of measurement: Contracts

Type of security	Total purchases		Total sales		Total purchases and sales
	Cumulative since the beginning of the year	Year-to-date cumulative	Cumulative since the beginning of the year	Year-to-date cumulative	Cumulative since the beginning of the year	Year-to-date cumulative
(1)	(2)	(3)	(4)	(5)	(6)	(7)
1. Product 1
2. Product 2
3. Product...

 

REPORTER

LEGAL REPRESENTATIVE (signature, full name, stamp)

 

Form number 05

BANK NAME PAYMENTS -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: .../BC-	...,day...month...year...

 

REPORT

 Derivative securities trading settlement activities month.../quarter.../year...

 (From.../.../... to.../.../...)

To: State Securities Commission

Bank... has been granted permission by the State Securities Commission to act as a settlement bank pursuant to Decision No. ...

Bank... respectfully submits to the State Securities Commission a report on settlement activities for derivative securities transactions as follows:

1. Indicators

Index	Beginning of period	End of period	Increase/Decrease (%)
Margin deposits of market participants
Margin deposits for proprietary trading of derivative securities
Margin deposits for domestic brokerage activities of derivative securities
Margin deposits for foreign brokerage activities of derivative securities
Total
Settlement accounts of market participants
Settlement accounts for proprietary trading of derivative securities
Settlement accounts for domestic brokerage activities of derivative securities
Settlement accounts for foreign brokerage activities of derivative securities
Total
Number of participants settling funds through settlement banks
Securities companies
Commercial banks
Branches of foreign banks
Total

2. Existence, recommendation:

...

 

REPORTER

LEGAL REPRESENTATIVE (signature, full name, stamp)

 

Form number 06

BANK NAME PAYMENTS -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: .../BC-	...,day...month...year...

 

REPORT

Regarding the fulfillment of conditions to become a settlement bank in...

To: State Securities Commission

Bank... has been granted permission by the State Securities Commission to act as a settlement bank pursuant to Decision number...

Bank... respectfully submits to the State Securities Commission a report on fulfilling the conditions to become a settlement bank in... as follows:

Serial number	Conditions for becoming a settlement bank	Detailed description	Met (x)
1	Holding a license for establishment and operation in Vietnam in accordance with the law
2	Having a charter capital exceeding 10,000 billion VND
3	Operating profitably in the two most recent years
4	Meeting the minimum capital adequacy ratio as prescribed by banking laws
5	Possessing physical and technical infrastructure to ensure transaction settlement and connectivity with the system of the Vietnam Securities Depository and Central Counterparty Corporation
6	Possessing a settlement and clearing system connected to the settlement and clearing system of the State Bank of Vietnam
7	Possessing physical and technical infrastructure to retain transaction information for at least ten years and able to provide such information to the State Securities Commission or the Vietnam Securities Depository and Central Counterparty Corporation within 48 hours upon request

Remarks: The settlement bank shall clearly state whether it meets the prescribed conditions and submit supporting documentation. In case of non-compliance, the settlement bank shall specify the reasons.

 

REPORTER

... LEGAL REPRESENTATIVE (signature, full name, stamp)

 

Form No. 07

BANK NAME COMMERCIAL/BRANCH FOREIGN BANK -------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------------
Number: .../BC-	...,day...month...year...

 

REPORT

Regarding the fulfillment of conditions to provide clearing and settlement services for derivative securities transactions

(From.../.../... to.../.../...)

To: State Securities Commission

Commercial bank/Branch of foreign bank... has been issued a certificate by the State Securities Commission certifying eligibility to provide clearing and settlement services for derivative securities transactions under Certificate number...

Commercial bank/Branch of foreign bank... respectfully submits to the State Securities Commission a report on fulfilling the conditions to provide clearing and settlement services for securities transactions as follows:

Serial number	Conditions for providing clearing and settlement services for securities transactions	Detailed description	Met (x)
1	Holding a registration certificate for securities custody operations issued by the State Securities Commission; Fulfilling the requirements for providing clearing and settlement services for securities transactions as prescribed by the law on credit institutions
2	Meeting the minimum charter capital and net worth requirements of 5,000 billion VND for commercial banks and 1,000 billion VND for branches of foreign banks
3	Meeting the minimum capital adequacy ratio as prescribed by the law on credit institutions in the last twelve months
4	Not undergoing restructuring, dissolution, bankruptcy; not being placed under supervision, special supervision, suspension of operations, or temporary cessation of operations pursuant to decisions of competent authorities

Remarks: Commercial bank/Branch of foreign bank shall clearly state whether it meets the prescribed conditions and submit supporting documentation. In case of non-compliance, the commercial bank/Branch of foreign bank shall specify the reasons.

 

REPORTER

LEGAL REPRESENTATIVE (signature, full name, stamp)

 

 

^{___________________________________________}

[1] This consolidated document is derived from the following two Circulars:

- Circular No. 58/2021/TT-BTC dated July 12, 2021, issued by the Minister of Finance, guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020, of the Government on derivative securities and the derivative securities market.

- Circular No. 14/2025/TT-BTC dated April 4, 2025, issued by the Minister of Finance, amending and supplementing certain provisions of Circular No. 119/2020/TT-BTC dated December 31, 2020, of the Minister of Finance on securities registration, custody, clearing, and settlement transactions, and Circular No. 58/2021/TT-BTC dated July 12, 2021, of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020, of the Government on derivative securities and the derivative securities market (hereinafter referred to as Circular No. 14/2025/TT-BTC).

This consolidated document does not replace the above two Circulars.

[2] Circular No. 14/2025/TT-BTC is based on the following grounds:

“Pursuant to the Securities Law dated November 26, 2019;

Pursuant to the Law Amending and Supplementing Certain Provisions of the Securities Law, Accounting Law, Independent Auditing Law, State Budget Law, Management and Use of Public Assets Law, Tax Administration Law, Personal Income Tax Law, National Reserve Law, Administrative Violation Handling Law dated November 29, 2024;

Pursuant to the Law on Identity Cards dated November 27, 2023;

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain provisions of the Securities Law;

Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

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

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

The Minister of Finance issues Circular amending and supplementing certain provisions of Circular No. 119/2020/TT-BTC dated December 31, 2020, of the Minister of Finance on securities registration, custody, clearing, and settlement transactions, and Circular No. 58/2021/TT-BTC dated July 12, 2021, of the Minister of Finance guiding certain provisions of Decree No. 158/2020/NĐ-CP dated December 31, 2020, of the Government on derivative securities and the derivative securities market.”

[3] Article 3 of Circular No. 14/2025/TT-BTC shall take effect from June 1, 2025, as follows:

"Article 3. Implementation Provisions

1. This Circular shall take effect from June 1, 2025.

2. The State Securities Commission, Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, Vietnam Securities Depository Corporation, and other related organizations and individuals shall be responsible for implementing this Circular./”

(1) Sample No. 01 shall be replaced by Sample No. 01 as prescribed in Article 2 of Circular No. 14/2025/TT-BTC, taking effect from June 1, 2025.

(2) Sample No. 02 shall be replaced by Sample No. 02 as prescribed in Article 2 of Circular No. 14/2025/TT-BTC, taking effect from June 1, 2025.