Consolidated Document number 44/VBHN-BTC stipulates the level of collection, the system of collection, payment, management, and use of fees for inspection, evaluation, and issuance of international security certificates for ships.

CIRCULAR[1]

Regulations on trading of listed shares, registered securities transactions, fund certificates, corporate bonds, and guaranteed warrant listings on the securities trading system

Circular No. 120/2020/TT-BTC dated December 31, 2020, issued by the Minister of Finance, stipulating transactions of listed shares, registered transactions, fund certificates, corporate bonds, and guaranteed warrant listings on the securities trading system, shall take effect from February 15, 2021, has been amended and supplemented by:

Circular No. 68/2024/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amending and supplementing certain provisions of Circulars regulating securities transactions on the securities trading system; netting and settlement of securities transactions; activities of securities companies and information disclosure on the securities market, shall take effect from November 2, 2024.

Pursuant to Securities Law No. 54/2019/QH14 dated November 26, 2019;

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 to stipulate transactions of listed shares, registered transactions, fund certificates, corporate bonds, and guaranteed warrant listings on the securities trading system.[2]

Article 1. Scope of Regulation and Applicability

1. This Circular regulates trading of listed shares, registered securities transactions, fund certificates, corporate bonds, and guaranteed warrant listings on the securities trading system.

第二条 组织和实施奖励工作的支出水平，如政府第152/2025/NĐ-CP号决定关于分级授权和奖励领域的分权规定

a) Investors;

b) Securities companies, depositary members, clearing members, and investment fund management companies;

c) Vietnam Stock Exchange; Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange (hereinafter referred to as the Stock Exchange);

d) Vietnam Securities Depository and Central Counterparty Corporation;

đ) Other agencies, organizations, individuals related to the matter;

Article 2. Interpretation of Terms

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

1. Price fluctuation range is the limit of price fluctuation of securities within a trading day, calculated as a percentage (%) relative to the reference price.

2. Market circuit breaker (Circuit breaker) is an automatic mechanism for suspending trading during a trading session when the price of securities or stock index reaches predetermined levels on the securities trading system.

3. Reference price is the price determined by the Stock Exchange and used as the basis for determining the highest price (ceiling price) and the lowest price (floor price) within a trading day.

4. Centralized matching method is a trading method implemented on the securities trading system based on matching buy orders and sell orders for securities. The centralized order matching method includes periodic order matching and continuous order matching.

5. Periodic Order Matching is a trading method implemented on the securities trading system based on matching buy orders and sell orders of securities at a specified time.

6. Continuous matching is a trading method implemented on the securities trading system based on matching buy orders and sell orders of securities immediately upon entry into the securities trading system.

7. Negotiated trading method is a trading method where the parties involved in the transaction agree on the terms of the transaction through a trading member on the securities trading system; or the parties involved in the transaction agree and execute the transaction, then record the transaction results through a trading member into the securities trading system.

8. Day trading is a trading activity involving buying and selling the same security code that the investor does not yet own with the same volume of trade, conducted on the same account and within the same trading day.

9. Mandatory purchase transaction (buy-in) is a transaction to purchase securities to ensure sufficient quantity of securities for settlement of trades lacking securities according to the law.

10. Margin trading at a securities company (hereinafter referred to as margin trading) is a transaction to purchase securities using borrowed funds from a securities company, wherein the securities obtained from this transaction and other securities subject to margin trading of the investor are used as collateral for the loan.

11. Short selling with collateral (hereinafter referred to as short selling with collateral) is a transaction to sell securities that have been borrowed through the securities lending and borrowing system of the Vietnam Securities Depository and Central Counterparty Corporation. The seller must subsequently repurchase the same number of securities to repay the loan.

12. Pending securities are securities that an investor has purchased on the securities trading system on previous trading days and are currently in the process of completing ownership transfer.

13. Odd-lot securities trading is a trading activity involving a quantity of securities smaller than a trading unit.

Article 3. Securities Trading Organization

1. The securities trading organization shall organize securities trading through centralized matching and negotiated trading methods based on the following principles:

a) Centralized matching on the securities trading system must ensure the price priority and time priority principles;

b) Negotiated trading on the securities trading system shall be conducted according to the principle that the parties involved in the transaction negotiate and agree on the terms of the transaction.

2. Securities specified in Clause 1 Article 1 of this Circular can be traded on the securities trading system excluding cases of transferring ownership outside the securities trading system as provided for by laws on registration, custody, netting, and settlement of securities transactions. The stock exchange may organize mandatory purchase sessions (buy-in) through the securities trading system.

3. The Vietnam Stock Exchange promulgates the trading rules for securities including the following basic contents: trading methods; trading hours; reference price determination method; security price fluctuation range; market circuit breaker mechanism (if any); types of trading orders; order modification and cancellation procedures; establishment and removal of securities transactions; suspension of trading, partial or full cessation of trading of a security code; publication of transaction results information and other related contents.

Article 4. Price Fluctuation Range

1. The Vietnam Securities Trading Corporation shall decide on the price fluctuation range after obtaining approval from the State Securities Commission.

2. In case of necessity to stabilize the market, the State Securities Commission decides to adjust the price fluctuation range and publish information on the State Securities Commission's Electronic Information Portal.

Article 5. Market Circuit Breaker Mechanism

1. The Vietnam Securities Trading Corporation shall decide on the market circuit breaker mechanism after obtaining approval from the State Securities Commission.

2. Based on the actual conditions of the market, the State Securities Commission shall decide to apply the market circuit breaker mechanism or a combination of the market circuit breaker mechanism with the price fluctuation range.

Article 6. Securities Trading Accounts

1. Investors must open a securities trading account at a securities company that is a trading member to conduct securities transactions as stipulated in this Circular; bear responsibility for providing complete and accurate customer identification information when opening a securities trading account and comply with the following regulations:

a) During the period before implementing securities netting and settlement activities under the central counterparty mechanism, investors conduct securities transactions and settle transactions through their securities trading accounts and securities custody accounts without having to open a securities netting margin account;

b) After the implementation of securities netting and settlement activities under the central counterparty mechanism, investors must have a securities netting margin account at a netting member before conducting securities transactions. If the investor opens a securities netting margin account at a netting member which is a custodian bank, the investor may only open a securities trading account at a trading member that is also a netting member or at a non-netting trading member with a netting and settlement agency agreement with the common custodian bank where the investor opens the securities netting margin account.

2. Investors may open multiple securities trading accounts according to the principle that each investor may only open one securities trading account at each securities company, except for the cases stipulated in Clauses 4, 5, 6, 7, and 8 of this Article. Article 9, Article 10 and Article 11 of this Circular.

3. For each securities trading account, the investor may only open one margin account for netting at a clearing member.

4. A securities investment fund management company may open multiple securities trading accounts at each securities company according to the following principles:

a) 01 securities trading account to conduct its own securities business;

b) 02 securities trading accounts to manage investment portfolios for entrusted investors, including 01 account for trading securities for domestic entrusted investors and 01 account for trading securities for foreign entrusted investors;

c) Each investment fund or securities company managed by the fund management company may open one securities trading account in the name of the investment fund or securities company at each securities company.

5. A branch of a foreign fund management company in Vietnam may open 02 securities trading accounts at each securities company, including 01 securities trading account for conducting transactions for itself and 01 securities trading account for conducting transactions for foreign entrusted investors;

6. A securities company may open a securities trading account according to the following principles:

a) A securities company engaged in proprietary trading and a member of the Vietnam Stock Exchange may only open 01 proprietary securities trading account at its own company and shall not open any securities trading accounts at other securities companies, except as provided in point d of this clause;

b) In the case where a securities company has been deprived of its membership status with the Vietnam Stock Exchange, the securities company may open a securities trading account at another securities company that is a member of the Vietnam Stock Exchange to handle remaining securities on its proprietary trading account;

c) A securities company may open 01 market-making securities trading account for listed and registered securities and 01 securities trading account for covered call option risk management at its own company to conduct transactions for these activities;

d) A securities company that is not a member of the index fund creation committee may open a securities trading account at a member of the index fund creation committee. This account is used to execute primary market index fund share swap transactions, secondary market sales of structured securities and index fund shares obtained from swap transactions, and secondary market purchases of structured securities and index fund shares to execute swap transactions, and shall not be used for other securities transactions;

đ) Other securities trading accounts as prescribed by relevant laws.

7. Foreign securities business organizations may open two securities trading accounts at each securities company as follows:

a) 01 securities trading account to conduct proprietary trading activities;

b) One brokerage trading account for conducting brokerage activities for other foreign investors.

8. Insurance enterprises may open two securities trading accounts at each securities company as follows:

a) 01 securities trading account to trade using its own capital. In the case where an insurance enterprise has a foreign investor owning more than 50% of its charter capital, securities transactions on this account are subject to regulations on foreign ownership in the securities market;

b) 01 securities trading account to trade using domestic insurance premium income from insurance policy funds as stipulated by insurance business laws. Securities transactions on this account are not subject to regulations on foreign ownership in the securities market;

9. Securities companies shall not reuse account codes of closed trading accounts to open trading accounts for new clients.

Article 7. Securities Trading

1. During the period before the implementation of securities settlement and clearing through central counterparty mechanisms, securities purchase transactions shall be conducted as follows:

a) [3]An investor must have sufficient funds when placing a buy order for securities, except in the following cases:

- An investor engaging in margin trading as prescribed in Article 9 of this Circular;

- An organization established under foreign law participating in investment in the Vietnamese securities market (hereinafter referred to as a foreign organizational investor) purchasing stocks does not need to have sufficient funds when placing orders as prescribed in Article 9a of this Circular.

b) Securities companies shall be responsible for monitoring the balance of securities and cash balances (except in cases where investors open deposit accounts at depositary banks), and checking the validity and legality of investors' trading orders.

2. After the implementation of securities settlement and clearing through central counterparty mechanisms, securities purchase transactions shall be conducted as follows:

a) Investors placing buy orders for securities must have sufficient collateral assets for settlement with clearing members in accordance with the provisions of the law on registration, custody, clearing, and settlement of securities transactions;

b) The securities company where the investor opens a trading account may only enter the order into the securities trading system when the investor has met the requirements for settlement collateral as stipulated and requested by the clearing member. In cases where the investor opens a trading account, a settlement collateral account with the securities company, and a deposit account at a depositary bank, the securities company enters the order into the securities trading system upon receipt of a guarantee or confirmation from the depositary bank regarding the fulfillment of the investor's settlement collateral and payment requirements based on the agreement between the securities company and the depositary bank;

c) The monitoring and confirmation of securities and fund balances prior to securities transactions shall be carried out according to laws on settlement and clearing of securities transactions.

3. Investors may only place sell orders for securities that are permitted to trade and are available in their deposit accounts on the trading day, except in the following cases: fund management organizations may sell fund certificates and structured securities when they ensure having sufficient fund certificates and structured securities to transfer before the payment deadline according to the regulations of Vietnam Securities Depository Corporation; intraday trading as provided for in Article 10 of this Circular; selling securities pending receipt.

Depending on market conditions, the State Securities Commission may implement the sale of pending securities.

4. Investors are not allowed to place simultaneous buy and sell orders for the same security code in the same periodic matching session, except for orders that were entered into the securities trading system in the previous trading session but were not matched and remain valid.

5. Securities companies shall be responsible for controlling simultaneous buy and sell orders in the same periodic matching session placed by investors on trading accounts opened at their own company.

6. Foreign securities business organizations are permitted to use the brokerage trading account specified in point b Clause 7 Article 6 of this Circular to simultaneously place buy and sell orders for the same security code in each matching session (periodic or continuous) or negotiated transactions, but must ensure that the buy and sell orders for securities are not from the same foreign investor.

Article 8. Public companies trading their own shares

1. Public companies purchasing their own shares on the securities trading system must comply with the following provisions:

a) Public companies must execute share repurchase transactions in accordance with the information disclosed in accordance with Clause 4 Article 37 of the Securities Law;

b) The principle for determining the purchase price for repurchasing their own shares through matching orders or agreements shall be as follows:

- Buy price ≤ Reference price + (Reference price x 50% of the stock price fluctuation range);

- Volume of buy orders: On each trading day, the total minimum volume of buy orders is 3% and the maximum is 10% of the registered trading volume with the State Securities Commission (the volume of buy orders does not include canceled orders and this provision is exempted when the remaining purchase volume is less than 3%).

This provision applies until the public company completes the transaction to repurchase its own shares with the volume registered with the State Securities Commission.

2. Public companies that repurchase their own shares may sell the repurchased shares according to the provisions of Clause 7 Article 36 of the Securities Law. The sale of repurchased shares is conducted through the securities trading system in accordance with the trading rules of the Vietnam Stock Exchange or outside the securities trading system in accordance with the laws on registration, custody, clearing, and settlement of securities transactions.

3. Except for the case prescribed in Clause 2 of this Article, public companies that repurchase their own shares before January 1, 2021 may sell the repurchased shares through matching or negotiated transactions as follows:

- Sell price ≥ Reference price - (Reference price x 50% of the stock price fluctuation range);

- Volume of sell orders: On each trading day, the total minimum volume of sell orders is 3% and the maximum is 10% of the registered trading volume with the State Securities Commission (the volume of sell orders does not include canceled orders and this provision is exempted when the remaining sale volume is less than 3%).

Article 9. Margin Trading

1. Before engaging in margin trading, investors must sign a margin trading contract with a securities company authorized to provide customer loan services for purchasing securities in accordance with the law. The margin trading contract also serves as a loan contract for margin trading accounts. The margin trading contract must minimally include provisions on collateral for margin trading, the period for additional margin deposits, handling of collateral for margin trading when the investor fails to make additional margin deposits; methods for resolving disputes that arise; clearly stating potential risks, losses that may occur, and costs that customers must pay.

2. Foreign investors are not allowed to conduct margin trading.

3. At each securities company where the investor opens a securities trading account, the investor may only open one margin trading account. A margin trading account can be a separate account, managed separately, or recorded as a sub-account of the existing securities trading account of the investor. The securities company must record margin trading accounts separately from ordinary securities trading accounts of individual investors, and separate margin trading accounts and ordinary securities trading accounts among different investors.

4. Securities eligible for margin trading are listed and traded stocks, listed fund certificates on the securities trading system, and must meet the following basic criteria: listing time, scale of capital and business results of the issuer; liquidity and price volatility (if applicable); transparency of information and other criteria set by the State Securities Commission. The stock exchange publishes a list of securities eligible for margin trading or not eligible for margin trading based on the criteria established by the State Securities Commission.

5. Based on the list of securities eligible for margin trading or not eligible for margin trading published by the stock exchange, securities companies select the list of securities to be traded on margin at their company and disclose such information in accordance with the law.

6. The investor shall ensure the initial margin ratio and the maintenance margin ratio according to the contract signed with the securities company. When the margin ratio in the investor's margin trading account falls below the maintenance margin ratio, the securities company shall issue a margin call for additional margin. Securities that are not permitted to be traded on margin shall not be included in the collateral when determining the initial margin ratio and the maintenance margin ratio for margin trading. If the investor fails to provide additional margin, the securities company has the right to sell the securities serving as collateral in accordance with the terms of the margin trading account opening contract. Prior to selling the securities serving as collateral, the securities company shall disclose information in accordance with the law and notify the investor of the results of the sale of securities serving as collateral so that the investor can fulfill their obligation to report ownership and disclose transaction information in accordance with the law (if applicable).

7. A securities company that no longer meets the conditions for providing services to customers borrowing money to purchase securities must immediately cease signing new contracts, extending existing margin trading account opening contracts, stop lending funds for margin trading transactions, and report in writing to the State Securities Commission within 48 hours from the occurrence of such event.

8. The State Securities Commission promulgates guidelines for margin trading operations at securities companies.

9. In necessary cases to stabilize the market, the State Securities Commission has the authority to require the suspension of margin trading at securities companies.

Article 9a. Foreign investors who are organizations engaging in the purchase of shares without having sufficient funds at the time of placing orders.[4]

1. The securities company shall assess the foreign organization investor’s payment risk to determine the amount of funds required at the time of placing orders to purchase shares (if any), based on the agreement between the securities company and the foreign organization investor or its authorized representative.

2. In case the foreign organization investor does not pay the full amount for the share purchase transaction,, the obligation to pay the shortfall in the transaction shall be transferred to the securities company where the foreign organization investor placed the order through the proprietary account, except in the case provided for in Clause 5 of this Article.

3. The securities company may transfer ownership outside the securities trading system in accordance with Point q1, Clause 2, Article 6 of Circular No. 119/2020/TT-BTC dated December 31, 2020, issued by the Minister of Finance, regarding securities registration, custody, settlement, and securities trading payments, or the agreement on the securities trading system for the number of shares transferred to its proprietary account due to the foreign organization investor's failure to pay the share purchase transaction as stipulated in Clause 2 of this Article, no later than the next trading day following the date the shares are recorded in the proprietary account of the securities company, while ensuring that it does not exceed the maximum limit of foreign investor ownership as prescribed by law for those shares. Any losses, gains, and other costs arising from the implementation of transactions as stipulated in Clauses 2 and 3 of this Article shall be carried out in accordance with the agreement between the securities company and the foreign organization investor or its authorized representative.

4. Except for transactions specified in Clause 3 of this Article, the securities company shall sell the shares on the securities trading system for the number of shares transferred to its proprietary account. Any losses, gains, and other costs arising from the implementation of transactions as stipulated in Clauses 2 and 4 of this Article shall be carried out in accordance with the agreement between the securities company and the foreign organization investor or its authorized representative.

5. The depositary bank where the foreign organization investor opens a securities deposit account shall be responsible for paying the shortfall in the transaction and any incurred costs (if any) in cases where there is a discrepancy in the balance of deposits between the foreign organization investor and the securities company, leading to insufficient funds for the share purchase transaction.

Article 10. Day Trading Transactions

1. Investors may engage in day trading after signing a day trading contract with a securities company providing securities lending services. The day trading contract must include provisions allowing the securities company to conduct lending transactions and mandatory purchase transactions to support settlement in cases of shortages of securities for delivery as required by law for securities settlement and trading. The day trading contract must clearly state the risks, damages, and costs that the investor must pay.

2. Day trading activities must ensure compliance with the following principles:

a) At each securities company where the investor opens a securities trading account, the investor may only open one day trading account. The day trading account may be a separate account, managed separately, or recorded as a sub-account of the investor's existing securities trading account. The securities company must keep the day trading account separate from the investor's regular securities trading account and margin trading account (if any);

b) Investors engaging in day trading must comply with the provisions set forth in Clause 4, Article 7 of this Circularand may not engage in day trading for odd-lot transactions and negotiated transactions;

c) The securities company has the right to select the stock codes listed in the list of securities allowed to trade on margin at the securities company to facilitate day trading for investors. The list of securities eligible for day trading must be publicly disclosed on the securities company's website;

d) Investors are responsible for placing trading orders, ensuring that the total number of securities on sell orders equals the total number of the same securities on buy orders on the same trading day, and vice versa. If the total number of securities on executed sell orders exceeds the total number of securities on executed buy orders or vice versa, the securities company shall be responsible for settling the shortfall in cash or securities on the settlement date for the investor.

đ) The securities company must refuse to execute day trading orders from investors when it cannot guarantee sufficient funds for payment and securities for delivery at the settlement date.

e) The investor shall be responsible for compensating for any losses and paying to the securities company all costs arising from mandatory purchase activities, securities lending, borrowing funds to support settlement in cases where there is insufficient money for settlement, or insufficient securities to transfer on the settlement date as stipulated in the intra-day trading transaction contract signed with the securities company and relevant laws.

g) The securities company has the right to require investors to deposit collateral in cash or securities before allowing them to conduct day trading transactions.

h) In a trading day, the total value of intra-day transactions (determined based on the total value of purchases and sales completed) at each securities company shall not exceed a specified ratio relative to the securities company's equity capital. The volume of securities traded intra-day at each securities company shall not exceed a specified ratio relative to the circulating volume of securities. These ratios shall be implemented according to the regulations of the State Securities Commission.

3. Intra-day trading activities shall not be conducted during a period of five (05) working days prior to the final registration date for exercising rights attached to the securities subject to intra-day trading.

4. In case of necessity to stabilize the market, the State Securities Commission has the right to request a temporary suspension of day trading activities.

5. A securities company that does not meet the conditions for providing securities lending services must immediately cease signing new, extending existing intra-day trading contracts, prohibit investors from conducting intra-day trading, and report in writing to the State Securities Commission within forty-eight hours from the occurrence of such events.

6. Depending on market conditions, the State Securities Commission may implement intra-day trading activities. The State Securities Commission shall issue regulations guiding intra-day trading.

Article 11. Short selling with collateral

1. The securities lending transaction contract on the lending and borrowing system at the Vietnam Securities Depository and Clearing Corporation for implementing short selling with collateral must include provisions regarding collateral assets, loan interest rate, loan term, loan extension, handling of collateral assets when the investor fails to return the securities, dispute resolution methods, clearly stating potential risks, damages that may arise, and costs.

2. An investor opening a short selling account with collateral at a securities company providing securities lending services, where the investor opens a trading account to conduct short selling with collateral. The short selling account with collateral is a separate account or recorded as a sub-account of the existing securities trading account of the investor. The securities company must record the short selling account with collateral separately from the margin trading account, intra-day trading account, and regular securities account of each investor.

3. Securities permitted for short selling with collateral are listed shares, fund certificates registered for trading on the securities trading system and meeting criteria related to listing time, trading registration; scale of capital and business results of the issuer; liquidity and price volatility (if applicable); transparency of information and other criteria as guided by the State Securities Commission. The stock exchange shall publish a list of securities eligible for short selling with collateral or ineligible for short selling with collateral based on criteria set by the State Securities Commission.

4. Short selling with collateral shall not be conducted during a period of five (05) working days prior to the final registration date for exercising rights attached to the securities subject to short selling with collateral.

5. Depending on market conditions, the State Securities Commission implements short selling with collateral activities. The State Securities Commission issues regulations guiding short selling with collateral transactions.

6. In cases deemed necessary to ensure the safety of the securities market operations, the State Securities Commission may require securities companies to temporarily suspend short selling with collateral activities.

Article 12. Market Making Transactions

1. Market making transactions must comply with the following principles:

a) Trading members participating in market making must act honestly and in good faith when performing market making functions to ensure effective and stable market operation;

b) Depending on market conditions, market-making participants may quote two-way prices or one-way prices for the securities they have registered for market-making according to the regulations of the Vietnam Stock Exchange and the market-making contract. The securities requiring liquidity creation, the duration of market-making, quotation methods, price spread limits between bid and ask prices, quotation ratios, quotation maintenance periods, and circumstances allowing temporary suspension of trading shall be carried out according to the regulations of the Vietnam Stock Exchange and the market-making contract (if any).

c) Market-making participants may only place limit orders for market-making transactions. Market-making participants may simultaneously conduct market-making transactions and proprietary trading but must ensure pricing principles according to the regulations of the Vietnam Stock Exchange.

2. Market-making participants may quote prices to simultaneously buy and sell the securities designated as market makers in the same matching session. These transactions must be conducted through the market-making account.

3. The Vietnam Stock Exchange is responsible for developing and issuing guidelines for market making activities after approval by the State Securities Commission.

4. The Vietnam Stock Exchange has the authority to terminate or suspend the market-making activities of market-making participants for one or several securities if the market-making participant fails to fully fulfill their obligations, responsibilities, and regulations of the Vietnam Stock Exchange and violates the terms of the market-making contract (if any).

Article 13. Effective Date[5]

This Circular takes effect from February 15, 2021, and replaces Circular No. 203/2015/TT-BTC dated December 21, 2015, issued by the Minister of Finance guiding securities trading on the securities market.

Article 14. Implementation Organization

The State Securities Commission, the Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, securities companies, depositary members, clearing members, investment fund management companies, and other related organizations and individuals are responsible for implementing this Circular./.

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

- Circular No. 120/2020/TT-BTC dated December 31, 2020, issued by the Minister of Finance, stipulates transactions of listed shares, registered transactions, fund certificates, corporate bonds, and guaranteed warrants listed on the securities trading system.

- Circular No. 68/2024/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amends and supplements certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market.

This consolidated document does not replace the above two Circulars.

[2] Circular No. 68/2024/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amending and supplementing certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market, is based on the following grounds for issuance:

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

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. 14/2023/NĐ-CP dated April 20, 2023, 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 to amend and supplement certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market.

[3] This Clause is amended and supplemented according to the provisions of Clause 1, Article 1 of Circular No. 68/2024/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amending and supplementing certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market, which takes effect from November 2, 2024.

[4] This provision is added according to the provisions of Clause 2, Article 1 of Circular No. 68/2024/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amending and supplementing certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market, which takes effect from November 2, 2024.

[5] Article 5 of Circular No. 68/2020/TT-BTC dated September 18, 2024, issued by the Minister of Finance, amending and supplementing certain provisions of Circulars regulating securities transactions on the securities trading system; settlement and payment of securities transactions; activities of securities companies, and information disclosure on the securities market, which takes effect from November 2, 2024, is stipulated as follows:

"Article 5. Implementation Provisions

1. This Circular takes effect from November 2, 2024.

2. Vietnam Securities Depository and Clearing Corporation shall implement settlement and payment of securities transactions and manage and utilize the settlement support fund according to the provisions of Article 35a and Clause 3, Article 45 of Circular No. 119/2020/TT-BTC until the central counterparty clearing mechanism for settlement and payment of securities transactions is officially implemented.

3. The State Securities Commission, Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, Vietnam Securities Depository and Clearing Corporation, securities companies, depository participants, and other relevant organizations and individuals are responsible for implementing this Circular.