Circular No. 57/2021/TT-BTC stipulates the roadmap for restructuring the stock trading market, the bond trading market, the derivatives securities trading market, and other types of securities trading markets.

CIRCULAR
Regulations on the timeline for restructuring the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading market
The Minister of Finance issues this Circular to regulate the timeline for restructuring the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading market.

Pursuant to the Securities Law promulgated on 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;

Pursuant to Decision No. 37/2020/QĐ-TTg dated December 23, 2020, of the Prime Minister, establishing, organizing, and operating the Vietnam Stock Exchange;

Part I. 

This Circular regulates the timeline for restructuring the stock trading market, bond trading market, derivatives securities trading market, and other types of securities trading market pursuant to point a, Clause 3, point a, Clause 4, Article 2, and point g, Clause 1, Article 6 of Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on the establishment, organization, and operation of the Vietnam Stock Exchange.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

1. The Vietnam Stock Exchange, Hanoi Stock Exchange, and Ho Chi Minh City Stock Exchange.

Article 2. Applicability

1. The restructuring of the securities trading market must comply with the Securities Law and detailed implementing regulations; ensure consistency with the functions and responsibilities of the Vietnam Stock Exchange, Hanoi Stock Exchange, and Ho Chi Minh City Stock Exchange as stipulated in Decision No. 37/2020/QD-TTg dated December 23, 2020 of the Prime Minister on the establishment, organization, and operation of the Vietnam Stock Exchange.

2. Public companies, listed organizations, and organizations registered for trading.

3. Other relevant agencies, organizations, and individuals.

Article 3. Principles for restructuring the securities trading market

2. The implementation of the timeline for restructuring the securities trading market must ensure compatibility with the actual conditions regarding organizational structure, human resources, and business operations of the Hanoi Stock Exchange and Ho Chi Minh City Stock Exchange; be linked to the deployment and operation of the new securities market information technology system; not generate additional costs for listed organizations and organizations registered for trading; not affect the securities trading activities of investors; and not impact the development timeline for new products.

TIMELINE FOR RESTRUCTURING THE STOCK TRADING MARKET, BOND TRADING MARKET, DERIVATIVES SECURITIES TRADING MARKET, AND OTHER TYPES OF SECURITIES TRADING MARKET

3. The implementation of the restructuring timeline for the securities trading market must ensure objectivity, transparency, fairness, and effectiveness.

Chapter II

2. Within the time limit specified in Clause 1 of this Article, the Ho Chi Minh City Stock Exchange shall organize the stock trading market, fund certificates, and warrant trading markets for listed securities, and the stock trading market for organizations registered for trading according to the following provisions:

a) Continue organizing the trading market for stocks, fund certificates, and warrants that have been listed at the Ho Chi Minh City Stock Exchange before the effective date of this Circular;

g) Accept and review new registration applications for stock trading from organizations after completing the acceptance of stocks from organizations registered for trading from the Hanoi Stock Exchange as stipulated in point e of this clause.

b) Organize trading for newly registered listed fund certificates and guaranteed warrants;

a) Continue organizing the trading market for stocks that have been listed or registered for trading at the Hanoi Stock Exchange before the effective date of this Circular until the completion of the transfer of listed and registered stocks from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange as stipulated in points d and e of this clause;

3. Within the time limit specified in Clause 1 of this Article, the Hanoi Stock Exchange shall organize the stock trading market in accordance with the following provisions:

đ) Continue organizing the trading market for stocks of organizations that have registered for trading and accepting new registration applications for trading from organizations at the Hanoi Stock Exchange until the completion of the transfer of stocks of organizations registered for trading to the Ho Chi Minh City Stock Exchange as stipulated in point e of this clause;

4. The Vietnam Stock Exchange shall develop a plan to transfer the stocks of listed and registered organizations from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange as stipulated in points đ and e of Clause 2, and points d and e of Clause 3 of this Article, and report to the State Securities Commission before implementation.

1. By June 30, 2025, the Ho Chi Minh City Stock Exchange shall unify the organization of the stock trading market, fund certificate trading market, and warrant trading market for listed securities, and the stock trading market for organizations registered for trading in accordance with the Securities Law and its guiding regulations.

Article 5. Reorganizing the bond trading market

1. By no later than December 31, 2022, the Hanoi Stock Exchange shall unify the organization of the bond trading market in accordance with the provisions of the Securities Law and the guiding documents.

2. Within the time limit specified in Clause 1 of this Article, the Hanoi Stock Exchange and the Ho Chi Minh City Stock Exchange shall organize the bond trading market as follows:

a) The Hanoi Stock Exchange shall organize the trading market for government bonds, government-guaranteed bonds, local government bonds; organize the trading market for listed corporate bonds; organize the trading market for individual corporate bonds; accept listed corporate bonds transferred from the Ho Chi Minh City Stock Exchange and accept new listing applications for corporate bonds.

b) The Ho Chi Minh City Stock Exchange shall continue to organize the trading market for local government bonds listed before the effective date of this Circular until their maturity date; transfer listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange and shall not accept new listing applications for corporate bonds.

c) By no later than December 31, 2021, the Ho Chi Minh City Stock Exchange shall complete the transfer of listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange.

3. The Vietnam Stock Exchange shall develop a plan to transfer listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange in accordance with Point c of Clause 2 of this Article and report to the State Securities Commission before implementation.

In case the Vietnam Stock Exchange has not commenced operations by September 30, 2021, the Ho Chi Minh City Stock Exchange shall be responsible for developing a plan to transfer listed corporate bonds from the Ho Chi Minh City Stock Exchange to the Hanoi Stock Exchange in accordance with Point c of Clause 2 of this Article, based on coordination with the Hanoi Stock Exchange, and report to the State Securities Commission before implementation.

Article 6. Reorganizing the derivatives trading market

The Hanoi Stock Exchange shall organize the derivatives securities trading market in accordance with the provisions of the Securities Law and the guiding documents.

Article 7. Handling registration applications for listed securities during the implementation of the plan to transfer listed securities

1. An organization that has been approved by the Hanoi Stock Exchange to list or register for trading before the completion of the transfer of listed or registered shares from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange but has not yet commenced trading within the time limit prescribed in Decree No. 155/2020/ND-CP shall not need to reapply for approval to list or register for trading.

3. In cases where an organization has submitted an application to register for trading its shares with the Hanoi Stock Exchange before the completion of the transfer of registered shares from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange as stipulated in Point e of Clause 2 and Point e of Clause 3 of Article 4 of this Circular but has not received approval to register for trading, the Hanoi Stock Exchange shall be responsible for transferring the organization's trading registration application to the Ho Chi Minh City Stock Exchange so that the Ho Chi Minh City Stock Exchange can continue to process the organization's trading registration application in accordance with the law.

The deadline for transferring the trading registration application shall be no later than one working day from the date of completion of the transfer of registered shares from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange.

4. In cases where an organization has submitted an application to list its bonds with the Ho Chi Minh City Stock Exchange before the effective date of this Circular but has not received approval to list, the Ho Chi Minh City Stock Exchange shall be responsible for transferring the organization's listing application to the Hanoi Stock Exchange no later than three working days from the effective date of this Circular so that the Hanoi Stock Exchange can continue to process the organization's listing application in accordance with the law.

5. The Hanoi Stock Exchange and the Ho Chi Minh City Stock Exchange shall be responsible for notifying the organization about the transfer of the organization's listing and trading registration applications within one working day from the date of transferring the organization's listing and trading registration applications in accordance with Clause 2, 3, and 4 of this Article.

Chapter III

IMPLEMENTING PROVISIONS

Article 8. Effective Date

1. This Circular takes effect from July 20, 2021.

2. This Circular abolishes all of the following regulatory legal documents:

a) Circular No. 180/2015/TT-BTC dated November 13, 2015 of the Minister of Finance guiding the registration of securities trading on the trading system for unlisted securities;

b) Circular No. 13/2019/TT-BTC dated March 15, 2019 of the Minister of Finance amending and supplementing some articles of Circular No. 180/2015/TT-BTC dated November 13, 2015 guiding the registration of securities trading on the trading system for unlisted securities;

c) Circular No. 202/2015/TT-BTC dated December 18, 2015, issued by the Minister of Finance, guiding the listing of securities on the Stock Exchange.

d) Circular No. 29/2017/TT-BTC dated April 12, 2017, issued by the Minister of Finance, amending and supplementing certain provisions of Circular No. 202/2015/TT-BTC dated December 18, 2015, guiding the listing of securities on the Stock Exchange.

Article 9. Implementation Organization

1. The State Securities Commission shall be responsible for directing the Vietnam Stock Exchange, the Hanoi Stock Exchange, and the Ho Chi Minh City Stock Exchange to implement the reorganization of securities trading markets according to the schedule prescribed in this Circular. In case the new securities market information technology system does not proceed according to schedule, the State Securities Commission shall report to the Minister of Finance to issue a Circular adjusting the schedule for reorganizing the securities trading markets.

2. The Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh City Stock Exchange, listed organizations, registration organizations, public companies, and other related organizations and individuals shall be responsible for implementing this Circular.