Decree No. 75-CP Regarding the establishment of the State Securities Commission

DECREE OF THE GOVERNMENT

Regarding the establishment of the State Securities Commission

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THE GOVERNMENT

Pursuant to the Government Organization Law dated September 30, 1992;

To promote the formation and development of the securities market and manage securities activities in Vietnam;

Considering the proposal of the Head of the Market Preparation Board for the Securities Market and the Minister, Head of the Organization-Cadre Board of the Government, 

DECREE:

Article 1. The State Securities Commission is established as an agency under the Government to perform the function of organizing and managing state affairs concerning securities and the securities market.

The State Securities Commission has legal personality, bears the seal with the National Emblem, maintains a separate account, and its operational budget is provided by the state budget. The staffing of the Commission falls within the state management quota. The State Securities Commission has its headquarters in Hanoi and a representative office in Ho Chi Minh City.

Article 2. The State Securities Commission has the main tasks and powers as follows:

1. Drafting legal documents on securities and the securities market to submit to competent authorities for consideration and decision, and organizing and guiding the implementation of such documents.

2. Taking the lead and coordinating with relevant ministries and sectors to organize the construction and development of the securities market in Vietnam.

3. Issuing, suspending, or revoking licenses for securities trading companies, securities consulting companies, investment funds, fund management companies, and entities issuing securities for trading on the securities market according to government regulations.

4. Establishing and managing service organizations and auxiliary organizations for securities market activities according to the law.

5. Submitting to the Prime Minister for decision on establishing, suspending operations, or dissolving stock exchanges.

6. Inspecting and supervising the activities of stock exchanges and organizations related to the issuance, trading, and services of securities.

7. Issuing regulations on listing, announcement of issuance, information on transactions, buying and selling of securities; negotiating with the Ministry of Finance to establish fees and charges related to the issuance and trading of securities.

8. Organizing training to enhance the professional skills of securities management and trading staff and securities market personnel.

9. Cooperating with international organizations and countries regarding securities and the securities market according to government regulations.

10. Taking the lead and coordinating with relevant agencies to apply necessary measures to ensure that securities market activities proceed effectively and in accordance with the law.

11. Managing the material infrastructure and organizational structure, civil servants, and officials of the Commission according to government regulations.

12. Performing other tasks assigned by the Prime Minister.

Article 3. The State Securities Commission has a Chairman, Deputy Chairmen, and members concurrently serving as Deputy Ministers of the Ministries of Finance, Justice, Planning and Investment, and the State Bank.

The Chairman and Deputy Chairmen are appointed and relieved from duty by the Prime Minister, while the concurrently serving members are nominated by their respective ministries and the State Bank. The Minister, Head of the Organization-Cadre Board of the Government, submits to the Prime Minister for decision on the appointment and relief from duty of the Chairman, Deputy Chairmen, and the list of concurrently serving members of the State Securities Commission.

The Chairman of the Commission is responsible to the Prime Minister for all activities of the Commission. The tasks of the Deputy Chairmen and members are assigned by the Chairman of the Commission.

Article 4. The working apparatus of the State Securities Commission includes:

- Department of Securities Market Development,

- Department of Securities Issuance Management,

- Department of Securities Trading Management,

- Department of International Relations,

- Department of Cadre Organization and Training,

- Inspectorate;

- Office.

The tasks, powers, and staffing of these units are decided by the Chairman of the State Securities Commission.

Article 5. This Decree takes effect from the date of issuance.

Abolishing Decision No. 361/TTg of the Prime Minister dated June 20, 1995, regarding the establishment of the Market Preparation Board for the Securities Market.

Article 6. The Chairman of the State Securities Commission, Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairmen of People's Committees of provinces and centrally governed cities are responsible for implementing this Decree.