Tiếng Việt
普通话
Regulations to Issue in Q4/2011
Vu Bang said the SSC has sent proposal of stimulating stock market operation and tightening management to the Ministry of Finance to submit to the government. The regulation is expected to issue on the fourth quarter of this year.
Open-ended Fund circular
New products such as: open funds, securities investment firms, property investment firms, optional pension funds to develop professional investors for the stock market.
SSC planned to issue open-ended fund circular in Q4/2011 and other funds in Q1-3/2012.
The SSC also planned to issue FII management project in Q4/2011.
Regulations to Issue in 2012
The government has approved to develop global depositary receipts which will be piloted with some companies in 2011 and massively apply after issuing guidance circular in Q1/2012.
SSC researched and will introduce EFTs in stock exchanges and build new indexes for the market. The proposal for these will be ready in 2012.
Extended trading hours, preparing to list treasury bonds on the stock market and proposal for establishing credit rating agency will be conducted in 2012.
Other proposals:
Securities company restructuring proposal: the proposal has been sent to the Prime Minister to be deploy in 2012-2015.
Derivatives market: SSC is building the project and will develop draft decree on the derivative stock market in 2012, and develop infrastructure for the market to be put into operation in 2014.
Securities trading mechanism: SSC made proposal to submit to the MOF and will deploy conditions for the mechanism to apply in 2012.
To raise listing standard, listed share quality and trading: SSC will build criteria to add to the draft decree and circulars to be issued in Q1/2012
The SSC also proposed the government to extend tax exemption under Decision No 08/2011/QH13 of 6 August, 2011.
The SSC will work with the State Bank of Vietnam on cooperating solutions to stock market in terms of credit, clearing and settlement system, restructuring securities companies which are banks’ arms.
The SSC planned to issue Decree guiding circulars ( circular guiding public offer, buying treasury shares, new issuance, listing, regulation on fund management company’s organization and operation, securities company’s organization and operation, public company’s governing, information disclosure circular…
Inter-ministry circular between the MOF and central bank on public offering and listing shares of credit institutions.
Violations on stock market will be criminalized
SSC planned to issue proposal to apply stricter punishment on price manipulation, raising fines in Q4/2011. The SSC will work with police to criminalize violations in the stock market.
SSC also planned to build a set of CAMELS Rating System to classify securities companies and have early alert ( CAMELS stands for : C – Capital adequacy, A – Asset quality; M – Management quality; E – Earnings; L – Liquidity; and S – Sensitivity to Market Risk )