Circular 69/2023/TT-BTC amend Circular 57/2021/TT-BTC providing the roadmap for restructuring the stock trading market

CIRCULAR

Amending and supplementing a number of articles of the Minister of Finance’s Circular No. 57/2021/TT-BTC of July 12, 2021, providing the roadmap for restructuring the stock trading market, the bond trading market, the derivatives trading market, and the trading market for other types of securities

Pursuant to the November 26, 2019 Law on Securities;

Pursuant to the Government’s Decree No. 155/2020/ND-CP of December 31, 2020, detailing the implementation of a number of articles of the Law on Securities;

Pursuant to the Government’s Decree No. 14/2023/ND-CP of April 20, 2023, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

Pursuant to the Prime Minister’s Decision No. 37/2020/QD-TTg of December 23, 2020, on establishment, organization and operation of the Vietnam Exchange;

At the proposal of the Chairperson of the State Securities Commission of Vietnam;

The Minister of Finance promulgates the Circular amending and supplementing a number of articles of the Minister of Finance’s Circular No. 57/2021/TT-BTC of July 12, 2021, providing the roadmap for restructuring the stock trading market, the bond trading market, the derivatives trading market, and the trading market for other types of securities.

Article 1. To amend and supplement a number of articles of the Minister of Finance’s Circular No. 57/2021/TT-BTC of July 12, 2021, providing the roadmap for restructuring the stock trading market, the bond trading market, the derivatives trading market, and the trading market for other types of securities

1. To amend Clause 1, Article 4 as follows:

“1. By the end of December 31, 2026, at the latest, the Ho Chi Minh Stock Exchange shall uniformly organize the trading market for listed stocks, fund certificates and covered warrants and the trading market for stocks of institutions having securities registered for trading in accordance with the Law on Securities and guiding documents.”

2. To amend Points c, d, dd and e, Clause 2, Article 4 as follows:

c/ Before July 1, 2025, the Ho Chi Minh Stock Exchange shall receive and examine institutions’ dossiers for stock listing registration, and organize trading in new stocks of the institutions that satisfy the conditions for stock listing specified in the Government’s Decree No. 155/2020/ND-CP of December 31, 2020, detailing the implementation of a number of articles of the Law on Securities (below referred to as Decree No. 155/2020/ND-CP), and have a charter capital of at least VND 120 billion contributed by the time of stock listing registration; 

d/ As from July 1, 2025, the Ho Chi Minh Stock Exchange shall receive and examine institutions’ dossiers for stock listing registration, and organize trading in new stocks of the institutions that satisfy the conditions for stock listing specified in Decree No. 155/2020/ND-CP;

dd/ By the end of December 31, 2025, at the latest, the Ho Chi Minh Stock Exchange shall complete the receipt of stocks of listing institutions from the Hanoi Stock Exchange;

e/ By the end of December 31, 2026, at the latest, the Ho Chi Minh Stock Exchange shall complete the receipt of stocks of institutions having stocks registered for trading from the Hanoi Stock Exchange.”

3. To amend Points b, c, d and e, Clause 3, Article 4 as follows:

“b/ Before July 1, 2025, the Hanoi Stock Exchange shall receive and examine institutions’ dossiers for stock listing registration, and organize trading in new stocks of the institutions that satisfy the conditions for stock listing specified in Decree No. 155/2020/ND-CP and have a charter capital of at least VND 30 billion contributed by the time of stock listing registration; 

c/ As from July 1, 2025, the Hanoi Stock Exchange shall stop receiving institutions’ dossiers for registration of the listing of new stocks;

d/ By the end of December 31, 2025, at the latest, the Hanoi Stock Exchange shall complete the transfer of stocks of listed institutions to the Ho Chi Minh Stock Exchange;

e/ By the end of December 31, 2026, at the latest, the Hanoi Stock Exchange shall complete the transfer of stocks of institutions having stocks registered for trading to the Ho Chi Minh Stock Exchange. After completing such transfer, the Hanoi Stock Exchange shall stop receiving institutions’ new dossiers for stock trading registration.”

4. To amend Clause 2, Article 7 as follows:

“2. In case an institution submits a dossier for stock listing registration to the Hanoi Stock Exchange before July 1, 2025, but has not yet obtained approval of the listing, the Hanoi Stock Exchange shall transfer such dossier to the Ho Chi Minh Stock Exchange before July 8, 2025, for further processing in accordance with law.”

Article 2. Transitional provisions

In case an institution having a charter capital of below VND 120 billion contributed by the time of stock listing registration submits a dossier for stock listing registration to the Ho Chi Minh Stock Exchange, but has not yet obtained approval of the listing by the effective date of this Circular, the Ho Chi Minh Stock Exchange shall transfer such dossier to the Hanoi Stock Exchange for further processing in accordance with law.

The time limit for transfer of dossiers for stock listing registration is 5 working days after the effective date of this Circular.

Article 3. Implementation provisions

1. This Circular takes effect on December 30, 2023.

2. In case the legal documents referred to in this Circular are amended, supplemented, or replaced, the amending, supplementing, or replacing documents shall prevail.

2. The Vietnam Exchange, the Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange, listed institutions, institutions having securities registered for trading, public companies and other related institutions and individuals shall implement this Circular.-

For the Minister of Finance

Deputy Minister

NGUYEN DUC CHI