VietnameseCircular No. 107/2016/TT-BTC dated June 29, 2016 of the Ministry of Finance on guiding the offering and trading of covered warrants
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Circular No. 107/2016/TT-BTC dated June 29, 2016 of the Ministry of Finance on guiding the offering and trading of covered warrants
| Issuing body: | Ministry of Finance | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 107/2016/TT-BTC | Signer: | Tran Xuan Ha |
| Type: | Circular | Expiry date: | Updating |
| Issuing date: | 29/06/2016 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking , Securities |
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THE MINISTRY OF FINANCE | THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness | |
No. 107/2016/TT-BTC | Hanoi, June 29, 2016 |
CIRCULAR
Guiding the offering and trading of covered warrants[1]
Pursuant to the June 29, 2006 Law on Securities;
Pursuant to the November 24, 2010 Law Amending and Supplementing a Number of Articles of the Law on Securities;
Pursuant to the November 26, 2014 Law on Enterprises;
Pursuant to the Government’s Decree No. 58/2012/ND-CP of July 20, 2012, detailing and guiding the implementation of a number of articles of the Law on Securities and Law Amending and Supplementing a Number of Articles of the Law on Securities;
Pursuant to the Government’s Decree No. 60/2015/ND-CP of June 26, 2015, amending and supplementing a number of articles of the Government’s Decree No. 58/2012/ND-CP of July 20, 2012, detailing and guiding the implementation of a number of articles of the Law on Securities and Law Amending and Supplementing a Number of Articles of the Law on Securities;
Pursuant to the Government’s Decree No. 215/2013/ND-CP of December 23, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
At the proposal of the Chairperson of the State Securities Commission;
The Minister of Finance promulgates the Circular guiding the offering and trading of covered warrants.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation and subjects of application
1. This Circular provides the offering, listing and trading of, payment for, and exercise of, covered warrants and the provision of information relating to covered warrants.
2. This Circular applies to:
a/ Securities companies, depository banks;
b/ The stock exchanges and the Vietnam Securities Depository (VSD);
c/ Investors trading in covered warrants;
d/ Related institutions and individuals.
Article 2. Interpretation of terms
In this Circular, the terms and phrases below are construed as follows:
1. Covered warrant (below referred to as warrant) means a contract between an investor and an institutional warrant issuer defined in Clause 1, Article 1 of the Government’s Decree No. 60/2015/ND-CP of June 26, 2015, amending and supplementing a number of articles of the Government’s Decree No. 58/2012/ND-CP of July 20, 2012, detailing and guiding the implementation of a number of articles of the Law on Securities and Law Amending and Supplementing a Number of Articles of the Law on Securities (below referred to as Decree No. 60/2015/ND-CP).
2. Underlying security means a security used as an asset underlying a warrant.
3. Underlying security issuer means an institution issuing securities used as assets underlying warrants.
4. Warrant issuer (below referred to as issuer) means a securities company issuing warrants.
5. Depository bank means a bank performing the depository and supervision of assets deposited by a warrant issuer as security for payment for issued warrants, which is not an affiliated person of such warrant issuer in accordance with the law on securities.
6. Warrant holder means an investor holding warrants who is concurrently a partially secured creditor of the issuer and is not a warrant issuer.
7. Call warrant means a type of warrant that entitles the holder to buy a specified amount of underlying securities at an exercise price or to receive a margin when the price (index) of such underlying securities is higher than the exercise price (exercise index) at the time of exercise.
8. Put warrant means a type of warrant that entitles the holder to sell a specified amount of underlying securities at an exercise price or to receive a margin when the price (index) of such underlying securities is lower than the exercise price (exercise index) at the time of exercise.
9. European-style warrant means a type of warrant that allows the holder to exercise the right only on the expiration date.
10. American-style warrant means a type of warrant that allows the holder to exercise the right before or on the expiry date.
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