Circular 138/2025/TT-BTC amend Circular 95/2020/TT-BTC and Circular 06/2022/TT-BTC on securities trading surveillance

CIRCULAR

Amending and supplementing a number of articles of Circular No. 95/2020/TT-BTC dated November 16, 2020 of the Minister of Finance guiding the surveillance of securities trading on the securities market and Circular No. 06/2022/TT-BTC dated February 08, 2022 of the Minister of Finance guiding the compliance surveillance of the State Securities Commission for securities-related activities of the Vietnam Stock Exchange and its subsidiary companies, and the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies

Pursuant to the Law No. 54/2019/QH14 on Securities, which was amended and supplemented by the Law No. 56/2024/QH15;

Pursuant to the Government’s Decree No. 29/2025/ND-CP, defining the functions, tasks, powers and organizational structure of the Ministry of Finance, which was amended and supplemented by the Decree No. 166/2025/ND-CP;

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

the Ministry of Finance promulgates the Circular amending and supplementing a number of articles of Circular No. 95/2020/TT-BTC dated November 16, 2020 of the Minister of Finance guiding the supervision of securities trading on the securities market and Circular No. 06/2022/TT-BTC dated February 08, 2022 of the Minister of Finance guiding the compliance supervision of the State Securities Commission for securities-related activities of the Vietnam Stock Exchange and its subsidiary companies, and the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies.

Chapter I

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 95/2020/TT-BTC DATED NOVEMBER 16, 2020 OF THE MINISTER OF FINANCE GUIDING THE SUPERVISION OF SECURITIES TRADING ON THE SECURITIES MARKET

Article 1. Amending and supplementing Article 3

“Article 3. Interpretation of terms

For the purposes of this Circular, these terms below shall be construed as follows:

1. Securities trading means the securities purchase and sale carried out via the trading system of the Stock Exchanges.

2. Abnormal trading means transactions subject to warning according to the system of supervision criteria issued by the Vietnam Stock Exchange.

3. Suspected trading means an extraordinary transaction analyzed and determined by the Vietnam Stock Exchange and its subsidiary companies as a transaction showing signs of violation of the law on securities trading.

4. Inter-market trading surveillance means surveillance of transactions in the underlying market and the derivatives market; transactions in the underlying market and and covered warrant trading, analyzing abnormal trading on both markets, and the relationships between these transactions in order to detect suspected trading showing signs of violation of the law on securities trading.

5. Indicators for reporting on trading surveillance applicable to trading members is the content formulated by the Vietnam Stock Exchange, guiding trading members in performing the securities trading surveillance.

6. Rumor means information related to listed institutions, institutions registered for trading, securities or securities trading on the securities market, which cannot be verified at the time of spreading.”

Article 2. Adding Article 3a after Article 3

“Article 3a. Principles for organization of securities trading surveillance

1. The surveillance of securities trading shall be carried out in a unified, regular, continuous, timely manner and with close coordination among the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies, and trading members in order to ensure that the securities market operates in a public, transparent, fair and efficient manner.

2. The State Securities Commission shall perform and organize the securities trading surveillance on the securities market; clarify signs of violations of the law on securities and securities market; handle violations in trading in accordance with the law on securities and securities market.

3. The Vietnam Stock Exchange shall perform surveillance of securities trading activities, inter-market trading surveillance on the basis of reports of the Stock Exchanges in order to promptly detect and report suspected trading to the State Securities Commission.

4. The Stock Exchanges shall perform surveillance of trading activities on the basis of data from the securities trading system organized and operated by the Stock Exchanges and information and documents of trading members, and other institutions and individuals in order to promptly detect and report suspected trading to the State Securities Commission, and concurrently report to the Vietnam Stock Exchange.

5. The Vietnam Securities Depository and Clearing Corporation and its subsidiary companies shall perform surveillance and clarify signs of violation of law with respect to clearing and payment; position limits, deposit payment in securities trading in order to promptly detect and report on them to the State Securities Commission in accordance with regulations.

6. Trading members shall be responsible for performing the surveillance of trading activities of investors; promptly detecting, warning investors and reporting to the Vietnam Stock Exchange and its subsidiary companies in accordance with regulations.”

Article 3. Amending and supplementing Article 4

“Article 4. Responsibilities and powers of the State Securities Commission

1. To conduct surveillance in accordance with the contents and methods of surveillance specified in Article 5 and Article 6 of this Circular.

2. To request entities subject to surveillance to report, explain and provide information and documents on securities trading.

3. To issue warnings to organizations and individuals participating in the securities market regarding their acts of violation of the law on securities trading.

4. To approve criteria for surveillance of securities trading and indicators for reporting on trading surveillance applicable to trading members as developed by the Vietnam Stock Exchange; to approve position limits applicable to the derivatives market; methods for determination of deposit levels and frequency of surveillance of deposit payment upon request that are developed by the Vietnam Securities Depository and Clearing Corporation.

5. To promulgate regulations on coordination in surveillance of securities trading among the State Securities Commission, the Vietnam Stock Exchange and its subsidiaries, the Vietnam Securities Depository and Clearing Corporation and its subsidiaries.

6. To assume the prime responsibility for, and coordinate with relevant units in, inspecting and examining securities trading and securities trading-related service provision.

7. To handle administrative violations in securities trading; to coordinate with relevant agencies and units in the prevention, detection, stopping and handling of violations of the law on securities trading.

8. To guide and prescribe formats of digital data, means of exchange of digital data, and processes for digital exchange among the Vietnam Stock Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies, and the State Securities Commission.

9. To report to the Ministry of Finance on the results of surveillance of securities trading upon request.”

Article 4. Amending and supplementing Article 5

“Article 5. Contents of surveillance by the State Securities Commission

Contents of surveillance by the State Securities Commission include:

1. Making analyses, clarifying signs of violation of law on securities and the securities market of suspected trading, based on reports of trading members, the Vietnam Stock Exchange and its subsidiary companies, and the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies, surveillance results at the State Securities Commission and other information and data sources, in order to take measures to promptly prevent and handle them according to regulations.

2. Assuming the prime responsibility for, and coordinating with the Vietnam Stock Exchange and its subsidiary companies, trading members, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies in, analyzing and clarifying transactions likely to affect the securities market, transactions showing signs of violations of the law on securities and securities market, ensuring the lawful rights and interests of investors and ensuring the stability of the market.

3. Performing surveillance of the provision of securities trading-related services by the entities specified at Points b, c, d, g and h, Clause 2, Article 2 of this Circular.”

Article 5. Amending and supplementing Article 7

“Article 7. Rights and obligations of the Vietnam Stock Exchange and its subsidiary companies

1. Rights and obligations of the Vietnam Stock Exchange

a) To promulgate operations regulations for the performance of securities trading surveillance after such regulations are approved by the State Securities Commission; to formulate surveillance procedure to ensure effective surveillance; to promulgate regulations on coordination in securities trading surveillance between the Vietnam Stock Exchange and its subsidiary companies and trading members.

b) Taking responsibility for the surveillance of securities trading activities on the securities market, inter-market trading surveillance.

c) To promulgate securities trading surveillance criteria applicable to subsidiary companies, indicators for reporting on trading surveillance applicable to trading members;

d) To report results of trading surveillance to the State Securities Commission.

2. Rights and obligations of Stock Exchanges

a) To perform direct surveillance of securities trading at each market area within the scope of their management and operation;

b) To build databases to serve securities trading surveillance as prescribed in Article 11 of this Circular;

c) To perform surveillance of transactions during a day, many days or periodically; to make analyses and assessments and clearly identify suspected trading;

d) To review information in the mass media and rumors relating to abnormal trading;

dd) To perform surveillance of information disclosure and reporting under the current regulations concerning securities trading of trading members, listed institutions, institutions registered for trading, securities investment fund management companies, securities investment funds, securities investment companies and investors;

e) To report to the Vietnam Stock Exchange to handle situations in which trading members violate the regulations on securities trading according to the regulations and to propose handling of the acts of violation of the law on securities trading by the Vietnam Stock Exchange;

g) Issuing warnings to the market and trading members regarding listed securities and securities registered for trading with abnormal fluctuations in price and volume in accordance with the guidance of the Vietnam Stock Exchange;

h) On the basis of the list of insiders and their affiliated persons provided by listed institutions/ institutions registered for trading, the Stock Exchanges shall send such list to trading members for implementation of surveillance.

3. In addition to the above rights and obligations, the Vietnam Stock Exchange and its subsidiary companies have the following rights and obligations:

a) To perform the trading surveillance of trading members;

b) To request institutions and individuals related to securities trading to explain and provide information and documents for surveillance of securities trading of state agencies;

c) To formulate and send periodic trading surveillance reports, suspected trading surveillance reports, reports upon request related to securities trading surveillance to the State Securities Commission in accordance with Articles 13, 14 and 15 of this Circular;

d) To coordinate with the State Securities Commission in abnormally examining trading showing signs of violations of the law on securities and securities market;

dd) To coordinate with the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies in ensuring safe and effective acts of trading, clearing and payment of securities trading.”

Article 6. Amending and supplementing Article 9

“Article 9. Securities trading surveillance criteria

1. The Vietnam Stock Exchange shall develop and promulgate a system of securities trading surveillance criteria applicable to securities listed and registered for trading at the subsidiary companies of the Vietnam Stock Exchange, inter-market trading surveillance criteria as a basis for conducting surveillance of trading during a day and over multiple days; promulgate indicators for reporting on trading surveillance applicable to trading members.

2. The Vietnam Stock Exchange shall proactively review and assess the system of surveillance criteria and indicators for reporting on surveillance in accordance with the market situation.”

Article 7. Amending and supplementing Article 13

“Article 13. Regular trading surveillance reports

1. At 5:00 p.m. of the next working day at the latest, the Stock Exchanges shall send to the State Securities Commission securities trading data including: placed order books, matched order books, negotiated trading books of underlying securities, derivatives and other securities on the market of the immediately preceding trading day in accordance with the actual status of the trading system of the Stock Exchanges. Market data shall be assigned under their management and operation in accordance with the law on information disclosure on the securities market.

2. Within the first 02 working days of every week, an Stock Exchange shall send the State Securities Commission its weekly trading surveillance report for the previous week, including: Results of securities trading surveillance in the previous week, reports on the proportion of stocks in the index reflecting the market situation for the synthesis and evaluation of market developments according to Form No. 01 in Appendix I issued together with this Circular.

3. Within the first 10 working days of every month, based on the reports of its subsidiary companies, the Vietnam Stock Exchange shall send the State Securities Commission its monthly trading surveillance report for the previous month, made according to Form No. 02 in Appendix I issued together with this Circular with the following main contents:

- Organization and results of securities trading surveillance in its professional activities;

- Results of securities trading surveillance of the Vietnam Stock Exchange and its subsidiary companies in respect of abnormal trading and the handling of such abnormal trading;

- Results of trading surveillance of trading members and the handling of their violations;

- Results of suspected trading surveillance reports and report upon request in the reporting period;

- Proposal (if any).

4. Within the first 20 working days of every year, based on the reports of its subsidiary companies, the Vietnam Stock Exchange shall send the State Securities Commission its yearly trading surveillance report for the previous year, made according to Form No. 03 in Appendix I issued together with this Circular with the following main contents:

- Organization and results of securities trading surveillance in its professional activities;

- Results of securities trading surveillance of the Vietnam Stock Exchange and its subsidiary companies in respect of abnormal trading and the handling of such abnormal trading;

- Results of trading surveillance of trading members and the handling of their violations;

- Results of suspected trading surveillance reports and report upon request in the reporting period.

5. The report prescribed in Clause 1 of this Article shall be presented in the form of an electronic document. The reports prescribed in Clauses 2, 3 and 4 of this Article shall be presented in the form of paper documents and electronic documents. Reports presented in the form of electronic documents shall be sent via the specialized reporting information software system according to the guidance of the State Securities Commission. The Vietnam Stock Exchange and its subsidiary companies shall archive reported information according to the law.”

Article 8. Amending and supplementing a number of clauses of Article 16

1. To amend and supplement Clause 2 as follows:

“2. In case of detecting signs of violations of law in clearing and payment of trading, position limits, and margin for securities trading, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies shall request related institutions and individuals to report, explain and provide information and documents serving surveillance, and concurrently report to the State Securities Commission and notify the Vietnam Stock Exchange and its subsidiary companies for coordination in performing surveillance.”

2. To amend and supplement Clause 3 as follows:

“3. Fully storing information on professional operations at the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies and sharing information and data serving surveillance for the Vietnam Stock Exchange and its subsidiary companies to carry out trading surveillance.”

3. To amend and supplement Clause 4 as follows:

“4. To coordinate with the Vietnam Stock Exchange and its subsidiary companies in ensuring safe and efficient market trading surveillance, securities clearing and payment activities in accordance with regulations.”

Article 9. Amending and supplementing Clause 2 Article 17

“2. Performing surveillance of the payment of deposits on accounts of investors for the derivatives market and of clearing members for the underlying market.”

Article 10. Amending and supplementing Article 18

“Article 18. Methods of surveillance by the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies

1. The Vietnam Securities Depository and Clearing Corporation shall develop and issue regulations on position limits, perform surveillance of position limits for accounts of investors, specify the time and methods of deposit payment upon request and perform surveillance of accounts of investors trading in derivatives; specify the time and methods of deposit payment upon request and perform surveillance of clearing members for the underlying securities market at the regulations of professional activities after they are approved by the State Securities Commission.

2. Contents of surveillance shall be developed and adjusted in each period to suit the trading reality of the securities market and ensure effective surveillance at the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies.

3. Performing surveillance of cases of violation of regulations on clearing and payment of securities trading; violation of regulations on position limits for the derivatives market, violation of regulations on deposit payment upon request of investors based on one or several of the following data or information sources:

a) Data on positions or clearing margin of clearing members or investors;

b) Reports or information reported by members of the Vietnam Securities Depository and Clearing Corporation and other entities participating in the securities market;

c) Information reported in the mass media;

d) Other sources of information.

4. To request information and explanation from members being entities subject to surveillance by the Vietnam Securities Depository and Clearing Corporation to clarify signs of violations of law in accordance with Clause 1 Article 8 of this Circular.

5. To coordinate with the State Securities Commission in periodically or irregularly examining entities subject to surveillance by the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies.”

Article 11. Amending and supplementing a number of clauses of Article 19

1. To amend and supplement Clause 2 as follows:

“2. On a daily basis, data on information of investors trading securities shall be fully and continuously updated from securities companies.”

2. To amend and supplement Clause 3 as follows:

“3. Information related to position limits and clearing margin for each type of securities.”

Article 12. Amending and supplementing Article 20

“Article 20. Regular surveillance reports

1. At the end of the trading day, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies shall send to the State Securities Commission the following information:

a) Open interest of each type of derivative at the end of each day, made according to Form No. 01 prescribed in Appendix II issued together with this Circular;

b) Report on information and names of securities trading accounts of investors opened, closed or having information changes at securities companies;

c) List of major shareholders of companies that have registered securities at the Vietnam Securities Depository and Clearing Corporation;

d) Volume of outstanding securities for each securities code.

2. Within the first 02 working days of the following week, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies shall send to the State Securities Commission the weekly trading surveillance report, made according to Form No. 02 prescribed in Appendix II issued together with this Circular, including the following contents:

a) Report on error correction, error handling, extension of payment deadline, cancellation of payments;

b) Statistics on securities transactions with ownership transfer not via the trading systems of the Stock Exchanges: contents of public bid in accordance with law regulations, transfer of ownership rights from the lender to the borrower and vice versa (except for cases of loans to support securities trading payment in case the correction of trading payment errors of depository members of the Vietnam Securities Depository and Clearing Corporation leads to the temporary deficit of securities for payment and to support members establishing ETF (Exchange Traded Fund) in adequate securities for capital contribution and conducting exchange of securities portfolios with the ETF); transfer of ownership rights of collateral being securities from the lender to the borrower when the borrower loses the ability to repay the loan; transfer of ownership rights due to handling of collateral being securities in the pledge, mortgage, deposits and other transfer forms of ownership rights carried out after consulting the State Securities Commission.

3. Within the first 10 working days of every month, the Vietnam Securities Depository and Clearing Corporation shall send its monthly reports for the previous month, made according to Form No. 03 in Appendix II issued together with this Circular with the following contents:

a) Report on handling of violations of members of the Vietnam Securities Depository and Clearing Corporation;

b) Report on assistance for insolvent clearing members.

c) Report on grant of securities codes;

d) Report on total value of clearing margin and list of clearing collateral assets of the market on a daily basis;

dd) Report on statistics on violations of the required deposit payment of clearing members on a daily basis for the derivatives market.

4. The reports prescribed in Clauses 1, 2 and Points c, d, dd Clause 3 of this Article shall be presented in the form of electronic documents. The reports prescribed at Points a, b Clause 3 of this Article shall be presented in the form of paper documents and electronic documents. Reports presented in the form of electronic documents shall be sent via the specialized reporting information software system according to the guidance of the State Securities Commission. The Vietnam Securities Depository and Clearing Corporation and its subsidiary companies shall archive reported information according to the law regulations.”

Article 13. Amending and supplementing a number of clauses of Article 23

1. To amend and supplement Clause 1 as follows:

“1. To apply the system of indicators for reporting on securities trading surveillance promulgated by the Vietnam Stock Exchange.”

2. To add Clause 1a after Clause 1 as follows:

“1a. Issuing warnings to customers when their transactions fall into the cases specified in the indicators for reporting on trading surveillance applicable to trading members promulgated by the Vietnam Stock Exchange.”

Article 14. Replacing and repealing a number of contents

1. To replace the phrase “the Vietnam Securities Depository and Clearing Corporation" with the phrase “the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies” at Point d Clause 1 Article 2; Point a Clause 1, Clause 2 and Clause 3 Article 6; Point c Clause 3 Article 10; title of Section 3; title of Article 16; Clause 5 Article 16; title of Article 17; Article 19; Clauses 1 and 3 Article 21; Clause 1 Article 22; Point a Clause 5 and Clause 8 Article 23; Clauses 1 and 2 Article 26.

2. To replace the phrase “Sở giao dịch chứng khoán Việt Nam và các công ty con” (“the Vietnam Stock Exchange and its subsidiary companies”) with the phrase “Sở giao dịch chứng khoán Việt Nam và công ty con” (“the Vietnam Stock Exchange and its subsidiary companies”) at Point a Clause 1 Article 6; Clause 1 Article 8; Clause 1 Article 15; Point a Clause 5, Clauses 6, 7, 8 Article 23; Clause 1 Article 25; Clauses 1 and 2 Article 26.

3. To replace the phrase “abnormal” with the phrase “suspected” at Clause 4 Article 10; Article 14.

4. To replace the phrase “potentially violating the law regulations” with the phrase “showing signs of violations of law” at Clause 1 Article 8.

5. To replace the phrase “irregular inspection” with the phrase “inspection” at Clause 3 Article 6.

6. To replace Appendix I, Appendix II with Appendix I, Appendix II issued together with this Circular.

7. To repeal Point dd Clause 2 Article 2.

Chapter II

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF CIRCULAR NO. 06/2022/TT-BTC DATED FEBRUARY 08, 2022 OF THE MINISTER OF FINANCE GUIDING THE COMPLIANCE SURVEILLANCE OF THE STATE SECURITIES COMMISSION OVER ACTIVITIES IN THE SECURITIES FIELD OF THE VIETNAM STOCK EXCHANGE AND ITS SUBSIDIARY COMPANIES, AND THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION AND ITS SUBSIDIARY COMPANIES

Article 15. Amending and supplementing Clause 2 Article 2

“2. Approving professional operation regulations of the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation; requesting the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation to amend their professional operation regulations.”

Article 16. Amending and supplementing Clause 3 Article 6

“3. Implementing the reporting regime in accordance with Chapter IV of this Circular and implementing the decentralization of reporting obligations to subsidiary companies of the Vietnam Securities Depository and Clearing Corporation.”

Article 17. Amending and supplementing Clause 4 Article 8

“4. The implementation of reporting obligations and information disclosure of the Vietnam Stock Exchange in accordance with law; compliance surveillance of the Vietnam Stock Exchange over the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange in the implementation of professional operation regulations; general surveillance of securities trading activities, inter-market trading, information disclosure activities of listed institutions, institutions registered for trading and investors subject to information disclosure; surveillance of listed institutions, institutions registered for trading and investors operating in securities trading markets in accordance with law regulations.”

Article 18. Amending and supplementing a number of clauses of Article 9

1. To amend and supplement Clause 2 as follows:

“2. The implementation of reporting obligations and information disclosure of the Ho Chi Minh Stock Exchange, the Hanoi Stock Exchange; surveillance of securities trading activities; surveillance of information disclosure activities of listed institutions, institutions registered for trading and investors subject to information disclosure; surveillance of compliance with obligations of members of the Vietnam Stock Exchange in accordance with the law on securities and regulations of the Vietnam Stock Exchange.”

2. To amend and supplement Clause 4 as follows:

“4. Approving, changing, canceling securities listing, securities trading registration.”

3. To amend and supplement Clause 6 as follows:

“6. Organizing securities auctions and bidding.”

Article 19. Amending and supplementing Article 11

“Article 11. Surveillance of professional operations

The State Securities Commission shall conduct surveillance of the observance of the law on securities and securities market by the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies with respect to the following professional operations:

1. Formulating and promulgating regulations on registration, depository, clearing and settlement of securities and other professional operation regulations in accordance with the law on securities and securities market.

2. Approving and revoking certificates of depository members; approving and revoking certificates of underlying clearing members; approving and cancelling the status of derivatives clearing members; supervising the maintenance of conditions for registration of depository members; supervising the exercise of rights of the Vietnam Securities Depository and Clearing Corporation over its subsidiary companies and members; implementing the surveillance activities of the Vietnam Securities Depository and Clearing Corporation over its subsidiary companies and members for the compliance with the law on securities and regulations of the Vietnam Securities Depository and Clearing Corporation; handling violations by depository members and clearing members of the Vietnam Securities Depository and Clearing Corporation in accordance with the law on securities and regulations of the Vietnam Securities Depository and Clearing Corporation.

3. Registering securities, adjusting information on the quantity of securities, cancelling securities registration; granting and managing securities codes; implementing the rights of securities owners; transferring ownership of securities not through the securities trading system.

4. Opening and managing securities depository accounts; depositing, withdrawing, transferring, freezing and unfreezing securities.

5. Granting and managing securities trading codes of foreign investors, organizations issuing depository receipts overseas, and foreign-invested economic institutions.

6. Performing reporting obligations and information disclosure by the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies in accordance with law; implementing surveillance activities of the Vietnam Securities Depository and Clearing Corporation over its subsidiary companies, depository members and clearing members in performing reporting obligations in accordance with the professional operation regulations of the Vietnam Securities Depository and Clearing Corporation.

7. Organizing the implementation of securities clearing and payment activities; correction of errors, handling of errors, extension of payment deadline, cancellation of payments for trading; refusal of trading position of clearing members, cancellation of payments for trading, conversion to payment in cash; establishment, management and use of the settlement support fund; establishment, management and use of the clearing fund; use of the operations risk prevention funds to ensure payment of securities trading.

8. Establishing systems to ensure segregation of accounts and assets of clearing members from accounts and assets of the Vietnam Securities Depository and Clearing Corporation; segregation of accounts and assets of clearing members; segregation of accounts and assets for deposits of clearing members and their respective clients.

9. Managing the securities borrowing and lending (SBL) system, managing the exchange transaction system of fund certificates of exchange-traded funds (ETF).

10. Supervising foreign holding rate in public companies and public funds in accordance with law regulations:

a) Supervising public companies and public funds having securities registered centrally at the Vietnam Securities Depository and Clearing Corporation which fail to register or cancel securities trading codes in accordance with law;

b) Supervising foreign investors’ holding rate in public companies and public funds having securities registered at the Vietnam Securities Depository and Clearing Corporation.

11. Ensuring continuous operation of the securities registration, depository, clearing and payment system; implementing surveillance of security and safety of the securities registration, depository, clearing and payment system of securities in accordance with the law on securities and securities market; supervising subsidiary companies and members of the Vietnam Securities Depository and Clearing Corporation in performing these activities.

12. The implementation of registration of security interests and management of registration of security interests in respect of securities registered centrally at the Vietnam Securities Depository and Clearing Corporation.

13. Confidential storage of dossiers, documents and original data related to the performance of securities operations.

14. Internal control and risk management activities for each operation.

15. Compensation for damage to customers when providing services related to professional operations.

16. Other activities of the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies related to securities professional operations.”

Article 20. To replace and repeal a contents as follows:

1. To replace the phrase “the Vietnam Securities Depository and Clearing Corporation” with the phrase “the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies” in Article 1; Article 2; Article 3; Article 10 and Article 12.

2. To replace the phrase “the Vietnam Stock Exchange and its subsidiary companies” with the phrase “the Vietnam Stock Exchange and its subsidiary company” in Article 1; Article 2; Article 3; Article 7; Clause 8 Article 8; Clauses 4, 5 Article 12 and Appendix IV.

3. To replace the phrase “SGDCKHCM” (“Hochiminh Stock Exchange”) with the phrase “SGDCKTP.HCM” (“Hochiminh Stock Exchange”) in Section 5, Section 6, Section 7; the phrase “CKPS” (“derivatives”) with the phrase “derivatives products” in Section 4.1; the phrase “listed companies, companies registered for trading” with the phrase “listed institutions, institutions registered for trading” at Point 4.2; the phrase “public organizations” with the phrase “public companies” at Point 6 Appendix IV.

4. To replace Appendix I, Appendix II, Appendix III and Section 9 Appendix IV with Appendix III, Appendix IV, Appendix V and Appendix VI issued together with this Circular.

5. To repeal Article 15.

Chapter III

EFFECT

Article 21. Effect

1. This Circular takes effect on March 01, 2026.

2. The State Securities Commission, the Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange, the Vietnam Securities Depository and Clearing Corporation and its subsidiary companies, trading members, members of the Vietnam Securities Depository and Clearing Corporation, listed institutions, institutions registered for trading, securities investment fund management companies, securities investment funds, securities investment companies and related institutions and individuals shall be responsible for implementing this Circular./.

* All Appendices are not translated herein.