|The new circular clarifies the obligations of parties involved in foreign investment activities on the Vietnamese securities market|
According to the circular issued on June 30, foreign investors and their trading representatives must ensure that their securities transactions on Vietnam's securities market and those performed by affiliated persons and groups of affiliated foreign investors do not intend to create unreal demand or supply, manipulate securities prices, and conduct other prohibited transactions as prescribed by law.
Foreign investors and issuers of foreign depositary receipts shall be obliged to declare, pay, and settle taxes, fees, charges, and service prices related to securities trading activities in Vietnam in line with Vietnamese legislations.
In addition, foreign investors and groups of affiliated foreign investors shall submit reports on their ownership and disclose information about their securities transactions in accordance with regulations on information disclosure on the securities market.
The circular also stipulates that when providing services to foreign investors, securities companies, fund management companies, branches of foreign fund management companies in Vietnam, and business entities over 50 per cent of the charter capital of which is held by foreign investors must ensure compliance with regulations and laws on securities and securities market.
When rendering services or participating in securities auctions with authorisation from foreign investors, securities companies, fund management companies, or branches of foreign fund management companies in Vietnam shall separate the trading orders and investment directions of foreign investors from those of domestic investors (if any) and their own trading orders, and ensure compliance with regulations of the law on foreign holdings in Vietnamese enterprises. They also need to distribute assets to each client in a fair and reasonable manner as agreed upon in the signed contract.
By Ngoc Khue
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