Amending the Securities Law to improve market efficiency and transparency

Last weekend, the State Securities Commission held a conference to disseminate the amended and supplemented contents of the Securities Law and detailed implementing regulations. In particular, a series of breakthrough mechanisms were updated to market members, aiming to contribute to enhancing the attractiveness of the Vietnamese stock market in the eyes of market members and international investors.

Can be divided into three notable policy groups: Improving transparency and efficiency of offering activities; Strengthening inspection and supervision, improving compliance; Removing existing obstacles and shortcomings.

The company recently registered as a public company. The company representative said that instead of taking three months for the procedure to be processed as before, now according to the new regulations, the company only takes more than one month to complete the procedure.

Mr. Truong Duc Nam - Deputy General Director of A An Food Company said: "The regulation on the audit report of the most recent contributed charter capital helps the company to reduce a lot of documents. Instead of having to supplement documents related to capital contribution and capital use like before, now the company only needs to submit an audit report at the most recent time on charter capital, helping to speed up the process of appraisal and review of documents."

With the new regulation, the time for processing and reviewing documents by the management agency is significantly reduced, for example, the processing of public bids is reduced from 15 days to 7 days. Or when listing, enterprises can submit documents in parallel between the Stock Exchange and the Securities Clearing and Clearing Corporation. Many previous problems have also been resolved.

Ms. Nguyen Bich Ngoc - Senior Expert, MB Securities Company shared: "Not allowing the general meeting of shareholders to set the foreign investor ratio lower than the ceiling allows creating conditions and opportunities for foreign investors to participate in the Vietnamese stock market".

A breakthrough content that has also received special attention from foreign investors after Vietnam's upgrade is Decree 245, which links listing activities with public offerings of enterprises, instead of having to wait for the IPO to be completed before listing procedures can be carried out as before.

Mr. Hoang Van Thu - Vice Chairman of the State Securities Commission commented: "Linking IPO with listing for businesses is also a breakthrough in the recent legal regulations. Within 30 days, there will be results between IPO and listing, not having to wait 90 or even 120 days like before."

Notably, administrative procedures existing in the national database or those of other units will be integrated into the system by the Securities Commission for shared exploitation. Public services will also be implemented at level 4 - the highest level.

Source: https://vtv.vn/sua-doi-luat-chung-khoan-nang-cao-hieu-qua-minh-bach-thi-truong-100251013100614312.htm