The State Capital Investment Corporation (SCIC), credit institutions and insurance firms will be allowed to participate in bond markets organized by foreign stock exchanges and securities depository centers upon the approval of the State Securities Commission (SSC) for opening accounts at Vietnam Securities Depository (VSD).
Under the Ministry of Finance’s Circular No. 05/2015/TT-BTC of January 15, 2015, guiding securities registration, depository, clearing and settlement, a depository member must open one account for depositing securities at VSD to carry out transactions of securities deposited in VSD. This member may not open accounts at other depository members, except members setting aside funds for carrying out swap transactions with exchange-traded funds.
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| Beating a gong to open trading of stocks of Tien Bo Group (Thai Nguyen province) in the Hanoi Stock Exchange__Photo: Tuan Anh/VNA |
Any transaction for which payments or securities are insufficient will be picked out by VSD for prolongation of the payment deadline for maximum three working days from the day preceding the payment day of such transaction. In this case, depository members must pay compensation to organizations and individuals having entered into relevant reciprocal transactions at the level of five percent per day of payment delay.
Past the prolonged deadline for payment, if available money or securities remains insufficient to conduct the transaction, VSD may cancel payment for such transaction and require depository members to pay a compensation of up to 20 percent of the transaction’s value.
This Circular will take effect on March 15.-
