Circular on the establishment and operation of Securities Company

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Ministry of Finance issued Circular No. 210/2012/TT-BTC dated November 30, 2012 for guiding the establishment and operation of Securities Company. The details of this circular are:

- Securities Company, which is established as joint stock entity or limited liability entity with two or more members, must have at least two founding shareholders or members, which must be organizations under the requirements of this circular. At least one member is commercial bank, insurance company or foreign organization according to prevailing regulations. Securities Company, which is established as one-member limited liability entity, must be owned by a commercial bank, insurance company or foreign organization.

- The ownership percentage of capital share or equity of founding shareholders, founding members is at least 65% of charter capital, in which at least 30% of charter capital of Securities Company belongs to banks, insurance companies or foreign organizations.

- Securities Company must not grant a loan or securities in any form, except lending money for customer with the purpose of purchasing securities according to the regulations of margin of securities.

- In case Securities Company invests an amount exceeding the investing quota because of carrying out securities issuance underwritten in the form of solid undertaking, consolidation, merger or changing the assets, equity of Securities Company or capital distributing organizations, the Securities Company must apply all necessary measures for obeying the investing quota according to this Circular within a period of at least 01 year.

- Within 01 year from the effective date of this Circular (January 15, 2013), the Securities Company must amend the charter in accordance with the pattern charter promulgating together this circular, establishing the risk management, internal control, internal audit system and managing system for managing money of customers according to the regulation of this Circular.


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