Securities Law- shall be revised to match the development trend of the international stock market

Securities Law- shall be revised to match the development trend of the international stock market

The appraisal for the Securities Law 2006 over 10 years for practical application, it has revealled many defects and illogicalities. Therefore, the Ministry of Finance has presided over drafting Securities regulatory (revised), collecting feedbacks from organizations and individuals as stipulated, before officially submitting to the Government and the National Assembly. The draft of Securities regulatory has 10 chapters with 137 clauses.

To get qualified and effective feedbacks on the Draftunder the framework of Australian Support for Vietnam Economic Reform (Aus4Reform Program), the Central Institute for Economic Management (CIEM) organized a workshop on “Feedbacks on Draft of Securities regulotory (revised) and Recommendation on reforming securities trading conditions” on November 2, 2018.

Deputy Director General of CIEM, Phan Duc Hieu said that the laws and guidelines for enforcement over past 10 years have expressed limitations, inadequacies with the trend of securities development and stock market as well as changes of other related legal documents. The target of the seminar to receive much morefeedbacks for building laws, from that they will be added, revised and improved the Law properly.

At the seminar, some lawyers and representatives of securities of law firm commuted and evaluated achievements in the implementation of the Securities Law, inadequacies and difficulties in Law enforcementorganizations. Also, the participants discussed and gave solutions to amend and supplement the Securities Law as following:

Firstly, some provisions of the Law are not clear and specific caused different understandings and difficulties in application, some provisions of the Law are not reasonable or no longer consistent with reality.

Secondly, some provisions of the Securities Law are no longer unified, in line with relevant provisions in the newly amended legal documents such as the Civil Code Law, Enterprise Law, Law on Investment, Law on handling of administrative violations, Inspection Law, Law on Complaints, Law on the Prevention of Money Laundering.

The last, the law enforcement, management and supervision activities of the stock market are limited and inadequate.

As expectations of participants, the new Law will create an impressive change, not only improve the quality of goods, contribute to transparency the stock market, but also helpenterprises, investorsin the application conveniently and compliance of legal regulations in the field of securities and related legal documents.

Finally, the seminar aims to develop the Securities Law (revised), in detail on the institution, stabilize the legal environment for the development of the stock market, meet the requirements of integration, improve the efficiency of state management over the stock market, ensuring that the stock market is an important medium and long term mobilization channel for the economy, thus contributing to ensuring the macroeconomic stability and the safety of the financial systems and capital market that focus on stock market; To ensure investment efficiency and belief of organizations and individuals in investing and operating on the stock market.