According to the provisions in Article 2 of Decision No. 37/2020/QD-TTg on the establishment, organization, and operation of the Vietnam Stock Exchange, HOSE is tasked with organizing, operating, and managing the stock trading market, while HNX is responsible for organizing, operating, and managing the bond/derivative securities trading market. Accordingly, on July 12, 2021, the Minister of Finance issued Circular No. 57/2021/TT-BTC ("Circular 57") outlining the roadmap for restructuring the stock market, bond trading market, derivative securities trading market, and other securities markets.
However, the implementation of this roadmap has encountered practical challenges. In order to facilitate the implementation by the Stock Exchanges and avoid adverse effects on the rights of investors, on November 15, 2023, the Minister of Finance issued Circular No. 69/2023/TT-BTC ("Circular 69"), amending Circular 57 to redefine the roadmap for restructuring the above-mentioned securities trading markets. ATA Legal Services has updated the noteworthy changes as follows:
1. Extend the deadline for Ho Chi Minh City Stock Exchange (HOSE) to consolidate the organization of the stock trading market, fund certificates, and guaranteed warrants until December 31, 2026, instead of June 30, 2025, as stipulated in Circular 57. The corresponding completion deadlines for managing and receiving applications for listed stocks, as well as UPCOM, have been adjusted as follows:
+ From July 1, 2025, HOSE will be the focal point for receiving new listing applications from UPCOM.
+ By December 31, 2025, HNX must complete the transfer, and HOSE must complete the takeover of managing stocks listed on HNX.
+ By December 31, 2026, HNX must complete the transfer, and HOSE must complete the takeover of managing stocks registered for trading on HNX.
2. Transfer cases
+ For processing applications in cases where an organization submitted a stock listing application to HNX before July 1, 2025, without approval: HNX is responsible for transferring the organization's application to HOSE before July 8, 2025, for HOSE to continue processing according to legal regulations.
+ For cases of stock listing applications accepted by HOSE from organizations with charter capital at the time of listing below VND 120 billion as of the effective date of Circular 69, but not yet approved as of the effective date of Circular 69: HOSE is responsible for transferring the application to HNX for further processing. The deadline for transferring the application is no later than 5 working days from the effective date of Circular 69.
Circular 69 takes effect from December 30, 2023.
Comment: