Decision 424 PDF

SSC’s Disclaimer: The English translation of the securities supervisory regulations is not
official and is intended for reference only. Neither the SSC nor the MOF is responsible for
the correctness of the English translation, and the reader is advised to refer to the most
up‐to‐date regulations in Vietnam.
MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
No. 424/QD-BTC
Ha Noi, 29 March 2018
DECISION
ANNOUNCING
A REPLACED ADMINISTRATIVE PROCEDURE IN THE SECURITIES
SECTOR MANAGED BY THE MINISTRY OF FINANCE
[REGISTRATION TO PROVIDE ON-LINE SECURITIES TRADING SERVICES]
MINISTER OF FINANCE
Pursuant to Decree 87/2017/ND-CP of the Government dated 26 July 2017 regulating the functions, duties,
powers and organizational structure for the Ministry of Finance;
Pursuant to Decree 63/2010/ND-CP of the Government dated 8 June 2010 on control of administrative
procedures as amended by Decree 92/2017/ND-CP of the Government dated 7 August 2017 amending
some articles in Decrees on control of administrative procedures;
Pursuant to Circular 02/2017/TT-VPCP of the Government Office dated 31 October 2017 guiding
professional activities of control of administrative procedures;
Pursuant to Circular 134/2017/TT-BTC of the Minister of Finance dated 19 December 2017 guiding the
conduct of on-line transactions on the securities market;
On the proposal of the Chairman of the State Securities Commission [SSC],
DECIDES:
Article 1
To announce, as attached to this Decision, one (1) administrative procedure in the securities sector
managed by the Ministry of Finance.
1
This procedure replaces administrative procedure No. 137 in section A of part I in the list of administrative
procedures attached to Decision 2002/QD-BTC of the Minister of Finance dated 20 September 2016
announcing standardized administrative procedures in the securities sector under the resolution authority of
the Ministry of Finance.
This Decision is of full force and effect as from 1 March 2018.
Article 2
The Head of the Office, the Director of the Legal Systems Department, the Chairman of the SSC and heads
of other related entities are responsible to implement this Decision.
1
Allens footnote: Item 137 is "Registration to provide online securities trading services".
 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 1

On behalf of the Minister

Deputy Minister
TRAN XUAN HA

REPLACED ADMINISTRATIVE PROCEDURE IN THE SECURITIES SECTOR

MANAGED BY THE MINISTRY OF FINANCE
Part I – LIST OF ADMINISTRATIVE PROCEDURE
NO. Administrative Name of Name of Name of Legal Sector Implementing

Procedure file No. Administrative Replacing instrument Agency
Procedure Administrative with
being Procedure amending,
replaced supplementing
or replacing
contents
A. Central level administrative procedure
1. B-BTC-242690 –TT Registration to Registration to Circular 134 of Securities SSC

provide online provide online MOF dated
securities securities 19 December
trading trading 2017 (see Note
services services below)
Note: Circular 134/2017/TT-BTC of the Minister of Finance dated 19 December 2017 guides conduct of
on-line transactions on the securities market.
Part II – Specific contents of the administrative procedure managed by the Ministry of Finance
I Securities Sector
1. Name of the Procedure: Registration to provide online securities trading services
1.1 Sequence for implementation:
- Step 1: The securities company lodges a file with the State Securities Commission (SSC) for
registration to provide online securities trading services.
- Step 2: The SSC (section for one door procedures) receives and checks the application file and
if it is incomplete, guides the securities company to supplement the file in accordance with
regulations.
- Step 3: The SSC assesses the completeness and validity of the contents of the application file
and if it needs to be amended or supplemented, provides a letter requesting same or explaining why
the application file is invalid.
- Step 4: The securities company amends its file in accordance with the request and sends the
amended file to the SSC.
Note: If the securities company fails to amend its application file within ten (10) business days after
the date of the request from the SSC, then the SSC has the right to refuse to approve the application.
- Step 5: The SSC issues a decision approving the securities company to provide online
securities trading services; in a case of refusal to approve, the SSC provides a written response
specifying its reasons.
1.2 Methods of implementation:

- The methods of lodging a file are by lodging it via the online public services system of the SSC, or by
lodging it directly at the SSC headquarters (one (1) door section), or sending it in the post.
- Methods of providing results: by receiving same directly at the SSC headquarters, or in the post.
1.3 Composition of the application file:
1) Request to register to provide online securities trading services.
2) List of the names and CVs of the experts managing the online securities trading system.
3) Report on the design of the online securities trading services system.
4) Certified copy of written approval and minutes of inspection of the online securities trading services
system provided by the Stock Exchange to its trading member.
- Number of file copies: One (1) set.
1.4 Time-limit for resolution:
- Time-limit for requesting any addition to or explanation of the application file: five (5) business days
after the SSC receives the file.
- Time-limit for resolution of the application: twenty (20) business days after the SSC receives a
complete and valid file.
1.5 Entities required to conduct the administrative procedure: securities companies.
1.6 Agency resolving the administrative procedure: SSC.
1.7 Results of conducting the administrative procedure:
- Decision approving the provision of online securities trading services.
- Document refusing to approve, specifying the reasons for such refusal.
1.8 Fees and charges: none.
1.9 Name of the standard form request and standard form declaration: these were issued with
Circular 134 referred to above and comprise:
- Appendix 1: Standard form request for registration to provide online securities trading services.
- Appendix 2: List of names and CVs of the experts managing the online securities trading system.
- Appendix 3: Report on the design of the online securities trading services system.
1.10 Requirements and conditions for conducting the administrative procedure:
1) [The applicant] must be a member of the Stock Exchange.
2) The applicant must be connected to the trading system of the Stock Exchange.
3) The applicant must not fall within the following categories:
(i) Be in the process of dissolution or have stopped trading in order to terminate status as a member of
the Stock Exchange;

(ii) Have had its professional activity as a broker withdrawn, or currently conducting procedures for such
withdrawal;
(iii) Be currently placed under control or special control;
(iv) Have any other of its activities suspended pursuant to law.
1.11 Legal basis for the administrative procedure: Circular 134 referred to above.

Appendix 1. Request for registration to provide online securities trading services
(Issued with Circular 134/2017/TT-BTC of the Minister of Finance dated 19 December 2017 guiding the
conduct of online transactions on the securities market)
SOCIALIST REPUBIC OF VIETAM

Independence - Freedom – Happiness
Date …
REQUEST FOR REGISTRATION TO PROVIDE ONLINE
SECURITIES TRADING SERVICES
To: State Securities Commission
Full name of the company (print in capital letters): ...........................................................................................

Abbreviated name: ............................................................................................................................................
established pursuant to licence for establishment and operation number … dated … issued by
the SSC, hereby registers to provide online securities trading services to clients.
I. General information:
1. Location:
1.1 Head office address:
- Address: .......................................................................................................................................
- Telephone number: ............................................. Fax: ...............................................................
- Website: .............................................................. Email: .............................................................
- Website address to access online securities transactions of the company: .................................
- 1.2 Branches and trading offices:
- First branch, first trading office/first representative office: name, address, telephone and fax
numbers.
- Second branch, second trading office/second representative office: name, address, telephone
and fax numbers.
2. Professional business activities already licensed:
Securities brokerage
Securities self-trading
Underwriting securities issues
Providing consultancy on investment in securities
Securities depository
Other professional activities: .........................................................................................................
II. Methods of online securities trading:

1. Trading by the Internet
2. Trading over the telephone
3. Other methods (specify the other methods, if any): ...........................................................

We hereby undertake that the above declarations are accurate and truthful and we commit to fully
comply with the law on securities and the securities market and on electronic trading, and we accept
complete liability for any breach.
Legal representative
(Write full name, sign and seal)

Appendix 2. List of names and curriculum vitae of experts managing the online securities trading
system

Date …
LIST OF SPECIALIZED INFORMATION TECHNOLOGY EXPERT STAFF MANAGING

THE ONLINE SECURITIES TRADING SYSTEM
NO. Full Name Degrees and Certificates Working Position Undertaken

(1) (2)
Degrees Certificates
1
2
.....
Notes:
(1) Degrees: (College or higher level graduate): PhD, Master, Bachelor, Engineer.
(2) Certificates: Relevant certificates of expertise in information technology.
We hereby undertake to be wholly liable for the accuracy and truthfulness of the above items.


CURRICULUM VITA OF AN INFORMATION TECHNOLOGY EXPERT

Portrait
Photo
4x6
1) Full name: ……………………………………………………..Gender: Male/Female ………..……..
2) Full date of birth: ……………………………………….………Place of Birth: ……………..…...........
3) Nationality: ……………………………………………………………………………………………….....
4) People's Identity Card/Passport: ..………………………………………………………………………...
5) Place of permanent residence registration: No. of

house……..ward/commune/……….district…..…………….province/city………………………………
6) Current address:…………………………………………………………………………………………….
7) Educational Standard: ………………………………………………………………………………………
8) Highest Professional Qualification: ….…………………………………………………………………….
9) Professional Educational and Training

(1)
Process Regarding Information Technology : ..………………………………………………………...
Degrees and certificates Name of the
Month and Year to Specialized Form of
(2) educational
Month and Year training training Degrees
(3)
Certificates
(4)
establishment
10) Working Experience (list all the jobs, projects and products in which you have participated in
development and/or construction)
Month and Year to Month and Name of the company/project/product Relevant working position
Year which you have been involved in
I undertake and accept liability for the accuracy and truthfulness of the above items.
Certification of employer Declarant

Notes:

(1) Data enclosed: Relevant degrees and certificates (copies certified as true copies by the employer,
enclosing a Vietnamese translation in the case of a foreign degree or certificate). Specialized sectors
relevant to IT comprise computer science and information, operating systems, computer networks, data
communications and system security, IT and application, etc.
(2) Form of training: Formal, in-service, specialized, fostering …
(3) Degrees (college level or higher): PhD, Master, Batchelor, Engineer …
(4) Certificates: Professional certificates relevant to IT.

Appendix 3: Report on the design of the on-line securities trading system

Date ……
REPORTY ON DESIGN OF THE ON-LINE SECURITIES TRADING SYSTEM
We, on behalf of the founding shareholders (or founding members or company owner) hereby report on the
(1)
design of the on-line securities trading system (OST System) for (name of the Company) as follows:
1. Overview of the OST System
1.1 Brief description of the operational process of the OST System by the Company.
1.2 Rules on on-line securities trading procedures at the Company.
- Description of on-line securities trading procedures by the Internet.
- Description of on-line securities trading procedures over the telephone.
- Description of on-line securities trading procedures by other methods.
(Attach rules already issued by the Company on the procedures for online securities trading).
1.3 Location where the OST System is installed:
2. Solutions on construction of the infrastructure for the OST System
2.1 Solutions for construction of the system.
- Architecture of the network system:
+ Architecture and overall model of the network system of the Company;
+ Architecture and model of the OST System network, enclosing detailed explanatory statement.
- Server system: Layout and configuration of the server system which ensures confidentiality, backup
and availability of the OST System.
Description of Supplier
NO. Server Name Quantity
Function

....

- Network transmission lines: Layout and configuration of transmission lines, their number and
transmission capacity to maintain continuity of the system.
NO. Name of Transmission Line Description of Function Supplier
1
2
....
- Network system equipment and auxiliary systems of the OST System. System layout and backup
equipment. Method of setting up the system to remedy any breakdowns, and the relevant rules for
dealing with breakdowns.
Name of Description of Supplier
NO. Quantity
Equipment Item Function
....
- Telephone PABX system: description (name of the PABX system, name of installed server, name of
PABX software, name of PABX lines) quantity, and name of supplier.
Description of Supplier
Description of
NO. PABX Telephone Quantity
Function
System
....
2.2 Solutions for system security and confidentiality.
- Solutions for security and confidentiality for the OST System:
+ Security/confidentiality equipment and description of the method of organizing the system in order to
ensure same.
+ Description of the system of security/confidentiality software, its configuration and solutions for
ensuring security of databases.
- Solutions for ensuring security of the online trading website: website authentication, encrypted
transactions sent via lines, anti-hacking and anti-fraud via web interface, etc.
- Rules and policy on security: policies established on the system; policies in internal rules of the
Company and as between the Company and its clients; solutions for controlling server room security,
and assessment of network information security risks of the system.
+ Solutions for authentication during online securities trading: description of the solutions for
authenticating orders in the case of each order and method (by the Internet, over the phone and so
forth) used by the Company.

+ Solutions for authentication using digital certificates: name of the digital certification provider, the
number of digital certificates provided and used, and the contents of such certificates.
+ 2 factor authentication: solution name (SMS, Matrix, OTP, …) and name of the solution provider.
+ Other authentication solutions (if any):
3. Solutions for developing OST System software
- Information about the software provider, and full name and abbreviated name of the software.
- The selected technology development, database platform and operating system.
- Main functions of the software.
- Solutions for software security: comprising system administration, system management,

decentralization, system access control, and capacity to integrate securities solutions of other firms.
(Enclose a report or minutes on assessment of the software system for the OST System).
4. Plan on backup and control of system risks
- Data backup solutions: including layout and configuration; storage solutions, data backup and data
recovery processes.
- Solutions on design of backup of the OST system: options, methods of setting up and configuring the
backup system (comprising backup for the server system, backup for the network system and lines;
and backups for the telephone system, for the training system, and for staff managing the OST
System).
- Solutions on backup power system: UPS system, and backup generator system. Organization and
arrangement of setting up the same when a breakdown occurs.
- Solutions on lightning protection system (preventing lightning transmission, anti-lightning in the

server room and so forth), cooling system, system for controlling security in the server room, and fire
protection system, etc.
- Plan on periodical maintenance.
We hereby undertake to be wholly liable for the accuracy and truthfulness of the above items.
Notes:
(1) Company: This means a securities company in the case of a report from a securities company;
a fund management company in the case of a report from a fund management company; or a fund
certificate distribution agency in the case of a report from a fund distribution agent.

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SSC’s Disclaimer: The English translation of the securities supervisory regulations is not

MINISTRY OF FINANCE SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Ha Noi, 29 March 2018

On the proposal of the Chairman of the State Securities Commission [SSC],

This Decision is of full force and effect as from 1 March 2018.

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 1

On behalf of the Minister

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 2

REPLACED ADMINISTRATIVE PROCEDURE IN THE SECURITIES SECTOR

NO. Administrative Name of Name of Name of Legal Sector Implementing

A. Central level administrative procedure

1. B-BTC-242690 –TT Registration to Registration to Circular 134 of Securities SSC

1. Name of the Procedure: Registration to provide online securities trading services

1.1 Sequence for implementation:

1.2 Methods of implementation:

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 3

1.3 Composition of the application file:

1) Request to register to provide online securities trading services.

3) Report on the design of the online securities trading services system.

- Number of file copies: One (1) set.

1.4 Time-limit for resolution:

1.5 Entities required to conduct the administrative procedure: securities companies.

1.6 Agency resolving the administrative procedure: SSC.

1.7 Results of conducting the administrative procedure:

- Decision approving the provision of online securities trading services.

- Document refusing to approve, specifying the reasons for such refusal.

1.8 Fees and charges: none.

1.10 Requirements and conditions for conducting the administrative procedure:

1) [The applicant] must be a member of the Stock Exchange.

3) The applicant must not fall within the following categories:

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 4

(iii) Be currently placed under control or special control;

(iv) Have any other of its activities suspended pursuant to law.

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 5

Appendix 1. Request for registration to provide online securities trading services

SOCIALIST REPUBIC OF VIETAM

Full name of the company (print in capital letters): ...........................................................................................

II. Methods of online securities trading:

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 6

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 7

SOCIALIST REPUBIC OF VIETAM

LIST OF SPECIALIZED INFORMATION TECHNOLOGY EXPERT STAFF MANAGING

NO. Full Name Degrees and Certificates Working Position Undertaken

(2) Certificates: Relevant certificates of expertise in information technology.

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 8

SOCIALIST REPUBIC OF VIETAM

CURRICULUM VITA OF AN INFORMATION TECHNOLOGY EXPERT

1) Full name: ……………………………………………………..Gender: Male/Female ………..……..

2) Full date of birth: ……………………………………….………Place of Birth: ……………..…...........

4) People's Identity Card/Passport: ..………………………………………………………………………...

5) Place of permanent residence registration: No. of

7) Educational Standard: ………………………………………………………………………………………

8) Highest Professional Qualification: ….…………………………………………………………………….

9) Professional Educational and Training

Certification of employer Declarant

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 9

 Allens - Vietnam Laws Online Database on www.vietnamlaws.com 10

Appendix 3: Report on the design of the on-line securities trading system

SOCIALIST REPUBIC OF VIETAM

REPORTY ON DESIGN OF THE ON-LINE SECURITIES TRADING SYSTEM

To: State Securities Commission

1. Overview of the OST System