Thông tư 95/2020/TT-BTC hướng dẫn giám sát giao dịch chứng khoán trên thị trường chứng khoán

CIRCULAR

Guiding the surveillance of securities trading on the securities market

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Pursuant to the Law on Securities dated November 26, 2019;

Pursuant to the Government’s Decree No. 87/2017/ND-CP of July 26, 2017 on defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance promulgates the Circular guiding the surveillance of securities trading on the securities market.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Circular guides the surveillance of trading of listed securities, and registration of trading on the securities market.

Article 2. Subjects of application

This Circular applies to the following watchdogs and entities subject to surveillance:

1. Watchdogs:

a) The State Securities Commission;

b) The Vietnam Stock Exchange;

c) The subsidiary companies of the Vietnam Stock Exchange, including the Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange (hereinafter referred to as the Stock Exchanges);

d) The Vietnam Securities Depository and Clearing Corporation;

dd) Trading members (excluding special trading members on the derivatives market and on the government bond market).

2. Subject to surveillance are institutions and individuals involved in securities trading and providing services relating to securities trading on the securities market, including:

a) Listed institutions, institutions registered for trading;

b) Trading members, special trading members;

c) Members of the Vietnam Securities Depository and Clearing Corporation, including depository members and clearing members;

d) Securities investment fund management companies, securities investment funds and securities investment companies;

dd) The Stock Exchanges, the Vietnam Securities Depository and Clearing Corporation, when providing services related to securities trading, clearing and payment;

e) Investors participating in securities trading;

g) Supervisory banks and commercial banks providing the service of opening securities investment deposit accounts;

h) Other related entities.

Article 3. Interpretation of terms

In this Circular, the terms below are construed as follows:

1. Securities tradingmeans the securities purchase and sale carried out via the trading system of the Stock Exchanges.

2. Abnormal tradingmeans transactions subject to warning according to the system of surveillance criteria issued by the Vietnam Stock Exchange.

3. Suspected tradingmeans an extraordinary transaction analyzed and determined by the Stock Exchange as a suspicious transaction affecting movements of price or volume of one or more securities in a certain period, potentially violating the law on securities trading.

4. Violating tradingis a transaction violating the law on securities trading as determined by the State Securities Commission.

5. Indicators for reporting on trading supervision applicable to trading membersis the content formulated by the Vietnam Stock Exchange, guiding trading members in performing the securities trading surveillance.

6. Rumormeans information related to listed institutions, institutions registered for trading, securities or securities trading on the securities market, which may be true or untrue but cannot be verified at the time of spreading.

Chapter II

ORGANIZATION OF SECURITIES TRADING SURVEILLANCE

Section 1

SECURITIES TRADING SURVEILLANCE BY THE STATE SECURITIES COMMISSION

Article 4. Responsibilities and powers of the State Securities Commission

1. To perform surveillance of securities trading activities on the securities market in order to detect, prevent and handle the use of inside information in securities purchase and sale, securities market manipulation acts and acts violating the regulations on securities trading.

2. To request entities subject to surveillance to report, explain and provide information and documents on securities trading.

3. To supervise investors in their observance of regulations on securities trading.

4. To issue warnings about transactions and acts showing signs of law violation in order to prevent illegal acts of entities subject to surveillance in securities trading.

5. To approve the securities trading surveillance criteria and indicators for reporting on trading surveillance applicable to trading members that are developed by the Vietnam Stock Exchange; to approve the position limit applicable to the derivatives market; the method of calculating the required deposit levels, thresholds of surveillance of deposit asset use ratio or frequency of surveillance of deposit payment upon request that are developed by the Vietnam Securities Depository and Clearing Corporation.

6. To promulgate a regulation on coordination among the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation, trading members in securities trading surveillance.

7. To assume the prime responsibility for, and coordinate with relevant agencies in, inspecting and examining securities trading acts and securities trading-related service provision.

8. At the proposal of the Ministry of Finance, the State Securities Commission shall report on results of securities trading surveillance to the Ministry of Finance

Article 5. Contents of surveillance by the State Securities Commission

Contents of surveillance by the State Securities Commission include:

1. Making analyses, clarifying signs of violation of law on securities and the securities market of suspected trading, based on reports of trading members, the Vietnam Stock Exchange and its subsidiary companies, and the Vietnam Securities Depository and Clearing Corporation, surveillance results at the State Securities Commission and other information sources, in order to take measures to promptly prevent and handle them according to regulations.

2. Performing surveillance of operations of the Vietnam Stock Exchange and its subsidiary companies in the organization and surveillance of securities trading in the securities market areas within the scope of their management and operation as assigned according to Section 2 of this Chapter.

3. Performing surveillance of operations of the Vietnam Securities Depository and Clearing Corporation in the management of position limit applicable to the derivatives market, surveillance of deposit asset use ratio or required deposit payment according to Section 3 of this Chapter.

4. Assuming the prime responsibility for, and coordinating with the Vietnam Stock Exchange and its subsidiary companies, trading members, the Vietnam Securities Depository and Clearing Corporation in, making analyses and clarifying transactions likely impacting the securities market, ensuring investors’ lawful rights and benefits and the stability of the market.

5. Performing surveillance of the provision of securities trading-related services by the entities specified at Points b, c, d, dd, g and h, Clause 2, Article 2 of this Circular.

Article 6. Methods of securities trading surveillance by the State Securities Commission

1. Performing surveillance of securities transactions based on information from the following sources:

a) Surveillance reports of the Vietnam Stock Exchange and its subsidiary companies, trading members, the Vietnam Securities Depository and Clearing Corporation and members of the Vietnam Securities Depository and Clearing Corporation;

b) Reports of listed institutions and institutions registered for trading;

c) Reports and information provided by institutions and individuals involved in trading on the securities market;

d) Information reported in the mass media, rumors relating to securities trading;

dd) Other sources of information.

2. Based on reports and information specified in Clause 1 of this Article, trading data provided by the Vietnam Stock Exchange and its subsidiary companies, and the Vietnam Securities Depository and Clearing Corporation, analyzing and clarifying transactions showing signs of violations of law on securities and securities market.

3. Irregularly inspecting entities subject to surveillance upon detecting suspected transactions based on reports of the Vietnam Stock Exchange and its subsidiary companies, trading members, the Vietnam Securities Depository and Clearing Corporation and its members and institutions and individuals involved in securities trading and provision of securities trading-related services on the securities market.

Section 2

SECURITIES TRADING SURVEILLANCE BY THE VIETNAM STOCK EXCHANGE AND ITS SUBSIDIARY COMPANIES

Article 7. Rights and obligations of the Vietnam Stock Exchange and its subsidiary companies

1. Rights and obligations of the Vietnam Stock Exchange

a) To promulgate operations regulations for the performance of securities trading surveillance after such regulations are approved by the State Securities Commission; to formulate surveillance procedure to ensure effective surveillance;

b) To take responsibility for the general surveillance of securities trading acts on the securities market;

c) To promulgate securities trading surveillance criteria applicable to subsidiary companies, indicators for reporting on trading supervision applicable to trading members;

d) To report results of trading surveillance to the State Securities Commission.

2. Rights and obligations of the Stock Exchanges being subsidiary companies of the Vietnam Stock Exchange

a) To perform direct surveillance of securities trading at each market area within the scope of their management and operation;

b) To build databases to serve securities trading surveillance as prescribed in Article 11 of this Circular;

c) To perform surveillance of transactions during a day, many days or periodically; to make analyses and assessments and clearly identify suspected trading probably violating law on securities trading;

d) To review information in the mass media and rumors relating to abnormal transactions;

dd) To perform surveillance of information disclosure and reporting under the current regulations concerning securities trading of trading members, listed institutions, institutions registered for trading, securities investment fund management companies, securities investment funds, securities investment companies and investors;

e) To report to the Vietnam Stock Exchange to handle situations in which trading members violate the regulations on securities trading according to regulations and to propose handling of the violations of the law on securities trading by the Vietnam Stock Exchange.

3. In addition to the above rights and obligations, the Vietnam Stock Exchange and its subsidiary companies have the following rights and obligations:

a) To perform surveillance of the trading surveillance of trading members;

b) To request institutions and individuals related to securities trading to explain and provide information and documents for surveillance of securities trading;

c) To formulate and send periodic trading surveillance reports, abnormal trading surveillance reports, reports upon request related to securities trading surveillance to the State Securities Commission in accordance with Articles 13, 14 and 15 of this Circular;

d) To coordinate with the State Securities Commission in abnormally examining trading potentially violating the law on securities and securities market;

dd) To coordinate with the Vietnam Securities Depository and Clearing Corporation in ensuring safe and effective acts of trading, clearing and payment of securities trading.

Article 8. Securities trading surveillance contents

1. The Vietnam Stock Exchange and its subsidiary companies shall perform surveillance to detect abnormal trading, suspected trading potentially violating the law on securities trading, including:

a) The act of use of inside information in securities purchase and sale;

b) The act of securities market manipulation;

c) Other acts in violation of the securities trading regulations as specified by the law on securities and securities market.

2. The surveillance of trading and disclosure of information and reports related to the trading of listed securities or securities registered for trading of institutions listing securities or registered for securities trading, trading members, securities investment fund management companies, securities investment funds, securities investment companies, major shareholders and groups of affiliated persons owning at least 05% of voting stocks of a public company, public securities investment companies; investors and groups of affiliated persons owning at least 05% of fund certificates of a closed-end fund; and groups of affiliated foreign investors owning at least 05% of voting stocks of an issuing organization or at least 05% of fund certificates of a closed-end fund, insiders, persons related to the insiders and other entities of institutions listing securities or registered for securities trading, insiders of closed public funds and their related persons, persons authorized to disclose information and investors, shall be performed under the current regulations.

3. The surveillance of redemption of the own stocks, public bid and other transactions of listed institutions, institutions registered for trading shall comply with law on securities and securities market.

Article 9. Securities trading surveillance criteria

1. The Vietnam Stock Exchange shall develop and issue a system of securities trading surveillance criteria for listed securities or securities registered for trading at subsidiary companies of the Vietnam Stock Exchange, inter-market trading surveillance criteria (interaction between the underlying market and the derivatives market, between the underlying securities trading and covered warrant trading) to serve as a basis for surveillance of transactions within a day or in many days; issue indicators for reporting on trading surveillance applicable to trading members.

2. The system of securities trading surveillance criteria includes contents and specific parameters; indicators for reporting on trading surveillance applicable to trading members must be periodically reviewed and assessed.

Article 10. Securities trading surveillance methods

1. The Vietnam Stock Exchange shall perform the surveillance via reports of the Stock Exchanges.

2. The Stock Exchanges shall perform surveillance with the actual time on their surveillance systems of trading within a day for listed securities or securities registered for trading, for detecting abnormal trading.

3. The Stock Exchanges shall perform surveillance of securities trading in many days based on one or several of the following sources:

a) Their securities trading databases;

b) Reports of, and information disclosed by, trading members, listed institutions or institutions registered for trading, investors in accordance with the law on securities and securities market;

c) Relevant information received from the Vietnam Securities Depository and Clearing Corporation according to Article 19 of this Circular;

d) Information reported in the mass media, rumors relating to securities and securities market;

dd) Other sources of information.

4. Requesting institutions and individuals related to transactions with abnormal signs to provide information and explanations to further clarify such abnormal signs.

Article 11. Databases for securities trading surveillance

The Stock Exchanges shall build databases to serve securities trading surveillance. Such a database must at least contain:

1. Data on results of securities trading at Stock Exchanges.

2. A list of, and information about, entities subject to surveillance under Stock Exchanges’ management that violate the law on securities and securities market and their regulations.

3. Reports and information on securities trading already disclosed through Stock Exchanges’ information disclosure systems; reports and information already reported to the State Securities Commission and the Vietnam Stock Exchange.

4. Data related to securities trading accounts of investors.

5. Other data related to securities trading.

Article 12. Surveillance applicable to trading members

1. Requesting trading members to provide reports, explanations and information related to their trading surveillance at market areas within the scope of their management and operation.

2. When detecting signs of violation, Stock Exchanges shall report to the Vietnam Stock Exchange for handling or propose the State Securities Commission to handle the violation within the competence and report to the Vietnam Stock Exchange at the same time.

3. In case the Vietnam Stock Exchange detects signs of violation, it shall handle them within the competence and report on the handling results to the State Securities Commission.

4. The Vietnam Stock Exchange shall propose the State Securities Commission to handle violations of trading members which fall beyond it competence.

Article 13. Regular trading surveillance reports

1. Within the first 02 working days of every week, an Stock Exchange shall send the State Securities Commission its weekly trading surveillance report for the previous week, including:

a) Its securities trading data, including: Number of placed orders, number of matched orders, number of transactions of underlying securities, derivatives and other securities on the market of the reporting week according to the trading system of the Stock Exchange. Securities trading information on the market within the scope of its management and operation according to the law on the information disclosure on the securities market, except for information related to open interest of each type of derivative (OI);

b) Results of securities trading surveillance in the previous week, reports on the proportion of stocks in the index reflecting the market situation for the synthesis and evaluation of market developments according to Form No. 01 in Appendix I to this Circular.

2. Within the first 10 working days of every month, based on the reports of its subsidiary companies, the Vietnam Stock Exchange shall send the State Securities Commission its monthly trading surveillance report for the previous month, made according to Form No. 02 in Appendix I to this Circular with the following main contents:

- Organization and results of securities trading surveillance in its professional activities;

- Results of securities trading surveillance by the Vietnam Stock Exchange and its subsidiary companies for transactions with abnormal signs and the handling of such transactions;

- Results of trading surveillance of trading members and the handling of their violations;

- Results of irregular trading surveillance reports and report upon request in the reporting period;

- Proposal (if any).

3. Within the first 20 working days of every year, based on the reports of its subsidiary companies, the Vietnam Stock Exchange shall send the State Securities Commission its yearly trading surveillance report for the previous year, made according to Form No. 03 in Appendix I to this Circular with the following main contents:

- Organization and results of securities trading surveillance in its professional activities;

- Results of securities trading surveillance by the Vietnam Stock Exchange and its subsidiary companies for transactions with abnormal signs and the handling of such transactions;

- Results of trading surveillance of trading members and the handling of their violations;

- Results of irregular trading surveillance reports and report upon request in the reporting period;

4. Reports specified in Clauses 1, 2 and 3 of this Article shall be made in written and electronic forms. Reports specified at Point a, Clause 1 of this Article may be sent only in electronic form. The above reports shall be sent in electronic form if the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies all use electronic signatures. The Vietnam Stock Exchange and its subsidiary companies shall archive reported information according to the law.

Article 14. Irregular trading surveillance reports

1. If detecting suspected trading, within 24 hours after the results of making analysis of the abnormal trading, a Stock Exchange shall send an abnormal trading surveillance report to the State Securities Commission, and report the Vietnam Stock Exchange at the same time.

2. In case of abnormal trading surveillance reports specified in Clause 1 of this Article, the Stock Exchanges shall make separate analysis reports on each specific case, stating suspected signs, relevant information, their assessment opinions and proposing handling solutions according to their competence or requesting handling by other agencies of cases falling beyond their competence.

3. Methods of sending and receiving abnormal trading surveillance reports shall comply with Clause 4, Article 13 of this Circular.

Article 15. Trading surveillance reports upon request

1. The Vietnam Stock Exchange and its subsidiary companies shall send trading surveillance reports when receiving written request of the State Securities Commission.

2. Reports to be sent to the State Securities Commission mentioned in Clause 1 of this Article must be in written and electronic forms, have contents and be sent within the time limit requested by the State Securities Commission.

Section 3

SURVEILLANCE BY THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

Article 16. Rights and obligations of the Vietnam Securities Depository and Clearing Corporation

1. To perform surveillance of clearing and payment, position limits and deposits of securities trading in accordance with regulations.

2. If detecting abnormal signs in clearing and payment of trading, violations of regulations on position limits and deposits in securities trading, the Vietnam Securities Depository and Clearing Corporation shall request reports, explanation, information and documents for the surveillance from relevant institutions and individuals, simultaneously report to the State Securities Commission and notify the Vietnam Stock Exchange and its subsidiary companies for coordination in surveillance.

3. To fully archive information on professional activities at the Vietnam Securities Depository and Clearing Corporation, violations of regulations on position limit, deposits and sharing of information related to securities trading in order that the Vietnam Stock Exchange and its subsidiary companies perform the trading surveillance.

4. To coordinate with the Vietnam Stock Exchange and its subsidiary companies in ensuring safe and effective trading, market trading surveillance and securities trading clearing and payment according to regulations.

5. To coordinate with the State Securities Commission in periodically or irregularly examining entities subject to surveillance by the Vietnam Securities Depository and Clearing Corporation.

6. To handle violations according to its competence or report violations which fall beyond its competence to the State Securities Commission for handling in accordance with law.

7. To formulate and send periodic surveillance reports, irregular surveillance reports, surveillance reports upon request in accordance with Articles 20, 21 and 22 of this Circular;

Article 17. Contents of surveillance by the Vietnam Securities Depository and Clearing Corporation

1. Performing surveillance of implementation of professional activities related to the securities clearing and payment by members of the Vietnam Securities Depository and Clearing Corporation in accordance with the law on securities and securities market.

2. Performing surveillance of the deposit asset use ratio or the payment of deposits on accounts of investors for the derivatives market and of clearing members for the underlying market.

3. Performing surveillance of position limits of investors when trading in derivatives.

Article 18. Methods of surveillance by the Vietnam Securities Depository and Clearing Corporation

1. The Vietnam Securities Depository and Clearing Corporation shall develop and issue regulations on position limits, perform surveillance of position limits for accounts of investors, specify thresholds of surveillance of deposit asset use ratio or the time and methods of deposit payment upon request and perform surveillance of accounts of investors trading in derivatives; specify the time and methods of deposit payment upon request and perform surveillance of clearing members for the underlying market at the regulations of professional activities after they are approved by the State Securities Commission.

2. Contents and thresholds of surveillance shall be developed and adjusted in each period to suit the trading reality of the securities market and ensure effective surveillance at the Vietnam Securities Depository and Clearing Corporation.

3. Performing surveillance of cases where regulations on clearing and payment in securities trading, position limit on the derivatives market, the deposit asset use ratio or deposit payment upon request of investors is violated based on one or several of the following data or information sources:

a) Data on positions or clearing margin of clearing members or investors;

b) Regular reports or information reported by members of the Vietnam Securities Depository and Clearing Corporation and other entities participating in the derivatives market;

c) Information reported in the mass media;

d) Other sources of information.

4. To request information and explanation from members being entities subject to surveillance by the Vietnam Securities Depository and Clearing Corporation to clarify abnormal signs in accordance with Clause 2, Article 16 of this Circular.

5. To coordinate with the State Securities Commission in periodically or irregularly examining entities subject to surveillance by the Vietnam Securities Depository and Clearing Corporation.

Article 19. Storage of data to serve surveillance

The Vietnam Securities Depository and Clearing Corporation shall fully archive information on:

1. Data on securities clearing and payment on the securities market.

2. On a daily basis, data on information of investors trading securities and derivative products shall be fully and continuously updated from securities companies.

3. Information on position limits, clearing margin of types of securities, derivative products with corresponding types of investors on the derivatives market.

4. Data of transactions made out of the system.

5. Data of violations and handling of violations for the acts of clearing and payment, position limits and deposits of clearing members.

Article 20. Regular surveillance reports

1. At 04:30 p.m. on the trading date at the latest, the Vietnam Securities Depository and Clearing Corporation shall send the State Securities Commission the information on open interest of each type of derivative at the end of each day, made according to Form No. 01 of the Appendix II to this Circular.

2. Within the first 02 working days of every week, the Vietnam Securities Depository and Clearing Corporation shall send the State Securities Commission its weekly trading surveillance report for the previous month, made according to Form No. 02 in Appendix II to this Circular with the following contents:

a) Report on correction of trading payment errors, extension of payment deadline, cancellation of payments;

b) Statistics on securities transactions with ownership transfer not via the trading systems of the Stock Exchanges: contents of public bid in accordance with law, transfer of ownership rights from the lender to the borrower and vice versa (except cases of loans to support securities trading payment in case the correction of trading payment errors of depository members of the Vietnam Securities Depository and Clearing Corporation leads to the temporary deficit of securities for payment and to support members establishing ETF (Exchange Traded Fund) in adequate securities for capital contribution and conducting exchange transactions with the ETF); transfer of ownership rights of security assets being securities from the lender to the borrower when the borrower loses the ability to repay the loan; transfer of ownership rights due to handling of collateral being securities in the pledge, mortgage, deposits and other transfer forms of ownership rights carried out after consulting the State Securities Commission;

c) Report on information and names of securities trading accounts of investors opened, closed or having information changes at securities companies;

d) List of major shareholders of companies that have registered securities at the Vietnam Securities Depository and Clearing Corporation.

3. Within the first 10 working days of every month, the Vietnam Securities Depository and Clearing Corporation shall send its monthly reports for the previous month, made according to Form No. 03 in Appendix II to this Circular with the following contents:

a) Report on handling of violations of members of the Vietnam Securities Depository and Clearing Corporation;

b) Report on assistance for insolvent clearing members.

c) Report on grant of securities codes;

d) Report on total value of clearing margin and list of clearing margin assets of the market on a daily basis;

dd) Statistics on violations of the clearing margin asset use ratio or required deposit payment of clearing members on a daily basis for the derivatives market;

4. Reports specified in Clauses 1, 2 and 3 of this Article shall be made in written form and electronic form (under the e-signature program). Reports specified at Clause 2 and Points d and dd, Clause 3 of this Article shall be only made in electronic form. The Vietnam Securities Depository and Clearing Corporation shall archive reported information according to the law.

Article 21. Irregular trading surveillance reports

1. The Vietnam Securities Depository and Clearing Corporation shall send the State Securities Commission irregular surveillance reports when detecting signs of violations of regulation on deposits, position limits, clearing, payment of securities trading that are not remedied within the day of violations.

2. Irregular reports shall be sent to the State Securities in written form and electronic form within 24 hours after the Vietnam Securities Depository and Clearing Corporation detects violations.

3. In case of irregular surveillance reports, the Vietnam Securities Depository and Clearing Corporation shall make reports on each specific case, stating its assessment opinion and proposing handling solutions according to its competence or requesting handling by other agencies of cases that fall beyond its competence.

Article 22. Surveillance reporting upon request

1. The Vietnam Securities Depository and Clearing Corporation shall send surveillance reports when receiving written request of the State Securities Commission.

2. Reports to be sent to the State Securities Commission mentioned in Clause 1 of this Article must be in written and electronic forms, have contents and be sent within the time limit requested by the State Securities Commission.

Section 4

SURVEILLANCE BY TRADING MEMBERS

Article 23. Obligations and responsibilities of trading members

1. To apply the system of indicators for reporting on securities trading surveillance according to the guidance of the Vietnam Stock Exchange.

2. To perform surveillance of transactions during a day, many days of investors opening accounts or performing transactions at the place where trading members provide services.

3. To perform surveillance of the observance of law on securities trading of institutions and individuals opening accounts or performing transactions at the place where trading members provide trading services.

4. To update and fully archive dossiers of investors’ information, documents exactly showing in detail transactions of investors and trading members.

5. To perform the coordination in surveillance performance:

a) To coordinate with the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies and the Vietnam Securities Depository and Clearing Corporation in performing securities trading surveillance upon request;

b) To coordinate with the State Securities Commission in inviting investors to work with inspection delegations of the State Securities Commission on abnormal transactions, transactions showing signs of violation of law on securities and securities market;

6. If detecting transactions showing signs of violation of regulations on securities trading, trading members shall report to the Vietnam Stock Exchange and its subsidiary companies, and the State Securities Commission.

7. To formulate and send to the Vietnam Stock Exchange and its subsidiary companies, the State Securities Commission irregular reports, reports upon request on securities trading with specific proposal (if any) for handling of contents stated in reports.

8. To take responsibilities for the accuracy, truthfulness of information, reports provided to the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies and the Vietnam Securities Depository and Clearing Corporation.

Article 24. Archive of trading surveillance data

Trading members shall archive securities trading surveillance data with at least the following contents:

1. Data on securities trading at the place where trading members provide services.

2. Information of investors opening accounts or performing transactions at the place where trading members provide trading services.

3. Data on deposit trading and other financial services at the place where trading members provide trading services.

4. other data related to securities trading at the place where trading members provide trading services.

Article 25. Reports on trading surveillance by trading members

1. Trading members shall send the Vietnam Stock Exchange and its subsidiary companies their monthly trading surveillance reports, irregular surveillance reports and surveillance reports upon request on securities trading surveillance.

2. Trading members shall send the State Securities Commission irregular trading surveillance reports and reports upon request.

3. Contents of reports, methods and forms of making and sending reports on trading surveillance by trading members shall comply with regulations of the Vietnam Stock Exchange.

Chapter III

OBLIGATIONS OF ENTITIES SUBJECT TO SURVEILLANCE

Article 26. Obligation of institutions and individuals involved in securities trading or providing securities trading services to provide information and explanations upon request

1. Institutions and individuals involved in securities trading or providing securities trading services shall coordinate with the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation, trading members and competent agencies upon request in accordance with laws.

2. Institutions and individuals involved in securities trading are obliged to adequately provide information, documents and data at the request of the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation according to the law; give explanations at the request of the State Securities Commission, the Vietnam Stock Exchange and its subsidiary companies about events related to securities trading in accordance with law and disclose information on securities trading in accordance with the law on securities and securities market.

3. Commercial banks providing the service of opening securities investment accounts for investors shall provide information on the balances of these accounts at the request of the State Securities Commission and competent agencies in accordance with law.

4. Supervisory banks shall provide data on the securities investment and trading of securities investment funds they supervise at the request of the State Securities Commission and competent agencies in accordance with law.

5. An institution or individual that conducts securities transactions or provides securities trading services but fails to coordinate with the agencies, institutions specified in Clause 1 of this Article shall be handled in accordance with law.

Chapter IV

IMPLEMENTATION PROVISIONS

Article 27. Implementation provision

1. This Circular takes effect on January 01, 2021.

2. From the effective date of this Circular, the Circular No. 115/2017/TT-BTC dated October 25, 2017 of the Minister of Finance on guiding the surveillance of securities trading on the securities market (hereinafter referred to as the Circular No. 115/2017/TT-BTC) and Article 1 of the Circular No. 35/2019/TT-BTC dated June 12, 2019 of the Minister of Finance on amending and supplementing a number of articles of the Circular No. 115/2017/TT-BTC dated October 25, 2017 on guiding the surveillance of securities trading on the securities market and the Circular No. 116/2017/TT-BTC dated October 25, 2017 guiding compliance supervision by the State Securities Commission of activities in the securities sector of Stock Exchanges, the Vietnam Securities Depository (hereinafter referred to as the Circular No. 35/2019/TT-BTC) shall be null and void.

3. The Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange, the Vietnam Securities Depository shall continue performing securities trading surveillance, trading members shall continue coordinating with the State Securities Commission in trading surveillance according to the Circular No. 115/2017/TT-BTC and the Circular No. 35/2019/TT-BTC until the Vietnam Stock Exchange and the Vietnam Securities Depository and Clearing Corporation operate according to the Law No. 54/2019/QH14 on Securities.

4. The Vietnam Securities Depository and Clearing Corporation shall perform deposits of securities trading for clearing members on the underlying market after the Ministry of Finance officially decides derivatives clearing and trading payment activities with Central Counterparty Clearing mechanism.

Article 28. Organization of implementation

1. The State Securities Commission, the Vietnam Stock Exchange, the Hanoi Stock Exchange, the Ho Chi Minh Stock Exchange, the Vietnam Securities Depository and Clearing Corporation, trading members, members of the Vietnam Securities Depository and Clearing Corporation, listed institutions, institutions registered for trading, securities investment fund management companies, securities investment funds, securities investment companies and relevant institutions and individuals shall implement this Circular.

2. Any problem arising in the course of implementation should be promptly reported to the Ministry of Finance for amendment and supplementation./.

* All Appendices are not translated herein.