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The 16th National Assembly, during its second session on November 13, passed the Law amending and supplementing a number of articles of the Law on Securities, with 463 out of the 464 deputies present voting in favour.
Comprising three articles, the law will take effect on March 1, 2027. A key new provision is Article 6a, which introduces a regulatory sandbox mechanism for the securities sector.
Presenting the Government’s report on revisions to the draft law, Minister of Finance Ngo Van Tuan said the mechanism will facilitate the testing of new technologies, products, services and business models while ensuring market safety and protecting investors’ interests.
The trials will be limited in scope, participants, location and duration, particularly for innovations not yet covered by existing regulations. Participating organisations must meet eligibility requirements, obtain certification and comply with regulations on personal data protection and cybersecurity. Competent authorities will supervise the trials, assess their outcomes and decide whether the tested mechanisms should continue or be formally regulated.
Regarding market organisation, the Government retains the proposal to authorise the Prime Minister to decide on the stock exchange model to ensure flexibility. The law also clarifies human resource policies for the securities sector and professional qualification requirements for managers, legal representatives and securities practitioners.
Administrative procedures for securities depository registration will be simplified by removing certain conditions and documentation requirements. However, technical capacity, operational safety, segregation of customer assets and regulatory supervision will remain mandatory to protect investors.
For legal representatives, only one person is required to meet the corresponding professional standards, while not all representatives are required to hold a practising certificate. The law also provides a two-year transitional period, or until personnel changes are made, for businesses to meet the new professional standards.
Article 97 specifies three types of securities practice certificates: securities brokerage, financial analysis, and fund management.
To prepare for implementation, the Government has developed three guiding documents, including two draft decrees on the regulatory sandbox and amendments to Decree No. 155/2020/ND-CP, and a draft circular under the authority of the Minister of Finance, Tuan said.
Earlier the same morning, under the chair of its Vice President Nguyen Thi Hong, the NA adopted a resolution on the 2025 State budget settlement, with 458 of the 461 deputies voting in favour.-
(VNA/VLLF)
