The government on November 7 issued Decree No. 151 to cut off and simplify 117 business requirements in five sectors under the management of the Ministry of Finance (MoF), including securities trading, according to Bao Viet Securities Company (BVSC).
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Some notable changes in securities trading sector including: reducing the minimum charter capital for securities dealing from VND100 billon (US$4.29 million) to VND50 billion (US$2.14 million); cutting down the required years of experience for General Director/Director of securities trading organization from 3 years to 2 years;.
In addition, the decree abolishes the requirements for organizations contributing capital to establish the securities trading organization without accumulated losses; changes the conditions for the securities company to be allowed to implement deposit and transaction within same day; and slashes two conditions for securities companies performing margin trading.
Reduction and simplification of investment and business requirements are important policies of the government for significant changes in the business environment and competitiveness of the economy.
Recently, the Law on Securities (amended) has been incorporated into the Law Enforcement Program. Accordingly, during the drafting process, the drafting board and the Ministry of Finance will continue to review regulations to reduce not only business requirements but also other unreasonable regulations to support enterprises.
