Deputy Prime Minister Ho Duc Phoc held a meeting on the draft Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP

(Chinhphu.vn) - On the afternoon of August 13, Deputy Prime Minister Ho Duc Phoc met with ministries and branches on the draft Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP detailing a number of articles of the Securities Law.

Deputy Prime Minister Ho Duc Phoc delivered a concluding speech at the meeting - Photo: VGP/Tran Manh

According to the report of the Ministry of Finance , the drafting of the Decree amending and supplementing a number of articles of Decree No. 155/2020/ND-CP detailing a number of articles of the Securities Law was carried out according to a simplified order and procedure in compliance with the process of drafting legal documents.

The draft has been consulted with Government members, of which 23/24 Government members voted to approve the draft Decree. 1/24 Government members have no other opinions. 3 Government members have other opinions (total of 7 other opinions). Of the 7 other opinions, the Ministry of Finance accepted 4 opinions and explained 3 opinions.

Specifically, the Ministry of Finance has accepted comments on point d, clause 3, Article 1 of the draft related to the use of national population data when carrying out administrative procedures in the field of securities and the securities market; on the transitional provisions to clarify that enterprises no longer have the right to self-adjust the maximum foreign ownership ratio according to the decision of the General Meeting of Shareholders after this Decree takes effect; accepted comments on clause 12, Article 1 of the draft, clause 15, Article 1 of the draft Decree in the direction of not referring to "foreign financial institutions, financial institutions according to the provisions of law on credit institutions" and made adjustments in the draft Decree.

The Ministry of Finance also specifically explained 3 opinions: Proposing not to abolish the regulation allowing the General Meeting of Shareholders and the Charter of a public company to decide on the maximum foreign ownership ratio; the participation of commercial banks and foreign bank branches in the central clearing partner model as clearing members on the underlying securities market; Clause 83, Article 1 of the draft (amended and supplemented content of Point a, Clause 4, Article 293, Clause 5, Article 293) is not consistent with the provisions of Clause 1, Article 134, Clause 9, Article 70 of the Law on Credit Institutions 2024 and proposing to amend in the direction that this regulation does not apply to public companies that are credit institutions to ensure compliance with the provisions of the Law on Credit Institutions.

Photo: VGP/Tran Manh

After listening to the report, the representative of the State Bank of Vietnam commented on the explanation of the Ministry of Finance regarding the right to decide on the maximum foreign ownership ratio; the issue of risks when commercial banks participate in clearing payments... The representative of the Ministry of Finance discussed with the State Bank about the above contents.

At the meeting, representatives of the Ministry of Justice also spoke about the contents related to the process and procedures for drafting and promulgating legal documents...

Concluding the meeting, Deputy Prime Minister Ho Duc Phoc emphasized the spirit and regulations must ensure business rights and create conditions for businesses to develop sustainably. Upgrading the stock market must be based on the foundation of the vitality of the economy and businesses...

Deputy Prime Minister Ho Duc Phoc gave specific instructions on the following contents: Maximum foreign ownership ratio; commercial banks acting as clearing members on the underlying securities market, central clearing counterparty (CCP) mechanism; financial institutions guaranteeing bonds; trading accounts.

Deputy Prime Minister Ho Duc Phoc requested the Ministry of Finance to absorb, make technical edits, complete the draft; coordinate with the Government Office to carry out procedures to submit to competent authorities according to regulations./.

Tran Manh

Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-hop-ve-du-thao-nghi-dinh-sua-doi-bo-sung-mot-so-dieu-cua-nghi-dinh-so-155-2020-nd-cp-102250813175750452.htm