With current regulations related to securities and bonds, National Assembly delegate Le Quan said, "If they are not amended immediately, I personally find it very difficult to believe in giving money to others to spend."
Bond market development is not in accordance with market principles.
This afternoon (October 29), the National Assembly discussed in groups the draft Law on Public Investment (amended) and the draft Law amending and supplementing a number of articles of the Law on Securities, the Law on Accounting, the Law on Independent Auditing, the Law on State Budget, the Law on Management and Use of Public Assets, the Law on Tax Administration and the Law on National Reserves.
National Assembly delegates all highly appreciated the need to amend a number of articles of the Securities Law, especially regulations on bond issuance, individual investors, and stock market manipulation.
National Assembly Delegate Le Quan ( Hanoi delegation).
Citing the recent occurrence of a number of serious cases related to bond trading and stock market manipulation, delegate Le Quan (Hanoi delegation) said that the causes all stem from loopholes in the law.
He also shared that if the current regulations are not changed immediately, "I personally find it hard to believe that I would give money to others to spend."
Analyzing further, delegate Le Quan said that the Vietnamese bond market is not developing in accordance with market principles. The principle of developing the bond and securities market is to attract investment capital into production and business, aiming at sustainable development and long-term investment.
He suggested that it is necessary to control bond issuance more closely and ensure transparency and publicity in the bond market to help people feel more secure when investing. To do so, it is necessary to attach responsibility to auditing units and tighten regulations on manipulation of the stock and bond markets.
Enterprises issuing bonds must have collateral.
Delegate Hoang Van Cuong (Hanoi delegation) also said that the current issuance and trading of bonds has many potential risks.
Delegate Hoang Van Cuong (Hanoi delegation).
From there, Mr. Cuong suggested that businesses issuing bonds must have credit ratings, bank guarantees or collateral, so that bond investments can avoid risks and thus help develop a healthy bond market.
Regarding the amendment to Point c, Clause 1, Article 31: "Selling privately offered shares and privately offered convertible bonds", delegate Hoang Van Cuong said that the regulation on the transfer restriction period of 3 years is too long for small investors. This may affect the liquidity of the market. Therefore, the delegate proposed to keep the current regulation of 1 year.
Delegate Le Nhat Thanh (Hanoi delegation) suggested that the amendment of regulations on stock market manipulation should be consistent with the criminal code, but it is necessary to review and revise the description of stock market manipulation into two groups of behaviors to make it more appropriate.
Delegate Nguyen Thi Yen ( Ba Ria - Vung Tau delegation).
Delegate Nguyen Thi Yen (Ba Ria - Vung Tau delegation) also said that the draft law supplements regulations on acts of stock market manipulation by listing specific acts but still lacks clear measures to handle these acts.
Therefore, she suggested that it is necessary to consider adding more regulations on the level of penalties and measures to prevent stock manipulation.
Source: https://www.baogiaothong.vn/dai-bieu-quoc-hoi-khong-sua-luat-chung-khoan-rat-kho-de-mang-tien-cho-nguoi-khac-tieu-192241029175734133.htm
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