Headlines 03/02/2018 08:50 SA

Simplifying application requirements for registration of online securities transaction services

Ngọc Liêu

The Ministry of Finance has issued the Circular No. 134/2017/TT-BTC dated December 19, 2017 that provides guidance on carrying out online transactions on the securities market. This Circular prescribes that documentation required for registration of provision of online securities transaction services will be composed of the followings:

- Registration form given in the Appendix 01.

- Sample list of names and curriculum vitaes of experts in management of the online securities transaction system given in the Appendix 02.

- Sample design report of the online securities transaction system given in the Appendix 03.

- Authenticated copy of the consent letter and the report on testing of the online securities transaction system issued by a Stock Exchange to its members.

In comparison with regulations laid down in the Circular No. 87/2013/TT-BTC a lot of documents have been abandoned, such as: 

- Standard form contract for online securities transaction services with clients and risk disclosure statement. 

- Contingency plan for any damage or failure of the transaction system.

- System safety and quality assurance certificates.

- Technical documents on network access equipment, network interconnection equipment, software, hardware and other relevant equipment.

In addition, duration for grant of approval after receipt of all legally-required documents will be reduced to 20 working days (instead of 35 working days specified in regulations in force).

The Circular No. 134/2017/TT-BTC is set to commence on March 1, 2018.

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