The Ministry of Finance has just announced some information on the implementation of upgrading the stock market and putting the KRX system into operation.
The Ministry of Finance said that, implementing the Prime Minister's direction, in the recent past, the Ministry of Finance has actively and resolutely implemented solutions to meet the criteria for the Vietnamese stock market to be upgraded within the scope of its tasks and functions, specifically:
Legally , The State Securities Commission has coordinated with international organizations, market members, and scientists to research and propose feasible solutions to resolve these problems.
On that basis, the Ministry of Finance has drafted a circular amending and supplementing four circulars on transactions, registration, depository and clearing, securities company operations and information disclosure. The draft circular has been published in the mass media to solicit comments from affected entities. To date, the Ministry of Finance has collected and accepted comments and completed the final draft of the circular.
It is expected that in the second week of July 2024, the Ministry of Finance will post the entire content of this draft along with the received and explained contents on the website of the Ministry of Finance and the State Securities Commission before promulgation.
The Ministry of Finance said that according to the assessment of domestic and foreign experts, the new solutions and regulations in the draft circular are appropriate and highly feasible.
On the preparation of market members , The Ministry of Finance informed that this agency has regularly exchanged, coordinated and organized a series of meetings and discussions with market members so that market members, especially securities companies and depository banks, can update the latest information to support market members in being prepared in terms of systems, resources and appropriate management solutions when the circular is issued.
The Ministry of Finance also proactively works regularly with rating organizations and major international investors to promote the policies, orientations and determination of the Government and the Ministry of Finance as well as specific solutions proposed and implemented.
“Rating organizations and major international investors all have very positive assessments of the determination and solutions being implemented,” the Ministry of Finance affirmed.
In addition, according to the Ministry of Finance, relevant ministries and branches such as the State Bank of Vietnam and the Ministry of Planning and Investment are also actively implementing solutions under the direction of the Government and the Prime Minister.
On the commissioning of the KRX system , The Ministry of Finance said that the Ho Chi Minh City Stock Exchange (HOSE) has made efforts and actively coordinated with the Hanoi Stock Exchange (HNX), the Vietnam Securities Depository and Clearing Corporation (VSDC), the KRX contractor and market members to urgently prepare technical infrastructure, complete legal documents; develop a conversion plan and conduct conversion drills so that the system is ready for operation.
“This is a comprehensive information technology system for the organization and operation of the stock market from registration, depository to trading and payment and clearing. Therefore, some tasks related to ensuring the safety and security of the system and the readiness of members need to be carried out carefully and strictly before putting it into operation,” the Ministry of Finance noted.
Therefore, HOSE is actively coordinating with HNX, VDSC, and contractor KRX to review and conduct additional testing to evaluate the system's operation. Based on the results of the testing and review, the investor will report to the Ministry of Finance on the next implementation roadmap.
Source: CafeF
