On March 16, 2017, the Ministry of Finance issued the Circular No. 23/2017/TT-BTC dated March 16, 2017 of the Ministry of Finance on revising and supplementing a number of articles of the Circular No. 11/2016/TT-BTC dated January 19, 2016 on instructions for certain articles of the Government’s Decree No. 42/2015/ND-CP dated May 5, 2015 on derivative securities and derivatives exchanges.
This Circular implements that the investor may open an general transaction account when the fund management company referred to in Clause 2 of this Article is allowed to open one (01) general transaction account held in the name of the domestic entrusting investor and one (01) general transaction account held in the name of the foreign entrusting investor; a securities enterprise established in overseas countries allowed to open one (01) general transaction account to act on behalf of the foreign investor to perform derivatives brokerage activities; other situations that may occur are subject to instructions given by the VSD.
The investor’s position on the trading account must be within the position limit according to the rules of VSD. In case the position limit is exceeded, the investor shall conduct matched sale-purchase transactions to reduce his position or provide additional margins (in case of need) within the period regulated by VSD.
After the stated period, the investor fails to reduce its position, the clearing member may perform matched transactions to contribute a portion or all of its positions. In case where the clearing member fails to perform matched transactions to close its position, VSD shall be allowed to perform matched transactions to close part or all of the investor’s position held in the name of the clearing member.
This Circular takes effect on May 01, 2017
Source: http://english.luatvietnam.vn/default.aspx?tabid=720
