The Vietnam State Securities Commission has published an overview of a Ministry of Finance draft circular that would replace the current framework for securities registration, depository, clearing and settlement. The draft is intended to align the rules with amendments in Law No. 56/2024/QH15 and Decree 245/2025, address operational gaps that emerged after more than five years of implementation, standardize processes for the KRX technology system, and provide a legal basis for a modern clearing and settlement structure including a central counterparty, or CCP, mechanism. The 67-article draft would revise rules across the full post-trade chain. It would update securities registration, cancellation of registration, information management, ownership transfers outside the system and issuer responsibilities, while also revising depository account rules, certain securities transfer and blocking procedures, and the management of securities borrowing and lending. For clearing and settlement, it would separate the legal framework before and after CCP implementation, largely retaining current pre-CCP rules while clarifying the role of VSDC's clearing subsidiary in clearing and determining settlement obligations and VSDC's role in securities settlement. It would also refine margin account and margin contribution rules for investors, clearing members and settlement custodian banks, without changing the trading and settlement method used by foreign institutional investors, and set out how failed settlements and rejected novation cases should be handled. In addition, the draft would introduce real-time, transaction-by-transaction settlement for listed corporate bonds, revise the management and use of payment support funds, clearing funds and operational risk prevention funds, and streamline reporting and administrative procedures in line with the government's digitalization and administrative simplification agenda. The draft circular has been posted on the Ministry of Finance's portal for comments.
Vietnam State Securities Commission2026-07-09
Vietnam State Securities Commission outlines draft replacement for securities registration, depository, clearing and settlement rules, adding a central counterparty framework
The Vietnam State Securities Commission published an overview of a Ministry of Finance draft circular to replace Vietnam's current rules on securities registration, depository, clearing and settlement. The draft would align the framework with recent legal changes, support KRX implementation and create a distinct post-trade regime for a future CCP model. It also adds real-time settlement for listed corporate bonds and revises fund, reporting and administrative rules.