The Vietnam State Securities Commission published an overview of the main provisions in Ministry of Finance Circular 138/2025/TT-BTC, which amends the framework for securities transaction surveillance and the Commission’s compliance supervision of the Vietnam Stock Exchange and its subsidiaries and the Vietnam Securities Depository and Clearing Corporation and its subsidiaries. The amendments align the surveillance regime with Law 56/2024/QH15 and also shift certain reporting processes to electronic submission, removing paper filings. Key changes include adding subsidiaries of the Vietnam Securities Depository and Clearing Corporation as supervised entities for both transaction surveillance and compliance supervision, and introducing principles for organising transaction surveillance to clarify responsibilities across the Commission, the Vietnam Stock Exchange group, the depository and clearing group, and trading members. The circular also strengthens coordination between trading members and the Vietnam Stock Exchange in issuing warnings on listed and registered securities showing abnormal movements, adds rights and obligations for the Vietnam Stock Exchange in cross-market transaction surveillance, and sets coordination arrangements for detecting, preventing and handling trading violations, including guidance on data formats and digital data exchange between the relevant bodies. Circular 138/2025/TT-BTC enters into force on 1 March 2026.

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