Quyết định 172/1999/QD-TTg

DECISION

ON THE ESTABLISHMENT OF SECURITIES COMPANIES AND PARTICIPATION IN SECURITIES LISTING BY CREDIT INSTITUTIONS

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of September 30, 1992;
Pursuant to Credit Institutions Law No. 02/1997/QH10 of December 12, 1997;
Pursuant to Decree No. 48/1998/ND-CP of July 11, 1998 of the Government on Securities and Stock Markets;
At the proposal of the State Securities Commission (in Official Dispatch No. 92/UBCK3 of July 17, 1999) and the opinion of the State Bank of Vietnam (in Official Dispatch No. 724/CV-NHNN5 of August 06, 1999),

DECIDES:

Article 1.- To allow credit institutions to establish their dependent securities companies with legal person status and independent cost-accounting. The chairmen of the Managing Boards of the credit institutions shall decide the establishment of securities companies after getting the consent of the State Bank of Vietnam.

Article 2.- To assign the State Bank of Vietnam to stipulate the transfer of shares of the joint-stock commercial banks and issue relevant regulations so as to create conditions for the qualified banks to participate in share listing at the securities trading centers.

Article 3.- To assign the Ministry of Finance to study and guide financial mechanism and provide financial support for the securities companies under the credit institutions and those under the Corporation during the first three years of their operation.

Article 4.- This Decision takes effect after its signing.

Article 5.- The Minister of Finance, the State Bank Governor, the Chairman of the State Securities Commission, the chairmen of the Managing Boards of the credit institutions and corporations shall have to implement this decision.