MINISTRY OF FINANCE

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

No. 14/2025/TT-BTC
Hanoi, April 04, 2025

CIRCULAR

Amending and supplementing certain articles of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance regulating registration, depository, clearing and settlement of securities transactions and Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain articles of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market

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Pursuant to the Securities Law dated November 26, 2019;

Pursuant to the Law amending and supplementing certain articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Law on Management and Use of Public Assets, Tax Administration Law, Personal Income Tax Law, National Reserve Law, Law on Handling Administrative Violations dated November 29, 2024;

Pursuant to the Law on Citizen Identification dated November 27, 2023;

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain articles of the Securities Law;

Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

Pursuant to Decree No. 29/2025/NĐ-CP dated February 24, 2025 of the Government regulating the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Chairman of the State Securities Commission;

The Minister of Finance issues a Circular amending and supplementing certain articles of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance regulating registration, depository, clearing and settlement of securities transactions and Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain articles of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market.

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Article 1. Amending and supplementing certain articles of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance regulating registration, depository, clearing and settlement of securities transactions

1. Amending and supplementing point h, Clause 3, Article 6 as follows:

h) Securities market participants must declare information as prescribed in Article 10 of the Securities Law and relevant regulations; in the case where a securities market participant is an organization, it must declare information on the legal representative, persons with decision-making power, managers, controllers or substantial owners of that organization as prescribed in Article 10 of the Securities Law and relevant regulations.

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"h) The establishment and operation license or Enterprise Registration Certificate or equivalent documents of the parties transferring ownership are organizations."

2. Amending and supplementing point c, Clause 2, Article 17 as follows:

"c) Personal identification number for individual customers who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam; number and date of issue of the Enterprise Registration Certificate, Establishment and Operation License or equivalent documents for domestic organizational customers; number and date of issue of the Securities Trading Code Registration Certificate for foreign customers;"

Article 2. Replacing Form No. 01, Form No. 02 Appendix issued together with Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain articles of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market with Form No. 01, Form No. 02 Appendix issued together with this Circular.

Article 3. Implementation provisions

1. This Circular takes effect from June 01, 2025.

2. The State Securities Commission, Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, Vietnam Securities Depository and Clearing Corporation and other relevant organizations and individuals are responsible for implementing this Circular.

Where received:

• Central Secretariat of the Party;
• Prime Minister, Deputy Prime Ministers;
• Central Party Office and Party Departments;
• Office of the General Secretary;
• Government Office;
• National Assembly Office;
• Office of the President;
• Vietnam Fatherland Front Central Committee;
• National Assembly Committees and Committees of the National Assembly;
• Ministries, ministerial-level agencies, agencies under the Government;
• Supreme People's Court;
• Supreme People's Procuracy;
• State Audit Office;
• Central Committees of mass organizations;
• People's Councils and People's Committees of provinces and centrally-run cities;
• Department of Legal Document Inspection (Ministry of Justice);
• Vietnam Chamber of Commerce and Industry;
• Official Gazette;
• Government Electronic Portal;
• Ministry of Finance Electronic Portal;
• State Securities Commission Electronic Portal;
• Store: VT, SSC (40b); Aua.

FOR THE MINISTER
DEPUTY MINISTER

Nguyen Duc Chi

Form No. 01
(Accompanying Circular No.
14/2025/TT-BTC dated April 4, 2025
of the Minister of Finance)

# SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

..., day...month...year...

## ENTRUSTMENT CONTRACT FOR CLEARING AND SETTLEMENT

The entrustment contract for clearing and settlement between the non-clearing member and the general clearing member includes at least the following contents:

### 1. Legal basis

- Pursuant to the Securities Law dated November 26, 2019;
- Pursuant to the Civil Code dated November 24, 2015;
- Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;
- Pursuant to Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain articles of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;
- Pursuant to Circular No. 14/2025/TT-BTC dated April 04, 2025 of the Minister of Finance amending and supplementing certain articles of Circular No. 119/2020/TT-BTC dated December 31, 2020 of the Minister of Finance regulating registration, depository, clearing and settlement of securities transactions and Circular No. 58/2021/TT-BTC dated July 12, 2021 of the Minister of Finance guiding certain articles of Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market.

### 2. Parties to the contract

- Name, address, telephone number, establishment and operation license number of the non-clearing member; Full name, date of birth, personal identification number (for individuals who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), title, authorization decision of the legal representative or authorized person of the non-clearing member;
- Name, address, telephone number, establishment and operation license number of the general clearing member; Full name, date of birth, personal identification number (for individuals who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), title, authorization decision of the legal representative or authorized person of the general clearing member.

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- personal identification number), passport number (for foreigners without a personal identification number), title, authorization decision of the legal representative or authorized person of the general clearing member.

### 3. Terms and specific agreements

- Opening of investor accounts at the non-clearing member;
- Opening of margin accounts at the general clearing member;
- The non-clearing member represents investors in the relationship with the general clearing member;
- Tripartite contract between investor - non-clearing member - general clearing member;
- Regulations on deposit/withdrawal of investor margin assets;
- Regulations on margin check before placing derivative securities transactions;
- Regulations on monitoring the number of contracts held to ensure the margin utilization ratio and permitted position limits.

### 4. Terms on rights and obligations of participating parties

- The general clearing member accepts the entrustment of the non-clearing member to ensure settlement of derivative securities transactions through settlement guarantee and risk prevention mechanisms;
- The general clearing member provides services related to clearing and settlement activities to the non-clearing member, including: clearing and settlement of derivative securities transactions; monitoring and managing margin assets of the non-clearing member and customers of the non-clearing member; ensuring separate management of accounts and assets of the non-clearing member and accounts and assets of customers of the non-clearing member;
- Other rights and obligations (if any) of the parties.

### 5. Terms on other agreements

- Entrustment fees as prescribed (if any) or agreed between the parties;
- Dispute resolution;
- Handling plan in case the non-clearing member or customers of the non-clearing member lose solvency;
- Handling plan in case the non-clearing member or customers of the non-clearing member go bankrupt;
- Handling of issues arising from errors of the non-clearing member (placing wrong orders...), errors of the clearing member (incorrect margin information, number of contracts held...);

- Amending, supplementing, terminating the contract.
6. Other issues affecting the rights and obligations of the parties.

Form No. 02
(Accompanying Circular No. 14/2025/TT-BTC dated April 4, 2025 of the Minister of Finance)

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

..., day...month...year...

DERIVATIVE SECURITIES TRADING ACCOUNT OPENING CONTRACT

The derivative securities trading account opening contract between the securities company and the customer includes at least the following contents:

1. Parties to the contract
- Name, address, telephone number, establishment and operation license number of the securities company; Full name, date of birth, personal identification number (for individuals who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), authorization decision of the legal representative or authorized person of the securities company;
- Full name, date of birth, address, telephone number, personal identification number (for individuals who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number) of individual customers; Name, address, Enterprise Registration Certificate of organizational customers, full name, date of birth, title, personal identification number (for individuals who are Vietnamese citizens, Vietnamese-origin persons whose nationality has not been determined and are residing in Vietnam, foreigners who have been issued a personal identification number), passport number (for foreigners without a personal identification number), authorization decision of the legal representative or authorized person of organizational customers (if any).

2. Terms on specific agreements
a) Methods of receiving orders by the company;
b) Margin ratio for derivative securities applied;
c) Agreement on interest rate on margin deposit balance at the bank;

d) Time limit and method of handling assets in case the customer loses solvency;
d) Agreement on time and method of converting foreign currency to Vietnamese Dong in case of transferring funds for derivative securities transactions in foreign currency.
e) Clearly stating risks arising in case the clearing member loses solvency or is suspended, temporarily suspended from operation, dissolved, or bankrupt.

3. Terms on rights and obligations of participating parties
a) Rights and obligations of the customer (ownership of money, derivative securities and profits, rights and other legal interests attached to such money and derivative securities; providing information as requested by the company, paying transaction fees...);
b) Rights and obligations of the securities company (collecting transaction fees, implementing other legal entrustments as agreed with the customer; keeping and managing money and derivative securities for the customer, executing transactions, keeping information confidential, providing information as requested by the customer...);
c) Rights of the clearing member (using investor margin assets to margin for the Vietnam Securities Depository and Clearing Corporation for the investor's open positions; having the right to close positions, use investor margin assets in case the investor loses solvency...).

4. Terms on other agreements
a) Liability for breach of contract, this clause clearly states:
- The customer is compensated for damages if the company breaches obligations stipulated in this Contract;
- Compensation amount: Specifically agreed by the parties or according to legal regulations.
b) Method of handling accounts in case the company is suspended from operation, revoked of membership status, adjusted to withdraw brokerage business, dissolved or has its Establishment and Operation License revoked;
c) Cases of early termination of the contract;
d) Contract validity period;
d) Dispute resolution;
Other agreements in accordance with legal regulations.
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