MINISTRY OF FINANCE

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

No.: 4223 /QD-BTC Hanoi, December 19, 2025

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DECISION

On the promulgation of amended and supplemented administrative procedures in the field of securities within the scope of management functions of the Ministry of Finance

MINISTER OF FINANCE

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; Decree No. 166/2025/NĐ-CP dated June 30, 2025 of the Government amending and supplementing some articles of 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;

Pursuant to Decree No. 63/2010/NĐ-CP dated June 08, 2010 of the Government on administrative procedure control; Decree No. 48/2013/NĐ-CP dated May 14, 2013 of the Government on amending and supplementing some articles of regulations related to administrative procedure control; Decree No. 92/2017/NĐ-CP dated August 07, 2017 of the Government on amending and supplementing some articles of regulations related to administrative procedure control;

Pursuant to Circular No. 02/2017/TT-VPCP dated October 31, 2017 of the Minister, Head of the Government Office guiding on administrative procedure control operations;

Pursuant to the Securities Law No. 54/2019/QH14 dated November 26, 2019;

Pursuant to Law No. 56/2024/QH15 passed by the National Assembly on November 29, 2024 on amending and supplementing some articles of the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Public Asset Management and Use Law, Tax Administration Law, Personal Income Tax Law, National Reserve Law, Law on Handling Administrative Violations;

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. 306/2025/NĐ-CP dated November 25, 2025 of the Government amending and supplementing some articles of Decree No. 156/2020/NĐ-CP dated December 31, 2020 of the Government regulating administrative penalty handling in the field of securities and the securities market (amended and supplemented by Decree No. 128/2021/NĐ-CP dated December 30, 2021 of the Government) and Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

At the request of the Chairman of the State Securities Commission.

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# DECISION:

**Article 1.** To promulate together with this Decision 02 amended and supplemented administrative procedures in the field of securities within the scope of management functions of the Ministry of Finance (details attached in the Appendix).

**Article 2.** This Decision takes effect from the date of signing and abolishes the content of the promulgated administrative procedures at item number 65, 70 Section II Part I issued together with Decision No. 3169/QD-BTC dated September 12, 2025 of the Ministry of Finance on the promulgation of newly issued, amended, supplemented, or abolished administrative procedures in the field of securities within the scope of management functions of the Ministry of Finance.

**Article 3.** The Chief of Staff of the Ministry of Finance, the Chairman of the State Securities Commission, the Director of the Department of Information Technology and Digital Transformation, and the heads of relevant units are responsible for implementing this Decision.

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**For distribution:**
- As per Article 3;
- Minister (for reporting);
- Deputy Ministers;
- Government Office (Department of Administrative Procedure Control);
- Ministry Office (Administrative Procedure Control Division);
- Ministry of Finance Website;
- SSC Website;
- File: VT, UBCK (25b).

CHIEF OF STAFF

Nguyen Duc Chi

APPENDIX AMENDED AND SUPPLEMENTED ADMINISTRATIVE PROCEDURES IN THE FIELD OF SECURITIES WITHIN THE SCOPE OF MANAGEMENT FUNCTIONS OF THE MINISTRY OF FINANCE (Accompanying Decision No. 4223 /QD-BTC dated December 19, 2025 of the Ministry of Finance)

PART I: LIST OF AMENDED AND SUPPLEMENTED ADMINISTRATIVE PROCEDURES WITHIN THE SCOPE OF MANAGEMENT FUNCTIONS OF THE MINISTRY OF FINANCE

Central-level administrative procedures:

STT	File Number	Name of Administrative Procedure	Name of Legal Document Regulating Content Amendment, Supplement, Replacement	Sector	Implementing Agency	Number of Previous Decision Promulgating AP Amended/Supplemented
1	1.009.524	Issuance, Adjustment of Certificate of Eligibility for Derivatives Securities Business	Decree No. 306/2025/NĐ-CP dated November 25, 2025 of the Government amending and supplementing some articles of Decree No. 156/2020/NĐ-CP dated December 31, 2020 of the Government regulating administrative penalty handling in the field of securities and the securities market (amended and supplemented by Decree No. 128/2021/NĐ-CP dated December 30, 2021 of the Government) and Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities	Securities	State Securities Commission	Decision No. 3169/QD-BTC dated September 12, 2025
2	1.009.802	Issuance of Certificate of Eligibility for Providing Clearing and Settlement Services for Securities Transactions	Decree No. 306/2025/NĐ-CP dated November 25, 2025 of the Government amending and supplementing some articles of Decree No. 156/2020/NĐ-CP dated December 31, 2020 of the Government regulating administrative penalty handling in the field of securities and the securities market (amended and supplemented by Decree No. 128/2021/NĐ-CP dated December 30, 2021 of the Government) and Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market.	Securities	State Securities Commission	Decision No. 3169/QD-BTC dated September 12, 2025

PART II: SPECIFIC CONTENT OF EACH AMENDED AND SUPPLEMENTED ADMINISTRATIVE PROCEDURE IN THE FIELD OF SECURITIES WITHIN THE SCOPE OF MANAGEMENT FUNCTIONS OF THE MINISTRY OF FINANCE

1. Name of procedure “Issuance, Adjustment of Certificate of Eligibility for Derivatives Securities Business”

- Implementation Sequence:

• Step 1: Securities company, securities investment fund management company submits dossier requesting issuance, adjustment of Certificate of Eligibility for Derivatives Securities Business;

• Step 2: State Securities Commission (One-Stop Shop) receives and checks the dossier list. If the list is incomplete, the SSC guides the addition of the dossier list according to regulations.

• Step 3: State Securities Commission receives and checks the dossier. Within 05 working days from the date of receiving the dossier, the State Securities Commission sends a written document to the securities company, securities investment fund management company requesting amendment, supplementation of the dossier (if any).

• Step 4: Within 15 days from the date of receiving a complete and valid dossier, the State Securities Commission issues, adjusts the Certificate of Eligibility for Derivatives Securities Business. In case of refusal, the State Securities Commission replies in writing and clearly states the reason.

- Method of Implementation:

Directly at the One-Stop Shop; Through public postal services according to the Prime Minister's regulations; Online at the National Public Service Portal.

- Dossier Components:

a) Application for issuance, adjustment of Certificate of Eligibility for Derivatives Securities Business;

b) Resolution of the General Meeting of Shareholders, Board of Members, or Decision of the owner regarding the implementation of derivatives securities business;

c) Financial reports of the 02 most recent audited fiscal years and the most recent reviewed semiannual financial report (in case of applying for Certificate of Eligibility for Derivatives Securities Business after June 30);

d) List of Directors (General Director), Deputy Directors (Deputy General Director) in charge of business and employees for each derivatives securities business activity according to the guidance at Sample No. 02 Appendix issued together with this Decree, accompanied by personal information dossiers of the aforementioned individuals. The individual dossier must minimally include: identity card or citizen identity card or passport, labor contract;

Component documents of the dossier are exempted in cases where that document has been submitted to the State Securities Commission according to regulations on reporting and information disclosure. In cases where individuals listed in point d of this Item use electronic identification accounts to resolve administrative procedures under Decree No. 158/2020/NĐ-CP on derivative securities and the derivative securities market amended by Decree No. 306/2025/NĐ-CP, then information on electronic identity, integrated information on electronic identity cards, electronic identification accounts have evidentiary value, equivalent to providing information or using, presenting papers, documents containing information

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in performing administrative procedures; in case the labor contract has not been integrated, the individual must submit the labor contract.

• Number of Dossiers: 01 original set.

• Processing Time Limit: Within 15 days from the date of receiving a complete and valid dossier.

• Subjects of Implementation: Securities companies, securities investment fund management companies.

• Implementing Agency: State Securities Commission

• Implementation Results:

• Certificate of Eligibility for Derivatives Securities Business or Certificate of Adjustment of Certificate of Eligibility for Derivatives Securities Business or

• Refusal letter, stating clear reasons.

• Fees, Charges: Yes

• According to provisions at Circular No. 25/2022/TT-BTC dated April 28, 2022.

• 10 million VND/Certificate.

• According to provisions at Circular 64/2025/TT-BTC dated June 30, 2025 (from July 01, 2025 to December 31, 2026).

• 05 million VND/Certificate.

• Or according to current regulations on fee collection levels, collection regimes, payment, management and use of fees, charges in the securities field

• Form Names, Declarations:

• Application for Issuance/Adjustment of Certificate of Eligibility for Derivatives Securities Business - Sample No. 01 Appendix issued together with Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP;

• List of Board of Directors members, employees operating derivatives securities business - Sample No. 02 Appendix issued together with Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP.

• Requirements, Conditions:

(i) Securities companies, securities investment fund management companies (hereinafter referred to as fund management companies) may only conduct derivatives securities business after being issued a Certificate of Eligibility for Derivatives Securities Business by the State Securities Commission:

• Securities companies may conduct one or several or all activities of derivatives securities business, including: brokerage of derivatives securities, proprietary trading of derivatives securities, investment advisory for derivatives securities;

• Fund management companies may only conduct investment advisory activities for derivatives securities.

(ii) Conditions to be issued a Certificate of Eligibility for Derivatives Securities Business for securities companies include:

• Being fully licensed for securities business operations;

• Meeting conditions on charter capital, equity as follows:

• For derivatives securities brokerage activities: having charter capital, equity of at least 800 billion VND;

• For derivatives securities proprietary trading activities: having charter capital, equity of at least 600 billion VND;

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• For derivatives securities investment advisory activities: having charter capital, equity of at least 250 billion VND;
• In case registering for both derivatives securities brokerage, derivatives securities proprietary trading, and derivatives securities investment advisory activities, the securities company must have charter capital, equity of at least 800 billion VND;

• Meeting personnel conditions: Directors (General Director), Deputy Directors (Deputy General Director) in charge of business and at least 05 employees for each planned registered derivatives securities business activity holding securities professional practice certificates appropriate to legal regulations and professional certificates in derivatives securities and the derivative securities market;
• No losses in the two most recent years;
• Opinion of the approved auditing organization at the financial report of the most recent audited fiscal year and the most recent reviewed semiannual financial report (in case of applying for Certificate of Eligibility for Derivatives Securities Business after June 30) must be unqualified acceptance;

(iii) Conditions to be issued a Certificate of Eligibility for Derivatives Securities Business for fund management companies include:

• Having charter capital, equity of at least 25 billion VND;
• Directors (General Director), Deputy Directors (Deputy General Director) in charge of business and at least 05 employees for derivatives securities investment advisory activities holding securities professional practice certificates and professional certificates in derivatives securities and the derivative securities market;
• No losses in the two most recent years;
• Opinion of the approved auditing organization at the financial report of the most recent audited fiscal year and the most recent reviewed semiannual financial report (in case of applying for Certificate of Eligibility for Derivatives Securities Business after June 30) must be unqualified acceptance;

• Legal Basis:

• Securities Law No. 54/2019/QH14 amended by Law No. 56/2024/QH15;
• Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP;
• Circular No. 25/2022/TT-BTC;
• Circular No. 64/2025/TT-BTC.

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Sample No. 01 Appendix issued together with Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP

SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness

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

APPLICATION FOR ISSUANCE/ADJUSTMENT OF CERTIFICATE OF ELIGIBILITY FOR DERIVATIVES SECURITIES BUSINESS

To: State Securities Commission

We are:

• Organization Name: ... (full and official name of the company written in uppercase letters)
• Establishment and Operation License No.: ... issued by State Securities Commission on ... day ... month ... year ...
• Charter Capital:
• Equity:
• Main Office Address:
• Phone: Fax:

Based on the conditions for conducting derivatives securities business according to legal regulations, we find that we meet all conditions as required. We request the State Securities Commission to approve our company to conduct/adjust derivatives securities business activities as follows:

• Proposed derivatives securities business activities:

We commit to complying with current legal regulations on conducting and providing derivatives securities business and services.

Attached Dossier: (List fully)

LEGAL REPRESENTATIVE (Sign, seal, print full name)

Sample No. 02 Appendix issued together with Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP

SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness

……, day …… month …… year ……

LIST OF BOARD OF DIRECTORS MEMBERS, EMPLOYEES OPERATING DERIVATIVES SECURITIES BUSINESS

To: State Securities Commission

• Organization Name: ... (full and official name of the company written in uppercase letters)
• Establishment and Operation License No.:
• Main Office Address:
• Phone: Fax:

We hereby register the list of Board of Directors members in charge, operational employees for derivatives securities business activities along with signature samples as follows:

STT	Full Name	Date, Month, Year of Birth	Individual Identification Number¹	Passport Number²	Securities Professional Practice Certificate³	Professional Certificate in Derivatives Securities and Derivative Securities Market⁴	Proposed Position	Signature
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)

We commit to taking full responsibility for the accuracy and truthfulness of the above contents.

Attached Individual Dossiers: (List fully)

Legal Representative (Sign, seal, print full name)

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¹ Column (4): For Vietnamese citizens, ethnic Vietnamese people whose nationality is undetermined living in Vietnam, or foreigners who have been issued an individual identification number. ² Column (5): For foreigners who have not been issued an individual identification number. ³ Column (6): Clearly state type, certificate number, issue date. ⁴ Column (7): Clearly state certificate number, issue date.

2. Name of procedure “Issuance of Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions”

• Implementation Sequence:

  • Step 1: Securities company, commercial bank, foreign bank branch submits dossier requesting issuance of Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions.
  • Step 2: State Securities Commission (One-Stop Shop) receives and checks the dossier list. If the list is incomplete, the State Securities Commission guides the addition of the dossier list according to regulations.
  • Step 3: State Securities Commission receives and checks the dossier. Within 05 working days from the date of receiving the dossier, the State Securities Commission sends a written document to the securities company, commercial bank, foreign bank branch requesting amendment, supplementation of the dossier (if any).
  • Step 4: Within 15 days from the date of receiving a complete and valid dossier, the State Securities Commission issues the Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions. In case of refusal, the SSC replies in writing and clearly states the reason.

• Method of Implementation: Directly at the One-Stop Shop; Through public postal services according to the Prime Minister's regulations; Online at the National Public Service Portal.

• Dossier Components:

  • Application for Issuance of Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions;
  • Resolution of the General Meeting of Shareholders, Board of Members, or Decision of the owner regarding the implementation of providing clearing and settlement services for derivatives securities transactions;
  • Financial reports of the 02 most recent audited fiscal years and the most recent reviewed semiannual financial report (in case of applying for Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions after June 30); Report on financial safety ratio in the most recent 12 months (for securities companies); Component documents of the dossier are exempted in cases where that document has been submitted to the State Securities Commission according to regulations on reporting and information disclosure.

• Number of Dossiers: 01 original set.

• Processing Time Limit: Within 15 days from the date of receiving a complete and valid dossier.

• Subjects of Implementation: Securities companies, commercial banks, foreign bank branches.

• Implementing Agency: State Securities Commission.

• Implementation Results:

  • Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions or
  • Refusal letter and stating clear reasons.

• Fees, Charges: Yes

  • According to provisions at Circular No. 25/2022/TT-BTC dated April 28, 2022.
  • 02 million VND/Certificate.
  • According to provisions at Circular 64/2025/TT-BTC dated June 30, 2025 (from July 01, 2025 to December 31, 2026).

• 01 million VND/Certificate.

• Form Names, Declarations: Application for Issuance of Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions - Sample No. 04 Appendix issued together with Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP.

• Requirements, Conditions:

(i) Securities companies, commercial banks, foreign bank branches may only provide clearing and settlement services for derivatives securities transactions after being issued a Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions by the State Securities Commission:

• Securities companies may perform clearing and settlement of their own and their clients' derivatives securities transactions and provide clearing and settlement services for non-clearing members and their clients;

• Commercial banks, foreign bank branches may only perform clearing and settlement of derivatives securities transactions for their own commercial bank, foreign bank branch.

(ii) Conditions to be issued a Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions for securities companies include:

• Being issued a Securities Custody Activity Registration Certificate;

• Being permitted to operate derivatives securities brokerage;

• Meeting conditions on charter capital, equity as follows:

• For direct clearing members: having charter capital, equity of at least 900 billion VND;

• For general clearing members: having charter capital, equity of at least 1,200 billion VND;

• Available capital ratio reaching a minimum of 260% continuously in the most recent 12 months;

• No losses in the 02 most recent years;

• Opinion of the approved auditing organization at the financial report of the most recent audited fiscal year and the most recent reviewed semiannual financial report (in case of applying for Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions after June 30) must be unqualified acceptance.

(iii) Conditions to be issued a Certificate of Eligibility for Providing Clearing and Settlement Services for Derivatives Securities Transactions for commercial banks, foreign bank branches include:

• Meeting regulations on providing clearing and settlement services for derivatives securities according to laws on credit institutions;

• Having charter capital, equity of at least 5,000 billion VND for commercial banks, capital issued of at least 1,000 billion VND for foreign bank branches;

• Being issued a Securities Custody Activity Registration Certificate.

• Legal Basis:

• Securities Law No. 54/2019/QH14 amended by Law No. 56/2024/QH15;

• Decree No. 158/2020/NĐ-CP amended by Decree No. 306/2025/NĐ-CP;

• Circular No. 25/2022/TT-BTC;

• Circular No. 64/2025/TT-BTC.

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Sample No. 04 Appendix issued together with
Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government

**SOCIALIST REPUBLIC OF VIETNAM**
**Independence – Freedom – Happiness**

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

# APPLICATION FOR ISSUANCE OF CERTIFICATE OF ELIGIBILITY
# FOR PROVIDING CLEARING, SETTLEMENT
# SERVICES FOR DERIVATIVES SECURITIES TRANSACTIONS

To: State Securities Commission

## We are:
- Organization Name: ... (full and official name of the company/bank/foreign bank branch written in uppercase letters)
- Establishment and Operation License No.: ... issued by State Securities Commission/Vietnam State Bank on ... day ... month ... year ...
- Certificate of Eligibility for Derivatives Securities Business No.: ... issued by State Securities Commission on ... day ... month ... year ...
- Charter Capital:
- Equity:
- Main Office Address:
- Phone: Fax:

Based on the conditions for providing clearing and settlement services for derivatives securities transactions according to legal regulations, we find that we meet all conditions as required. We request the State Securities Commission to approve our company/bank to provide clearing and settlement services for derivatives securities transactions.

We commit to complying with current legal regulations on conducting and providing derivatives securities business and services.

Attached Dossier:
(List fully)

**LEGAL REPRESENTATIVE**
*(Sign, seal, print full name)*
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