On September 3, the National Assembly Standing Committee gave opinions on the draft Law amending and supplementing a number of articles of the Securities Law.
According to the Government's submission, the development of the Law amending and supplementing a number of articles of the Securities Law aims to cut and simplify administrative procedures, business investment conditions and compliance costs in the securities sector; creating favorable conditions for organizations and individuals to participate in the market.
At the same time, this promotes modernization, digital transformation, application of information technology, and electronic transactions in securities and stock market activities.
Supplementing and perfecting the legal basis for some new issues, new models and practical requirements arising from market development, in accordance with international practices.
Completing regulations to ensure consistency and synchronization with the current legal system, strengthening the effectiveness and efficiency of state management, meeting the requirements of socio-economic development in the new situation.
The draft law amends, supplements, and perfects a number of regulations to meet the requirements of strong application of information technology, promote digital transformation; streamline the apparatus and improve the operational efficiency of the stock trading market.
Ensure consistency and synchronization with current legal regulations; approach international standards in securities and stock market operations; improve market capacity, and achieve growth targets.
Completing regulations to ensure the requirements of administrative procedure reform, simplify investment and business conditions, and ensure convenience for businesses.
In which, amending and supplementing Clause 1 and abolishing Point a Clause 2 Article 69 of the Securities Law on payment banks to reduce conditions for commercial banks selected as payment banks.
Abolishing the condition on the proportion of shares sold to investors specified in point d, clause 1, Article 15 of the Securities Law (accordingly, amending and supplementing point b, clause 1, Article 28 of the Securities Law for compatibility, in accordance with the amendment of this content); and at the same time reducing the corresponding dossier components in point d, clause 1, Article 18 of the Securities Law.
Preliminary appraisal, the Standing Committee of the National Assembly's Economic and Finance Committee and the appraisal agencies agreed with the necessity of amending and supplementing a number of articles of the Securities Law to continue to improve the legal framework, reduce administrative procedures, and investment and business conditions.
This also creates a basis for controlled testing mechanisms, electronic transactions, application of new technologies and development of new products and services; at the same time, improving the transparency, safety, and efficiency of the stock market in the context of the market being upgraded.
Regarding cutting and simplifying administrative procedures and business investment conditions, the Standing Committee of the Economic and Finance Committee basically agreed with the policy of reducing paperwork and conditions that are no longer necessary.
However, it is proposed to explain more clearly the basis for cutting, simplifying administrative procedures, business investment conditions, post-inspection tools after cutting conditions, ensuring that the reduction of conditions does not reduce safety standards and does not shift risks from the pre-inspection stage to investors and the market.
