New rules on privately placed corporate bond trading take effect
New rules on privately placed corporate bond trading take effect
Brokers of securities companies must execute client orders promptly and accurately, and prioritising client orders over their own proprietary trading orders.
Investors monitor stock market movements. — Photo baotintuc.vn |
New regulations regarding the registration, depository, settlement and trading of privately placed corporate bonds in the domestic market will take effect from October 1, 2026 to heighten requirements for verifying investor eligibility and clarify the responsibilities of trading members.
Circular No 138/2026/TT-BTC, which replaces Circular No 30/2023/TT-BTC, provides guidelines on the registration, depository, exercise of rights, transfer of ownership, transaction settlement, organisation of trading markets and the disclosure and sharing of information concerning privately placed corporate bonds in the domestic market.
A notable provision of the new circular is the verification of investor status prior to executing trades in privately placed corporate bonds.
Under the regulations, before entering a bond purchase order into the trading system, trading members are responsible for verifying that the investor belongs to the category of entities eligible to purchase, trade and transfer such bonds in accordance with the law.
For individual professional securities investors, prior to purchasing bonds, the investor must sign a document confirming compliance with regulations and accepting personal responsibility for the decision to purchase the bonds.
The new circular also specifies the responsibilities of trading members during the order receipt and execution process.
Brokers of securities companies must execute client orders promptly and accurately, and prioritising client orders over their own proprietary trading orders.
Service providers must ensure the segregated management of assets, funds, and bonds for each investor, besides providing comprehensive information regarding transactions and account balances.
Depository members are required to provide bond depository account statements to investors on a monthly basis and upon request. Trading members must also provide client cash account statements in accordance with regulations.
The circular stipulates that the settlement of privately placed corporate bond transactions must be conducted via the prescribed settlement system.
It also defines the responsibilities of the Vietnam Securities Depository and Clearing Corporation (VSDC), the Hanoi Stock Exchange (HNX), trading members and depository members regarding registration, depository services, trading and settlement.
The new regulations also aim to enhance data sharing and reconciliation among market participants and to increase transparency in the trading process.
- 05:55 02/10/2026
