The State Securities Commission has not approved putting the KRX system into operation from May 2

On April 25, 2024, the State Securities Commission just sent an express dispatch to the Vietnam Stock Exchange (VNX), Ho Chi Minh City Stock Exchange (HoSE), Hanoi Stock Exchange (HNX) and Vietnam Stock Exchange (HNX). Securities Depository and Clearing Company (VSDC) responded to the proposal to officially operate the KRX information technology system.

Previously, on the same day, the State Securities Commission (SSC) received Proposal No. 04/TTr-SGDHCM from HoSE on approval of official operation of the Information Technology System under the Solution Design Package. , providing, installing, transferring Information Technology systems under the investment project to build Ho Chi Minh City Stock Exchange (KRX IT System).

In the official response, the State Securities Commission said “there is not enough basis to approve HoSE’s proposal to put the KRX IT System into official operation on May 2, 2024”.

Specifically, Clause 26, Article 4 of the Securities Law 2019 regulates the securities trading system organized and operated by VNX and its subsidiaries. Therefore, the fact that HoSE submitted a proposal to the State Securities Commission without reporting to the Ministry of Finance, VNX and without the opinions of the beneficiaries (HNX, VSDC) does not ensure compliance with legal regulations.

The second shortcoming pointed out in Proposal No. 04/TTr-SGDHCM is the lack of a comprehensive Acceptance Minute between the Investor, the Contractor and the beneficiaries (HNX and VSDC). This does not ensure compliance with the provisions in Clause 1, Article 35 of Decree No. 73/2019/ND-CP dated September 5, 2019 of the Government regulating investment management and application of information technology using budget capital. government.

Third, HoSE’s report in Proposal No. 04/TTr-SGDHCM does not show that the KRX IT system has been approved by the managing unit for the information security level (level 4) as prescribed in Clause 6, Article 9. Circular No. 12/2022/BTTTT dated August 12, 2022 of the Ministry of Information and Communications detailing and guiding a number of articles of Decree No. 85/2016/ND-CP dated July 1, 2016 of the Government Government on ensuring information system security by level.

In addition, regarding member preparation, there is currently no official document from members regarding their readiness to connect to the KRX IT System as well as their ability to provide securities trading services to investors later. when connecting to the KRX IT System.

Regarding the plan for returning to the old system mentioned in the Proposal, the SSC also emphasized that the Stock Exchanges and VSDC ensure that the current trading, registration, depository, and clearing system operates safely. safe, stable, and transparent in all situations.

“Based on the above contents, the State Securities Commission does not have enough basis to approve HoSE’s proposal to put the KRX IT System into official operation on May 2, 2024. The State Securities Commission requires the Stock Exchanges and VSDC to be responsible before the law for ensuring that the current trading, registration, depository, and clearing system operates safely, stably, and smoothly in all aspects. situation”. On the same day, the State Securities Commission sent an official dispatch requesting VNX, HoSE, HNX and VSDC to implement, report and have a plan to resolve related contents.