The State Securities Commission is outlining measures to help form a more substantial stock market, focusing on the legal framework for securities trading.
"A strategy to develop securities market during 2011-20 is under the assessment by the Ministry of Justice, and we expect to submit it to the Government this year," commission chairman Vu Bang said on Wednesday, adding a new decree guiding enforcement of the amended Law on Securities would be issued before the end of the year.
In addition, circulars giving detailed guidance on public offers, redemption of shares, additional issues and listing of securities would be issued in the first quarter of next year, he said.
The commission was also rushing to complete an inter-ministerial circular between the Ministry of Finance and the State Bank of Viet Nam on public offering procedures for credit institutions. It was also working with the Ministry of Planning and Investment to give instructions to foreign-invested enterprises seeking to convert themselves into joint stock companies and list shares on the stock exchange.
In the future, he said, the commission would collaborate with the central bank on measures for the stock market in terms of securities settlement systems and restructuring securities companies affiliated with banks.
Bang said that the commission would submit its restructuring plan for the stock market during the 2012-13 period in the second quarter of next year.
"The Government bond market will be strengthened and a pilot programme on bond swaps and large-scale issues will be implemented, aiming at attracting foreign investors," he noted.
"We will establish a set of CAMELS criteria next year to classify securities firms, offering more services on the market such as open funds, real estate investment funds and voluntary pension funds to create demand for the stock market."
The CAMELS rating system is used by international financial supervisory authorities to rate institutions according to six factors, including capital adequacy, asset quality, management quality, earnings, liquidity and sensitivity to market risk.
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21/11/2011 10:00:36 AM | 