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Last updated: Thursday, August 16, 2018

 

Please let us about usage of purchase agreement on foreign currency for confirming the remains of foreign investor for securities transaction

Posted: Tuesday, July 01, 2008

On 29 April 2008, State Securities Commission of Vietnam issued Official Letter No. 759/UBCK-PTTT on usage of purchase agreement on foreign currency for confirming the remains of foreign investor for securities transaction. Accordingly, the remains of securities (the remains of money) on the customer&rsquos account at member shall be required to satisfy conditions for securities fund rate (money) when the investor sell securities or advertise for sale of securities (when placing order for purchase of securities or advertise for purchase of securities).
 
In order to facilitate foreign customer in placing order for purchase of securities, the depository member can confirm the remains with the security company for foreign investor&rsquos payable ability when placing order for transaction pursuant to the purchase agreement on foreign currency between member and foreign investor, if exist an agreement (in writing) with the security company where the foreign investor&rsquos security transaction account was opened.
 
However, the security company must require depository members to undertake responsibilities for payment of purchase and sale securities transactions for its customers with Securities Depository Center and Payment Bank accordance with regulations.      
 
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Consulted by InvestConsult Group
Tel:      (84.4) 5373262
Fax:     (84.4) 5373283
 








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