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Decision on the establishment of Hanoi Stock Exchange
HaSTC announces the Decision No. 01/2009/QĐ-TTg on the establishment of Hanoi Stock Exchange as follows:
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THE PRIME MINISTER |
SOCIALIST REPUBLIC OF VIETNAM |
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No. 01/2009/QĐ-TTg |
Independence - Freedom - Happiness |
Hanoi, January 2nd, 2009
DECISION
On the establishment of Hanoi Stock Exchange
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THE PRIME MINISTER
Pursuant to Government Organization Law dated December 25, 2001;
Pursuant to Securities Law No.70/2006/QH11 dated June 29, 2006;
Pursuant to Enterprise Law No. 60/2005/QH11 dated November 29, 2005;
At the proposal of Minister of Finance,
DECIDES:
Article 1:
To establish Hanoi Stock Exchange on the grounds of transforming Hanoi Securities Trading Centre (founded in compliance with Decision No.127/1998/QĐ-TTg dated July 11, 1998), an income-generating agency, into a State-owned limited company.
- English name: Hanoi Stock Exchange
- Abbreviated name: HNX.
Article 2:
Hanoi Stock Exchange takes charge of organizing a trading market for securities of qualified issuers as stipulated at Article 9 of Decree No.14/2007/NĐ-CP, issued by the Prime Minister, dated January 19, 2007, detailing the implementation of provisions of Securities Law.
Article 3:
Hanoi Stock Exchange has legal entity, seal and VND and foreign currency account opened at the State Treasury as well as local or overseas commercial banks. Hanoi Stock Exchange is an independent accounting unit with financial autonomy and is required to fulfill financial, accounting and auditing obligations and submit statistical reports in compliance with laws.
Article 4:
Hanoi Stock Exchange is in succession of duties and mandate of Hanoi Securities Trading Center and assumes responsibilities and authority stipulated at Securities Law, Enterprise Law, the Exchange’s Charter as well as related legal documents.
Article 5:
Operational capital of Hanoi Stock Exchange comes from:
1. Charter capital: VND 1,000 billion; consisting of:
a. Capital budget granted by the State and handed over by Hanoi Securities Trading Center.
b. Additional capital budget allocated by the State in course of the Exchange’s operations.
2. Capital generated from the Exchange’s profit after tax and other lawful sources.
3. Borrowings and other mobilized sources for the Exchange’s infrastructure development investments.
Article 6:
Organizational structure and operation of Hanoi Stock Exchange:
1. Management board of Hanoi Stock Exchange is comprised of Board of Directors, Chief Executive Officer, Supervisory Board and professional departments.
2. Hanoi Stock Exchange is entitled to a safe bonus mechanism; the Exchange’s staff gets paid in the mode of General Corporation’s salary system.
3. Organizational structure and operation of Hanoi Stock Exchange are stipulated at the Exchange’s Charter.
Article 7:
Responsibilities of relevant agencies:
1. Ministry of Finance shall assume responsibilities for:
a. Ratifying Hanoi Stock Exchange’s Charter; issuing regulations on the Exchange’s financial mechanism; and approving titles of Chairman and Directors of Board of Directors, Chief Executive Officer of the Exchange at the request of Chairman of the State Securities Commission.
b. Giving guidance on implementation of this Decision in cooperation with relevant agencies.
c. The State Securities Commission shall take charge of issuing the Exchange’s Business Registration Certificate, managing and supervising the Exchange’s operation.
2. Ministry of Labor - Invalids and Social Affairs, in association with Ministry of Finance, shall offer Hanoi Stock Exchange guidance on salary scales and safe bonus mechanism in accordance with current regulations.
3. Board of Directors and Chief Executive Officer of the Exchange shall assume responsibilities of organizing the Exchange’s operation pursuant to regulations and laws.
Article 8:
The Decision takes effect 15 days after its publication in CONG BAO (Official Gazette) and replaces Decision No.127/1998/QĐ-TTg dated July 11, 1998 on the establishment of Hanoi Securities Trading Center.
Article 9:
Ministers, Heads of Ministerial ranking bodies, Heads of offices under the Government, Chairmen of People’s Committees of provinces and cities under Central authority shall assume responsibilities for the implementation of this Decision.
PRIME MINISTER
Nguyen Tan Dung
hastc
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