National Assembly debates Securities Law amendments this morning; a provision on securities company leadership draws attention

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• Proposed amendments to multiple regulations on securities practising certificates

  The State Securities Commission published a draft law amending the Securities Law: 44 Articles revised, one added and 91 kept unchanged. For practising certificates, applicants must pass a qualifying exam, securities firms may enter client contracts in writing or by lawful e-transaction, and each securities company or fund manager must have at least one legal representative meeting General Director standards. The draft drops the ban on reissuing certificates to those revoked for prohibited acts, but adds revocation for missing annual training or not working for a certificate-using organization for three consecutive years. For investment funds, it allows portfolio and asset swaps for fund certificates and lets the fund representative board approve annual financial, asset and operating reports.

  CafeF·22/10, 07:58regulationbrokeragesinvestment trusts
• Robinhood’s Tenev warns US tokenization uncertainty deters ‘serious assets’

  Robinhood CEO Vlad Tenev says uncertainty over how long US tokenization rules will last could keep investors from putting substantial assets into tokenized markets, even though the SEC has opened a temporary path through an innovation exemption. He says further rulemaking or legislation is needed to provide longer-term certainty, and Binance Research projects the tokenized equities market could reach $349 billion by 2030 under its base case, from $4.43 billion as of Sept. 15. In the third quarter, Robinhood's crypto revenue fell 55% year on year to $120 million and crypto notional trading volume fell 38% to $50 billion. By contrast, event-contract revenue rose sixfold to $173 million, and total net revenue rose 12% to a record $1.42 billion, below analyst expectations. Adjusted EPS was $0.60, missing estimates by 4 cents.

  Cointelegraph·28/10, 03:55▼ ETH/USDT• BTC/USDTcryptotokenizationRobinhood
• Securities firm fined for failing to record customers' phone order calls

  On October 23, the State Securities Inspectorate fined OCBS Securities Joint Stock Company a total of VND342.5 million for two violations. The company was fined VND92.5 million for failing to retain full records, as it did not keep phone recordings of customers' order calls for 21 transactions made through some accounts in 2025. The other violation, which drew a VND250 million fine, involved advising on a private bond offering in August 2025 without fully meeting regulatory content requirements. In Q3 2026, OCBS's operating revenue reached VND259 billion, up 91% year-on-year, and pre-tax profit reached VND105 billion, up 13%. For the first nine months, pre-tax profit was VND201 billion, up 99%, and after-tax profit reached VND157 billion, up 69% from the same period in 2025.

  CafeF·26/10, 04:03brokeragesearningsregulation
• Bybit will look for big broker partnerships to take on Robinhood in the U.S.

  Bybit CEO Ben Zhou said the exchange plans to enter the U.S. through a partnership with an established local firm, such as Interactive Brokers, rather than pursue state-by-state licenses that could take two to three years. He noted Bybit, which has over 80 million registered users in more than 180 countries and regions, has a clean U.S. record and would wait for the Clarity Act or a clearer federal regulator before moving rather than rushing in. Zhou described the U.S. as competitive and saturated, and pointed to the U.K. as a relatively untapped market with a new crypto regime and no dominant global exchange, though entry costs are very high. Bybit also plans to launch an everything app offering derivatives and tokenized stocks in Europe as early as the first quarter of next year.

  CoinDesk·21/10, 15:09Bybitcryptoregulation
• Official proposal for a controlled sandbox mechanism in the securities sector

  Finance Minister Ngo Van Tuan presented on 17 October a draft Securities Law amendment adding Article 6a, a controlled sandbox for testing new technologies, products and business models within limited scope, duration and state oversight. The draft also codifies administrative simplification under Resolution No. 66.16/NQ-CP and requires the Prime Minister to issue a decision on the operating model of stock exchanges within one year of the law's effect, which is proposed for 1 March 2027. The Economic and Finance Committee broadly agreed but asked for clear rules on authority, testing limits, risk warnings, asset segregation, data protection and handling of failed tests. It also urged that liability exemptions be strict and not cover compensation for fault or violations.

  CafeF·18/10, 02:59▲ HCM▲ SSI▲ VCI▲ VNDregulationVNINDEXbrokerages
• Adding Electronic Transaction Rules to the Securities Law

  Finance Minister Ngô Văn Tuấn presented the draft amended Securities Law to the National Assembly on October 17, proposing to amend 44 articles, add one and keep 91 unchanged. The draft adds rules ensuring the safety of electronic transactions in securities and allows securities companies to enter contracts with clients in forms permitted under e-transaction law. It also cuts administrative procedures and removes some licensing conditions for custody banks, settlement banks and fund management companies. The Economic and Financial Committee, chaired by Phan Văn Mãi, broadly supports the draft but asks that deregulation be tied to supervisory tools, that controlled pilot testing have clear rules, and that AI and algorithmic trading be overseen.

  CafeF·17/10, 17:05▲ VNINDEXVNINDEXregulationbrokerages

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• EU considers reducing reliance on US after Starlink disruption in Ukraine

  EU countries are intensifying discussions on building independent defence capabilities and reducing reliance on the US after Starlink was disrupted in Ukraine, Bloomberg reported on 27 October. At the EU summit on 15-16 October, participants discussed the service disruptions and a new public clash between Ukrainian President Volodymyr Zelensky and the White House chief Donald Trump. European officials reviewed options to expand their own capabilities and diversify key technology suppliers, but implementing such plans would take years, so the bloc called for greater European participation in existing structures such as NATO. The article also cites Elon Musk's 24 October claim that Ukrainian forces used Starlink for offensive drone attacks, and Trump's 22 October statement that Ukraine's access to SpaceX's Starshield had been restored.

  CafeF·28/10, 06:03▼ GOOGL▼ MSFTUkraineDonald TrumpEurope
• UBS pre-tax profits jump 27% to $3.59 billion in the third quarter

  UBS reported third-quarter pre-tax profit of almost $3.6 billion, up 27% year on year and broadly in line with consensus forecasts. Net profit was $2.7 billion, also in line with estimates. Strong net inflows into the global wealth management business supported results, with net new assets reaching $55.1 billion by quarter-end and $12.5 billion in client commitments across wealth and asset management. The common equity tier 1 (CET1) capital ratio, a measure of solvency, rose to 14.7% from 14.4% in the previous quarter.

  CNBC·28/10, 05:58• JPMUBSbanksearnings
• Oil prices rise as Houthi attacks on Saudi Arabian refinery raise supply worries

  Oil prices rose on Wednesday as investors weighed a possibly prolonged and widening Middle East conflict after Tehran-backed Houthis attacked Saudi Arabia's largest refinery, Ras Tanura, with a ballistic missile. Brent rose $1.50, or 1.32%, to $115.59 a barrel, while WTI gained $1.47, or 1.47%, to $101.37. President Trump said the war with Iran would end on his terms and that Tehran must be prevented from acquiring nuclear weapons. Israel's election also appeared headed for a stalemate, as preliminary exit polls showed neither bloc reaching the 61 seats needed in the 120-seat parliament.

  CNBC·28/10, 05:52▲ PVD▼ PLX▲ PVT▲ XAU/USDoil pricesIranSaudi Arabia
• Elon Musk Says SpaceX Is Now a “Super Intelligence” Company

  In its third-quarter report, SpaceX (SPCX) renamed its artificial intelligence segment “Super Intelligence,” a term CEO Elon Musk favors and that President Donald Trump has promoted. Sales for the segment rose 830% year on year to $7.56 billion, making it the largest segment by revenue and more than the combined $7.02 billion of its space and connectivity segments. On the third-quarter call, Musk said he expects annualized recurring revenue of $500 billion to $1 trillion by the end of 2027. The article puts the market capitalization at roughly $2 trillion against $18.7 billion in sales last year, describes the stock as high-risk, high-reward, and argues that the segment's momentum justifies the valuation.

  Yahoo Finance·28/10, 05:50SpaceXElon Muskartificial intelligence
• Ten first members revealed for Ho Chi Minh City International Financial Centre, expected to raise and invest around USD 2.7 billion by 2027

  On 28 October, the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) announced the first 10 holding companies recognized as members, at the Autumn Economic Forum 2026 (AEF 2026). The members have combined registered charter capital and committed capital of USD 33.63 million, and total planned fundraising and investment by 2027 is about USD 2.7 billion. Sài Gòn Marina IFC expects to raise about USD 816 million, AG&P Holding Vietnam about USD 425 million, and Keppel Asset Management (Vietnam) could raise up to USD 1 billion, mainly from third-party sources. VIFC-HCMC expects to complete the rules for accepting investment funds in November 2026.

  CafeF·28/10, 05:47▲ VNINDEX▲ SSIinternational financial centerinvestment trustsasset management
• Far ahead of the US, China and Germany, Vietnam enters world's top 2 in a key field

  Vietnam entered the top 50 economies in the 2026 Global Innovation Index (GII), ranking 43rd after rising one place from 2025 and improving 16 places since 2016. On the output side, Vietnam climbed from 37th to 35th, ranking above its 54th place on inputs, which reflects its ability to turn innovation resources into results. Vietnam ranked second among the 36 lower-middle-income economies, behind India, and third in Southeast Asia behind Singapore and Malaysia. Vietnam shares first place globally with Malaysia in high-tech exports, at 36.6% of total trade, while Singapore reached 25.8% and China 23.26%. WIPO said the next step is to expand domestic research, patent filings and knowledge creation, since strong high-tech exports do not mean all technology originates domestically.

  CafeF·28/10, 05:38▲ VNINDEXVietnamexportsinnovation