News about securities custody

The government proposes amending the Securities Law to remove the requirement that IPO issuers sell a set share of voting shares to investors, currently at least 15% (or 10% for charter capital of 1,000 billion VND or more) to at least 100 non-major investors. Issuers may also skip committing to that sale ratio and may not need to report on the use of capital from their latest audited offering within two years. The draft adds a framework for controlled testing in securities and assigns the government to set detailed rules. The National Assembly’s Economic and Financial Committee broadly agrees but asks that the easing be tied to oversight tools, that the testing mechanism be clarified, and that liability exemptions not cover compensation for fault by testing organizations. For securities custody, the draft drops specific financial capacity and capital adequacy requirements for banks, but the committee recommends keeping them. The Assembly will debate the bill on Oct. 28, vote on Nov. 13, and the law would take effect on March 1, 2027 if passed.