TOTAL VALUE OF THE SHARES REGISTERED FOR INITIAL PUBLIC OFFERING IS AT LEAST VND 50 BILLION
The Decree No. 155/2020/ND-CP on detailing and guiding the implementation of a number of articles of the Law on Securities is promulgated by the Government on December 31, 2020.
Accordingly, shareholders of a public company registering for public offering of stocks and issuing organizations must open a frozen account to receive securities payments of the offering or issuance at a bank or foreign bank branch, except for the case of issuing stocks to exchange, to pay dividends, to increase the share capital from the equity source or issuing bonus stocks for employees.
Besides, conditions for initial public offering of shares of public securities investment company include: total value of the shares registered for offering is at least VND 50 billion; have issue plan and plan for use of capital raised from the offering; must be supervised by the Supervisory Bank;
shares for public offering must be listed on the Stock Exchange after the end of the offering; securities investment fund management company has at least two people operating securities investment company; etc.
In addition, measures of prohibiting institutions or persons from carrying out securities and securities market activities for a definite term or for good comprise: prohibiting the offering or issuance of securities for a definite term or for good; prohibiting the listing or registration of securities transactions for a definite term or for good; prohibiting the securities trading, providing services on securities and the securities market; prohibiting the performance of audits for entities with public interests in the securities sector for a definite term or for good; etc.
This Decree takes effect on January 01, 2021.
