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Securities market and insurance enterprises to be restructured

VGP – Prime Minister Nguyen Tan Dung signed the Decision 1826/QD-TTg approving the Project on restructuring the securities market and insurance enterprises.

December 08, 2012 10:14 AM GMT+7

The objective of the project is to improve the role and position of the securities market and insurance enterprises in order to effectively support the monetary policy during the process of restructuring credit organizations.

Four types of securities business organizations

Securities business organizations are divided into four groups on the basis of risk levels so that proper measures could be designed to deal with.

The healthy group includes organizations having the available capital ratio of over 180%. These organizations shall have to design and implement their own plans to gradually heighten financial strength.

The normal group comprises organizations having the available capital range from 150% to 180%. They shall have to devise and implement measures to restructure investment lists, streamline personnel, cut down costs, consolidate financial capacity among others.

Besides, the State Securities Commission of Viet Nam will exercise close supervision over the operations of these organizations and require them to increase the frequency of financial reports.

The third group, the controlled,  consists of organizations having the available capital range from 120% to 150%.

Apart from the measures applied to the normal group, the State Securities Commission will work out detailed procedures for these organizations to restructure in proper roadmap.

The specially controlled group includes organizations having the available capital ratio of under 120%. If these organizations can not strictly observe regulations on financial safety and suffer losses after a given time period, they shall be terminated or dissolved in accordance with laws.

Insurance companies are also divided into four groups.

The Decision also says that Viet Nam will consider the establishment of the Viet Nam Stock Exchange./.

By Hai Minh