Termination of securities depository of branches of securities companies, branches of commercial banks is one of the notable regulations in Circular No. 119/2020/TT-BTC dated December 31, 2020, of the Ministry of Finance regulations on registration, custody, clearing, and settlement of securities transactions.
According to Article 12, Circular No. 119/2020/TT-BTC, Vietnam Securities Depository, and Clearing Corporation terminate securities depository activities of branches of securities companies, branches of commercial banks in the following cases:
Firstly, securities companies and commercial banks have had their certificates of registration of securities depository activities revoked.
Second, securities companies and commercial banks voluntarily terminate securities depository activities at their branches.
Thirdly, branches of securities companies, branches of commercial banks cease to operate.
Fourthly, the branch's physical and technical facilities are not guaranteed to carry out securities depository activities according to the notice of the State Securities Commission.
According to the provisions of Circular No. 119/2020/TT-BTC, on terminating securities depository activities of branches of securities companies, branches of commercial banks comply with regulations of Vietnam Securities Depository and Clearing Corporation.
Collected from source
PV.