Updated  
October, 11 2012 10:44:56

Decree bars foreign-majority ownership of brokerages

HA NOI (VNS)— Foreign investors which seek to hold more than 49 per cent of shares in a securities company must acquire full 100-per-cent ownership of the company, under a new decree which bans foreign investors from holding a majority interest in such firms.

Under Decree No 58/2012/ND-CP, issued in pursuant to the Law on Securities, foreign investors are therefore limited to a minority position or full ownership – or they must convert the company into a limited liability company with multiple members, explained the deputy head of the State Securities Commission's business management division, Nguyen Thi Thuc Anh.-VNS

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