Foreign investment in securities companies is limited to majority joint-ventures with domestic investors (up to 51% foreign shareholding). Branches of foreign securities companies are permitted in some securities activities only, namely: brokerage, dealing on own account and others activities not defined in the legislation. They are not allowed to engage in financial and securities investment advisory and underwriting activities. On 2019, the shareholding cap for foreign securities companies was relaxed, allowing up to 100% foreign ownership for certain entities, such as foreign banks, insurance, or securities companies. The scope of branch activities remained flexible, based on LSC approval.
"Article 55 (Amended) Requirements for a Securities Operating License
A person, juristic person wishing to apply for a securities operating license shall be subject to the following requirements:
1. Being a domestic or foreign commercial bank, a domestic or foreign insurance company or a foreign securities company with shareholding of up to 100 percent of the company’s total outstanding shares. For other juristic persons and persons, a joint partnership with a commercial bank, insurance company or securities company is required, with a shareholding ratio determined by the Lao Securities Commission.
2. Having a registered capital as follows:
- At least five billion Kip for a financial advisory;
- At least thirty billion Kip for brokerage;
- At least one hundred billion Kip for underwriter.
[...]
Article 60 (Amended) Establishment of Branch Offices or Service Units
The establishment of a branch office or service unit of a local securities company in the Lao PDR and abroad require an authorization from the Lao Securities Commission.
The establishment of a branch office of a foreign securities company in the Lao PDR, require an authorization from the Lao Securities Commission.
The Lao Securities Commission determines the requirements for the establishment and scope of operation of the branch offices of local securities companies operating abroad and the branch offices of foreign securities companies operating in the Lao PDR. 
Article 61 (Amended) Establishment of representative Offices of foreign securities companies
A foreign securities company may establish its representative office in the Lao PDR as prescribed in relevant laws and regulations." (Law on Securities (Amended) No. 34 /NA, dated 03 December 2019 [unofficial translation])
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"Article 2 Securities
Securities mean financial instruments which comprise shares, corporate bonds, public funds and other types of securities as defined by the Securities Commission or abbreviated as SC.
Article 3 Definitions
Terms used in this Law have the meanings as specified below:
1. “securities activity” means management and operation of fundraising through issuance of securities to the public, listing of securities, securities trading, clearing and settlement of securities transaction, securities depository and custodian, securities business operation, securities investment and other services relating to securities as defined by this Law; [...]
9. “investor” means any person and institution, both domestic and foreign, who invest in securities trading;
[...]
Article 6 Scope of Application of the Law
This Law shall apply to persons, juristic persons and organizations, both domestic and foreign, who operate securities activities in Lao PDR and foreign countries.
[...]
Article 55 Establishment of Company, Branch Office and Representative Office of Foreign Securities Company
A foreign securities company can establish a securities company in Lao PDR in the form of sole investment, joint investment with the financial institutions duly incorporated under the laws of Lao PDR or a branch office or a representative office as approved by the SC. 
The establishment and operation of a foreign securities company shall be in accordance with the incorporation of a securities company by local persons and juristic persons.
The SC shall prescribe the conditions relating to the establishment and the scope of operation of a branch office or a representative office of a foreign securities company in Lao PDR. 
Article 56 Securities Business Professional License
A securities business professional license is a license for business operation of securities broker, financial advisor, securities analyst or public fund manager. The SC shall issue securities business professional licenses in accordance with the conditions, methods and procedures as prescribed in the specific regulations." (Law on Securities No. 21/NA, dated 10 December 2012 [unofficial translation])
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"Article 30. Scope of license
A securities company shall operate its securities business activities partially or fully, as follows:
1. Brokerage; 2. Dealing on own accounts; 3. Financial and securities investment advisory; 4. Underwriting; 5. Other securities businesses as authorized by the Commission.
[...]
Article 34. Securities companies established by foreign investors  Foreign investors are allowed to establish a joint venture securities company with domestic investors. The share of capital contributed by foreign investors in a joint venture shall not exceed 51 percent of the total outstanding shares.
[...]
Article 36. Scope of license regarding a branch of the foreign securities company
A branch of the foreign securities company is allowed to undertake the securities businesses: 1. Securities brokerage; 2. Securities dealing on its own account; 3. Other kinds of securities businesses as granted by the Commission. [...] "(Decree on Securities and Securities Market 2010, No. 255/PM of 24 May 2010 [google translation])
Law on Securities (Amended) No. 34 /NA, dated 03 December 2019
Law on Securities No. 21/NA, dated 10 December 2012
Decree on Securities and Securities Market 2010, No. 255/PM of 24 May 2010
[<a href="https://www.lsc.gov.la/Doc_legal/Law%20on%20Securities%20Eng_edited_2019_d29.pdf">Law</a>],[<a href="https://www.lsc.gov.la/Doc_legal/1.%20Law%20on%20Securites(Englist_version).pdf">Law</a>],[<a href="https://data.laos.opendevelopmentmekong.net/library_record/255-24-05-2010/resource/2a86d487-8ad7-402b-96ae-27a145e04a89">Law</a>]