Can a securities company have more than one legal representative in Vietnam? What are the procedures for change of legal representative of a securities company in Vietnam?
Can a securities company in Vietnam have more than one legal representative in Vietnam?
Pursuant to the provisions of Clause 1, Article 182 of Decree 155/2020/ND-CP stipulating as follows:
Legal representatives of securities companies and securities investment fund management companies
1. A securities company or securities investment fund management company may have 01 or some legal representatives as prescribed by its charter. The charter shall specify the responsibilities, quantity, titles, rights and obligations of each legal representative. To be specific:
a) In case the securities company or securities investment fund management company has 01 legal representative, the President of the Board of Directors, President of the Board of Members, Director/General Director shall be the legal representative. If this is not specified in the company's charter, the legal representative of the company shall be the President of the Board of Directors, President of the Board of Members or President of the company;
b) In case the securities company or securities investment fund management company has more than one legal representative, the President of the Board of Directors, President of the Board of Members and the Director/General Director shall be the legal representatives. The company shall register the legal representatives with SSC. The registered legal representatives shall provide documents and work with SSC.
Thus, a securities company may have one or some legal representatives.
Can a securities company have more than one legal representative in Vietnam? What are the procedures for change of legal representative of a securities company in Vietnam?
What are the procedures for change of legal representative of a securities company in Vietnam?
Pursuant to the provisions of the 2019 Law on Securities in Vietnam, Decree 155/2020/ND-CP, the procedures for change of legal representative of a securities company are as follows:
Regarding the procedures of execution:
+ Step 1: Securities company, securities investment fund management company sends a dossier of request for change of legal representative to the State Securities Commission (hereinafter referred to as SSC).
+ Step 2: SSC (Single-window section) receives and checks the list of documents. In case the list is not complete, the SSC shall guide the supplement of the dossier according to regulations.
+ Step 3: The SSC appraises the completeness and validity of the application's contents. Within 07 days from the date of receiving the complete and valid dossier, the SSC shall amend the License for establishment and operation of securities; in case of refusal, must reply in writing and clearly state the reason
Regarding the methods of execution:
+ Method of receiving documents: Submit directly at the headquarters of the State Securities Commission; or send it by post; or through the online public service system.
+ Method of returning results: Paying directly at the headquarters of the State Securities Commission; or send it by post.
What is included in the application for change of legal representative of a securities company in Vietnam?
Pursuant to the provisions of Clause 2, Article 182 of Decree 155/2020/ND-CP, the application for change of legal representative includes:
- The application form No. 69 in the Appendix of Decree 155/2020/ND-CP;
- In case the legal representative is changed without changing the title, the attached documents include:
+ The decision of the Board of Directors, Board of Members, the company’s owner on designation, dismissal of the President of the Board of Directors, President of the Board of Members, the company’s President or Director/General Director and personal information form No. 67 in the Appendix of Decree 155/2020/ND-CP;
+ The designated person’s judicial record that is issued within 06 months before the application is submitted;
- In case of change to the title of the legal representative, the attached documents include:
+ The decision of the General Meeting of Shareholders, Board of Members or the company’s owner to change the title of the legal representative, revisions to the company's charter and the documents specified in Point b Article 182 of Decree 155/2020/ND-CP;
- In case of change to personal information of the legal representative, the attached documents include:
+ The personal information sheet according to Form No. 67 in the Appendix of Decree 155/2020/ND-CP.
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