In case of changing the address of the head office of the credit rating agency, is it necessary to notify the Ministry of Finance of Vietnam?
- In what cases must the certificate of eligibility to provide credit rating services in Vietnam be modified?
- What are the regulations on the dossier of request for modification of business eligibility certificates?
- In case of changing the address of the head office of the credit rating agency, is it necessary to notify the Ministry of Finance of Vietnam?
- Under what circumstances will a credit rating agency have its business eligibility certificate revoked?
In what cases must the certificate of eligibility to provide credit rating services in Vietnam be modified?
According to the provisions of Clause 1, Article 23 of Decree No. 88/2014/ND-CP on the modification of business eligibility certificates as follows:
Credit rating agencies shall carry out procedures for requesting modification of a business eligibility certificate within fifteen (15) working days after a change in such certificate’s contents prescribed in Article 17 of Decree No. 88/2014/ND-CP occurs.
According to that, the contents of the Certificate of eligibility to provide credit rating services in Vietnam are specified in Article 17 of Decree No. 88/2014/ND-CP as follows:
- Name of the credit rating agency;
- Address of the head office and address of the website of the credit rating agency;
- Serial number and date of grant of the enterprise registration certificate;
- Serial number and date of grant of the business eligibility certificate;
- At-law representative of the agency;
- Contents and scope of operation.
In case of changing the address of the head office of the credit rating agency, is it necessary to notify the Ministry of Finance of Vietnam?
What are the regulations on the dossier of request for modification of business eligibility certificates?
According to the provisions of Clause 2, Article 23 of Decree No. 88/2014/ND-CP, a dossier of request for modification of a business eligibility certificate must comprise:
- A written request for modification of the business eligibility certificate, made according to form No. 4 provided in the Appendix to this Decree, clearly stating the reason for modification;
- The original business eligibility certificate last granted;
- Documents proving contents of the business eligibility certificate requested to be modified.
In addition, within ten (10) working days after receiving a complete and valid dossier, the Ministry of Finance of Vietnam shall examine and consider the dossier for modification of the business eligibility certificate. In case of refusal, the Ministry of Finance of Vietnam shall reply in writing, clearly stating the reason.
In case of changing the address of the head office of the credit rating agency, is it necessary to notify the Ministry of Finance of Vietnam?
According to the provisions of Article 24 of Decree No. 88/2014/ND-CP, a credit rating agency must notify state management agencies in the following cases:
Within ten (10) working days after one of the following changes occurs, a credit rating agency shall notify it in writing to the Ministry of Finance of Vietnam and business registry office:
- Failure to meet one of the conditions prescribed in Article 14 of this Decree;
- Name, address of the head office and address of the website of the credit rating agency;
- At-law representative of the agency;
- Dissolution, bankruptcy or termination of provision of credit rating services;
- Revocation of the enterprise registration certificate.
Thus, in case of changing the address of the head office, the credit rating agency must notify the Ministry of Finance of Vietnam according to the above regulations.
Under what circumstances will a credit rating agency have its business eligibility certificate revoked?
According to the provisions of Article 25 of Decree No. 88/2014/ND-CP, a credit rating agency has its business eligibility certificate revoked in the following cases:
- It fails to meet one of the conditions prescribed in Clauses 1 thru 6, Article 14 of this Decree within six (6) consecutive months;
- It commits one of the prohibited acts prescribed in Clauses 1 thru 9, Article 7 of this Decree;
- It is dissolved, falls bankrupt or terminates the provision of credit rating services;
- It has its enterprise registration certificate revoked.
In addition, It is dissolved, falls bankrupt or terminates the provision of credit rating services;
- It has its enterprise registration certificate revoked.
In addition, if the credit rating agency is dissolved, falls bankrupt or terminates the provision of credit rating services, or has its enterprise registration certificate revoked, its business eligibility certificate shall be automatically invalidated.
At the same time, decisions on revocation of business eligibility certificates of agencies shall be posted on the website of the Ministry of Finance of Vietnam.
Agencies shall immediately terminate their credit rating activities and credit rating- related services when their business eligibility certificates are automatically invalidated or decisions on revocation of their business eligibility certificates take effect.
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