What are regulations on certification of ownership of securities investment fund certificates in Vietnam?
What are regulations on certification of ownership of securities investment fund certificates in Vietnam?
What are regulations on certification of ownership of securities investment fund certificates in Vietnam? - image from internet
Pursuant to Article 15 of the Circular 98/2020/TT-BTC stipulating certification of ownership of securities investment fund certificates in Vietnam:
- Within 05 days from the effective date of the certificate of registration of fund establishment or the modified certificate of registration of fund establishment, the fund management company shall itself, or authorize a transfer agent service provider to, certify the ownership of purchased fund certificates for investors and prepare the investor register which includes the following contents:
+ Name and headquarters address of the fund management company; name and headquarters address of the supervisory bank; full name of the fund; listed securities symbols of the fund (if any);
+ Total fund certificates to be offered, total fund certificates/creation units offered, structure and details of portfolios, and total capital raised;
+ List of investors/authorized participants (if any), specifying: full name, number of ID card, citizen’s identity card, passport or another valid personal identification paper, and contact address (if the investor or authorized participant is an individual); full name, abbreviated name, number of enterprise registration certificate, and headquarters address (if the investor or authorized participant is an organization); number of securities depository account (if any); number of the investor’s account or sub-account enclosed with the number of nominee account; the number of owned fund certificates; ownership percentage; subscription date and payment date;
+ Date of the investor register.
- A nominee is allowed to open and manage a subsidiary investor register based on the contract signed with the fund management company or transfer agent service provider. The subsidiary investor register shall contain adequate information about investors as prescribed in Clause 1 of this Article. Any fees paid for managing the subsidiary investor register shall not be accounted for as the fund’s expenses.
- The fund management company and transfer agent service provider must always have adequate information about the ownership of each investor, including those trading via nominee accounts. Information about assets of investors on the primary investor register, including investors conducting transactions on nominee accounts, shall be used as the proof for certifying their ownership of fund certificates. An investor's ownership shall be established from the time when the information about its/his/her ownership is updated in the primary investor register.
- Within 10 days from the effective date of the certificate of registration of fund establishment, the fund management company or relevant service provider must carry out registration and depositing of listed fund certificates in accordance with law regulations on registration and depositing of securities. The number of ETF creation units offered/redeemed on the next trading day shall be automatically updated, registered and deposited on the system of VSDCC according to its guidelines.
- Unless the fund management company gets opinions from investors during the offering, within 30 days from the effective date of the certificate of registration of fund establishment, the fund management company shall submit the following documents to SSC:
+ The meeting's minutes or vote counting record and the resolution of General Meeting of Investors;
+ The list and personal records of members of the fund’s representative board.
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