What is the time limit for formulation and submission of financial statements of the securities investment funds in Vietnam?

What is the time limit for formulation and submission of financial statements of the securities investment funds in Vietnam?

Pursuant to Subsection 3.1, Section A of the fourth part - the financial reporting system issued together with the Decision 63/2005/QD-BTC, the time limit for formulation and submission of financial statements is stipulated as follows:

- Monthly financial statement: Within 5 days as from the end of the reporting month; this monthly financial statement must be submitted to the State Securities Commission and the Representative Board of the Fund;

- Quarterly financial statement: Within 20 days as from the end of the reporting quarter; the quarterly financial statement must be submitted to the State Securities Commission and the Representative Board of the Fund;

- Annual financial statement: Within 90 days as from the end of the reporting year. The annual financial statement must be submitted to the State Securities Commission, Bank Finance Administration (the Ministry of Finance), Representative Board of the Fund and statistics agency, and must be widely publicized.

A financial statement must be signed and stamped by the reporter, Chief Accountant, Director of the fund management company, Head of the Supervision Division and Director of the Supervisory Bank before being sent to competent authorities and made known to the public.

Additionally, the securities investment fund must strictly comply with requirements for the formulation and submission of relevant reports which have not been stipulated in this Regulation in accordance with regulations laid down by the State Securities Commission.

What is the time limit for formulation and submission of financial statements of the securities investment funds in Vietnam? - image from internet

What information is included in the charter of a securities investment fund in Vietnam?

Pursuant to Clause 2 Article 103 of the Law on Securities in 2019 stipulating charters of securities investment funds:

Charters of securities investment funds

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2. The charter of a securities investment fund shall contain the following information:

a) Names of the fund, the fund management company and the supervisory bank;

b) Establishment date of the fund;

c) Objectives; investment fields; operating period of the fund;

d) Decide revisions to the fund’s charter;

dd) Rights and obligations of the fund management company and supervisory bank; cases of change of the fund management company and supervisory bank; regulations on authorizing the fund management company to sign the supervision contract with the supervisory bank;

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As regulated above, the charter of a securities investment fund shall contain the following information:

- Names of the fund, the fund management company and the supervisory bank;

- Establishment date of the fund;

- Objectives; investment fields; operating period of the fund;

- Decide revisions to the fund’s charter;

- Rights and obligations of the fund management company and supervisory bank; cases of change of the fund management company and supervisory bank; regulations on authorizing the fund management company to sign the supervision contract with the supervisory bank;

- Regulations on representative board and General Meeting of Investors of the fund;

- Limits on investments of the fund;

- Regulations on registration of fund certificate ownership and storage of investor register of the fund;

- Regulations on selection of the supervisory bank; selection and change of the accredited audit organization;

- Regulations on transfer, issuance, repurchase of open-end fund certificates; regulations on listing of closed-end fund certificates;

- Costs and incomes of the fund; payments and extra payments to the fund management company and the supervisory bank; cases of and methods for distributing the fund’s income among investors;

- Method for determination of net asset value of the fund and of each fund certificate;

- Regulations on settlement of conflict of interest;

- Reporting regulations;

- Regulations on dissolution of the fund;

- Commitment of the supervisory bank and fund management company to fulfill their obligations to the fund and investors, and to comply with the fund’s charter;

- Formalities for revising the fund’s charter.

Which entities shall ratify the charter of a securities investment fund in Vietnam?

Pursuant to Clause 1 Article 103 of the Law on Securities in 2019:

Charters of securities investment funds

1. The charter of a securities investment fund shall be drafted by the fund management company and ratified by the General Meeting of Investors.

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As regulated above, the charter of a securities investment fund shall be ratified by the General Meeting of Investors.