When do branches of foreign fund management companies in Vietnam disclose information on an ad hoc basis?

When do branches of foreign fund management companies in Vietnam disclose information on an ad hoc basis? (Image from the Internet)

Pursuant to Clause 2, Article 123 of the Securities Law 2019 (Effective January 1, 2021) stipulates that branches of foreign fund management companies in Vietnam must disclose information on an ad hoc basis in the following cases:

- The company’s account at a bank or foreign branch bank (FBB) is frozen at the request of a competent authority or when the payment service provider suspects a fraud or illegal activities relevant to the account; the account is unfrozen;

- Business suspension; changes to enterprise registration information; revocation of the certificate of enterprise registration; revision, suspension, revocation of the license for establishment and operation or operating license;

- Ratification of decisions of an ad hoc General Meeting of Shareholders;

- The company’s decision to repurchase its shares; the date of exercising the right to buy shares of bondholders, or the date of conversion of convertible bonds into shares, and decisions relevant to the offering and issuance of securities;

- Decisions on the enterprise’s reorganization or dissolution; strategies, medium-term development plans and annual business plans of the company; establishment, dissolution of subsidiaries and associate companies; any transaction that turns a company into a subsidiary or associate company or vice versa; establishment and closure of branches or representative offices;

- Decisions on change of accounting period, accounting policies; retroactive adjustments to financial statements; qualified opinions of the audit organization in the financial statement; selection or change of an audit company;

- Changes or addition of internal actors;

- Decisions to buy or sell assets or any transaction whose value exceeds 15% of total asset of the company according to the latest audited annual financial statement or latest examined biannual financial statement;

- Decisions on imposition of penalties for tax offences, effective court judgments or decisions that affect the company’s operation; the court’s notice of receipt of the company’s bankruptcy petition;

- Any charge against the company or its internal actor;

- Approval or cancellation of listing at a foreign stock exchange;

- SSC imposes administrative penalties upon the company, branch or its certified securities professional for securities-related offences; The General Director (Director), Deputy General Director (Deputy Director) has his/her securities professional certification suspended or revoked;

- SSC issues a warning or a decision to put the company under alert, control or special control, or revokes such decision; SSC issues a decision to suspend or terminate the company’s operation or cancels such decision;

- SSC approves the establishment or closure of a branch, transaction office, representative office in Vietnam or a foreign country, indirect outward investment.

- Other events prescribed by the Minister of Finance.

Best regards!