When shall the fund management company disclose information on an ad hoc basis in Vietnam?

When shall the fund management company disclose information on an ad hoc basis in Vietnam?

I am studying the securities sector according to new regulations and have the following questions: In the case of a public fund changing the internal person, the director of the fund, does the fund management company disclose information on an ad hoc basis? Thank you!

Answer:

Pursuant to Clause 2 Article 124 of the Law on Securities in 2019, the fund management company shall disclose information on an ad hoc basis in any of the following events:

- Ratification of decisions of the General Meetings of Investors;

- Change to charter capital of the closed-end fund;

- Revocation of the certificate of public offering of public fund certificates;

- Suspension, cancellation of the public offering of public fund certificates; unsuccessful offering of public fund certificates;

- Revision to the charter or prospectus;

- Changes or addition of internal actors of the public fund; charges against internal actors of the public fund;

- Decision on consolidation, merger, division, dissolution, change of operating period, liquidation of assets of the public fund;

- Other events prescribed by the Minister of Finance.

Based on the regulations above, when a public fund changes an internal person, the fund management company shall disclose information on an ad hoc basis in accordance with the regulations.

When shall the fund management company disclose information on an ad hoc basis in Vietnam? - Source: Internet

What are regulations on the power to issue, reissue, revise, revoke the securities trading license in Vietnam?

My question is: What are regulations on the power to issue, reissue, revise, revoke the securities trading license in Vietnam? Thank you!

Answer:

Pursuant to Article 70 of the Law on Securities in 2019 stipulating power to issue, reissue, revise, revoke the securities trading license as follows:

SSC has the power to issue, reissue, revise, revoke the securities trading license of securities companies, fund management companies, branches in Vietnam of foreign securities companies and fund management companies.

In which cases shall tender offer be mandatory and to be registered with SSC in Vietnam?

My question is: In which cases shall tender offer be mandatory and to be registered with SSC in Vietnam? Thank you!

Answer:

Pursuant to Clause 1 Article 35 of the Law on Securities in 2019, in the following cases, tender offer is mandatory and has to be registered with SSC:

- The purchase of voting shares or closed-end fund certificates by an organization or individual and their related persons defined in Points a, b, c, d, e and g Clause 46 Article 4 of this Law will directly or indirectly lead to ownership of at least 25% of the voting shares of a public company, or at least 25% of the outstanding fund certificates of a closed-end fund;

- The organization or individual and their related persons defined in Points a, b, c, d, e and g Clause 46 Article 4 of this Law that are holding at least 25% of the voting shares of a public company, or at least 25% of the outstanding fund certificates of a closed-end fund wish to hold at least 35%, 45%, 55%, 65%, 75% of voting shares of a public company or outstanding fund certificates of a closed-end fund;

- Unless all voting shares of a public company or outstanding fund certificates of a closed-end fund have been bid for, the organization or individual and their related persons defined in Points a, b, c, d, e and g Clause 46 Article 4 of this Law that are holding at least 80% of voting shares of a public company or outstanding fund certificates of a closed-end fund shall buy the shares or fund certificates being held by the remaining shareholders or investors within 30 days at the same offered price and with the same payment method in the tender offer.

Best regards!