Which entities shall have power to issue certificates of registration of operation of representative offices in Vietnam of foreign fund management companies?

Which entities shall have power to issue certificates of registration of operation of representative offices in Vietnam of foreign fund management companies?

Hello Lawnet. Which entities shall have power to issue certificates of registration of operation of representative offices in Vietnam of foreign fund management companies? Thank you!

Answer:

Pursuant to Article 78 of the Law on Securities in 2019 stipulating representative offices in Vietnam of foreign securities companies and fund management companies as follows:

1. A foreign securities company or foreign fund management company may establish a representative office in Vietnam when:

a) It is licensed and has been lawfully operating in this home country;

b) The home country’s licensing authority and SSC has entered into a mutual or multilateral agreement on information exchange, management, inspection, supervision of securities activities and securities market, or the company has been managing investment funds in Vietnam; the remaining operating period is at least 01 years.

2. The representative office in Vietnam of a foreign securities company or fund management company has one, some or all of the following activities:

a) Communication office and market research;

b) Facilitate development of projects for cooperation in securities and securities market in Vietnam;

c) Expedite and supervise implementation of agreements between the company and Vietnamese business organizations;

d) Expedite and supervise execution of the projects in Vietnam funded by the company.

3. Representative offices of foreign securities companies and foreign fund management companies must not trade securities.

4. SSC shall issue certificates of registration; manage and supervise operation of representative offices in Vietnam of foreign securities companies and foreign fund management companies.

Above are regulations on power to issue certificates of registration of operation of representative offices in Vietnam of foreign fund management companies. You may refer to the Law on Securities in 2019 for further information.

When shall representative offices in Vietnam of foreign fund management companies disclose information at request of agencies?

According to the latest regulations, when shall representative offices in Vietnam of foreign fund management companies disclose information at the request of SSC?

Answer:

Pursuant to Clause 4 Article 123 of the Law on Securities in 2019 stipulating as follows:

Securities companies, fund management companies, branches of foreign securities companies and foreign fund management companies in Vietnam shall disclose information that seriously affect the lawful rights and interests of investors at the request of SSC, VSE and its subsidiaries.

When shall representative offices in Vietnam of foreign fund management companies disclose information annually?

According to the latest regulations, when shall representative offices in Vietnam of foreign fund management companies disclose information annually? Thank you!

Answer:

Pursuant to Clause 1 Article 123 of the Law on Securities in 2019 stipulating as follows:

- Audited annual financial statements, biannual financial statements examined by accredited audit organizations; quarterly financial statements;

- Prudential ratio reports examined on June 30 and audited on December 31 by accredited audit organizations;

- Annual reports;

- Company administration reports;

- Resolutions of Annual General Meetings of shareholders of joint-stock companies;

- Other information prescribed by law.

Best regards!