Banks in Vietnam may be authorized to supervise the determination of net asset value

Banks in Vietnam may be authorized to supervise the determination of net asset value (Internet image)

Article 10 of Circular 227/2012/TT-BTC stipulates that the net asset value of the investment company and the net asset value per share must be verified by the supervisory bank. The verification must be made in writing, or accessed via the electronic information system of the supervisory bank which is approved by the asset management company. On the next working day, after the supervisory bank makes the verification, the information about the net asset value of the investment company and net asset value of per share must be verified by the supervisory bank may be disclosed as prescribed in Clause 10 Article 3 of Circular 227/2012/TT-BTC.

The asset management company in Vietnam may authorize the supervisory bank to determine the net asset value of the investment company and net asset value per share must be verified by the supervisory bank. In this case, the asset management company and the supervisory bank must adopt a mechanism and process for comparison, inspection, and supervision in order to ensure that the determination of net asset values is conformable with laws, and the net asset values are accurately calculated.

Note: If the values are incorrectly calculated, within 24 hours from the detection, the supervisory bank or the asset management company (in case the supervisory bank provides net asset value determination services) must notify and request the asset management company or supervisory bank to adjust it.

Within 05 days from the date on which the incorrect net asset value is detected, the supervisory bank or the asset management company (in case the supervisory bank provides net asset value determination services) must adjust and disclose the information in accordance with Clause 10 Article 3 of Circular 227/2012/TT-BTC, and notify the State Securities Commission of the incorrect valuation, including the reasons, the time, and handling measures. The notification must be signed by both asset management company and supervisory bank.

More details can be found in Circular 227/2012/TT-BTC, which comes into force from July 1, 2013.

Le Vy

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