Vietnam: Application for the extension of the operating period of the investment company

According to Article 18 of Circular No. 227/2012/TT-BTC of the Ministry of Finance of Vietnam, the extension of the operating period of an investment company must comply with the following regulations:

- The extension of the operating period of the investment company is passed by its General assembly of shareholders;

- The net asset value of the investment company on the latest valuation date, before the extension application is submitted, does not fall below VND 50 billion.

In particular, the asset management company shall apply for the extension at least 30 days before the operating period of the investment company is over. The application for the extension of the operating period of an investment company must include:

- The notice of the extension of the operating period of the investment company according to the template in Annex 13 enclosed with Circular No. 227/2012/TT-BTC;

- The Minutes and Resolution of the General meeting of shareholders of the investment company on the extension of its operating period, specifying the extension length.

- The contract signed with the supervisory bank to keep providing depository and supervisory services for the investment company;

- The detailed investment portfolio and report on the net asset value of the investment company (certified by the supervisory bank) on the latest valuation date.

The application for the extension of the operating period of the investment company shall be made in 01 original dossier, enclosed with computer files.  The original dossier shall be sent to the State Securities Commission directly or by post.

Note: Within 15 days from the date on which the complete and valid dossier is received, the State Securities Commission shall issue the adjusted License for establishment and operation to the investment company. The refusal must be notified and explained in writing by the State Securities Commission.

View more details at Circular No. 227/2012/TT-BTC of the Ministry of Finance of Vietnam, effective from July 01, 2013.

Le Vy

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