Vietnam: The supervisory bank must store documents of the asset management company for 10 years

According to Article 33 of Circular No. 227/2012/TT-BTC of the Ministry of Finance of Vietnam, the supervisory bank is responsible for making and storing the documents and computer files for 10 years on order to certify the conformity of the supervisory bank to law, in accordance with Annex 16 enclosed with this Circular. These documents must be provided at the written request of the State Securities Commission.

Concurrently, the supervisory bank shall promptly provide adequate and accurate information for the asset management company, the accredited audit organization (at the written request of the asset management company) so that they could exercise all rights and fulfill all obligations to the investment company in accordance with law and the charter of the investment company.

Besides, the supervisory bank is entitled to request the asset management company to provide documents and information necessary for the supervisory bank to exercise all rights and fulfill all obligations to the investment company as prescribed by law. The supervisory bank is responsible for keeping the documents and information received from the asset management company confidential.

Moreover, the supervisory bank may provide the asset management company with services of determining the net asset value of the investment company. The personnel and database of the department that provide services of determining the net asset value must be separate from the supervision and sale departments of the supervisory bank. The department that provides services of determining the net asset value must have an employee holding the Chief accountant certificate or audit certificate of accounting certificate, or international certificates in accounting such as ACCA, CPA, CA, and ACA.

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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