Regulations on disclosure of periodic information about public funds in Vietnam

Regulations on disclosure of periodic information about public funds in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What is a public fund?

According to Clause 38, Article 4 of the Law on Securities 2019, a public fund is a securities investment fund that publicly offer fund certificates.

2. Regulations on disclosure of periodic information about public funds in Vietnam

The disclosure of periodic information about public funds according to Article 26 of Circular 96/2020/TT-BTC is as follows:

- Disclosure of periodic information about a public fund

+ Financial statements

The securities investment fund management company must disclose annual financial statements audited by accredited audit organizations, reviewed half-year financial statements and quarterly financial statements of the fund. Contents of financial statements shall comply with accounting regulations applicable to relevant funds. 

The time limit for disclosure of financial statements shall comply with Clauses 1, 2 and 3 Article 14 of Circular 96/2020/TT-BTC.

+ Investment reports  

The securities investment fund management company shall monthly, quarterly and annually report and disclose reports on investments made by the fund in accordance with regulations on operation and management of securities investment funds.

+ Reports on net asset value

The securities investment fund management company shall disclose reports on changes to the net asset value of the public fund every week and disclose the fund's net asset value on the day following the valuation date in accordance with regulations on operation and management of securities investment funds.

+ Summary report on fund management

The securities investment fund management company shall disclose summary reports on fund management of a public fund on biannual and annual basis in accordance with regulations on operation and management of securities investment funds.

- The securities investment fund management company shall disclose information about the General Meetings of Investors of the public fund according to regulations applicable to the GMS of public companies prescribed in Clause 3 Article 10 of Circular 96/2020/TT-BTC.

- Notwithstanding Clauses 1 and 2 of Article 26 of Circular 96/2020/TT-BTC, the securities investment fund management company shall fulfill other obligations to disclose information of a securities investment fund in accordance with regulations on operation and management of securities investment funds.

- Except the financial statements prescribed in Clause 1 of Article 26 of Circular 96/2020/TT-BTC, the time limit for disclosing other periodic information of the public fund is determined as follows:

+ Information to be disclosed weekly shall be disclosed on the first day of the following week or on the day following the valuation date (regarding an open-end fund);

+ Information to be disclosed monthly shall be disclosed within 05 working days from the end of the latest month;

+ Information to be disclosed quarterly shall be disclosed within 20 working days from the end of the latest quarter;

+ Information to be disclosed biannually shall be disclosed within 45 days from the end of the latest 06 months (half of year);

+ Information to be disclosed annually shall be disclosed within 90 working days from the end of the latest year.

3. Disclosure of information on request about public funds and public securities investment companies in Vietnam

Disclosure of information on request about public funds and public securities investment companies in accordance with Article 30 of Circular 96/2020/TT-BTC is as follows:

- The securities investment fund management company shall disclose information about the public fund or the public securities investment company within 24 hours from the receipt of the request of SSC or SE upon the occurrence of any of the events specified in Clause 1 Article 12 of Circular 96/2020/TT-BTC and the following cases:

+ There is information that affects the offering and/or price of public fund certificates or shares of the public securities investment company;

+ There are unusual changes in the price or volume of traded public fund certificates or shares of the public securities investment company;

+ Other events as requested by SSC or SE.

- The securities investment fund management company shall disclose information at the request of SSC or SE where securities investment fund certificates are listed, including information about the event to be disclosed as requested by SSC or SE, reasons and degree of authentication of that event.

Quoc Dat

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