Circular 39/2015/tt-Nhnn: Regulating The Opening And Use The Capital Account Released By The Stock Exchange To Make The Release Of Securities Abroad Of Residents Is Held

Original Language Title: Thông tư 39/2015/TT-NHNN: Quy định việc mở và sử dụng tài khoản vốn phát hành chứng khoán bằng ngoại tệ để thực hiện việc phát hành chứng khoán ở nước ngoài của người cư trú là tổ chức

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The CIRCULAR regulates the opening and use of capital account in foreign currency securities issued to make the release of securities abroad of residents is held _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ pursuant to the law the State Bank of Vietnam the number 46/2010/QH12 16 June 2010;
Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;
Foreign Exchange Ordinance base of 28/2005/PL-UBTVQH11 on December 13, 2005 and Ordinance No. 06/2013/PL-UBTVQH13 18 Mar 2013 amend and supplement some articles of the Ordinance on foreign exchange;
Pursuant to Decree No. 70/2014/ND-CP on 17 July 2014 of the Government detailing the implementation of a number of articles in foreign exchange Ordinance and Ordinance amending and supplementing a number of articles in foreign exchange Ordinance;
Pursuant to Decree No. 154/2013/ND-CP DATED 11 November 2013 of government functions, tasks, powers and structure of the State Bank of Vietnam;
At the suggestion of the Director of the Foreign Exchange Management, Governor of the State Bank of Vietnam issued a circular regulating the opening and use the capital account released by the stock exchange to make the release of securities abroad of residents is held.
Article 1. Scope 1. This circular regulates the opening and use of capital account in foreign currency securities issued to carry out the transaction currency, related to the release of securities activities abroad in the form of stock investment fund certificates and other securities under the securities legislation of residents is held.
2. The opening and use the account related to the operation of international bond issuance of Government-guaranteed business and not the Government guarantee; Government bonds on the international market are not in the scope of this circular.
Article 2. Application object 1. The issuer is the competent authority in Vietnam for permission to make securities issued in foreign currency abroad as stipulated by law.
2. Individuals and organizations relevant to the operation of opening and using capital accounts in foreign currency securities issued by the issuer.
Article 3. Explanation of terms In this circular, the terms below are interpreted as follows: 1. "issuer" is the Organization's resident allowed to sell securities in foreign currency abroad.
2. "credit institutions are allowed to" is the commercial bank, foreign bank branches allowed business, providing foreign exchange services.
3. "capital account released by the stock exchange" is the account of payment in foreign currency of the issuer in a credit institution is permitted in Vietnam to carry out the transaction currency, related to the operation of securities issued in foreign currency abroad.
4. "the release of securities in foreign currency abroad" is the issuer of securities offered for sale abroad in the form of stock investment fund certificates and other securities in foreign currency abroad under the provisions of the law on securities.
Article 4. Bonds converted into shares issuer case made international bonds convertible into shares under the provisions of the law on securities and other provisions of the relevant law, within a period of 5 (five) working days from the date of completion of the transformation of international bonds into shares , the issuer must open capital account in foreign currency securities issued under the provisions of this circular in order to perform the transaction currency, related to the obligations of the issuer with respect to the value of shares to be converted.
Article 5. The principle of opening capital account in foreign currency securities issued 1. The issuer must open 01 (a) capital account released by the stock exchange at 1 (one) credit institutions are allowed before each register securities offered for sale in foreign currency abroad.
2. The issuer's credit institutions are allowed to be open capital account in foreign currency securities issued in that organization itself or in credit institutions are permitted.
Article 6. Open, close the account of capital stock issued in foreign currency 1. Before sending the State Securities Committee registered records are offered for sale of securities in the register for each foreign selling, the issuer must open capital account in foreign currency securities issued in credit institutions are allowed to business, foreign exchange services to perform the content currency , as defined in article 7 of this circular.
2. in case of changing credit institutions are allowed to open the capital account in foreign currency securities issued, the issuer must close the opened account, transfer the entire balance on the account to open accounts in credit institutions are permitted.
3. procedure to open a closed capital account, securities issued by foreign currencies made under the provisions of the State Bank of Vietnam (hereinafter the Bank) about opening and using a payment account in the institutions providing payment services.
Article 7. Use the account of capital stock issued in foreign currency securities issued capital account in foreign currency is used to perform the transaction currency, in foreign currency: 1. Currency: a) income from the release of securities abroad;
b) Currency Exchange buy from credit institutions are allowed and currency exchange transfer from the account of payment in foreign currency of the issuer itself to make the transaction more details as specified in points c, d, e clause 2 of this Thing;
c) transactions currency transfer to other legal activities related to securities issued abroad.
2. The genus: a) the genus sell foreign currencies for credit institutions are permitted;
b) Genus transferred to your payment account in foreign currency of the issuer itself opened at credit institutions are allowed to make use of variant capital from waves of selling in foreign securities;
c) pay dividends for shareholders in a foreign country and fulfill the obligation of the issuer in the country;
d) stock acquisition of Genus yourself released in foreign countries according to the provisions of the securities law of Vietnam and the country;
DD) Genus payment of costs related to the issuance of overseas securities.
Article 8. The liability of the issuer 1. Make the opening, closing and using capital accounts in foreign currency securities issued in accordance with the provisions of this circular and the text of the relevant law.
2. honest Declaration, adequate incomes and expenses on account of capital stock issued in foreign currency; Provide the vouchers, documents relating to the opening of the capital account and use the securities issued in foreign currency at the request and direction of credit institutions.
Article 9. The liability of the credit institution are allowed 1. Make the opening, closing and using capital accounts released by the stock exchange consistent with the provisions of this circular and the text of the relevant law.
2. check, keeping documents, documents related to the transaction currency, made on account of capital in foreign currency securities issued by the issuer to ensure the provision of Foreign Exchange services is done properly the purpose of and in accordance with the provisions of the law.
3. Prepare a report under the provisions of article 10 of this circular.
Article 10. Report mode 1. Slowly for the 12 days of the month next following the month incurred the opening, closed capital account in foreign currency securities issued by issuers, credit institutions are permitted where the issuer open, close the account of capital stock issued in foreign currency Bank reports (Foreign Exchange Management) writing about open , closed capital account stock release (according to the model in annex No. 1 attached to this circular).
2. Monthly (the slowest on the 12th of the next month), credit institutions are allowed to perform the State Bank report (Forex management) about the situation of currency, on account of capital in foreign currency securities issued by the issuer (according to the model in annex No. 2 attached to this circular).
3. In case of need, credit institutions are allowed to make a report on the situation of open capital account and use the securities issued in foreign currency at the request of the State Bank.
Article 11. Test, inspection, monitoring, State Bank of India, State Bank of India branch in the central cities, make checks, inspections, monitoring the credit institutions are permitted in the observance of the provisions of this circular by the authority.
Article 12. Implementation 1. This circular has effect as from March 1, 2016.
2. Office, Director of the Foreign Exchange Management, the heads of the relevant units in the State Bank, Director of the State Bank branch in the province, central cities, Chairman of the Board, the President of the Council members, the Director-General (Executive Director) credit institutions foreign bank branch, is responsible for implementation of this circular.