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Circular 100/2015/tt-Btc: Guidelines On The Release Of Local Government Bonds In The Domestic Market

Original Language Title: Thông tư 100/2015/TT-BTC: Hướng dẫn về phát hành trái phiếu Chính quyền địa phương tại thị trường trong nước

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FINANCE MINISTRY
Number: 100 /2015/TT-BTC
THE SOCIALIST REPUBLIC OF VIETNAM.
Independence-Freedom-Happiness
Nationwide, June 29, 2015

IT ' S SMART

Instructions on the release of Government bonds

local in the domestic market

________________

The State Budget Law Base December 16, 2002;

The Public Debt Management Law Base June 17, 2009;

The Securities Law Base on June 29, 2006 and the Amendment Law, added a number of provisions of the Securities Law on November 24, 2010;

Base of Protocol 215 /2013/ND-CP December 23, 2013 of the Government on the Functional Regulation, mandate, powers, and organizational structure of the Ministry of Finance;

Base of Protocol 01 /2011/NĐ-CP January 5, 2011 by the Government on the release of Government bonds, bonds are covered by the Government and local government bonds;

Base of Protocol 79 /2010/NĐ-CP July 14, 2010 by the Government on the business of public debt management;

At the suggestion of the Chief Financial Officer of the banks and financial institutions;

The Minister of Finance issued a guide to the issuing of local government bonds in the domestic market.

Chapter I

GENERAL REGULATION

What? 1. The tuning range and subject apply

1. This information guidance on the release of local government bonds in the domestic market.

2. The subject of applying this message is the Provincial People's Committee, the Central City of Central, the organizations and individuals involved in issuing local government bonds in the domestic market.

What? 2. Subject releases

The subject of local government bonds was the Provincial People's Committee, the Central Committee of the Central Committee (later called the Provincial People's Committee).

What? 3. The purpose of release

Local government bonds are issued for investment for programs, the project of the specified object at Clause 3 Article 4 of the number of resolutions. 01 /2011/NĐ-CP On 05/01/2011 the Government on the release of Government bonds, bonds are held by the Government of the Government and local government bonds (then called the Digital Protocol). 01 /2011/NĐ-CP).

What? 4. bond release conditions

The Provincial People ' s Committee must fully respond to the conditions of issuing local government bonds stipulated at Article 39 Public Debt Management Law and Article 24 of the Digital Protocol. 01 /2011/NĐ-CP.

What? 5. Articles of bonds

In addition to the terms and bond conditions prescribed at Article 6 of the Digital Protocol 01 /2011/ND-CP, The subject of the release must comply with the following regulations:

1.

Local government bonds have a term of 1 year or more. The specific term is decided by the Provincial People's Committee, in accordance with the need for capital use and market conditions.

2. The bond price

Local government bonds are a hundred thousand (100,000) copper. Other denominations of local government bonds are multiples of a hundred thousand (100,000) copper.

3. Volume of release

The volume of each issue issued by the host decided to base the need for local capital, the capacity to raise capital on the market and must be within the quota that has been approved by the authorities as approved by the authorities.

4. The Interest Rate

Interest rates issue local government bonds issued by the subject of the decision to each release but are not overtaken by the interest bracket prescribed by the Ministry of Finance in accordance with Article 9 of this.

Chapter II

APPROVE LOCAL GOVERNMENT BONDS

What? 6. Build and approve the project to issue local government bonds.

1. When there is a need to raise capital through the release of local government bonds to invest in economic-economic development projects-the social-level budget of the provincial budget or projects that are potentially reimbursable locally, the People ' s Committee said. The provincial government has to build a proposal to issue local government bonds to each of the five budgets for the approval of the Council of the People's Assembly (the so-called Provincial People's Council).

2. The proposal to issue local government bonds states at Clause 1 This includes the following basic content:

a) The purpose of releasing local government bonds by regulation at Article 3 of this Smart, namely:

-Investment in the social economic development investment project belonging to the provincial budget ' s cost of capital; or

-Investment in project capable of returns; or

-Investment in both the project of the provincial budget's expense and project is capable of financing. In this case the volume of bonds is expected to be issued for each purpose.

b) Information on the portfolio of basic building investment projects approved by the Provincial People's Council envisage using the source of bond issuing capital, including: the name of the project; the investment decision of the granted project is granted authority approval; the source of the capital made. project; the type of project project (the social economic development investment project of the provincial budget or project capacity project).

c) The appraisal appraisal appraisal of the project's capacity (for the project is potentially complete).

d) Expected the conditions, the terms of local government bonds include: volume; term; denominates; co-issued; the interest issued bonds; the organization's commitment to issue holders on the right to ensure the rights of the government. The owner of the bond is in accordance with the provisions of Article 8 of the Census. 01 /2011/NĐ-CP; terms of the acquisition, the local government bond swap (if available).

This is the time and the method of releasing local government bonds.

e) The situation of mobiles and debt, capital gains, capital gains from all the sources of the provincial budget in 3 years of the adjacent budget before the five budget planned to be issued in accordance with the form of capital mobiles, including the rule of law, including: Capital at the beginning of the budget year; the total capital mobilation of the year; the situation pays the interest of capital gains in the year; the source of the original debt payment, the interest of capital mobiles in the year (from the budget or the source of the project); the debt raising capital at the time. the end of the budget year and at the time of the construction of the proposed local government bond.

g) The maximum amount of capital raising is allowed to mobilize the provincial budget at the time of the construction of the project under the regulation at the State Budget Law, Public Debt Management Law and Guide documents;

h) The source of the capital layout payment of the annual bond and bond yields when it comes to a deadline;

i) Expected the information provided to the investor prior to the prescribed bond issue at this Article 8.

3. The proposal to issue local government bonds must be reviewed by the Provincial People ' s Council, approved. In the case of the Provincial People's Council approvable, the degree of capital mobiles and the Permanent Affairs of the Provincial People's Assembly to review, approve the proposal to issue local government bonds, the content must be made clear in Parliament. The decision was issued by the Provincial People's Council in accordance with the Law of the People's Assembly and the People's Committee and Resolution 753/NQ-UBTVQH11 on 2 April 2005 by the Standing Committee of the Standing Committee of the National Assembly.

What? 7. Accept of the proposed release of the Treasury ' s bond

1. After the Provincial People 's Council approved the proposal to issue a vote by regulation at Article 3 Article 6 This Wednesday, the Provincial People' s Committee sent the filing of a proposal to issue local government bonds to the Treasury for review, an opinion before the referendum. It's a release. The file sent to the Ministry of Finance includes:

a) The text of the proposal to issue a local government bond according to the template at Appendix 1 attached this message;

b) The proposal to issue a local government bond stipulated in Clause 1 and Article 2 of this Article 6;

c) The approved text of the proposed release of local government bonds by the Provincial People's Assembly or Standing Committee of the Provincial People's Provincial Council pursues to Article 3 of this Article 6;

d) The resolution of the Provincial People's Assembly approved the provincial budget bill of the year expected to issue bonds, which stated that the total source of capital investment capital was in the country.

The portfolio of social economic development projects under the provincial budget in planning (05) of the year was approved by the Provincial People's Council.

2. After receiving full of the prescribed record at this 1 Article, within twenty (20) days of work, the Ministry of Finance considers, there is an opinion on the proposal to issue a local government bond. The contents of this opinion are:

a) the conditions of the bonds;

b)

c) Limit the permitted capital of the provincial budget by the provisions of the State Budget Law, Public Debt Management Law and Guide documents;

d) The maximum volume is allowed to issue bonds (for projects that are capable of return locally).

3. The Ministry of Finance announces a written opinion on the proposal to issue local government bonds in accordance with the provisions of the Article 2 clause in order to the Provincial People's Provincial Committee to issue a vote in accordance with this Article. The unqualified case was released, the Ministry of Finance announced in writing and stated the reason.

Chapter III

LOCAL GOVERNMENT BOND

Section 1. ISSUE LOCAL GOVERNMENT BONDS

What? 8. Public information before the release

1. The slowest of the year (05) the day of pre-day work is expected to hold a bond bidding or a 10 (10) date of work before the date of the organization issuing bonds according to the guarantee method, the agent issued, the Provincial People ' s Committee is responsible for publication. the basic information about the local government bond issue on the electronic information page of the Provincial People ' s Committee, or of the Treasury Department or of the authorized organization to carry out a bond issuing a bond or of the Securities Exchange. A bidding place.

2. Content announces the specified information at Clause 1 This includes:

a)

b) The purpose of releasing the bonds;

c) Conditions, terms of bonds (including: volume; term; denomination; method of payment of origin, interest; terms of acquisition, bond exchange if available);

d) Time, the method of release of bonds;

The source expected to pay its original debt, bond interest when it came to a deadline;

e) The project category is expected to use the source of bond issuing capital, which states the investment development project of the socioeconomic development of the provincial budget; or the project is likely to recover capital.

g) The capital mobiles and the original debt, the annuation of the provincial budget in three years the adjoining budget before the five budget releases from all sources, including the source of capital mobiles through the issuing of local government bonds (if any); the debt. of the provincial budget from all sources at the time of the expected release of the bonds.

) The accounting bill, provincial budget spending, or an estimated implementation-the provincial budget costs (if there is no approved decision count) of 3 years of the adjacent budget before the five budget release budget, which highlights the total amount of income. balance the provincial budget, the total number of provincial budgets (including regular total expenditures, basic building investment).

i) Proposition of the provincial budget was approved by the Provincial People's Council of the Year which envisage the release of local government bonds, which states the total number of provincial budget balances, total number of provincial budgets (including total expenditure). Frequently, the sum of basic building investments.

What? 9. The interest rates issue local government bonds

1. As slow as fifteen (15) days of working before the day of the organization 's release of local government bonds, the Provincial People' s Committee sent text announcing plans to issue bonds to the Finance Ministry to announce the main bond issuing interest bracket. Local rights. The published plan notification text must specify the following content:

a) Time is expected to be released;

b) The volume, term, form, and method of release of bonds.

2. As slow as seven (7) days of work since the date of receiving the text announcement of the bond issue at Clause 1 This, the Treasury specifically announces the interest rate frame issuing bonds to the Provincial People's Provincial Committee to organize under the rules. I mean, here's the message.

3. Based on the interest bracket provided by the Ministry of Finance at paragraph 2 This and the market situation at the time of its release, the Provincial People ' s Committee decided the interest rate issued a bond.

What? 10. Release local government bonds according to the bidding method.

1. The bidding of local government bonds is held at the Stock Exchange of the Government of Government bonds.

2. The principle of the suppression organization, the bidding form, subject to bidding, the procedure for the procedure to hold bids, the method of defining the bidding results, the method of payment of bonds purchased by the regulation of bond issue. The government follows the bidding method at the Stock Exchange.

What? 11. Release local government bonds according to the method of warranty issued:

1. The principle of release:

a) The Provincial People ' s Committee issued bonds by the means of bail for a major bail organization or for bail members (the following call for a guarantee combo) to be eligible under the provisions of this Information.

b) For the case of issuing a bail method for a major bail organization, the Provincial People ' s Committee or the organization is authorized to negotiate directly with the main bail organization to unify the volume, term, interest rate, and bail fee. released for each release. The main guarantee organization can buy itself or distribute bonds to the customer under the agreement.

c) For the case of issuing a bail method for a bail organization, the Provincial People ' s Committee or the organization is authorized to negotiate directly with the bail member of the bail or negotiation complex with the representative of the bail complex (if the organization). They ' re going to be able to do a lot of money, terms, interest rates, and bail fees issued for every single issue. The bail member can buy bonds for themselves or distribute bonds to the customer.

2. The condition to become a major bail organization or a member of the organization of bail, rights, obligations, selection process of the main guarantee organization and the member of the bail organization, the process of the vote, the bond payment process is done. The rules are on Appendix 2.

What? 12. Release local government bonds according to the release of the issue.

1. The Provincial Committee of the Provincial People's Committee or the organization is authorized to issue bonds of selecting organizations eligible for the release of the issuing agent, the original payment agent, bond interest.

2. The procedure for the choice of issued agents, the original payment agent, bond interest, the organizational process that releases local government bonds in accordance with the release of the applicable release agent in accordance with the Government bond issued process. The agent's release.

What? 13. Subscription, registration and bond listing

1. Local government bonds are registered, centralized storage, compensated payment at the Vietnam Securities Contracting Center and are listed, trading gathered at the Stock Exchange at the request of the owner of the release.

2. The registration, registration, and listing process of local government bonds is applied as the registration process, the registration and listing process of Government bonds.

Section 2. BUY AND SWAP LOCAL GOVERNMENT BONDS

What? 14. Buy the bonds

1. The Provincial People ' s Committee can either buy back bonds to reduce the debt obligation or to restructure the debt under the proposed jurisdiction. The level of approval of local government bonds by regulation at the same time is the level of approval of the local government bond.

2. The Provincial People ' s Committee applies the process, the procedure to repurchase Government bonds to make a purchase of local government bonds.

3. The Provincial People ' s Committee is responsible for the effectiveness of the acquisition of local government bonds and reports the Ministry of Finance on the results of the acquisition by regulation at Article 25 of this Information.

What? 15. The principle of bond swap

1. The Provincial People ' s Committee can swap bonds to restructure debt. The exchange of bonds ensures compliance with the following principles:

a) In accordance with the approved bond exchange method of approval and approved by the Ministry of Finance. Authorities approved the proposal to issue local government bonds as well as the approval of the bond swap.

b) Ensure that the principle of equal value in market price, public, and transparency in swapping.

c) Ensuring after swaps the total bond debt of the provincial budget does not exceed the level of capital raising under regulation at the State Budget Law, Public Debt Management Law, and manual text.

d) The default bond is that the bonds have the remaining term remaining from a year or more and are stored at the Vietnam Securities Archive Centre.

2. In the time of the bond swap (since the time of the swap registration period until the end of the bond swap), the bonds that are circulating swapped will be blocked on the bond account of the bond holders at the request of the Commission on Human Services. The provincial population.

What? 16.

1. The swap of the bond execution follows one of the following two methods:

a) The Provincial People's Committee issued a new bond to swap bonds circulating.

b) The Provincial People's Committee issued a certain amount of bond in accordance with the condition, the terms of the bonds are circulating in exchange for a different circulating bond.

2. The Provincial People ' s Committee decides the method of bond swaps and public publication of the method of bond swaps.

What? 17.

1. The bond swap method must include the following basic content:

a) the purpose of swapping bonds;

b) Conditions, the terms of the expected bond are swapped (bond code, swapped bond volume, release date, maturity date, nominal interest rate, bond interest method);

c) Conditions, the terms of the expected bond are swapped

-The case of additional release bonds, the terms of which include: release date; maturity date; nominal interest; the method of payment of bonds.

-The case of the first issue issued, conditional, provision includes: expected release date; expected term; the principle of defining nominal interest rates; the method of payment of bond interest.

The time the organization is scheduled to make a bond swap.

e) Limit the mobiles and envisage the capital raising debt of the provincial budget before and after the implementation of the bond swap.

2. After the default bond exchange method at Clause 1 This is granted authoritative authority, the Provincial People ' s Committee sends a bond swap plan to the Treasury Department to review, with comments on the content:

-The volume of bonds swapped.

-Limit the raising and balance of capital raising of the provincial budget before and after the implementation of the bond swap.

-Conditions, the terms of the bonds being swapped and the terms of the terms of the bond are expected to be swapped.

What? 18. bond discount rate

1. The Treasury Department decided the discount rate framework to determine the price of the bond was swapped and the bond price swapped in each swaps.

2. The Provincial People ' s Commission negotiable and united with the bond owner on the discount rate but must ensure that it is in the interest bracket decided by the Treasury Department at 1 Article.

What? 19. bond swaps and fees

1. The procedure procedure, the rate of swaps, and the identification of local government bond prices are swapped in accordance with the procedure process, the fee and how to determine the price of the Government bonds being swapped.

2. The Provincial People ' s Committee is responsible for the effectiveness of local government bond swaps and the Ministry of Finance report on the results of the bond swap in accordance with Article 25 of this.

Chapter IV

PAYMENT OF INTEREST, BOND ROOT, ACCOUNTING REGIME, FEE

RELEASE AND BOND PAYMENT FEES

What? 20. Interest payments, bond root

1. The release subject is responsible for the payment of interest, the bond root when it comes to a deadline by its legal capital.

2. For programs, the economic-economic development project is the capital of the provincial budget, the source of interest payments, the bond root guaranteed from the provincial budget.

3. For programs, the investment project has the capacity to be completed locally, the source of interest payments, the bond root from the legal source of the programs, this project. Where the project's revenue is not able to pay interest payments, the bond root to the limit, the Provincial People's Committee is responsible for the layout from the provincial budget to pay.

What? 21. bond release fees and interest payments, bond root

Bond release fee

The issuing bid fees, issued bail fees and the local government bond issuing fees are agreed between the Provincial People's Committee and the bidding organization, bail, the issuing of bonds. The cost of releasing local government bonds by each of the maximum means by the cost of the government bond applies to that method in the domestic market by current regulation.

2. Original payment fee, bond interest

The original payment fee, local government bond interest is imposed by the extent of the original payment fee, the Government bond interest in the current regulation.

3. The source of the issuing fee payment, interest payments fee, local government bond root is guaranteed from the provincial budget.

What? 22. Accounting Mode

The subject of release and related units is responsible for the implementation of the accounting work under the provisions of the Accounting Law, the State Budget Law, and the laws of law that are related to the existing accounting regime.

Chapter V.

INFORMATION MODE, REPORT

What? 23. Quick report results

In the seventh (07) days of work since the end of each issue of local government bonds, the Provincial People's Committee reported the Treasury to detail the results of the release, tracking. The content report is in Appendix 3.

What? 24. Annual Report and Breakthrough Report

1. In the thirty (30) days of work after the end of the budget year, the Provincial People ' s Committee has the responsibility to send a mobiling situation report, pay off interest, the original debt of local government bonds by text to the Finance Ministry to follow the sample at This is a four-fourth.

2. In addition to the periodic reporting content of this Article 1 Article, the Provincial People ' s Committee is responsible for sending the report at the request of the Ministry of Finance in some cases of a breakthrough.

What? 25. Report concludes the acquisition, bond swap

In the seventh round (7) day of work after the end of the acquisition or swapping of local government bonds by regulation at this Notice and relevant regulations, the Provincial People ' s Committee must report the Ministry of Finance following the following content:

1. Code and volume of bonds are acquired; code and volume of bonds are swapped; code and volume of bonds are swapped.

2. Buy interest rates or interest rate swaps correspond to each bond code.

3. The balance of capital raising of the provincial budget, the balance of local government bonds after the acquisition, swaps.

What? 26. Public information after the end of the release

The slowest of seven (07) days after the end of the local government bond issue, the Provincial People ' s Provincial Committee was responsible for announcing information on the results of local government bonds that included volume, term, and interest rates issued by the government. The vote on the e-page of the Provincial People's Committee, or of the Treasury Department, the organization is authorized to carry out the issuing of the bond, or of the Securities Exchange.

What? 27. Annual Information Technology

In the period of time from the time of the bond release to the time of the bond to the deadline, annually, the Provincial People 's Committee is responsible for publication of information on the e-page of the Provincial People' s Committee or of the Treasury Department and the organization commissioned. the rights to carry out the Office of the Securities Exchange and the Stock Exchange. The official information content of the year is:

a) Proposition, the provincial budget genus was approved by the Provincial People's Council of the five budget in sixty (60) days from the day the Provincial People ' s Council approved the bill to collect the provincial budget of the five budget; in which the sum was clear. number of provincial budget balances, total number of provincial budget balances (details according to regular total spending, total base construction investment).

b) The provincial budget, the provincial budget, was approved by the People's Council of the People's Council of the Year prior to the five budget in sixty (60) days from the day the Provincial People's Council approved the decision to collect the provincial budget of the five banks. book; which states the total number of provincial budget balances, the total number of provincial budget balances (details according to the regular total expenditure, total base construction investment and total debt debt, capital raising interest).

Chapter VI

BREACH OF THE BONDS DURING THE RELEASE OF THE BONDS

What? 28. The suspension of local government bonds

1. The Ministry of Finance carried out the suspension of the release of local government bonds in the following circumstances:

a) The Provincial People's Committee does not make the issue in accordance with the right of the bonds issued by the authority approved by the provisions of this privacy.

b) Local government bond yields issued beyond the interest bracket announced by the Ministry of Finance.

c) The volume of release exceeds the volume that is allowed to be released by regulation at paragraph 3 Article 5 This message.

2. The suspension of the release applied to the issued release has been violated at Clause 1 This and subsequent releases (if any) of the issued volume of the Provincial People's Committee have been granted the authority to approve.

3. When the Finance Ministry 's announcement is received, the Provincial People' s Committee must perform immediately the suspension of the vote.

What? 29. Waste Processing

Organizations, individuals involved in the process of implementing local government bonds have violations of regulations in this privacy, depending on the behavior and the extent of violations that will be considered under the law of the current law.

Chapter VII.

THE RESPONSIBILITY OF THE AGENCIES INVOLVED

What? 30. Treasury Department Responsibility

1. Make provisions for regulation at Article 7, Article 9, Article 15, Article 17, Article 28 of this.

2. General, which monitors the implementation of the information regime, the report on the issue of the release, the original debt, the local government bond interest of the Provincial People's Committee, as prescribed in this Information.

What? 31. The responsibility of the Provincial People ' s Council

1. Appropriation or authorship to the Standing Committee of the Provincial People's Assembly approx the scheme to issue a local government bond according to regulation in this privacy.

2. Appropriate the option to buy back bonds or swaps on bonds issued by the Provincial People's Committee as stipulated at Article 14, Article 15 of this.

3. Do monitoring the mobiles, management, use of a local government bond capital, the loss of the original debt, the bond debt when it comes to the deadline or oversight of the acquisition, swaps on the prescribed bonds at this Smart.

What? 32.

1. Build a proposal to issue local government bonds, plans for a return to the Provincial Council of the Provincial People's Assembly approved and complete the filing of local government bonds issued by the Ministry of Finance of the Ministry of Finance in accordance with the provisions of this Information.

2. Provincial People's Assembly or Standing Committee of the Provincial People's Assembly approve the scheme to issue a local government bond.

3. Take full responsibility for the accuracy, honesty of the data set forth at the Local Government bond-issue Circulation Proposal. Responsible for assessing the capacity of the project to be able to return locally and its ability to repay the debt, the provincial budget's interest in the project belongs to the provincial budget's expense.

4. Build a repurchase method, swap out local government bonds that have the authority to approve and implement a regulation at this Smart.

5. The organization releases local government bonds by regulation in this privacy.

6. Using capital from the release of the right bond, effective in accordance with the provisions of the State Budget Law and the Public Debt Management Law and Guide documents; fully responsible for the use of bond-issued bonds under the rules of the law. the law.

7. Balance the provincial budget to secure the source of interest payments, debt of local government bonds when it comes to a deadline for the local government bond issuing case to invest in projects that are part of the provincial budget ' s expense and opposition budget. With the project where the project is likely to be reimbursable but the revenues of the programs, this project is not sufficient to pay the debt, the bond of the bond is by default.

8. Watch, monitor the use of the right capital, effect, return of capital to repay debt on investment projects that have the ability to return locally.

Chapter VIII

THE ORGANIZATION.

What? 33. Terms of execution

1. This message came into effect from 1 August 2015.

2. This information replaces the Digital 81 /2012/TT-BTC May 22, 2012 by the Ministry of Finance of the guidelines on the release of local government bonds in the domestic market.

3. During the implementation process, if there is difficulty, entangrium, the Provincial People ' s Committee and the units involved in timely reporting on the Ministry of Finance to consider having specific guidelines ./.

KT. MINISTER.
Chief.

(signed)

Chen Xuân