Circular 229/2012/tt-Btc: Guidelines For The Establishment And Management Of The Fund Swap Category

Original Language Title: Thông tư 229/2012/TT-BTC: Hướng dẫn thành lập và quản lý quỹ hoán đổi danh mục

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FINANCE MINISTRY
Number: 229 /2012/TT-BTC
THE SOCIALIST REPUBLIC OF VIETNAM.
Independence-Freedom-Happiness
Hanoi, December 27, 2012

IT ' S SMART

Guide to create and manage the catalog swap fund

____________________________

Stock Law Base June 29, 2006;

The amended Law Base, added some of the provisions of the Securities Law on November 24, 2010;

Corporate Law Base November 29, 2005;

Base of Protocol 58 /2012/NĐ-CP July 20, 2012 of the Government regulates the details and guidelines for the implementation of certain provisions of the Securities Law and Amendment Law, which complements certain provisions of the Securities Law;

Base of Protocol 118 /2008/NĐ-CP November 27, 2008 the Government regulates the function, mandate, jurisdiction, and organizational structure of the Ministry of Finance;

On the recommendation of the Chair of the State Securities Commission;

The Minister of Finance issued the establishment and management of the portfolio swap fund.

Chapter I

GENERAL REGULATION

Number one. Adjuvable range, subject to application

1. This information specifies the raising of capital, establishment, management and monitoring of the operation of the portfolio swap fund (exchange-traded fund), later known as the ETF fund.

2. The applicable object of this message includes:

a) The fund management company, the supervising bank operating on the territory of the Socialist Republic of Vietnam, is carrying out the management, providing services to the ETF fund;

b) The Vietnam Securities Archive Center, the Securities Exchange, the securities business organization, the fund member and other organizations that provide services related to capital mobiling operations, established and managed the ETF fund;

c) The investor is involved in the fund.

Article 2. Explain the word

In this Information, the words below are understood as follows:

1. The reference index is the market index that meets the regulation at paragraph 4 Article 3 This is due to the Securities Exchange in Vietnam built and managed.

2. structural securities is the base stock that constitutes the stock portfolio of the reference index.

3. Basic Stock Stock is a catalog that includes structural securities designed to simulate the volatility of the reference index and is accepted by the fund management company in the swap transaction for the ETF fund-only batch.

4. Agents of distribution is a stockbroker who has a stockbroker who has signed a contract to distribute an ETF fund to fund management and fund membership.

5. ETFs is the type of stock that confirms investor ownership for a portion of the funding that contributes to the ETF fund. The index price of the ETF is $10,000.

6. Net asset value reference (iNAV) on a fund certificate is the net asset value on a specified ETF fund certificate in the transaction session.

7. In exchange of catalog is the exchange of the structural securities portfolio that takes the ETF to fund the ETF and vice versa. This transaction is made between the ETF fund and the foundation member, the investor meets the regulatory conditions at the fund charter.

8. Personal Profile This includes the provision of a prescribed information at the order specified in the 12-issued appendix to this message, a copy of the certificate for the certificate of the people, passport, or document of other legal personnel.

9. Exchange Command including the purchase order, in which the fund member, the investor requires the fund to receive the structural stock portfolio and release the ETF fund certificates, and the sale order, in which the fund member, the investor asks the fund to take up the ETF and refund funds. to the portfolio of structural securities.

10. A batch of ETF funds including a minimum of one hundred thousand (100,000) of the ETF fund. The ETF fund certificate is the transaction unit in the transaction swap transaction between the ETF fund and the fund member, the investor.

11. is the day that the fund management firm determines the net asset value of the ETF fund by regulation at the Securities Law.

12. Exchange Day is the valuation date for which the ETF fund, through the fund management company, releases and repurchases ETFs from the fund-funded member, the investor in accordance with the catalog swap mechanism.

13. The Group of Companies with Property Relations is the companies that have a parent company, the subsidiary, the joint venture company, the affiliate company.

14. The Exchange-Traded Fund, calling off the ETF fund, which is an open-fund type, formed from the reception, swapping the stock stock catalog for the fund certificate. The ETF certificate is listed and traded on the Stock Exchange.

15. Fund charter Capital is the net asset value of the ETF fund determined at the time of the end of the first public offering and is inscribed in the fund charter.

16. Foundation Member is a stockbroker, a business and brokerage firm, a bank that has contracted an ETF fund with the fund management company.

17. The time of closing the command It ' s the last time that the rationing agent, the foundation member, received a swap transaction order from the investor to do it on the day of the swap transaction. The time of closing orders was specified at the fund charter, published publicly on the prospectate, the prospecticon summary and was not too late at the time of the Stock Exchange of the Stock Exchange, where the ETF fund was listed.

18. Organization creating ETF market is a foundation member that is selected by the company that manages the fund to sign the market-creating service for the ETF fund.

19 The organization provides a relevant service. is the supervising bank, the Securities Archive Center that provides one or some of the following services:

a) Investment Fund Administration Services:

-Record accounting of the fund ' s transactions: volatility record reflects the cash flow, into the fund;

-Create a fund finance report; coordinate, support the fund ' s audit organization in the implementation of the audit for the fund;

-Determine the net asset value of the fund, the net asset value on a single-fund certificate, the net asset value on a fund certificate under the rule of law and at the fund charter;

-Do other activities according to the rule of law and at the fund charter.

b) transfer agent service:

-Set and manage investor registers, investors ' accounts system, fund members; confirm the ownership of the fund certificate;

-Records the swaps, the purchase order, the investment of the investor, the fund member; transfer ownership of the fund certificate; update investor registration;

-Support investor implementation of rights related to the possession of an investor's fund certificate, a fund member;

c) Customer relationship service:

-Organization of the fund representative meetings, the fund's investor conference; maintain communications with investors, fund members, distribution agents, state regulators and other competent organizations;

-Provide investors with financial statements, fund operations reports, prospectiation, summary prospect/obituary, transaction accounts, transactions, and other documents.

20. Stock Business Organization is the securities company, the fund management company, the Vietnam branch of the fund management company.

21. Storage Bank is a commercial bank with a certificate of registering securities in securities.

22. The surveillance bank. is the storage bank that functions to carry out the hosting services and oversees the management of the fund management company ' s ETF fund.

Third. General Regulations

1. The name of the ETF fund must conform to the legal provisions of the business, written in Vietnamese, which may be accompanied by numiswords and symbols, pronounced and have at least two of the following elements:

a) The phrase "Fund ETF";

b) The abbreviation of the fund management company and the reference index.

2. The ETF certificate is listed on the Securities Exchange in Vietnam.

3. The assets of the ETF fund are stored at a supervising bank that is not the person involved with the fund management company. The investment activity of the ETF fund is overseen by the monitoring bank.

4. The reference index of the ETF fund must fully meet the following conditions:

a) Due to the Securities Exchange in Vietnam built and managed;

b) Built on the basis of the structure securities listed on the Stock Exchange in Vietnam;

c) There is a specific, clear, representative objective, which represents the characteristic of the market or the industry group, the field. The principle of operation, management and maintenance of the index must ensure that the index reflects the general volatility rationing on the market or of the industry group, the sector, which accurately reflects the price volatility of the structural securities, the change of stock exchange. structural and type of structural securities;

d) The stock portfolio of the reference index must be diverse and secure:

-For the stock index: there are a minimum of ten (10) shares in the category. The density of each share in the category does not exceed 20% of the value of the index;

-For the bond index: there are a minimum of five (05) bonds in the category. The proportion of each bond in the category does not exceed 20% of the value of the index, except for the case of Government bonds, the vote, the bonds secured by the Government and the local government bond;

) Information on the reference index, the change in the day of the reference index must be published daily on the electronic information page of the Securities Exchange and the public information media under the rule of the law on the publication of the information. on the stock market.

5. The structural stock portfolio in the swap transaction must fully meet the following conditions:

a) Includes a minimum of 50% of the underlying stock stock of the reference index (the stock portfolio of the reference index);

b) The structural stock catalog value is no less than 95% of the value of the corresponding stock portfolio of the reference index.

6. Activity published information concerning the raising of ETF funds, the investment activity of the ETF fund and other activities related to the ETF fund which is managed by the company that manages the fund through one of the following popular media:

a) On the publications, the electronic information page of the fund management company, the Securities Exchange, where the fund is listed, the fund member;

b) On a newspaper or newspaper.

Chapter II

FOUNDING AND MANAGING ETF FUNDS

Section 1. FOUNDING FUND ETF

Article 4. ETF Fund Founding

1. The first sale of the ETF fund, which mobiles the structural stock portfolio to establish an ETF fund must register with the State Securities Commission.

2. The conditions for the sale of the ETFs fund are as follows:

a) the stipulation in paragraph 3 Article 12 of the Law of the Securities;

b) There is a minimum of two (02) founding members;

c) The fund management company has sufficient capital under the law of the establishment, organization, and operation of the fund management company; not placed in operational control, special control, operational deactivation, suspension of operations; or is in the process. Merger, merger, dissolution, bankruptcy;

d) The fund management company is not in the condition of being treated for regulatory violations in the field of securities without fully implementing the sanctions and the remedied measures of the state agency ' s execution decision;

In the first sale, each investor, a member of the foundation for registering a minimum of one (01) funds. The total number of successful semi-successful funds must be at a minimum of ten (10) batches, or a number of other amounts, ensuring that the fund's charter capital is less than fifty (50) billion.

3. The state agency, the Vietnam People's Armed Forces unit, is not part of the fund, which buys funds. Participation in the fund is funded by credit organizations, insurance businesses, securities business organizations, state-limited liability companies, a member of a member, according to the regulations of the relevant professional law. Foreign investors are not restricted ownership rates at ETFs.

Article 5. Registration of ETF certificates

1. The registration record of the ETF-only fund includes:

a) The registration paper for the sale of an ETF-only ETF in the appendix 1 issued with this message;

b) Fund rules;

c) The prospectate, the prospectiation summary;

d) The expected documents used for advertising, the introduction information about the fund (if any);

The list is accompanied by a personal profile of the fund operator;

e) The principle of the principle of contracting services to the monitoring bank; the contract principle signed with the Securities Exchange, the Securities and Securities Centre, and organizations that provide relevant services (if any); the principle of principle signed with the established member. the fund; the contract principle contracts with the organization to create the market (if any); with other documents confirming a fund member to meet the stipulated conditions at 1 Article 11 of this.

g) The documentation of the reference index, which includes the Building Principles and index management and the related documentation description details of the catalogue structure of the index, the principle and the stock choice method in the index basket, the principle and the index method.

2. The registration profile says the ETF fund certificate is established as one (01) of the original set with the electronic data file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. The fund management company is responsible for the accuracy, honesty and completewise of the information in the profile, ensuring that there are sufficient critical information that can affect the investor ' s decision. In the time of the filing being reviewed, the fund management company has an updated, revised obligation, adding a profile if the information is detected incorrectly, giving birth or missing information or finding the need for a solution to the problem that can be misleading. The revised text, the addition must have the signatures of those who have signed in the bid to greet the sale or of those with the same title as those or of the representative under the firm's law.

4. During the thirty (30) days, since the date of the receiving of valid valid records at the expense of one Article, the State Securities Commission issued a certificate of registration of an ETF-only certificate. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

5. During the time the State Securities Commission reviewed the registration of registration records for ETF funds, the fund management firm and the relevant person were only used in an honest and accurate manner of information in the prospectate that sent the House Securities Commission. the water to explore the market, which has to clear all the information is just expected. The provision of this information is not done through the mass media.

6. The registration certificate for the sale of the State Securities Commission ' s ETF fund to the fund management company is the document confirming the registration of a registered registration of ETF that has met the eligilist, procedures under the rule of law.

Number 6. Hello? Sales, distribution of ETF funds.

1. The welcome sale of ETF funds was made only after the State Securities Commission issued a registration of the fund-only ETF.

2. During the time of seven (07) days, since the date of the registration of registration of ETF certificates in effect, the fund management company must publish a regulatory announcement issued at 6 Article 3 of this Notice and at the same time sending the State Securities Commission. The announcement of the sale must be full of content by the specified number 2 appendix to this message.

3. Fund management company, fund member, distribution agent distribution of a fair, publicly funded ETF-only batch of funds, ensuring that the registration deadline for a minimum investor is twenty (20) days. This deadline must be written in the statement of the sale.

4. Members of the registered registration fund that formed an ETF fund directly with the fund management company. The investor registers to fund an ETF fund through a fund member or a distribution agent where the investor opens a stock exchange account.

5. The participation of the fund to establish an ETF fund of fund members, the investor is made by the portfolio securities portfolio. The portfolio of structural securities and the number of ETFs distributed funds distributed to the fund member, the investor is determined on the basis of the reference index of the last trading day in the salute.

Where the fund charter is regulated and has been published in the prospectate, the announcement of the sale, the investor is joined by money. The mechanism, the form of payment, the principle that determines the number of distribution funds to the investor on the basis of the investment by the investor in accordance with the regulation at the fund charter and has been published in the prospectate, the summary of the summary.

6. The entire foundation stock portfolio of the fund-funded member, the investor must be blockled at the Securities Archive Center. Soon after the registration certificate is established to be valid, these properties must be stored on an open-fund ETF account open at the supervising bank.

7. During the ninety (90) days, since the date of the certificate of offering an ETF-only fund in effect, the fund management company must complete the distribution of ETF funds only. The case cannot complete the distribution of the fund certificate in this period, the fund management company recommended by the State Securities Commission review the time extension of the fund certificate distribution.

In the time of seven (07) days from the date of receiving the text of the fund management company, the State Securities Commission considers the time extension of the fund certificate distribution, but the maximum is no more than thirty (30) days. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

8. The suspension, cancellation of the sale must be publicly announced by the public trust company in accordance with Article 6 of this Information and the provisions of the law on the publication of information on the stock market and must comply with regulation at Article 22 and 2017. Article 23 Of The Securities.

Article 7. Fund to form a fund

1. During the year (05) days after the end of the sale, the fund management company must send the State Securities Commission filing a fund of:

a) A certificate of registration of registration certificates to establish a fund according to the prescribed pattern at appendix 04 attached to this message;

b) The report results on the bank of the monitoring bank with a list of fund members, investors: name, number of people, or passport holders, contact addresses (for individuals), full name, abbreviation, business registration number sales, the number of established and operational licenses, the headquarters address (for the organization); the number of stock-storage accounts; the number of files that index ETFs registered for ... according to the prescribed pattern at appendix 03, issued by this message; confirmed by the Securities Archive Center on the details of the structure of each fund member's structure, the investment house is being sealed for the purpose of entering the ETF. The 20-issue appendix was issued with this message;

c) Official contracts signed with the foundation of the fund, the Securities Contracting Center, the Securities Exchange, the monitoring bank.

2. The registration profile established the foundation established as one (01) of the original set with the electronic data file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. During the fifteen (15) days, since the date received full of prescribed records at this one Article, the State Securities Commission issued a registration of the registration of the foundation. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

4. During the forty-five (45) days from the date of the registration of the effective fund, the fund management company sent the State Securities Commission to publish the following information in paragraph 6 Article 3 This information follows:

a) The editorial board, the censure receipt, the investor congress resolution on the fund representative board, the fund representative board member and related content;

b) The list and personal profile of the members of the fund representing the fund.

Article 8. The fund charter, the prospectate, the summary report

1. The fund rules for the first time by the fund management company stipulated by the prescribed pattern 08 issued by this message. The fund member, the registered investor who purchased the ETF fund certificate is considered to have passed the charter. In the case of the amendment, the fund charter supplement has issued, the fund management company must take the investment investor opinion. Where the fund charter case has rules for execution, the fund management company is fixed on the legal errors, the correct error, the office does not affect the content of the charter without having to take an investor opinion. After the amendment, the fund charter addition, the fund management company must inform investors about the revised, complementary content.

2. The fund management company must build and provide the prospector of the prospector, the summary prospector, which covers the full form of prescribed information at appendix 09 and appendix 10 issued by this message. The prospectate, the summary prospectbook was updated when it was given significant information or updated periodically by the regulatory frequency at the fund charter. The prospectate, the summary prospectate must be widely presented, limited to the use of the term expertise, which is posted on the fund's electronic information page and provides free to the investor at the request.

Article 9. Confirming ownership, registration, registration of ETF funds.

1. During the year (05) days, since the date of the registration of a registered fund, the fund management company or the organization provides a transfer agent service that is responsible for an investor registration and confirmation of the ownership of the established member. the fund, the investor for the number of registered ETFs funds purchased. The investor register must be written correctly, full of the following principal content:

a) Name, address the headquarters of the fund management company; name, address of the supervising bank; the full name of the fund;

b) The total number of funds certificates sold; the structure and details of the catalogue, the value of capital mobilized;

c) List of fund members, investors, and the following information: surname, population proofs or valid passport, contact address (for individuals), full name, short name, business registration number, established license number, and operation, address, and address. the main headquarters (for the organization); the number of securities storage accounts; the number of files that the ETF fund has registered to buy; the ownership rate;

d) The date of the investor registration.

2. In the time of ten (10) days, since the date of the registration of the effective fund, the fund management company or the organization provides the relevant service to implement the registration, store ETF certificates for fund members, investors at the site. Stock Archive Center. Registration Profile, which registers the ETF-only funds that performs in the direction of the Securities Archive Center.

3. The number of ETFs-only ETFs issued, acquisitions on the next day of trading was updated by the Mobile Securities Center, registered, registered to the system of the Stock Exchange Center under the guidelines of the Securities Archive Center.

Article 10. Listing, unlisting ETFs

1. In the maximum of thirty (30) days, since the date of the registration of the registered equity fund, the fund management company must complete the listed procedures for the index of ETF funds at the Stock Exchange. The listing profile indicates the ETF fund made in the direction of the Securities Exchange.

2. After each day of swap trading, the Securities Contracting Center is responsible for informing the Stock Exchange of the index of ETF funds issued by the company management of the fund, acquired.

3. The ETF fund certificate is unlisted in the following circumstances:

a) A deviation from the constant error-TE constant in the last three (03) months of the nearest month exceeds the maximum deviation by the Securities Exchange, in which the deviation from the current week's reference index (t) is determined. following the following formula:

In it: R i is the difference between the fund's net asset value volatility and the volatility of the previous week's reference index, since the current week (t), defined in the following formula:

Oh,

The fund's operating time case is less than six (06) months, n is the number of weeks, since the registration week of registration is valid.

b) It is not possible to determine the reference index because the unimpediable causes have been specified in the principle of the index definition;

c) The dissolution fund pursues to this Article 20;

d) Other cases by the regulation of the Securities Exchange and at the fund charter.

4. The error case of the ETF fund exceeds 80% of the maximum deviation at the regulation of the Stock Exchange, the fund management company is responsible for reporting the State Securities Commission, the Securities Exchange of the same time published by the regulatory information. at paragraph 6 Article 3 This message is within 24 hours, immediately after the birth of the incident. In the third round (03) months, the fund management company is responsible for corrects the fund's portfolio, ensuring that the deviation rate does not exceed 80% of the maximum deviation.

Article 11. The foundation member, the organization that created the market.

1. The foundation member fulfills the following conditions:

a) Is a securities company that has a business and self-securities business; the bank of storage;

b) Within the last twelve (12) months of the last month, prior to the month of filing a registration of an ETF fund, maintaining a minimum rate of capital was at least two hundred and twenty percent (220%), or a higher rate at the request of the fund management company. The deposit bank must meet the capital safety rate according to the law of the bank;

c) has contracted an ETF fund with the fund management company;

d) In response to other conditions (if any) at the fund ' s contract.

2. Fund membership:

a) Provided a broker service to the investor in the default default default swap operation at Article 12 This Information. This regulation applies only to fund members as the stock company;

b) Implemented Autonomous Transactions with the ETF fund, through the fund management company, under the mechanism of swapping its structural stock portfolio taking ETFs and vice-fund certificates;

c) The structural stock exchange for swaps for ETF-fund certificates; or borrowing of ETFs funds in exchange for a structural stock portfolio. Securities Loan Activity, this ETF-only certificate must be implemented on the system and in accordance with the Stock Exchange Center;

d) To be made of the ETF-only certificate transactions, the structural stock when the response order was matched, secured sufficient assets at the time to pay the transaction according to regulation at paragraph 2 Article 13 This message.

3. Fund membership responsibility:

a) Take a transaction order (directly or through a distribution agent) and transfer the transaction order of each investor to the fund management company, the Securities Contracting Center, which provides a fully relevant service, in time, to be precise. This regulation applies only to fund members as the stock company;

b) Not aggregable, compensated for investors ' transactions. The investor's transaction command must be handled independently, separate from the handling of the fund's own transactions. In exchange of ETF funds on the Stock Exchange, the foundation member must perform an investor's order in order to his order. In the swap transaction for ETF fund certificates, the foundation member is only used assets on a self-employed account, its own assets in exchange for the ETF fund-only batches, which are not used as an investor's assets;

c) Make sure the investor is full of money, securities securities to carry out the transaction in accordance with the rule of law;

d) Management separation of investors ' assets on each investor's account, independent of its assets. Do not use investor assets in all forms; not sent, withdrawn, transfer, make transactions related to the investor's assets; do not receive the investment of the investor and make the transfer of money, the assets between the accounts and the bank accounts. of the investors. Transactions related to investor assets are only allowed to be made if appropriate to the rule of law and by order, the legal directive and the written text of the investor;

) To maintain a continuous and transparent communications channel with an investor, make sure to update the investor correctly, fully, in time for all information and to answer investor questions about the fund products that have been sold; statistics, account aggregation aggregation, confirmed the transaction at the request of the investor; to provide investors with a prospectate, a summary report, the fund's financial statements, documents on investor meetings, other information; the implementation of the report obligation, announcing the information under the commission. the power of the fund management company;

e) Overall, store detailed information about investors and investor transactions. Providing these information to the fund management company, the Securities Exchange, the Securities Contracting Center, the organization that provides relevant services and the State Securities Commission at the request of the agencies, the organization;

g) Compliance of the operational principles of the distribution agent under the regulations on the establishment and management of open-fund funds issued by the Ministry of Finance.

4. The case of liquoration or new contracting a member of the fund, in the period of the year (05) days, since the date of the contract liquing the contract or the new contracting with the foundation member, the fund management company is responsible for informing the House Securities Commission. The water, which simultaneously sends a new bar or contract editor and announces information about the contract liquoration with a member of the fund, or the addition of a member of the fund, as specified at 6 Article 3.

5. The event of a regulated fund charter, the fund management company may specify one or some of the fund-making members that make up the ETF fund market. The fund management company is responsible for sending the State Securities Commission on its activities to create the market immediately after signing with the organization's market-creating organizations.

6. The organization establishing a market must meet the price of greeting, the price of offering an ETF fund; there is a responsibility to buy, sell ETF-only fund certificates at the rate of trading days and perform obligations, responsibilities according to the organization of organizational activities. The creation of the market by the Stock Exchange and the Board.

Section 2. ETF FUND CERTIFICATE TRANSACTION

Article 12. Swap transaction (primary transaction)

1. The swap transaction performs in the following principle:

a) Only applies to the investor that meets a number of conditions that have been well defined at the fund charter and the prospectate, and applies to the foundation member;

b) The investor is only made a swap transaction through the fund member, where the investor opens a securities transaction account and has signed a service contract on the swap transaction;

c) The frequency of transmutation transactions performed by regulation at the fund charter and published publicly at the prospectate, the summary prospectative, but the minimum no less than two (02) times in one (01) months;

d) The transaction unit is a batch of ETF funds. Where the fund charter case is regulated and has been published publicly at the prospectate, the prospectate summary, the fund management company has the right to regulate the number of funds certificates in a single batch of ETF funds, however must secure a batch with no less than a hundred. Thousand (100,000) of funds. In the event of a correction, the time of applying the new fund certificate was as early as fifteen (15) days from the date of information on the size of the new fund certificate being published on the Stock Exchange of the Securities Exchange, the Securities Archive Centre. Stocks, fund managers, fund members, and distribution agents;

The exchange transaction of the fund member and the investor is transferred to the fund management firm and must be stored under the law of securities legislation. In the event of a distribution agent, a fund member, the fund management company that receives transaction orders over the internet, telephone, fax, has to comply with the legal regulations on electronic transactions and securities, and at the same time be reassuring:

-Fully noted, accurate, timely and clear at the time of the command of the command, the recipient;

-Before execution, the fund management company must confirm it with a fund member and a fund member to reconfirm it with the investor. The foundation member, the investor must give the company the management of the original command fund with the signature of the competent representative to store. The time of supply of the original command was provided by the fund management company at the contract to participate in the fund, the prospect;

e) The swap transaction command is made only when fully responding to the following minimum conditions:

-A fund is transferred to the fund management company, the supervising bank before the time of the command. The commands come after the closing time of the order to be made at the date of the next swap transaction or the cancellation, depending on the regulation at the fund charter and have been publicly announced at the prospectate, the prospectative report.

-funded by the fund management firm, after the Securities Contracting Center, the supervising bank guarantees a fund member, an investor with full portfolio of structural securities or fund certificates to complete the payment of the transaction. Translated into the day of payment. In the case of an ETF fund certificate, the amount of the membership of the fund's remaining ETF funds after the sale is no less than the minimum amount (if any) to maintain the status of a fund-by-regulation member with the fund management company;

g) The structural default swaps of the structural securities portfolio take ETF funds certificates, and vice versa, implemented in the form of a notebook register on the deposit account system of fund members, investors, and ETF funds at the Ceral Archive Centre. The transfer of the structural securities portfolio and ETF fund certificates in the process of process execution payment are well regulated at the prospecticon, the prospecticon prospecticon, in line with the guidelines of the Securities and Banking Center. Surveillance.

2. The default swap transaction process is as follows:

a) Before the swap transaction or the end of the day before the date of the swap transaction, the fund management company is responsible for informing the member of the fund and published on its electronic information page and of the Securities Exchange, the Archive Centre. Stock in the Stock Exchange Index for swapping for one (01) ETF fund certificate. The information includes the structural securities codes, the density and the amount of each of the structural securities in this category. The list of the above structural stock is defined on the basis of the date price on the day of the trading day before the exchange transaction date of the fund;

b) The investor's default transaction command is transferred to a member of the fund (directly or through distribution agents) as specified at the fund charter and the guidelines at the prospectate, the summary of the summary. The case of an unreceptiable fund member was ordered from an investor led by the distribution agent, the dissolved member of the foundation, the bankruptcy, which was revoked of the establishment and operation, suspended, suspended operation or due to the technical failure of the public system. information or insolable causes such as fire, natural disasters, etc. then the investor's transaction order is transferred directly to the fund management company (if any) or to the supervising bank;

The investor's exchange transaction command and a member of the fund's member is a member of the fund to move to the fund management company or the regulatory bank under the regulation at the fund charter and at the fund's contract. The fund management company or supervising bank then transferred the order to the Securities Archive Centre before the timing of the market closing in the direction of the Securities Archive Centre;

c) Within a maximum of three (03) working days, since the day of the swap transaction, the Securities Archive Center, the supervising bank must complete the transfer of the structural securities portfolio from the investor's deposit account, the fund member to the deposit account. of the ETF fund or vice versa, simultaneously register, save an ETF fund certificate into an investor ' s account, a fund member; take on or reimbursate payments using the prescribed funds at paragraph 3 This; the fund management company, the monitoring bank said. responsibility for validation of the completion of the transaction and validation of ownership to the foundation member, the investor;

d) Within a maximum of two (02) days, since the date of the swap transaction, if the error detection is caused by confusion, errors in the process of ordering, aggregation, orders, orders, transfers, entry into the system, distribution agent, the fund member must inform you. The fund management company, the supervising bank, the Securities and Exchange Center, and the offer to fix the transaction according to the process, the Exchange of the Securities Center. Too long stated above, the distribution agent, the foundation member responsible to the investor in terms of its transaction errors;

After receiving the order of an investor, a hedge fund member, a fund management company, a supervising bank has a responsibility to check (through the Securities Contracting Center) the ability to perform the order of the customer to secure the regulation at the point of one. This, validation and implementation of an investor's transaction order, is a member of the fund in accordance with the provisions at this paragraph and the guidance of the Securities Contracting Center.

3. The structural securities portfolio is the primary means of payment in the swap transaction between the fund and the fund member, the investor minus the case:

a) When swapping a structural stock portfolio takes the ETF-fund certificates, the value of the underlying stock portfolio is lower than the net asset value of the ETF fund certificates. The spread arbiter is made up by a fund member, an additional payment investor by money into the fund's money account opened at the previous monitoring bank or at the payment date;

b) When swapping ETFs for the index of the ETF stock index, the value of the ETF funds that the company manages to receive from the fund member, the investor is more than the value of the structure of the structure. This portion of the difference is funded by the fund management company, which oversees reimbursable funds using ETF funds to the investor's stock exchange accounts, the fund member at the payment date or by the prescribed money at the fund charter.

4. The case where the fund charter is regulated and has been published in the prospectate, the summary prospector, the investor is paid in by money, or by other assets to the fund member, the distribution agent. A member of the fund, the distribution agent is responsible for purchasing enough of the portfolio securities to the investor before ordering the exchange transaction to get an ETF fund certificate to the investor.

5. The ETF fund case takes over the investor ' s ETF-only batch and returns a structural stock portfolio to the investor, which leads to a rate of ownership for structural securities that exceed the maximum level under the rule of law (calculated at the trading day). swaps), or leads to that investor who owns over 25% of the holding stock of an organization, or the investor who owns shares issued by that investor itself, the Securities Archive Center is responsible for informing the company that manages the fund and its requirements. Fund management company, fund member, investor:

a) The case is a foreign investor, the fund management company must sell the number of structural securities that exceed the maximum number of ownership and payment of money to this investor;

b) The case of swapping a structural stock portfolio for investors leading to that investor owns over 25% of the holding stock of an organization, or the investor who owns shares issued by the investor that the investor has yet to implement. Buying a public offering or trading of the fund shares by the regulation of the relevant legislation, then the fund management company is responsible for selling superior securities compared to the rate of making a public offering or selling all of the stock released by it. That investment house and money payment for these investors;

Payment of money to regulatory investors at this paragraph depends on the rate of sale of the stock that exceeds the maximum ownership rate or the ownership rate must make a public offering, the fund's contracting transaction. The payment to the investor is the transaction value, after the tax deduction, the cost of transactions under the regulation of the relevant law;

c) The case is that investors are restricted to ownership for other reasons under the rule of law or regulation at the charter of that investor, the investor is responsible for selling the number of structural securities that exceed the ownership regime during the next trading day after the date. payment. In the unadjusted period of ownership rates on the provisions of the law, the investor is not implemented in voting rights in the shareholders ' congress of organizations released to the number of structural securities that exceed the ownership of the company according to their provisions. the law.

6. The fund management company has the right to suspend, implement swaps transaction orders taking out ETFs from the investor in the following cases:

a) The Stock Exchange changed the index of the reference index.

b) The organization to issue securities accounting for a certain density in the portfolio of the ETF fund has been stipulated at the fund charter and published in the prospecticon, the summary prospecticon being bankrupt, dissolved; or securities accounting for a certain density. in the portfolio of the ETF fund that has been stipulated at the fund charter and published at the prospecticon, the summary prospecticon is suspended trading, unlisted, or the structural stock portfolio, the net asset value of the ETF fund cannot be determined at the date. transaction immediately prior to the date of the swap traded by the Securities Exchange, which decides to suspend the stock exchange in the fund's portfolio;

c) The portfolio restructuring aims to reduce the deviation from the reference index;

d) The fund management company, the supervising bank, the Securities Contracting Center failed to make the default swaps due to the unimpediable cause;

Other cases by regulation at the fund's regulation and publication at the prospectate, the summary of the prospecticon or the State Securities Commission, are determined to be necessary.

7. In the twenty-four (24) hour period, since one of the stipulation events at 6 This, the fund management company must report the State Securities Commission to publish information on the electronic information page of the Securities Exchange. Stock. The fund management company, the foundation member, the distribution agent must reconnect the reception and carry out an index swap order for the investor soon after these events are terminated.

8. The deadline for the cessation of the default swap transaction is specified at the fund charter, but is not extended to over thirty (30) days, since the date of the nearest swap transaction. The case of a temporary swap transaction is due to the cause of regulation at a point a, b paragraph 6 This, the period of pause received, making the transaction commands that swaps no more than three (03) of pre-working days and after the end of those events.

9. During the thirty (30) days, since the date of the end of the deadline of the cessation of the fund certificates under the regulation at paragraph 8 This causes the causes to suspend unremedied activity, the fund management company must hold congress. An unusual investor or an opinion of a written investor in writing about the dissolution of the fund, or continuing to extend the deadline for the transaction of the fund. In the time of the investment of the investor's congress, if the causes led to the cessation of the fund's termination certificate, the fund management company was cancelled the investment of the investment house.

10. The release fee, the acquisition fee (if applicable) applies to the specified fund member at the fund to participate in the fund and does not exceed 0.5% of the transaction value. The provision of a fee in the permitted scope at this provision is made in accordance with the agreement between the fund management company and the fund members.

11. The release fee, the acquisition fee (if applicable) applies to investors who do not exceed 1% of the transaction value. The increase in fees is only made when the fee after increasing does not exceed 1% of the transaction value. The time of applying the first new fee was ninety (90) days from the date of the prospectate, the prospectate summary, the fund charter was amended, the addition of regulation on the new fee, the timing of the application and the documents were published under the regulation of the publication. information on the stock market issued by the Ministry of Finance.

Article 13. Transaction of ETF funds only on the Stock Exchange (secondary transaction)

1. The investor, a member of the fund that deals with an ETF fund that has listed through the Stock Exchange's trading system in the following principle:

a) The investor, the foundation member who sets the transaction command on its stock transaction accounts. Transaction activities and transaction payments made under the securities transaction regulation of the Securities Exchange, the Securities Archive Center; and the Securities Exchange.

b) The transaction unit performs by the regulation of the Securities Exchange where the listing ETF is listed;

c) The ETF certificate may be used in the fund procurement operation and other activities in accordance with the regulation of the securities law.

2. Members of the fund are only able to sell an ETF fund (a structural securities sale) on the Securities Exchange system when warranties to have enough ETF funds (structural securities) to sell on the payment date as defined by the Securities Archive Center. This number of ETF certificates (structural securities) including ETF fund certificates (the number of structural securities) were available on the fund member's account at the date of the transaction, the number of ETF certificates (the number of structural securities) received before or on the day. payment from the swap transaction on the basis of a structural stock portfolio (ETF certificate number) acquired in market purchase or loan transactions on the Stock Exchange Center system successfully implemented.

Section 3. INVESTMENT ACTIVITY, NET ASSET VALUE OF THE ETF FUND

Article 14. The portfolio and investment activity of the ETF fund

1. The portfolio of the ETF fund must conform to the category of the reference index of the structure, the ratio of the assets specified at paragraph 5 Article 3, and ensure that the deviation rate specified by a 3 Article 10 point does not exceed the specified maximum deviation rate. at the fund charter, the regulation of the Stock Exchange and the provisions of the law.

2. The portfolio of the ETF fund includes the structural securities in the catalogue of the reference index and the following financial assets in Vietnam:

a) Send money at the commercial banks as defined by the law of the bank; currency market tools include valuable paper, regulatory transfer tools in the banking sector. The fund management company is only sent money and invested in currency market tools at commercial banks that have been approved by the fund ' s representative;

b) Government bonds, bonds covered by the Government, local government bonds; state Treasury votes;

c) Listed shares, trading registration shares, list bonds of organizations released in accordance with Vietnamese law;

d) Listed derivatives and trading at the Securities Exchange of Vietnam. The investment in derivative securities is only aimed at preventing risk and minimization of deviations from the reference index;

e) Other assets arise from the possession of securities that are in the portfolio of the ETF fund.

3. The portfolio structure of the ETF fund must conform to the rules at the fund charter and must ensure:

a) Not to invest in more than fifteen percent (15%) of the total circulating stock value of an organization issued, except for Government bonds;

b) Not to invest more than twenty percent (20%) of the fund ' s total assets value issued by the same organization, except for Government bonds;

c) Not to invest more than thirty percent (30%) of the total asset value of the fund into companies in the same group of companies that have a relationship with each other, unless that case is a structural securities located in the reference index category;

d) Do not invest in the certificate of that government, or of the securities investment funds, the securities investment firm established and operates in Vietnam;

Not to invest in real estate, unlisted shares, unregistered shares of the company's trading stock, the portion of the capital at the LLC, the bonds issued individually; except that the fund assets benefit from the company. the rights of the owners;

e) Do not invest in securities issued by the fund management company, the relevant person of the fund management company, the constituent fund member unless it is a structural securities located in the reference index category;

g) At all times, the total value is committed in derivative securities contracts and the balance of the funds payable, not exceeding the net asset value of the fund.

4. The fund management company is not allowed to borrow to fund the activities of the ETF fund, except for the short-term loan case to cover the costs required for the fund. The total value of the short-term loan of the fund is not more than five percent (5%) of the fund's net assets at all times and the maximum loan period is thirty (30) days.

5. The investment structure of the ETF fund stipulated at the point a, b, c paragraph 3 This is allowed to deviate but not more than fifteen percent (15%) than the specified investment restrictions and only the following causes:

a) volatility on the market of assets in the fund's portfolio;

b) Split, separation, merge, merge, dissolution, bankruptcy, acquisition, public offering of the published organizations;

c) The stock catalog structure of the reference index changes;

d) The fund made the legal payments; implementing the default default default default exchange activities at Article 12 of this Information;

The Fund is in the time of liquation, the dissolution or the operating time of the foundation from the time of the registration of the registration certificate to a fund that has not yet ninety (90) days.

6. During the period of three (03) months, since the date of the error of birth due to the prescribed causes at point a, b, c and d paragraph 5 This, the fund management company must complete the reregulation of the portfolio, the guarantee consistent with the regulation at paragraph 3 This and at the fund charter.

7. The misstated case is that the fund management company does not comply with the investment restrictions under the law or fund charter, which must correct the portfolio in the fifteen (15) days, since the date of the error of the discovery. The fund manages the fund to pay damages to the fund (if any) and is subject to all costs associated with the reregulation of the portfolio. If you get a profit, you need to get into account all the profits get to the fund.

8. During the year (05) days, since the date of the completion of the investment portfolio, the fund management company must publish the prescribed information at paragraph 6 Article 3 of this Information, while also informing the State Securities Commission on the wrong structural deviation. the portfolio, the cause, the time of birth or the discovery of the incident, the extent of the damage caused to the fund (if any) or the profit generated for the fund (if any), the remedied measure, time, and the remediation results. The announcement must be confirmed by the supervising bank.

What? 15. Net asset value

1. The fund management company must build a valuation manual that includes the following content:

a) Principles, selection criteria, changes to organizations that provide the report;

b) The principle, the detailed process of implementing the valuation methods in accordance with the regulation of the law, stipulated at the fund charter and the international law; it must be clear to apply unity in different market conditions.

2. The valuation manual must be approved by the bank and the fund representative. A list of minimum three (03) organizations that provide a non-relevant report of the fund management company, the supervising bank must be approved by the fund's representative.

3. The fund management company has a daily responsibility to determine the net asset value of the ETF fund, the net asset value on a single-fund certificate, the net asset value on a fund certificate in the following principle:

a) The net asset value of the fund is determined by the total asset value minus the total debt paid by the fund. The total asset value of the fund is determined by the market price or the reasonable value of the asset (in the absence of a market price). The total debt payable by the fund is the payment or payment obligations of the fund as of the day before the valuation date. The method of determining the market price, the reasonable value of assets is in the category, the value of the debt and the obligation to pay in accordance with the principle of regulation at the appendix 05 issued by this index and the internal regulation at the valuation manual;

b) The net asset value on a batch of funds certificate by the fund's net asset value divided by the total number of funds certificates; net asset value on a fund certificate by the value of the fund's net asset to the total number of fund certificates circulating;

c) After determining the net asset value of the fund, the net asset value on a single-fund certificate, the net asset value on a fund certificate, the fund management company must announce the results for the monitoring bank to confirm. The validation of the value made by writing, or retrieval through the surveillance bank's electronic information system was approved by the fund management company. In case of mispricing, the monitoring bank must inform and ask the company to manage the regulation fund in the twenty-four (24) hours, since the discovery of the incident;

d) Shortly after the bank of the oversight bank confirmed, the above net asset values must be published on the electronic information pages of the fund management company, the Securities Exchange, the distribution agent and the foundation-based foundation of the fund for information publication. on the stock market. The publication of a net asset value for the investor is executed on the day of the trading or minimum no later than the next trading day.

4. The fund management company has a responsibility to determine the value of the net asset referenced on a fund certificate (iNAV) on the market price basis of the structural stock from the most recent implementation of the transaction. The net asset value referenced on a fund certificate is only the reference value, not the value to determine the transaction price. The reference net asset value is updated to a minimum of fifteen seconds per time (15s) and is published on the electronic information pages of the fund management company or on the system of the Securities Exchange.

5. The fund management firm guarantees the specified error in accordance with the regulatory formula at the point of a 3 Article 10 This Information, which is no greater than the deviation to the regulation at the fund charter, was published at the prospectate, the summary prospector and the minimum deviation. That ' s the regulation of the Stock Exchange. The case goes beyond the above levels, the fund management company has the responsibility to publish information on the company ' s electronics page, explain the reason and adjust the category to rectify that status in the regulatory deadline at the fund charter and regulation of the Department. Stock exchange.

6. The fund management company is authorized by the supervising bank to determine the net asset value of the fund, the net asset value on a single-fund certificate, the net asset value on a fund certificate. In this case, the fund management company has the responsibility of monitoring the operation to determine the value of the net asset value done by the bank of the supervising bank as appropriate for the regulations at the fund charter and of the law, the net asset value is calculated correctly. The fund management company is authorized to the Securities Exchange and announces information about the net asset value referenced on a fund certificate.

7. In the third round (03) days, since the day the fund ' s net asset value falls below thirty (30) billion dollars, the fund management company must report the State Securities Commission and propose a remedy. Where the net asset value of the fund drops to less than ten (10) billion in the six (06) months of continuity, the fund management company must liquate the assets to dissolve the fund by regulation at this Article 20.

Article 16. Split ETF returns

1. The investor is receiving a profit from the fund under the regulatory profit distribution policy at the fund charter and according to the dividing method has been passed by the nearest investor congress. The yield pay for investors is quoted from the profit in the term, or the accumulated profit after a full account of the funds (if any) prescribed at the fund charter and finalization of all tax obligations, the financial (if any) prescribed by the law.

2. The advantage can be paid by money, with additional release fund certificates. The maximum of fifteen (15) days before the distribution of the yield, the fund management company must inform the investor's registration address. Yield payment notice must include a minimum of specified content at the number 13 appendix issued by this message.

3. The payment of the fund yield guarantees the principle:

a) In accordance with the policy of dividing the profit of regulation at the fund charter and published in the prospectate, the prospectiation summary;

b) Do after the fund has completed tax obligations and other financial obligations under the rule of law and fully extract the funds under the stipulation at the fund charter (if any);

c) After the pay, the fund still has to ensure that the capital is capital to pay enough debt, the obligation of other assets to the limit and to ensure net asset value is no less than fifty (50) billion;

d) The cost of paying the benefits provided by the investor or the fund represents the decision, in accordance with the investment objective, the regulations at the fund charter of the fund's profit division policy;

In the event of a fund, the fund must have sufficient capital gains from the undistributed tax return on the basis of the most recent financial statements being audable or controlled.

4. The supervising bank has the responsibility of paying the investor, the member of the fund to fund its own accounts, the individual at the expense of the fund management company.

What? 17. ETF operating expenses

1. The operating costs of the ETF fund include the fees, the following expenses:

a) The asset management fee paid to the fund management company;

b) Pay membership fees;

c) The fund asset retention fee, the oversight fee paid to the monitoring bank;

d) The fund administration services fee, investor registration management service fees and transfer agent services and other fees that the fund manages to pay for the Securities Contracting Center, the organization providing relevant services;

Fees paid for the management organization and the operation of the reference index;

e) The transaction fee, including brokerage costs, the transfer fee of the fund's assets must pay for the securities company. These expenses do not include any other type of expense, including fees paid to another service or a third-party pay fee (implicit cost);

g) The audit cost paid to the auditor organization; legal consulting services, reporting services, and other services, remuning the fund representatives;

) The draft cost, printing, deposit of funds, prospectins, summary prospectins, financial statements, transaction validation, account statistics and other documents for investors; the cost of the fund's information; the cost of holding investor meeting, the department. The fund's representative.

i) The costs associated with the implementation of the fund ' s asset transactions.

2. In the forty-five (45) days, since the end of the second quarter and fourth quarter of the year, the fund management company must publish information on the cost of fund operating costs on the electronic information pages of the fund management company, the fund member, the distribution agent. coordination after this value has been confirmed by the bank, ensuring the accuracy in the following formula:

Operating expense ratio (%) =

Total fund operating expenses in the last 12 months × 100%

Average net asset value in the last 12 months

Where the fund is established and operates less than a year, the operating expense ratio is determined in the following formula:

Operating expense ratio (%) =

Total operating expenses × 365 days × 100%

The average net asset value in the report × Time of the Fund has been active (calculated by date from the time of licensing)

In it, the average net asset value in a term of the fund is the total net asset value of the fund at the valuation days of that period divided by the number of days of the fund's valuation in the same period.

3. Fund management company, fund member, distribution agent responsible for payment of printing costs, releases promotional publications, information about the fund product, not including the prescribed publications at the point of 1 This Article.

Section 4. INVESTOR CONGRESS, FUND REPRESENTATIVES

Article 18. The rights and obligations of the investor, the investor congress

1. Rights, the obligation of the investor to participate in the implementation of the ETF in accordance with the regulation at the fund charter, in accordance with the laws of the law on the establishment and management of the open fund.

2. Rights, obligations, procedures, procedures, conditions of the convening of an investor's congress, to be aware of the investment of the investor in accordance with the regulation at the fund charter, in accordance with the laws of the law of the establishment and management of the open fund; the rule of law. securities and businesses of corporate governance apply to the public company. Where the fund charter case is regulated and the nearest investor to be implemented by the investor, the fund management company is given the opinion of the annual investor-investor opinion by law on the legislation of the establishment and management of the open fund.

Article 19. Fund Representative

1. The fund representative committee represents the investor, elected at investor meetings or being invested in written opinion by the investor. The fund representatives are from three (03) to eleven (11) members, of which at least two-thirds (2/ 3) are non-affiliated members of the fund management company, the supervising bank. Each member of the committee has a voting vote.

2. In the representative committee must have a qualified member, specialization in law and independent membership with a degree, expertise, and work experience in the field of finance, securities. The term, the standard, the number of members, the nomination, the candidacy, the election, the addition of the foundation board member; the right, responsibility, the obligation to a fund representative committee; the order, the procedure, the condition, the convening of the meeting, and the idea of a committee representation of the fund. regulation at the fund charter, which is consistent with the operation of the ETF fund and the laws of the law on the establishment and management of the open fund.

Section 5. THE ETF FUND

Article 20. Fund dissolution

1. The liquation, the fund dissolution is conducted in the following cases:

a) The company manages the dissolved fund, bankrupt, or revoked of the established and operational license that the non-identified fund representative had to be replaced by the fund management company in the second term (02) months, since the date of the event's birth;

b) The monitoring bank is dissolved, bankrupt, unilever termination of the monitoring contract or terminated by the fund management company to terminate the monitoring contract; or the certificate of registration of the revoked stock exchange activity the fund management firm failed to locate the bank. the monitoring row replaced in the second term (02) months, since the date of the event ' s birth;

c) The net asset value of the fund comes below the 10 (10) continuous rate in six (06) months;

d) The listing fund;

The end of the operating deadline in the fund charter, or the investor congress decides to dissolve the fund before the end of the operating deadline in the fund charter;

e) Other cases by the regulation of the fund charter.

2. In the thirty (30) days, since the date of the foundation must be dissolved by regulation at point a, b, c, d and e clause 1 This, or three (03) months before the date of the prescribed fund dissolution at the point of Article 1 This Article, the fund management company or bank. The supervising and board of directors (in the absence of a fund management company) summons the investment house to pass the foundation of the fund.

3. The investor congress has the right to specify an independent audit organization that performs the inspection, evaluation, full oversight of liquorship operations, valuation, reappraisal of the valuation and distribution of funds of the fund to the investor; or maintaining its operations. the incumbent fund representative to carry out the monitoring of the liquoration process and distribution of the fund assets.

4. The fund management company and the supervising bank are responsible for completing the payment of fund assets and division of fund assets to the investor in accordance with the investment of the investment house. The case of a possible dissolution at the point of a 1 Article is that the supervising bank is responsible for liquing, dividing the fund assets.

5. Except for the case of another decision-making investor, since the day the investor decides to dissolve the fund, the fund management company, the oversight bank is not:

a) To implement investment activities, the transaction purchases properties for the fund;

b) Transfer unsecured debt into secured debt by the fund's assets;

c) To the property of the foundation for the organization, the other individual;

d) The contract payment in which the value portion of the fund is greater than the value of the other party's obligations; or payment of debt to the creditor at the same time as the creditor of the fund without making any compensation;

There are other transactions for the purpose of running the fund's assets.

6. The fund ' s assets are dissolved including:

a) Property and property rights that the fund has at the time of the fund must be dissolved;

b) The profits, assets and the rights to the assets that the fund will have due to the implementation of the transactions that are established before the time of the fund must be dissolved;

c) The asset is a guarantee that performs the obligations of the fund. The property payment case is a guarantee that is paid to the creditor of the creditor, if the value of the guarantee exceeds the debt guaranteed by the payment, the excess is the property of the fund.

7. The fund management company, the supervising bank is responsible for the transfer of the structural portfolio to the investor corresponding to the investor ' s ownership rate at the specified fund at a point of 9 This Article.

8. The case of an investor with a written request or amount of funds is too small in accordance with the regulation at the fund charter, the fund management company is sold liquing the property and payment of money to the investor. The sale of the asset liquet is the listing securities, registration of transactions made through the Exchange system of the Securities Exchange, or trading in other methods that guarantee the largest benefit to the fund and in accordance with the dissolved method of dissolution. It was approved by the investor.

9. The assets from the payment of the fund are paid in the following order of preference:

a) Financial obligations to the State;

b) The payments to the fund management company, the monitoring bank, other payout and fund dissolution costs. In case the fund is forced to be dissolved by regulation at point a or point b 1 Article, the fund is not payment for the fund management company or the bank that oversees the fees under contract since the date of the event's birth;

c) The remaining assets are used to pay for the investor to correspond to the capital's capital contributions in the fund. In the case of property registration properties, the fund management company, the supervising bank is responsible for requiring the Securities Deposit Center, the shareholder book management organization, the organization that releases the implementation of the transfer, registration of property ownership to the investor.

10. The fund ' s asset liquation results must be confirmed by the supervising bank and the fund management firm, adopted by the independent audit organization appointed by the investor to be prescribed by the regulation at paragraph 3 This or the fund representative to carry out the fund. to oversee the asset liquoration process.

Article 21. Sequence, Foundation dissolution procedure

1. During the time of seven (07) days, since the day the investor decides to dissolve the fund, the fund management company or the supervising bank and the fund representative (in the absence of a fund management company) must announce the dissolution of the fund to the Securities Commission. The State House.

2. The document announcing the dissolution of the fund included:

a) The announcement of the dissolution of the fund includes the prescribed content at the appendix 06 issued by this message;

b) The meeting of the meeting and resolution of the investor congress on the dissolution of the fund, accompanied by the method, the liquoration and distribution of assets was adopted by the investment house congress, which specifies the principle of determining the value of the net asset at the day of dissolution and in the time of the asset liquation fund in accordance with the rule of law, stipulated at the fund charter and valuation manual; the method of distribution of assets to the investor and providing information to the investor in liquing and distribution of property;

c) Committed in writing signed by the law management company's law (if any) and the bank supervising the responsibility of completing the asset liquoralization procedures for the dissolution of the fund.

3. After fifteen (15) days, since the date of the announcement, if the State Securities Commission has no comment on the dissolution of the fund, the fund management firm, the supervising bank has a responsibility to publish a notice of the dissolution of the fund by regulation at 6 Article 3. This is private. At the same time, the fund management company conducts the sequence, the voluntary listing procedure, cancelation of the fund certificates under the guidelines of the Securities Exchange, the Securities Archive Centre.

4. Asset liquation, the time limit of the fund's asset to the dissolution of the fund may have been passed by the investor, but the maximum is no more than six (06) months, since the date of publication of the announcement of the dissolution of the fund. In the time the fund is liquing assets to dissolve, management fees, oversight fees, and other costs are obtained through a charge that has been approved by the investor. After the day of the fund dissolution, monthly periodically, the fund management company provides investors with information on the cost of birth during the period, the fund's remaining net asset value, the remaining net asset value on a single-fund, net asset value remaining. On a fund certificate, the remaining asset catalog has not yet to be distributed to the investor according to the prescribed pattern at the number 15 appendix issued by this message. The notification sent to the investor must be provided to the State Securities Commission with a report on the property and report of the fund's portfolio under the prescribed sample of the 18-issued appendix to this Smart.

5. During the ten-year period (05) the day, since the completion of the foundation's dissolution, the fund management company, the supervising bank (if no fund management company) has the responsibility to publish information about the completion of liquoration, distribution and dissolution of the fund by regulation. at paragraph 6 Article 3 This message, while also informed the State Securities Commission results in the foundation of the foundation that includes the following documents:

a) A confirmed report by the fund management firm, the supervising bank and the audit organization or the fund representative (if any) of the liquation of the fund ' s assets, the payment of the debt and the implementation of other property obligations to the creditors, who have the right to benefit. and other obligations, including financial obligations to the state. The report must attach a list of creditors and the amount of debt paid, including taxes on taxes;

b) The dissolution results report, the asset management of the fund management firm, the oversight bank and the audit organization or the fund representative (if any) of the asset liquation process, the method of liquation and asset division; the total value of assets. produced after liquoration; the total debt must be paid and the remaining assets to distribute to investors by the prescribed form at appendix 07 are issued with this message. Where the fund split is not money, the additional document includes the confirmation of the Securities Archive Center on the completion of the allocation, registration of securities to the investor at the request of the fund management company, the supervising bank and the investor. The organization of shareholder book management, the organization that releases, the business receives the fund's investment in terms of having completed the ownership of the stock ownership, which contributes to each investor to enter the fund at the request of the fund management company;

c) The original registration of registration certificates;

d) The report appraisal results of the audit organization's asset to be designated by the investment investor or of the fund representative board (if any);

e) The investor ' s confirmation of getting full of money and assets in accordance with the method of fund dissolution.

6. The case of announcing the results of the dissolution is not accurate, has a false document, fund management firm, supervising bank, organizations, individuals who are involved in the federation responsible for payment of unpaid debt and personally responsible for the payment. The law on the consequences of births in the period of three (03) years, since the date of the results of the dissolution of the dissolution of the State Securities Commission.

Chapter III

ACTIVITIES OF ORGANIZATIONS THAT PROVIDE SERVICES

Article 22. Regulations on the relevant activities of the Securities and Exchange Center, the Securities Exchange.

1. The stock of the Securities Archive has the following right and responsibility:

a) The Guide to the Exchange of the Structure Stock Exchange for ETF funds and vice versa;

b) Make the transfer beyond the Exchange system of the Securities Exchange upon the implementation of the structural stock exchange for the ETF fund certificate and vice versa;

c) The registration of registration, storage, allocation of ETF funds;

d) Building the operational coordination mechanism, which provides information to the Securities Exchange on further release activities, acquisition of ETF fund certificates;

Monitoring the operation, lending out the structural securities, the membership fund's ETF funds on its system by regulation at point 2 Article 11 This April; the supervisor ensures that the fund member has enough securities to pay when it is done. The transactions stipulate at 2 Article 13 of this.

e) Provided services to the ETF fund by regulation at paragraph 19 Article 2 of this Information;

g) The stock exchange rate is charged with a stock transfer fee for swaps with a maximum fee of 0.1% of the value of the default default value of the stock exchange. The stock transfer fee due to a default index swap for the investor makes a swap and is obtained by the Securities Center of the Securities Center where the investor recommends swaps to open accounts and store the structure of the structure. For services by regulation at paragraph 19 Article 2 This April, the Stock Exchange Center is charged with an agreement with the fund management company;

h) A member of the fund-funded membership in the loan operation, lending the ETF fund certificates, the structural securities in the swap transactions.

2. The Stock Exchange has the right and responsibility:

a) Build, maintain, manage the market index as the reference index of the ETF fund and is charged with the specified index management fee;

b) The listing, listing, transaction certificate transaction;

c) Building the statute of the activities of the organization establishing the market; monitoring the operation of the organization establishing the market for the following content:

-The minimum transaction volume, maximum (if available);

-The price difference ceiling between the sale price and the purchase price;

-The minimum period of participation in the market creation and operating coefficiers;

-The obligation and the monthly recurring report content on the activity of market creation;

d) Building the operational coordination mechanism with the Securities Contracting Center for monitoring, sharing information on the transactions of a guaranteed fund member.

) Provides a net worth of the reference net asset value to the fund management company;

e) Provide other services on the basis of a contract with the Securities Contracting Center, the fund management company, and the foundation member.

Article 23. Bank surveillance regulations

1. The monitoring bank is required by the fund management firm to meet regulatory conditions at 1 Article 98 of the Securities Law and other provisions of the law on the establishment and management of the open fund.

2. Administrator's supervision, oversight of the supervising bank; the change, termination, the bank's responsibility to hand over the responsibilities of the detained bank to the laws of the establishment and management of the open fund.

Chapter IV

REPORTING OBLIGATIONS, PUBLISH INFORMATION

What? 24. Information for the investor and reporting obligations of the fund management company.

1. The monthly, quarterly fund management company, the year must submit the transaction statistics investor and report on changes in the net asset value of the fund according to the number 14 appendix and the number 15 appendix issued by this message. The deadline provides no more than five (05) dates, since the date of the investor's text.

2. The fund management company must publish or provide the investor:

a) The prospectate, the prospectiation report; the annual financial report, the audit year finance report;

b) The sump report on the management of the annuation management activity and all year, including the basic content of regulation at appendix 16 issued by this message;

c) The statistical report on transaction fees in the investment activity of the fund, the annuation, and all year, according to the prescribed pattern at the number 17 appendix issued by this Information;

d) Report on the investment activity of the fund, monthly, semi-annual and all year, according to the prescribed pattern at the 18-issued appendix accompanied by this Information.

3. The fund management company must submit the State Securities Commission of the following reports:

a) A monthly, annual, and yearly recurring report on the change in the net asset value of the ETF fund according to the prescribed pattern at the number 15 appendix issued by this Information;

b) The report on the investment activity of the monthly, semi-annual ETF fund periodically and all year according to the prescribed pattern at the 18-issued appendix accompanied by this Information;

c) The report on the property transactions of the monthly, quarter, year, year, according to the prescribed pattern at the number 19 appendix issued by this message;

d) Statistical reporting on transaction fees in the investment activity of the fund, annual and annual, according to the prescribed pattern at the number 17 appendix issued by this Information.

4. The regulatory documents at paragraph 2 This must be provided free of charge to the investor on the fund management company ' s electronic information page, or send directly via email to the investor or other forms of regulation at the fund charter and the publication of the fund. In the prospectate, the prospectate summary.

5. The investor may refuse to accept the regulatory documents at paragraph 2 This. Where the investor is required, the fund management company must provide the risk management process, stating the investment restrictions, the prevention method and risk management used to manage the fund's assets.

6. The deadline for filing reports:

a) For the report of the month, in the period of the year (05) the day since the end of the month;

b) For the quarterly report, in the fifteen (15) days of the date of the end of the quarter;

c) For the semi-annual report, in the thirty (30) days from the end of the half-fiscal year period;

d) For the report of the year, during the ninety (90) days from the end of the fiscal year.

7. In addition to the reporting cases stipulated at this, in the case of necessity, in order to protect common interests and investor benefits, the State Securities Commission may ask the company to manage the fund reporting on the operation of the fund.

8. The fund management company must report the State Securities Commission in the period of forty-eight (48) hours, since receiving a request for the report stipulated at paragraph 5 This.

9. The report to the State Securities Commission must be submitted with the electronic data file.

What? 25. Supervisor of the surveillance bank

1. The Bank of the Supervisor Board and sent to the State Securities Commission reported oversight of the month, quarter, year of the fund management activity of the fund conducted by the fund management company in accordance with the prescribed 11-issued appendix. The monitoring bank ' s oversight report must evaluate compliance with the provisions of the law, stipulated at the fund charter as follows:

a) Assessment of the compliance of the fund management company in investment activity, the transaction of the funds;

b) Comment on determining the net asset value of the fund, which details the circumstances that determine the property mispricing of the fund (if any);

c) Operation default stock portfolio (released, acquisition of funds certificate plots);

d) The violations (if any) of the fund management company and the decision-making orientation, rectify.

2. The monitoring bank has an obligation to report the State Securities Commission in the twenty-four (24) hours since the breach was discovered in the following cases:

a) The company manages the fund in violation of the securities laws and securities markets;

b) The damage from asset management activity caused by the fund management company is too large and the cost of solving the consequences is too high;

c) Other cases at the request of the State Securities Commission.

What? 26. Information published

1. Within twenty-four (24) hours after the end of the trading session at the date of the swap transaction, the fund management company must publish on the company's electronic information page and the Securities Exchange of the following information:

a) The catalogue of the structural securities used for swapping;

b) The number of published ETF funds, which has acquired from the fund members, investors; the difference from the date of the previous swap transaction;

c) Information on the volume of listing ETF funds listed, trading on the Stock Exchange; information on price volatility traded ETF funds, the end of the day closing price of ETF funds, fluctuated prices compared to previous trading days;

d) The net asset value of the fund, the net asset value on a single-fund certificate, the net asset value on a fund certificate and volatility of these values; volatility net asset value referenced during the day; the reference and volatility index of the index. reference;

The pause of the receiving and implementation of the swap transaction commands (if any);

e) The error of the investment structure and the reregulation of the portfolio of investment structure securities (if any);

g) The valuation of the value of the net assets of the fund (if any);

h) The foundation (if any);

i) Replace the monitoring bank (if any);

j) The fix, cancel the transaction error (if any);

l) Other information if relevant (if any).

2. A weekly format, the company management company announced on the company's electronic information site deviated from the reference index (TE).

3. Plan 6 (06) months, all year, the fund management company must publish information on the company ' s electronic information page of the following content:

a) Information about the operational effectiveness of the ETF fund compared to the reference index (if available); information on the activities distribution of profit (if available);

b) The cost of operating expenses ETF;

c) The publication of information about the rate of operating costs is determined in the forty-five (45) days, since the end of the Quarter and Fourth Quarter.

4. In securities trading, the ETF fund must comply with the obligation to publish information on the transaction of the large shareholder, internal shareholder and the relevant person in accordance with the provision of the announcement on the securities market of the Ministry of Finance, except for transactions. swap with a hedge fund member, investor.

Chapter V.

EXECUTION CLAUSE

Article 27. Performance Performance

It has been in effect since 1 September 2013.

Article 28. Organization implemented

1. The Securities Archive Center, the Securities Exchange Building the Career processes, the operational regulation, coordination of the relevant service provision in accordance with the regulation at Article 22 of this and the State Securities Commission report prior to the implementation.

2. The State Securities Commission, the fund management companies, supervising banks and organizations, individuals are involved in the operational ETF operation that is responsible for the organization.

KT. MINISTER.
Chief.

(signed)

Chen Xuân