Circular No. 212/2012/tt-Btc: Guidance On The Establishment, Organization And Functioning Fund Management Company

Original Language Title: Thông tư 212/2012/TT-BTC: Hướng dẫn về thành lập, tổ chức và hoạt động công ty quản lý quỹ

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FINANCE MINISTRY
Number: 212 /2012/TT-BTC
THE SOCIALIST REPUBLIC OF VIETNAM.
Independence-Freedom-Happiness
Hanoi, December 5, 2012

IT ' S SMART

Guidelines for establishing, organizing and operating the fund management company.

________________________

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 by the Government Regulation and guidelines enforce certain provisions of the Securities Law and Amendment Law, which complements some of the 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 a Guide to the establishment, organization, and operations of the fund management company.

Chapter I

GENERAL REGULATION

What? 1. Range and object tuning

1. This information regulates the establishment, organization, and operation of the fund management and operations of organizations, individuals involved in the territory of the Socialist Republic of Vietnam.

2. Except that the fund management company is licensed, other organizations are not receiving capital, asset-mandated assets to manage the portfolio of securities; do not raise capital and assets to form, manage the securities investment fund under the provisions of the Law. Stock.

What? 2. Explain the word

In addition to the words that have been explained in the Digital Protocol 58 /2012/NĐ-CP July 20, 2012 Government rules the details and guidelines for certain provisions of the Securities Law and Amendment Law, which adds some of the provisions of the Securities Law, in this Information, the words below are understood as follows:

1. Executive Board. including the Director (General Manager), the Deputy Director (Deputy Director General).

2. Valid copy It ' s a copy of the law.

3. Fund Management Company is an enterprise in the securities business, providing investment fund management services, stock portfolio management, and securities investment advisory.

4. Trust Customer Representative is the chairman of the fund representatives, the chairman of the board of securities investment firms, the legal representative of the asset trust organization that is funded by the investment house, the fund representatives, the stockholder of the stockholder, the board of securities. The securities investment firm, which organizes the trust assets to exercise its rights in accordance with the regulation at the fund charter, the securities investment firm, the investment management contract, the corporate charter and the provisions of the law.

5. investor Congress All of the investors who have invested in the fund, holding the fund's certificate, are the fund's highest decision.

6. Trust Client is the fund, the securities investment firm and the individuals, the capital trusts organization, its assets to the management fund management company.

7. Personal Profile This includes the provision of a prescribed information at the appendix 03 issued by this message, a copy of the valid copy of the People's License, passport, or other legitimate personal endorsement.

8. New Profile is the filing of sufficient paperwork in accordance with the provisions of this message, whose content is fully enumerated by the rule of law.

9. Unity is a form of two or several companies of the same type (called the merged company) to merge into a new company (called the merged company) by transferring all of the assets, rights, obligations and benefits to the merged company, and at the same time ending its existence. at the company's merger.

10. of an organization that is working on a labor contract for that organization in the entire administrative period.

11. Fund operator is the manager of the fund management company that is designated by the fund management company to manage, run the fund ' s investment activity, the securities investment firm.

12. The beneficiary is the organization, the individual, not the owner of the property owner, but has full ownership of that property in accordance with the rule of law.

13. is the form of one or several companies of the same type (called the merged company) merged into another company (called the merged adoption company) by transferring all of the assets, rights, obligations and benefits to the merger to the merger, and the end of the year. the existence of the merged company.

14. Trust Property is a property portfolio that includes money, securities, and other assets of the trust customer.

15. Electronic Information File is the data files that are formatated according to Word, Excel, for the text provided by the competent authority to be formated according to PDF.

16. is the difference between short-term property and short-term debt.

Chapter II

FOUNDED, ORGANIZATION MANAGEMENT COMPANY

Item 1

FUND MANAGEMENT COMPANY

Third. Establishment and operation licensing conditions

1. With the headquarters and equipment that is fully responsive to the following conditions:

a) The right to use the company headquarters has a minimum term of a year from the date of the founding of the fund management company was full and valid;

b) There are sufficient facilities, engineering, office equipment, computer systems, software serving for investment analysis, analysis and risk management, certificate preservation storage, documentation, and safety assurance devices, security for the working headquarters. of the company.

2. Have the Director (General Manager), Deputy Director (Deputy Director General) in charge of a career (if any) meet the regulation at 1 Article 11 of this and a minimum of five (05) of a career worker who has a certificate of managing the fund.

3. Having a minimum course of law by legal capital pursuits to the rule of law.

4. The shareholder structure, a contributing member at the fund management company

a) There is a minimum of two (02) founding shareholders, the founding member is the organization that meets the regulation at paragraph 6 This, including at least one (01) which is a commercial bank, insurance business, securities company;

Where the fund management company is held in the form of a limited liability company a member, the owner must be an insurance business or a commercial bank or a stock company;

b) The founding shareholders, founding members of the organization must own a minimum of 65% of the charter capital, of which organizations are commercial banks, insurance businesses, securities firms owning a minimum of 30% of the fund management company;

c) The shareholder, which is a member of the equity from 10% or more in the charter of a fund management company and its associated shareholder, the member of that capital is not owned on 5% of the charter capital at another fund management company.

5. Conditions for individuals participating in capital:

a) Not under the circumstances of not being able to establish and manage the business in Vietnam under the rule of corporate law;

b) There is a financial force that meets the regulation at one Article 4 of this.

6. Conditions for the organization participate in the capital:

a) There is legal status and is not in a state of merger, mergers, division, separation, dissolution, bankruptcy; not belonging to unfounded cases and corporate management under the rule of corporate law;

b) There is a minimum operating time of five (05) consecutive years prior to the five participating contributions that established the fund management company. In the case of commercial banks, insurance businesses, securities companies must have a minimum operating period of two (02) consecutive years prior to the five participating contributions that established the fund management company;

c) There is a financial capacity to meet the provisions of this 2 Article 4 article.

7. Conditions for foreign investors to fund the establishment or purchase to own up to 49% of the charter capital; established or purchased to own 100% of the charter capital of the fund management company implemented by regulation at the Digital Protocol. 58 /2012/NĐ-CP July 20, 2012 of the Government rules the details and guidelines for certain provisions of the Securities Law and Amendment Law, which complements certain provisions of the Securities Law.

What? 4. Financial competability conditions for shareholders, members that contribute to the

1. The individual is used only by its own capital and has to prove sufficient to be able to contribute to either the Vietnamese currency or the free foreign currency that is in the bank account. The minimum amount value must be equal to the amount of capital expected to set up the fund management company and the time of confirmation of the maximum bank is not more than thirty (30) days as of the full and valid filing date.

2. The organization is used only by equity and other legal, legal sources according to the rule of law. The nearest year financial report audits has to be without exception and meet the following indicators:

a) There is interest in two (02) years prior to the year prior to the year's permission to establish a fund management firm and no accounting deposit to the nearest quarter as of the time the filing recommended the creation of the fund management company;

b) The remainder of the equity capital, after subtracing the long-term property, minimally of the amount of capital expected, at the same time that the capital is at least by the amount of capital expected;

c) The case of organising participation is a commercial bank, insurance business, securities firm that is not in a state of control, special control, suspension, suspension of operations or other warning status, while responding to the response. full of conditions for which to be part of the capital, investment in accordance with the provisions of the specialized law.

3. The shareholder, which is a member of the capital, the foreign organization must meet the conditions of regulatory financial capacity at the Digital Protocol. 58 /2012/NĐ-CP July 20, 2012 the Government regulates the details and guidelines for certain provisions of the Securities and Exchange Law, which complements certain provisions of the Securities Law and provisions at paragraph 1 and paragraph 2 This.

Article 5. The profile offers the establishment and operation of the fund management company.

1. The profile offers the establishment and operation of the fund management company that includes:

a) The proposed license to license the establishment and operation of the prescribed pattern at the appendix 01 issued by this message;

b) A shareholder meeting and shareholder resolution, a capital member, or a decision by the owner of the establishment of the fund management company, which includes a minimum of content:

-The full name, the trading name in Vietnamese, English, the abbreviation of the company expected to establish; the address of the headquarters;

-charter capital; shareholder list, capital membership; number of shares, denominates, equity value, and ownership ratio of each shareholder or portion of capital, the ownership ratio of each member of the capital;

-Through corporate charter, business methodology, and representative complete the procedure to establish a fund management company;

c) The corporate charter by the prescribed pattern at the appendix 11 issued by this message;

d) The principle of the principle of lease of the headquarters or the decision to hand over the degree, the headquarters of the owner; with the document confirming the ownership or the right to use the office of the lease or owner;

The Business Activity Variation in the first three (03) years after the licensing of the establishment and operation with the prescribed content at the appendix 04 issued by this Smart, accompanied by the fund management process; the asset allocation process and the portfolio manager. investment; risk management process for each type of fund, customer trustee and for business operations of the company itself; internal control processes and career ethics;

e) Financial capacity proof:

-For the individual: the bank 's confirmation of the balance of the Vietnamese currency or the free foreign currency transformed in that individual' s account at the bank;

-For the organization: the nearest year financial report has been audits and the latest quarterly financial statements. For the parent company, the corporation must supplement the nearest year ' s merged financial report to be audits. For the organization being a commercial bank, insurance business, securities firm, additional periodic reports of financial safety indicators, capital safety according to the regulation of specialized law in the last two (02) years, as of the date of the filing has been announced. full and valid, and the text of the state governing body has the authority to confirm that the organization to participate is not placed in a state of control, special control or other warning status as prescribed by the law of specialization and approval. allows this organization to contribute to the establishment, share purchase, share of the fund management company, capital value, and ownership ratio;

g) The prescribed list at the appendix 02 issued by this same message and the personal profile of the shareholder, the capital member, the representative under the authority of the shareholder, the capital member being the legal; member of the board member or council of the city. (if any), the internal audit department (if any), the board, the internal control department, the expected career staff of the fund management company;

-For the funding organization, the additional document includes: a valid copy of the established license and operation, business registration certificate or other equivalent document, corporate charter, meeting editor and resolution of the shareholders of the shareholders, the council of the city. The board or the decision of the board or the decision of the board or the member council or the decision of the owner or decision of the owner to form the fund management company in accordance with the regulation at the company charter; the authorship text for the authorized representative;

-the judicial theory is granted no more than six (06) months, as of the filing date of: (i) the authorized representative and the law representative of the organization that contributes to 10% of the charter capital at the fund management company; (ii) the founding shareholder, the founding member, Individuals contribute on 10% of the charter capital at the fund management company; (iii) a board member or a member council or the chairman of the fund management company; (iv) executive board member, board of control (if any), internal audit department (if any), head of the department Internal control and corporate management of the fund management company;

-A valid copy of a fund management practice or international certificate confirming a member of the operating charge of a transaction, a career worker responds at a point of 1 Article 11 of this.

-The shareholder's commitment, a contributing member of the provision of the conditional participation of capital under the regulation at point 4, paragraph 5 and paragraph 6 Article 3 This.

2. The shareholder case, which is a contributing member of foreign investors, documents, documents issued by the state governing body of the offshore state must be legally legalised for no more than six (06) months before the filing date. Any other document by foreign investors must be translated into Vietnamese by the organization that functions legally in Vietnam or abroad.

3. A specified profile at paragraph 1 and paragraph 2 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

4. During the thirty (30) days, since the day the State Securities Commission has a written claim, shareholders, capital members, the owner of the foundation management company must complement, complete the prescribed profile. The case needs to clarify the issue with regard to the filing of the establishment and operation of the fund management company, the State Securities Commission has the right to recommend shareholder representative, founder member, owner or person who is expected to serve as Director. (General Manager) of the direct or written program fund management company. After the deadline, if shareholders, capital members, non-complementary owners, fully complete records, the State Securities Commission has the right to refuse permission to establish and operate.

Number 6. Established and active license-level sequencing

1. In the twenty-20 (20) days, since the date received full valid records under the provisions of this Article 5, the State Securities Commission has an informed text for the shareholder representative, the capital member, the owner of the fund management company completing the funds. You know, the facilities, the facilities and the blockade. Shareholder, capital, owner, owner, is used to invest the facilities. The remainder of the funding must be blocked on the commercial bank's account under the designation of the State Securities Commission and must release, move into the fund management company's account immediately after the license to establish and operate in effect.

2. The State Securities Commission examines the facility of the facility that manages the fund prior to the licensing of the establishment and operation.

3. After a period of three (03) months, since the announcement of the announcement by the State Securities Commission in accordance with this Article 1 Article, if shareholders, members of capital, owners do not complete the facilities, the capital blockade, and the full complement of personnel. regulation, the State Securities Commission has a right to refuse licensing.

4. During the time of seven (07) days, since the date received the receipt of capital blockade, the physical base examination, and other valid documents under the regulation at Article 5 of this Information, the State Securities Commission granted the establishment and operation of the government. Fund management company. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

5. During the time of seven (07) days, since the date of the established and operational license date, the fund management company must publish the established license and operation under regulation at Article 66 of the Securities Law.

What? 7. Name, charter, management of the fund management company

1. The name of the fund management company, the branch, the representative office of the fund management company must comply with the regulation of the law on the business and must have the phrase "fund management".

2. The company charter is built in accordance with the company's organizational model, which has a prescribed content at the appendix 11 appendix issued by this message. The case has been stipulated at the charter, the board of the fund management company that is amended to the legal errors, the official error or other criminal error errors at the charter without affecting the contents of the charter and not taking to the opinion of the shareholders of the shareholders, the association. a member or owner. After the amendment, addition, the executive board must notify shareholders, members of the capital or owner of these modified, complementary content.

3. The fund management company adheres to the principles of corporate governance defined in the company charter. The fund management company is a public company that has to comply with other regulations of securities law on corporate governance applied to public companies.

4. The ownership ratio of the founding shareholder, the founding member must meet the stipulation at paragraph 4 Article 3 This April in the period of three (03) years, since the date of the establishment and operation granted. The founding member, the founder member who did not transfer the shares, was part of her contribution in the period of three (03) years from the date of the establishment and operation granted, except for the transfer case for the founding shareholder, another founding member. The founding shareholder case, the founding member forced to liquorate the property under the court ' s decision or of the authority of the state governing body, was transferred to the shareholder, other member and shareholder, the member receiving the current transfer. It became the founding shareholder, founding member of the company.

Item 2

FUND MANAGEMENT COMPANY

What? 8. Board of Directors, Board members, control panel

1. The organizational structure, conditions, appointments, dismissal and rights, obligations, duties, duties of the board or member council, the chairman of the board, the chairman of the board, the chairman of the company, the board of directors, the control board (if any), ministry Internal audits (if applicable), the executive order stipulated by the regulation of the company, in accordance with the provisions of the law on corporate governance applicable to the public companies, the provisions of the law of the business and not contrary to the provisions of this Information.

2. The board member or board member board is not either a board member or board member, the executive board, who acts as the fund manager of another fund management company or board member. A board member, an executive board, an employee at the bank of the archives, the supervising bank provides services to the fund, the securities investment firm that the company is managing.

What? 9. Internal Audit

1. The fund management company is a public company or the management of public funds, the public securities investment firm that has to establish an internal audit department.

2. Internal audit division of the board or board member or company owner.

3. Internal audit department is responsible:

a) Check, evaluate organizational structure, corporate governance activities, operating activities, coordination of each department, each position of work to prevent conflicts of interest, protect the rights of the customer;

b) Check, evaluate the full extent, effectiveness, efficiency, degree of compliance with the laws of law, regulation at company charter; internal control systems; policies, internal processes, including the rule of career ethics, career processes, and more. process and risk management system, information technology system, accounting, process and reporting system, publish information, process of reception and process of charge of charges, complaints from customers, and other internal regulations;

c) Check for validity, legal, honesty, reliability, compliance of career processes and risk management;

d) Make the full audit of all parts of the department in the minimum fund management company once a year;

) recommendations for improved solutions to improve efficiency, effectiveness of the company; track results of post-audit petitions that have been approved by the board of directors or board members, chairman of the company.

4. Internal audit activity must secure the following principles:

a) Independence: the internal audit department and operation of this division independent of other parts and activities of the fund management company, which is not subject to the management of the fund management company;

b) objectively: internal audits must be objective, fair, unintended, unaffected, intervening when carrying out its mission;

c) honesty: internal audit work must be done in a honest, careful and accountable manner;

d) Coordination: the internal audit department is full of access to the unrestricted access of information, company documents. The executive board member and every employee of the fund management company has a coordinated responsibility, full supply, timely, honest, accurate information, relevant documentation, as required by the internal audit department. Parts within the company are responsible for informing the internal audit department when detection of weak, existing, mismanagement, risk or failure of the company's assets or of the customer's assets;
Security: Internal audit department, internal audit department employees are not disclosed to the information that is available during the audit process, except for the case provided to the State Securities Commission.

5. Human Resources, the personnel structure of the internal audit department must meet the following conditions:

a) There is full civil and legal action capacity, not in the case of accepting prison penalties or being banned by the court for business practice;

b) Not to be dealt with from the fines of return to violations of the law in the field of securities, banks, insurance in the period of two (02) years, as of the time appointed;

c) Responding to regulation at point 1 Article 11 This message; or whether or not the securities business; or there is only the underlying issues of securities and stock markets and the securities and securities law certificates. Stock:

d) Do not work in other parts of the fund management company;

There is a minimum of an employee whose certificate is an auditor, or an international certificate of accounting, audits like ACCA (Association of Chartered Certified Accountants), CPA (Certified Public Accountants), CA (Chartered Accountants), ACA (Associate. Chartered Accountants); or has competed in a number of subjects of the test training program that only audits include the law of economics; financial; monetary, credit; accounting; audit; analysis of financial activity under the rule of law. related; or there has been a time of work from three (03) years or more in the legal department, inspector, management, monitoring of activities. Financial institutions in the state governing bodies in the financial sector, banking, insurance, securities, state audits.

6. During the time of seven (07) days, from the date of appointment, dismissal, change of internal audit department employees, the fund management company informed the State Securities Commission and sent with the following documents:

a) Notice of appointment, dismissal, change of internal audit personnel;

b) The board of meetings and resolutions of the board or member council or the decision of the president of the company on the appointment, dismissal, changes in internal audit department;

c) The list is accompanied by a personal profile, judicial theory (for new employees) issued in the term (06) six months, since the appointment date and the valid documents demonstrate staff and the personnel structure of the internal audit department responding to the relevant regulation. At the end of this five.

7. During the period of ninety (90) days from the end of the fiscal year, the fund management company must submit an internal audit results report and the internal control report stipulated at paragraph 5 Article 10 of this Information to the State Securities Commission. Internal audit reporting must specify the assessment opinion, the conclusion of the audit department, the basis of the audit opinion; the equation of the equation of the audit subject; remedied measures, breach of violation and completion.

What? 10. Internal Control

1. The fund management company must set up an internal control system in accordance with the company ' s organizational structure, the establishment of the executive internal control department of the executive board and enact internal control regulations including policy, statute, business process, and management. case and other internal regulations. The internal control department is responsible:

a) Monitoring the operation of each location, every department and of the company adhering to the laws of law, policy, process of business, the internal regulation of the company; oversight of the enforcement of all employees in the company to the companies. operation has been delivered, devolve, authorized by principle:

-The devolve mechanism, the mandate must be clear, specific, transparent, secure the separation of tasks, the powers of the individuals, parts of the company. A career process must ensure separation between functions, tasks of each location, division within the company, from analytical, appraisal, acceptance or approval or decision making, implementation, reporting, and monitoring after the operation is performed. investment;

-An individual is not given a variety of positions that can perform activities, tasks that have a purpose, interest in conflict with each other or overlap. HR is deployed, ensuring a person cannot be independent, to make decisions and perform from two activities that go up in the entire career process, from investment analysis, appraisal, investment approval, investment decisions, transaction and investment, reported the results of the transaction, carrying out the management and monitoring of the investment after the transaction without consulting parts, other individuals;

b) Participate in the construction, monitoring of the implementation of policies, processes, processes, internal regulation of the company aimed at preventing conflict of interest; oversight of the implementation of occupational ethics; aggregations, storage, statistics and monitoring operations. business of the company and personal transactions of company employees;

c) Participation in process construction, organization implementing risk management for corporate operations and for each trustee customer; in time of identification, assessment of the risk level, setting up investment levels and a prevarable measure, managing potential risks lurking in the company ' s investment activity and of the trust customer;

d) Monitoring the value of the net asset value of the portfolio, the valuation of the fund is valued in accordance with the regulation of the law and the internal regulation; the assets and resources of the company are managed safely, efficiently; the customer assets are managed separately, independent. The financial statements, operational reports, report on financial safety indicators and other reports of the company are set to be honest, accurate, timely, full update under the law;

Monitoring, ensuring the system of financial information and honesty management, full, timely and accurate; there is a backup information system in time to process situations like natural disasters, fires, explosions ... warranties of the company's continuous operation;

e) Proposition the solution of settlement, dispute handling, conflict of interest, the complaint from the customer, the partner; the project methods to rectify the consequences when the incident occurred;

g) Perform internal audit functions in the event that the fund management company does not have to establish an internal audit department according to the regulation at 1 Article 9 This Information.

2. The personnel structure at the internal control department must meet the conditions:

a) There is a minimum of an employee who meets the regulation at the point of the Article 5 Article 9; or there is a professional, a career in accounting or accounting from the university level and the actual time of accounting or accounting for at least 01 (one) years;

b) There is a minimum of an employee with expertise, a career in law from the university level and the actual time of work on law at least 1 (one) years;

c) The head of internal control must meet the regulation at point a or b paragraph and other conditions stipulate at paragraph 3 This.

3. Internal control department employees must fully respond to the following conditions:

a) The regulation at point a, b, paragraph 5 Article 9 This message;

b) There is a minimum working experience of two (02) years in professional business departments of securities business organizations, or insurance organizations or insurance businesses, or at state management agencies in the financial sector, banking, banking, banking, and finance. insurance, securities, state audits;

c) Not the relevant board member and is not able to work in the business department directly related to the licensed securities business.

4. During the time of seven (07) days, since the day of changes in internal control personnel, the fund management company sends a notice to the State Securities Commission, accompanied by the decision of the Director (General Manager), list and personal records, judicial reasons (for the company). the new employee) is granted in the term (06) six months from the date of appointment, guarantee the employee and the internal control department structure meet the regulation at paragraph 2 and paragraph 3 This.

5. During the ninety (90) days of the year since the end of the fiscal year, the firm managed the fund to set up internal control reports and sent the State Securities Commission. The report must specify potential risks in the company's operations, management customer asset management activities, and inspection activities, supervisors in each unit, each department, which once operated a licensed business.

What? 11. Organization Structure

1) The Director (General Manager), Deputy Director (Deputy General Manager) in charge of the business, the operator of the fund must fully meet the following conditions:

a) The regulation at point a, b paragraph 5 Article 9 This message;

b) There are at least five (05) years of experience in the business departments of organizations in the field of finance, banking, insurance or at the finance department, accounting, investment in other businesses; and more.

c) There is a certificate of conduct of the fund management or having one of the documents, the following international certificate:

-Certificate of property management in the countries is a member of the organisation for cooperation and economic development (OECD); or ...

-Enforced international investment analysis of CFA Investment Level II (Chartered Financial Analyst level II), or CIIA grades II (Certified International Investment Analyst-Final level);

d) As of the time appointed, it is the executive business person who has never had infringed violations at a point b of 1 Article 80 The Securities Law;

No-term employee of other economic organizations and adheres to the regulations on the responsibility of securities securities at Article 81 of the Securities Law.

2. The fund management company must be dismissed, dismiss the relevant titles in the quarter term (24) hours immediately after these individuals no longer meet the regulation at the point of 1 This Article, point a paragraph 5 Article 9 This message or breach of regulation. at a point b 1 Article 80 The Securities Law.

3. Unless the case is being represented as a contributor or being sent to a board member, the board member, the organization ' s board of ownership of the fund management company, the organization receives investment capital from the fund management firm; the administrator of the certification. The funds at the fund management company are not:

a) at the same time working for another organization that has the ownership of the fund management company where he works. This regulation does not apply in the case of the securities occupiers being sent to the executive board, the organization's management receives investment from the investment fund, the securities investment firm that the fund management company is managing;

b) At the same time working for the securities company, other fund management company;

c) at the same time as the Director (General Manager) of an organization that welcomes the securities to the public or the organization listed.

What? 12. Representative Office

1. The fund management company meets the regulation at point c and point 1 Article 13 This information is recommended representing the representative office. The representative office was not implemented in business operations, not being implemented as a property manager for a trustee, an investment advisory, not to sign economic contracts related to the business business business. The case was signed by the parent company in writing, the representative office contracted to lease the seat, contracted to the worker and other economic contracts that were not involved in the business business. The operating range of the representative office includes the following content:

a) Perform the office of communication and market research;

b) Promotion of collaborative projects in the field of securities and stock markets of the company;

c) Promots, monitoring the implementation of the company's signed contracts with organizations, individuals.

2. The proposed filing for the establishment of the representative office includes the following documents:

a) The proposed consent form to establish a representative representative office in appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' assembly or board, or council member assembly, or the decision of the owner on the establishment of the representative office, in accordance with the regulation at the company charter;

c) The list is accompanied by the personal profile of the representative office worker;

d) The contract or contract of the lease of the headquarters or decision-making, the headquarters of the owner; accompanied by the document confirming the ownership, the right to use the seat of the lease or owner.

3. A specified profile at paragraph 2 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

4. During the fifteen (15) days, since the date of the receiving of valid records under the provisions of this Article 2, the State Securities Commission decided to approve the establishment of the representative office. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

5. The offer file closes the representative office covering the following documents:

a) The proposed paper closes the representative office according to the prescribed pattern at the appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' assembly or board, or council member council, or the decision of the owner to the closure of the representative office, in accordance with the regulation at the company charter.

6. The prescribed profile at paragraph 5 is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

7. During the fifteen (15) days, since the date of the receiving of valid valid records under Article 5, the State Securities Commission approved the principle of closing the representative office. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

8. After the text approx the principle of closing the representative office, the fund management company must publish information and inform customers about the closure of the representative office in a minimum time of fifteen (15) days for customers, the partner has a ... The treatment for economic contracts is still valid.

9. After the completion of the closure of the representative office, the company manages the report fund and sends the following documents to the State Securities Commission:

a) The original decision to approve the establishment of the representative office;

b) The contract liquour and the documents verify the completion of the obligations, responsibility for organizations, other individuals involved;

c) The certificate has submitted the seal of the competent authority;

d) The document confirmed the fund management company information about the closure of the representative office.

10. In the time of ten (10) days, since the date received full of valid records by regulation at paragraph 9 This, the State Securities Commission decided to end the representative office activity and publish this decision on the Commissioner ' s electronic information page. State Securities.

11. The Office of the Company ' s representative management revoked the decision to approve the establishment in the following cases:

a) The company manages to be dissolved, bankrupt, or revoked of the established and operational license;

b) The proposed filing for the establishment of a representative office had the facts wrong;

c) The target misactivity, not true for the decision-making content to establish a representative office.

12. In the fifteen (15) days, since the date received the written notice of the State Securities Commission on the revoked decision of the decision to establish a representative office under the stipulation at paragraph 11 This, the fund management company implemented it. The closure of the office represents and reports the State Securities Commission in accordance with Article 9 of this.

What? 13. Branch

1. Except for the management asset management business, the fund management company is offered securities investment advisory services and other activities under the devolve, authorship of the fund management company. The establishment of the fund management company branch must meet the following conditions:

a) based, the equipment meets the terms of this article.

b) The branch manager meets the regulation at paragraph 1 Article 11 of this and has a minimum of two (02) employees who have a certificate of managing the fund management at the headquarters of the branch. Personnel at the non-task branch work at the headquarters or other branch of the fund management company;

c) The fund management company is not in a state of control, special control, suspension, suspension of operations, dissolution, merger, merger, conversion of the company type, or the implementation of a regulatory license recovery procedure; not part of the company. case of regulation at paragraph 9 Article 22 of this.

d) The fund management company was not fined the administrative breach in the securities sector and the stock market within six (06) months as of the time of filing a proposal for the approval of the branch.

2. The proposed filing for the establishment of the branch includes:

a) The proposed license to establish a branch in the prescribed form at the appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' assembly and the board of directors or council members, or the decision of the owner on the registration of the branch;

c) The contract or contract of the principle of branch office or decision-making, the branch headquarters of the owner; accompanied by the document confirming ownership or the use of the lease or owner of the lease or owner; the physical basis theory. The headquarters are set up;

d) List of securities occupiers expected to work at the branch accompanied by personal records, the judicial theory granted no more than six (06) months as of the filing date of the proposed filing of a branch and a copy of a valid certificate of management. Director of the Director, Deputy Director of the Branch Office in charge of the business (if available) and a career worker.

3. The State Securities Commission examined the branch of the branch headquarters before deciding to approve the establishment of the fund management company.

4. The prescribed profile at paragraph 2 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

5. During the fifteen (15) days, since the date of the full receipt of valid records under the provisions at paragraph 2 This and the editorial examination of the establishment of the planned branch headquarters, the State Securities Commission decided to approve the establishment. The corporate branch manages the fund. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

6. The fund management company branch must formally operate within six (06) months from the date of the decision to approve the establishment of the branch in effect.

7. The records that closed the branch in the country include:

a) The proposal closes the branch of the branch according to the prescribed pattern at the appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' assembly and the board of directors or council members, or the decision of the owner to close the branch;

c) The treatment of economic contracts is in effect, including labor contracts.

8. The prescribed record at paragraph 7 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

9. During the fifteen (15) days, since the date of the receiving of valid valid records at 7 Article, the State Securities Commission approved the principle of the closure of the branch. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

10. After the text approx the principle of closing the branch, the fund management company must publish information and inform customers about the closure of the branch in a minimum time of fifteen (15) days for customers, the partner has a means of handling the funds. The contract is valid.

11. After completing the closure of the branch, the company manages the report fund and sends the following documents to the State Securities Commission:

a) The original decision to approve the establishment of the branch;

b) The contract liquour and document verification document has complete the obligations, responsibility for organizations, individuals involved;

c) The certificate has submitted the seal of the competent authority;

d) The document confirmed the fund management company information about the closure of the branch.

12. During the ten (10) days, since the date of the receiving full of valid records under the stipulation at paragraph 11 This, the State Securities Commission decided to end the branch operation and publish this decision on the Commission's electronic information page. State stock.

13. The fund management company branch revoked the decision to approve the establishment in the following circumstances:

a) The company manages to be dissolved, bankrupt, or revoked of the established and operational license;

b) The proposed filing for the establishment of a branch with false information;

c) The target misactivity, not true with the decision-making content of the branch establishment;

d) Do not meet the terms of the headquarters, the equipment that is served for a licensed securities business operation; or does not operate within six (06) months from the date granted the decision to approve the branch.

14. During the maximum maximum period of fifteen (15) days, since the date received by the written notice of the State Securities Commission on the revoked decision approval of the regulatory branch at paragraph 13 This, the company manages the trajectory of the state. It closed its branch and reported the State Securities Commission in accordance with Article 11.

What? 14. Change the name of the company, headquarters, branch headquarters, representative office headquarters, who is represented by the law.

1. The change of the company name; the location of the headquarters, the branch, the representative office of the fund management company must be approved by the State Securities Commission.

2. The recommended profile approx the regulation changes at 1 Article This includes the following documents:

a) The proposed agreement changes to the prescribed pattern at the appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' congress, the board or board member or decision of the owner of the company to own the fund management of the company name; the location of its headquarters, branch, representative office, in accordance with the regulation. at the company charter;

c) The modified rules, the addition of the content related to the above changes;

d) The principle of the principle of lease of the headquarters, branch or decision-making, the headquarters of the owner; accompanying the document confirming ownership or the right to use the premises of the lease or owner and the owner of the headquarters matter, branch.

3. The State Securities Commission examines the headquarters of its headquarters, branch headquarters before deciding to approve.

4. The prescribed profile at paragraph 2 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

5. During the fifteen (15) days, since the date received full validity of the specified valid profile at paragraph 2 This, accompanied by the basis of the physical base test (in case of a change of headquarters, branch headquarters), the State Securities Commission issued paper. Permission to regulate the established and operational permits, which regulates the decision to approve the establishment of the branch, the representative office. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

6. During the time of seven (07) days, since the day of changing the representative under the law, the fund management company must recommend the State Securities Commission to amend the established and operational license. The profile includes the following documents:

a) The proposed revision of the license to establish and operate according to the prescribed pattern at the appendix 05 issued by this message;

b) The meeting and resolution of the shareholders ' assembly and board, or board member council or decision by the owner of the company to manage the fund on changing the representative under the law, in accordance with the regulation at the company charter;

c) The personal profile of the representative under the newly appointed law.

7. A specified file at paragraph 6 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

8. During the year (05) the day of work, since the date received full of valid records under the provisions at paragraph 6 This, the State Securities Commission granted the license to regulate the established and operational permits. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

What? 15. suspend operations, suspend operations, revoking the established license and operation of the fund management company, ...

1. The company manages the suspended fund operating in the following circumstances:

a) forced to suspend operations due to the unrecituation of special control under the rule of law on financial safety and loss of under fifty percent (50%) of the charter;

b) voluntarily suspend operation, with the condition that liquorated all economic contracts related to the business business business.

2. The maximum active time period is two (02) years. Too long, if the company does not meet the provisions of the law on financial safety only (for the specified case at the point of a 1 Article) or does not restore activity (for the specified case at the point b 1 Article), the Commission said. The State Securities Board revoked the establishment and operation of the State Securities.

3. In the fifteen (15) days from the day the State Securities Commission has the text requiring a suspended operation by regulation at the point of a 1 Article, the fund management company must complete the suspended procedure operating with the tax authority and other related agencies. related and implementing information published information on the fund management company's electronic information page, the State Securities Commission and the Stock Exchange of the Time of Operations; comply with the regulations at paragraph 11 This and conduct the procedures. to handle the contracts that are valid in accordance with the regulation at point a, b, d, e, and e paragraph 14 This.

4. A temporary shutdown of activity at the point b 1 This must register with the State Securities Commission. Active temporary registration records include:

a) The registration is suspended in accordance with the prescribed pattern at Annex 23 issued by this message;

b) The meeting and resolution of the shareholders ' congress, the member council or the decision of the owner through the cessation of operations;

c) The liquoration of contracts that are valid for the corporation or the valid documents that confirm the company has completed the delivery of the property, which is responsible for managing the trust assets to the fund management company.

5. The prescribed profile at paragraph 4 This is established as one (01) the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

6. During the fifteen (15) days from the date of receiving the full record and valid by regulation at paragraph 4 This, the State Securities Commission decided to agree to allow the company to manage the cessation of operations. The case of rejection of the State Securities Commission must respond in writing and specify the reason.

7. The fund management company is responsible for reporting and sending the State Securities Commission of documents to the headquarters, facilities, business employees according to the relevant regulation at the point of d and point g 1 Article 5 This information, ensuring the provision of regulation at paragraph 1 and 1. This is two of these three things before the company restored it.

8. The fund management company is suspended operating in the following circumstances:

a) The filing of the offer, which regulates the form of the establishment and operation with false information;

b) The fund management company does not rectify the special control status after the statute of law on financial safety and has a gross loss of from fifty percent (50%) of the rate of return or no longer adequate response to the provision. business capital;

c) The target misactivity, not true of a licensed securities business transaction;

d) Not to maintain the regulatory license conditions established and operate under the regulation at Article 62 of the Securities Law;

Arbitrary, the level of violation by regulation at paragraph 2 Article 119 The securities law; or violating other laws that result in the failure of the trust client's property without remediation, compensation to the trust client. request of the authority to be competent; or violate the provisions of the law at the same time not to implement the requirements of the competent state governing body and to deliberately evade, obstruct the trial, do not rectify the conduct of the violations under the rules of the law. the law.

9. The deadline for suspension of maximum activity does not exceed sixty (60) days (for specified cases at point a, c, d paragraph 8 This) and does not exceed six (06) months (for the specified case at point b 8 This Article). The deadline for suspension of operations against the specified case at point 8 This is done by law on the processing of administrative violations in the securities sector and the stock market.

10. In the time of fifteen (15) days, since the State Securities Commission has decided to suspend operations, the fund management company has a responsibility to inform clients about the suspension of the operation; conduct the order, the procedure for the opinion of the congress. Investors, the shareholders of the investment firm, the hedge fund clients, the securities investment firm, the securities investment firm, the investment management contracts; take the opinion of the alternative fund management companies (if any).

11. During the pause, suspended operation, the fund management company must comply with the following regulations:

a) Not to be signed, signing long-term investment management contracts, investment advisory contracts and economic contracts with new customers, new partners; no further funding from current trust clients;

b) Do not raise capital to raise new funds, the new stock investment firm; not raise the charter capital for the fund, the stock investment firm currently manages;

For investment management contracts in effect, funds, securities investment firms are operating, the fund management company is only made of transactions after the approval text of the trust client or the delegate customer representative (the commission is authorized). Once. The trust client is responsible for the authorship of the fund management company to carry out these transactions.

c) Not to be paid dividends, allocate profits; do not transfer unsecured debts into secured debt by its assets; do not buy fund shares, buy back part of the donation; do not add branches, representative offices, open up, etc. the operational venue, the addition of a stock business, is not part of the capital, investment in the subsidiary, joint venture, link; not implementation of business activities and investments that need the approval of the State Securities Commission in accordance with the company. the rule of law;

d) Compliance of securities law regulations on portfolio management activities, fund management, securities investment firms; guarantee the legal rights and benefits of the trust customer and are fully responsible for the asset-mandated property transactions in the United States. The rules of the law.

12. The fund management company is revoked of the established license and operations in the following cases:

a) Not to conduct a licensed securities business transaction in the twelve-month (12) month term, since the date of the establishment and operation granted;

b) No remediation of the violations led to the suspension of the operation, suspended operations for a period of pause, suspension of regulation at paragraph 2 and paragraph 9;

c) The company dissolved, bankrupt, or was merged, merged;

d) Other cases by regulation of administrative violations in the field of securities and stock markets.

13. During the thirty (30) days, since the date was forced to revoking the license by regulation at paragraph 12 This, the State Securities Commission has the text asking the company to manage the termination of the licensed operations to carry out the paperwork recovery procedure. It ' s the creation and the operation.

14. Since receiving the work of the State Securities Commission, the fund management company has a responsibility:

a) Within 24 hours, the publication of an unusual information on the site of electronic information and at the business locations of the fund management company, the Stock Exchange, the Stock Exchange Center on the Revoked Identification and Operations.

b) End of all licensed securities business professions; no new signing, extension of economic contracts, unless that case is intended to end the company's operations;

c) The complete termination of the transaction and management of assets, investment securities consulting in all forms for the clients and partners;

d) In the time of fifteen (15) days, the fund management company sent the State Securities Commission to report on the following content:

-Details of the portfolio of each trustee of the portfolio management, have the confirmation of the stored bank by the prescribed pattern at the appendix 08 issued by this Information;

-Details of the portfolio of funds, the securities investment firm that the company is managing, has the confirmation of the storage bank, the supervising bank;

In the forty-five (45) days of the day, since the date of receiving the text of the State Securities Commission, the fund management company is responsible:

-Inform and take the opinion of the trustee, the investment house, the shareholders ' assembly of the securities investment firm.

-Execute all investment portfolio accounts (closed or transferred); transfer of all amounts of money and securities to the trust customer at the instructions of the trust customer;

-Implementing the handling method was commissioned by the customer, the fund's investor congress, the shareholders of the shareholders to invest the securities through; contract liquors, the board of responsibility for the replacement fund management company or the hedge fund management company. the following merge, merge;

-The organization of the shareholders ' assembly, the board of members, takes the owner's opinion on the corporate dissolution or corporate bankruptcy;

e) During the sixes (60) days, since the date of the publication of the State Securities Commission, the fund management company must report the State Securities Commission on treatment of the treatment, the completion of all rights, the obligation to administer the property to the government. The replacement fund management company and the accompanying contract bar:

-A contract liquefing contract with each trustee customer; or contract on the delivery of the rights, the responsibility of managing the portfolio of the trust customer for the replacement fund management company (signed three parties between the trust customer and fund management companies);

-Report on the delivery of the authority, responsibility for the management of the fund, the securities investment firm with the regulatory fund management firm;

-Report on the treatment of a disputed property (if any) arise from licensed securities business enterprises.

15. During the year (05) of working days, since the date of the receiving report stipulated at the point of E 14 This, the State Securities Commission has a written request for the company, the parties involved conducting an dissolution of the dissolution, bankruptcy of the company according to the law. the corporate law, the law of business bankruptcy and related regulations in this Information.

16. In the time of seven (07) working days, since the completion of the dissolution, bankruptcy of the company, the law management firm of the fund management company is responsible for sending the original license to the foundation and operation of the fund management company and the entire profile, financing. In relation to the dissolution, bankruptcy of the company to the State Securities Commission. During the period of seven (07) days of work since the date of the receiving of valid records, the State Securities Commission decided to revoking the established and operational license.

17. The State Securities Commission is responsible for announcing the suspension of operations, suspension of operations, the recall of the establishment and operation of the fund management company on the electronic information page of the State Securities Commission.

What? 16. Trading and activities must be approved by the State Securities Commission.

1. The transaction that changes the rate of ownership below in the fund management company must be approved by the State Securities Commission, unless the fund management company is a public company:

a) The transaction is from ten percent (10%) to capital; or

b) The transaction results in the ownership rate of the shareholder, which contributes to or down to 10%, 25%, 50%, 75% of the management capital.

2. The fund management company is a public company, if the transfer to the party receiving a transfer of ownership from 25% returns to the number of voting shares of the fund management company, the recipient of the transfer must be done according to regulation. The law of greeting the public company's stock.

3. The parties to the transaction under the stipulation at paragraph 1 This must pass the fund management company filing a proposal for the State Securities Commission approved of the transaction including:

a) The proposed license agreement with the prescribed pattern at the appendix 05 issued with this message;

b) The principle contract between the parties involved;

c) The documents are related by regulation at the point of e, g paragraph 1 Article 5 This message, which guarantees the recipient of the transfer to meet the conditions specified in this Article 4.

4. The company manages to fund representative offices abroad, overseas branch, investment abroad which must be approved by the State Securities Commission on the basis of meeting the following conditions:

a) Being approved by the great shareholder, council of membership or owner for the establishment of a representative office, branch, investment abroad;

b) The provision of financial safety after subtracing the branch of the branch, the cost of establishing a representative office abroad, which invested abroad;

c) Ensure that the maintenance of the equity after subtracing the capital to the branch, the cost of establishing a representative office abroad, which invested abroad must be greater than the capital.

5. The proposed filing for the establishment of representative office, branch, foreign investment of the fund management company includes the following documents:

a) The proposed consent paper to establish a representative office, branch, investment abroad according to the prescribed form at appendix 05 issued by this message;

b) The meeting and resolution of the general assembly, and the board of directors or council members, or the decision of the owner on the establishment of the representative office, established the branch, the investment abroad in accordance with the regulation at the company charter;

c) The operational methodology, investment abroad, includes capital expected investment, investment capital, transaction partners (if any), investment sector, content and scope of operations, business operations planning, and other information if relevant for three years or so on. Yeah.

6. The specified profile at paragraph 3 and paragraph 5 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

7. During the time of seven (07) days, since the date of receiving a valid valid filing by regulation at paragraph 3 and paragraph 5 This, the State Securities Commission decided to approve the fund's recommendation. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

8. During the year (05) days of employment following the completion of the regulation transaction at 1 Article, the fund management notified the State Securities Commission of trading results, the post-transaction ownership rate.

9. In the fifteen (15) days, since the day the foreign authority has allowed the establishment of a representative office, branch or approval of a foreign investment project, or approval to allow an end to representative office activity, branch, branch, etc. the fund management company must notify the State Securities Commission. The notification profile includes the following information, the following document:

a) Information on the headquarters, personnel of the representative office, branch, capital value attached to the approved text of the competent state governing body of Vietnam in the field of investment and foreign exchange management;

b) The document, the filing for the state governing body abroad, accompanied by a valid copy of the license, approval text, or equivalent document provided by the governing body in the foreign country.

10. The document in foreign language made in accordance with the provisions at paragraph 2 Article 5 This message.

Section 3

RESTRUCTURE THE COMPANY

What? 17. General regulation of merger, merger of the fund management company

1. The merger, the merger must secure the following principles:

  1. Merger, merger; merger, merger, merge contract, merger must be approved by the great shareholder, council of membership, equity;
  2. The rights, the obligation to be resolved under the agreement between the parties concerned in accordance with the principle of voluntary and consistent with the rule of law;
  3. It does not affect the rights of the customer and its creditors, including the master;
  4. Information about the merger process, the merger must be provided to the shareholder, the component that contributes a full, timely, accurate manner;

The company ' s fund shares are merged, the merged must be rescinated;

e) The fund manages the following merger fund, merging the conditions under the provisions at paragraph 1, 2, 3 Article 3 This message;

g) The merger, the merger of the fund management companies is that the public company must comply with the provisions of the relevant law (if any).

2. In the merger process, the merger, the fund management company, board of directors or board members, the board of control (if any), the executive board is responsible:

a) To ensure the safety of the company's assets, not to be hidden, to pipe down the company's assets under all forms and be accountable to the law on unhanded outlaw matters;

b) Companies that manage the merger of the merger, the merger has the right, responsibility for its entire rights and obligations until the company manages the foundation after merger, receiving the merger granted, regulating the established and operational license;

c) Compliance with the provisions of the law on the publication of information on the stock market.

3. The shareholder is opposed to merging, the merger has the right to ask the company to manage the stock acquisition fund. The purchase price follows the agreement between the two parties on the basis of a net asset value on a stock at the time of the acquisition. The credentiholder has the right to ask the firm to fund the return of the loan when it is most integrated, merged. The above requirements are established in writing, which states the name, the address of the shareholder, the capital member, the creditholder, the amount of shares, the capital value, the loan value and must be sent to the company in the thirty (30) days, since the date of passage. Merger, merger.

4. Companies that manage the merger of the merger, the merger has a written notice or offer the competitive management body that allows for an exemption for the merged case, the merger is not prohibited under the rule of competition law.

What? 18. Presentation, merge procedure, merger

1. The fund management company does the merger, the merger must be approved by the State Securities Commission. The record offer to merge, the merger includes:

a) The proposed merger paper, the merger of the prescribed pattern at the 12-issued appendix accompanied by this message;

b) The publication and resolution of the great shareholder assembly, member council or owner of the merged companies, merged to merge, merge;

c) The merger method, the merger has been incorporated by the shareholders, the board member or the owner of the merged companies, the merger through the inclusion of the prescribed content at appendix 19, 20 issued by this message;

d) The principle of the principle of incorporation, the merger of the prescribed pattern at appendix 17, 18 issued by this message;

The text of the competition management agency on the merger, mergers.

2. The prescribed profile at paragraph 1 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. During the thirty (30) days from the date of receiving the full record, valid under the provisions of this one Article, the State Securities Commission decided to accept the merger, the merger. The case refused, the State Securities Commission responded in writing and stated the reason.

4. In the twenty-four (24) time period, since the merger of the merger agreement, the merger of the State Securities Commission, the companies that manage the merger of the funds, the merger must publish information on the merger, the merger according to the regulatory content. at appendix 14 issued this message on the company's electronic information page.

5. After the completion of the merger, the merger, the fund management company must submit the filing of the State Securities Commission offering the establishment and operation of the incorporated firm, which regulates the established and operating permits for the company to receive the merger. The profile includes the following documents:

a) The proposed template for the prescribed pattern at the appendix 12 issued by this message, accompanied by the authorized text of the merged companies, merged to represent the proxy representation of the legal procedures relating to the merger, the merger;

b) The original version of the established and operational licenses of the incorporated companies, merged;

c) The first implementation of the results of the implementation, the merger of the prescribed form at the number 15 appendix issued by this message;

d) The merged company charter, mergers;

Opinions of the consulting organization (if any);

e) A shareholder list, a member of the company's capital prior to and after the merger, the merger of the prescribed form at appendix 13 issued by this message and the prescribed documents at the g 1 point 1 Article 5.

6. The prescribed profile at paragraph 5 is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

7. During the thirty (30) days, since the date received full profile under the stipulation at paragraph 5 This, the State Securities Commission grants the establishment and operation of the incorporated firm, which regulates the established and operational permits for the company receiving the certification. merged. In the case of rejection, the State Securities Commission must respond in writing and specify the reason. The date of the creation and operation date, the valid adjustment permit is the most effective date, the date of the merger.

8. The merged fund management company, the merger must publish information about the established and operational permits and the operating system operating under regulation at Article 66 of the Securities Law.

9. After the merger date, mergers, mergers, mergers must be responsible for the entire rights, the obligation to the fund management firm to the following merger, the merger. The company manages the combined form of funds, inherits all the rights and obligations of the merged fund management companies, merged.

What? 19. The procedure, the procedure conversion procedure

1. The fund management company performs a transformation of the company that must be approved by the State Securities Commission. The profile offers to approve the transformation of the company type including:

a) The proposed license to convert the type of company type by a prescribed pattern at the 12-issued appendix to this message;

b) The meeting of the meeting, the resolution of the shareholder assembly, the member council or the decision of the owner on the conversion of the company type and inclusion of the content under the law of the business; the conversion method has been established by the ancient congress. east, council of members or owners through;

c) The company charter conversion;

d) The original license was established and operated;

The document confirms the capital blockade; the capital agreement (the case of additional release, the sale to the shareholder, the new capital), the transfer contract (if any) and other documents as defined by the corporate law of public conversion activity. Ty.

2. The prescribed profile at paragraph 1 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. During the thirty (30) days, since the date of receiving valid records by regulation at 1 Article, the State Securities Commission regulates the establishment and operation of the fund management company. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

4. The case of conversion has a combination with individual shareholding, selling out the shares to the public or having regulatory transactions at Article 16 of this Privacy, conditions, sequence, procedures that implement the relevant law regulation.

What? 20. Joint regulation on the dissolution of the fund management company

1. The Company manages the dissolution fund in the following cases:

a) End of the activity deadline in corporate charter without renewed;

b) By the decision of the great shareholder assembly, the council of membership, the owner of the company;

c) revoked the establishment and operation of the operation.

2. The fund management company is only dissolved when ensuring payment of all other assets and obligations.

3. Since being dissolved by the State Securities Commission, the owner, council of members, the board of directors is not carried out prohibited activities under the rule of the law of the business dissolution, and directly hosting the financial liquoration. The company, except for the charter of the company that regulates its own liqueit.

What? 21. Instaract, revoking the established license and operation of the fund management company.

1. After the shareholder assembly, the board of members, the owner through the dissolution of the company, the fund management company sent the State Securities Commission to recommend the dissolution. The profile includes the following documents:

a) The proposed dissolution paper by the prescribed pattern at Annex 16 issued by this message;

b) The meeting and resolution of the general assembly of the shareholders, council of members, or the decision of the owner of the dissolution;

c) The treatment of obligations that arise from economic contracts, labor contracts, and a list of alternative fund managers. The method includes the following basic content:

-The timing and method of announcing information, informing the customer, partner on the dissolution of the company; the time of the cessation of money transactions, the customer account balance, partner, owner;

-The deadline, method, contract liquefing procedure, the delivery desk, responsibility for the property of the trust customer to the fund management company, the payment of the debt;

-The deadline, the method of solving the customer complaints, creditors, partners.

2. The prescribed profile at paragraph 1 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. During the fifteen (15) days of work since the date of receiving the full file, valid under the provisions of this one Article, the State Securities Commission approved the dissolution of the company. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

4. During the time of seven (07) days, since the date is approved, the company must:

a) The announcement of the dissolution of the creditors to the creditors, the workers, the customers and the persons with the rights and obligations involved, accompanied by the handling of the handling, the settlement of debt obligations, the property with the person with the rights and obligations involved. The announcement of the dissolution of the dissolution must have the content under the regulation of the law on the business and must be publicly listed at the headquarters and business venues of the fund management company;

b) The dissolution in accordance with the provisions of the law on the publication of information on the stock market.

5. The company conducts its economic contract liquoration and is in effect under the provisions of Article 10; liquoration and distribution of assets to shareholders, members that are contributing to the regulation of the law of the business dissolution. The deadline for handling economic contracts remains in force not to exceed six (06) months, since the date was dissolved by the State Securities Commission. The time of the asset liquation done according to the dissolution method was passed by the grand assembly, the membership council or the owner through, but no more than twelve (12) months.

6. During the time of seven (07) days, since the day of the completion of the estate liquation, full refund of debts, the division of the property to shareholders, the capital member, the company ' s legal representative must inform the State Securities Commission to connect. work that comes with the following documents:

a) Report on the liquing of the company ' s assets, the payment of the debt and the implementation of other property obligations to the creditors, who have other rights and obligations, including financial obligations to the state, tax debts, and debt-based debt. society. The report must be attached to the list of creditors and the amount of debt paid; the shareholder list, the capital membership, the percentage of funds and the amount of money, the volume of assets paid;

b) The confirmed report by the bank of its archives, the supervising bank and the fund representatives, the board of directors of the securities investment firm, the trustee of the contract liquefing, along with the receipt of contract liquors, certificate of the monitoring bank, The deposit bank; documentation of the dissolution of the fund by law on the establishment and management of the securities investment fund.

The foundation, responsibility and portfolio of the fund, the securities investment firm, the trustee for the fund management company, the report must include documents on the negotiating table and obligations to the trust customers for the company. The replacement fund management company is confirmed by its supervising banks, old and new storage banks;

c) The list of workers and the rights of workers has been resolved;

d) The confirmation paper of the tax authority on the completion of tax obligations; the certificate has submitted the seal of the competent authority; the original license to establish and operate the company and the revised, complementary.

7. The record results report is established as one (01) of the original set with an electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

8. During the time of the year (05) days, since the date of the receiving full of valid records by regulation at paragraph 6 This, the State Securities Commission is responsible for publication of information on the dissolution, revoking the establishment and operation of the fund management company. on the electronic information page of the State Securities Commission.

9. Member of the board or board member, the board of control (if any), the executive board is responsible for the integrity, the accuracy of the corporate dissolution record. The case of the specified dissolution case at paragraph 1 and paragraph 6 This has no accurate information, the false document, then the individuals on the right of the federation pay the payment of unpaid debt, the unsubmitted tax and the rights of unsolved workers. decision and taking personal responsibility before the law on the consequences of those resulting in the period of three (03) years, since the date of filing a possible outcome of the dissolution of the State Securities Commission.

10. In the course of the dissolution, the liquing of the contract, the hand of the contracts and the validity of the fund management company to replace the following principles:

a) For a business of securities investment consulting: the company manages the fund management of securities investment advisory contracts in the time of six (06) months, since the date approved dissolution;

b) For portfolio management business:

-In the thirty (30) days from the date of the dissolution of the dissolution of the State Securities Commission, the fund management company dissolved the assets to the customer under a written request; stop trading/sell the stock; stop dealing with it. Client's withdrawal/payment. Then the balance of the balance and property of each of the customer trusts;

-Slowly at the time of the year (05) the day of work, since the day the balance of property assets, the fund management company must report the State Securities Commission on the portfolio of each customer; the announcement and sending the portfolio account of the portfolio to each individual. I'm sorry, my client A copy of the trust portfolio account of each customer must be confirmed by the bank for the amount of money and stock available in the trust portfolio at the deposit bank. The announcement to the trustee must have a proposal for the replacement fund management company; guide the transfer of assets and delivery rights, responsibility for the customer to the replacement fund management company; or propose a portfolio of investment portfolio; or to the customer. return property to self-managed customers;

-Since the date of the balance of money, the securities of the portfolio management account, the storage member does not execute the transaction command, the fund management company 's payment directive to the customer' s assets, unless the case is a semi-liquing transaction, delivery. service to implement the ownership of the customer or the transaction according to the customer's written requirements and instructions;

-After sixty (60) days from the date of the dissolution of the dissolution of the State Securities Commission, if the customer does not self-choose the replacement fund management company or ask for an investment portfolio, the fund management company moves the entire property, client's money to the account of the trust portfolio of the fund management company replaced by the company.

c) For the fund management business:

-The fund management company has to take up the investment investor opinion of the fund, the company 's shareholders' shareholders ' s shareholders of the fund to replace the fund management company. In the event that the fund management company is dissolved and the investor's congress, the shareholders of the shareholders, are not self-agreed, unified by the fund management company, then liquing, dissolving the fund, the securities investment firm under the rule of law. The foundation and management of the securities investment fund.

-The delivery of the rights, the obligation to the fund, the securities investment firm to the fund management firm that replaces the implementation by regulation at this b point and Article 27 of this.

d) The dissolved fund management company must pay for damages to customers in the event of money, the customer 's assets are lost during the company' s dissolution by regulation at the fund charter, the stock of securities investment firm, the nominal management contract of the company. section. In the absence of this regulation, the customer has the right as a creditless creditholder. The compensation level must be made in accordance with the same rate as for other unsecured creditors;

In the course of the dissolution, the fund management company continued to implement a reporting obligation on portfolio management activity, regulatory fund management at Article 32 of this and the provisions of the law on the establishment, management of securities investment funds, and the management of the fund. according to the information about the progress of the contract liquoration, the return of the property to each of the trustees and the negotiating table, and the responsibility for the fund management company.

11. During the time the company is doing its dissolution, the individual, the relevant organization has the right to have the right to file a court with the authority to ask for an opening of bankruptcy proceedings against the company in accordance with the law of bankruptcy law.

What? 22. The adjustment, reduced capital charter management company

1. The increased capital charter of the fund management company implemented in accordance with the regulation of the law on business and assurance:

a) Compliance on the regulations of the sale, the release of the securities to the public; hello, the individual release in the event of increased capital by the form of sale, release;

b) There is sufficient source of capital to be made from undistributed profit after undistributed tax on the latest fiscal report audits or accounting and the latest quarterly financial report in the event of an increase in capital by equity release to pay dividends to shareholders. Now, there ' s an option, it ' s going to be a stock option.

c) There is sufficient funding from: capital surplus, development investment fund, undistributed profit after undistributed tax, another fund (if any) is used to supplement the regulatory capital under the rule of law on the latest financial statements that has audits or examined and the latest quarterly financial reporting in the case of a stock release to increase equity from the equity source;

d) Shareholders, capital members, holders of sufficient financial competabilities for additional financing in accordance with the provisions of this Article 4 Article 4 or the implementation of the transactions under regulation at 1 Article 16 of this.

2. Prior to the implementation of the charter capital increase, the fund management company must report the State Securities Commission. Report records include:

a) The announcement of the fund management company ' s charter capital;

b) The meeting and resolution of the general assembly of the shareholders, board of directors or council members, or of the owner of the company on increased capital;

c) The capital increase, which includes information on capital increases, capital increases form; capital scale increases; capital resources; equity rates; equity share value added to additional or number of shares, the value of the capital that contributes to new capital contributions; time It ' s expected.

d) List of shareholders, members that have been associated with relevant documents as defined at the point of e, g 1 Article 5 of this, guarantee shareholders, members to meet the regulation at this point of 1 Article.

3. A specified profile at paragraph 2 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

4. During the period (07) days, since the date of receiving full records, the stipulation stipulated at paragraph 2 of this, the State Securities Commission has the opinion of responding in writing to the fund management company's capital. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

5. During the time of seven (07) days, since the date of the completion of the capital increase, the fund management company sent the State Securities Commission to report a capital increase. Report records include:

a) The proposed revision of the license to establish and operate the fund management company according to the prescribed sample at the appendix 05 issued by this message;

b) The summary report on increased capital results;

c) The identification of a blockade of capital at the commercial bank under the designation of the State Securities Commission (in the case of a capital raising from the shareholder, member of the capital);

d) The structure of the company that owns the company before and after the capital gain.

6. The prescribed profile at paragraph 5 is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

7. During the time of seven (07) days, since the date of receiving full records, valid under regulation at paragraph 5 This, the State Securities Commission regulates the creation permit and works for the fund management company. A regulatory permit must specify a charter capital prior to the adjustment and capital after adjusting the portion of the contribution or the return entity.

8. During the time of the six (06) months, since the date of the fiscal report of the year has been audits, the fund management company must increase capital as the equity is lower than the capital, ensuring that the equity is not lower than the capital.

9. The case does not meet regulation at paragraph 8 This, the fund management company is not raising funds, the securities investment firm; the increase of capital regulation for the fund closed, the membership fund, the investment securities firm; the branch, the office. Representative, foreign investment, and business supplement.

10. The fund management company is a holding company, LLC's two-member LLC is reduced to charter capital through the form of stock acquisition, which contributes to shareholders, members. Shares, which contributed to shareholders, members after the acquisition to reduce the charter must be culled soon after full payment for shareholders, which contributed to capital. Conditions, procedures, procedures, stock acquisition records, the portion of which contributed to a reduction in the regulatory capital practices at Article 23 of this and the relevant regulations of the law on the acquisition of the company's fund shares.

11. During the ten (10) days, since the date of the completion of the stock acquisition, which contributed to the reduced capital, the fund management company must send the State Securities Commission to report the results of the stock acquisition, the portion of which contributed and the offer to modify the license. It ' s established and works. Report records include:

a) The proposed revision of the license to establish and operate the fund management company according to the prescribed sample at the appendix 05 issued by this message;

b) The list of shareholders, members of the stock sale, which contributes to the company according to the provisions of the number 13 appendix issued by this message.

12. The prescribed record at paragraph 11 This is established as a (01) the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

13. During the time of seven (07) days, since the date of receiving full records, valid under regulation at paragraph 11, the State Securities Commission regulates the creation and operation of the fund management company. A regulatory permit must specify a charter capital prior to the adjustment and capital after adjusting the portion of the contribution or the return entity. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

What? 23. Fund shares

1. The fund management company in the form of a stock company acquired no more than 30% of the total share of the common stock sold as fund shares (later called a fund stock purchase). The fund shares are not received dividends, in money and by stock; do not enjoy the priority in capital increase releases, including the release of capital increases from the equity source; there is no voting rights.

2. Unless the case of acquisition of shares by regulation at Article 90 Enterprise Law; acquisition of odd shares according to the stock release method to pay dividends, release shares from the equity source, the purchase of the fund management company ' s fund shares must meet the shares. condition below:

a) The decision of the general assembly of shareholders through to the case of acquisition of over 10% of the total share of the common stock or above 10% of the total dividend preferable shares issued; or the decision by the board of directors through to the acquisition case is not too much. 10% of the total stake in every 12 months or no more than 10% of the total share of dividend incentives issued in every 12 months.

Where the fund management company is a public company, the purchase of the fund shares leads to the number of funds that are reached from 25% or more in the total number of shares in circulation, making a public offering in accordance with the regulation of the securities law.

b) The base on the latest financial statements audits or regulated by regulation, there is sufficient capital to buy fund shares from the following sources: equity surplus or investment fund developed or profit after undistributed tax or equity source. other than to be used to buy fund stocks by law.

Where the fund management company is a parent company, the company must ensure that there is sufficient source of ownership and use of the parent company on the merged financial statements audits, or regulated by regulation;

c) There is a method to buy a fund stock that has been approved by the shareholders or board of the board, which states the reasons for buying, buying, price, or principles that determine the price of purchase, subject to purchase, share share of purchase compared to regulatory capital, procedure and time. transaction execution, time payment time for shareholders, expected hold time;

d) The ratio of capital to be available after purchasing a fund stock reaches a minimum of 180% or more and the equity after purchasing fund shares is not lower than the capital capital.

3. The fund management company must report the State Securities Commission prior to the implementation of the fund stock purchase. The report records include the following documents:

a) The announcement of the purchase of the fund shares, which specifies the purpose of trading, the time of execution, the number of fund shares and the fund share rate expected to acquire, the source made, the principle that determines the price or the implementation price;

b) The meeting and resolution of the general assembly of shareholders through to the acquisition case over ten percent (10%) of the total number of shares of common or above ten percent (10%) of the total share of the issued dividend issued, or of the board of information. For the acquisition case of no more than ten percent (10%) in every twelve (12) months of the total common stock or no more than ten per cent (10%) in every twelve (12) months of the total preferred dividend issued;

c) The board of meeting and resolution of the board through the method of buying the fund shares.

4. A prescribed profile at paragraph 3 This is established as a (01) the original set with an electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

5. During the time of seven (07) days, since the date of the full record, valid under regulation at paragraph 3 This article, the State Securities Commission sent public notice of the full document reporting the purchase of the fund shares under the rule of law. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

6. The deadline for purchasing a maximum fund stock does not exceed thirty (30) days. The fund management company was not changed and had to follow the fund-stock exchange plan that had already been passed by the shareholders ' assembly, the board of directors. The case is not implemented, it has to take back the opinions of the Eastern Council, the board of directors. In the ten (10) days from the completion date of the purchase of the fund shares, the fund manager notified the State Securities Commission of the transaction results, accompanied by a list of shareholders selling shares to the company, the number of shares sold under the prescribed pattern. The number 13 appendix issued to this announcement and the financial safety report after purchasing the fund shares.

7. The fund management company is a public company that has to comply with other relevant regulations of the law on the publication of the information, purchasing fund shares.

8. The fund management company is not buying fund shares in the following cases:

a) Being in debt overdue on the basis of the latest financial report audits or censure;

b) Are in the process of welcoming the stock to raise additional capital;

c) The company shares are subject to public offering;

d) Made the purchase of fund shares within six (06) months, excluding the following cases: acquisition of shares under Article 90 Enterprise Law, acquisition of odd shares according to the stock release method to pay dividends, release shares from the equity source;

Purchasing fund shares and selling fund shares in the same period;

e) No response to regulation at point 2 This or is in a state of warning by law on financial safety indicators.

9. Unless the acquisition case is made in accordance with the ownership rate of each shareholder or case the company makes a public offering to the stock that has issued, the company is not buying a fund stock from the following subjects:

a) Member of the board of directors, the board of control (if any), the executive board and the relevant person;

b) The owner of the shares is restricted to the regulation of the law and charter the fund management company;

c) The large shareholder is prescribed at the Securities Law.

Regulation at point a and this c point does not apply to the case the fund management company has a listing stock, registering transactions on the Stock Exchange of the Stock Purchase in accordance with the method of joint command.

10. The fund management company is sold a fund shares when responding to the following conditions:

a) The fund shares are only sold after six (06) months from the date of the end of the nearest fund stock purchase, unless the fund stock is sold or used as a reward stock for workers in the company;

b) There is the decision of the board through the sale method, which specifies the time of execution, the principle of valuation;

c) The case of sale of the fund shares in the form of a sale of securities to the public, the firm that manages the fund implemented by law on the sale of the securities to the public. The case for the sale of the fund shares is preferable to the specified objects at the point a and point c 9 This, which must be passed by the general assembly of the shareholders, the above subjects are not allowed to vote.

11. The use of fund shares to share the existing shareholder, reward workers must be approved by the general assembly and the fund management firm guarantees sufficient capital funding from the equity source of the base on the latest financial report has been raised in the past. is audits or examined from the following sources:

a) Abundance of capital;

b) Investment Fund Development;

c) The post-tax profit is not distributed;

d) The other Fund (if any) is used to supplement the regulatory capital under the rule of law.

Where the fund management company is a parent company, the company must ensure sufficient ownership of its ownership and use on the merged financial statements audits.

12. The procedure, the procedure that reports the sale of the fund shares, uses a fund stock to share the existing shareholder, reward the worker by regulation at paragraph 3, 4, 5, 6 This Article.

Chapter III

FUND MANAGEMENT COMPANY

Item 1

GENERAL REGULATION

What? 24. General Regulation of responsibility and obligations of the fund management company

1. Compact the regulations of the law and charter the fund management company. The management of the trust asset under the regulation at the fund charter, the provision of the securities investment firm, the investment management contract. Adhering to the rules of occupational ethics, voluntary, fair, honest, and for the highest benefit of the trust customer.

2. The fund management company is representative of the trust customer's mandate, on behalf of the fidget customer to exercise ownership over the property of the fidget customer in an honest and careful manner.

3. Except for the open fund, the fund management company is entitled to reward fees in accordance with the regulations at the fund charter, the securities investment firm, the investment management contract. The level of reward guarantees compliance with the following principle:

a) calculated on the basis of the fund ' s annual profit, the securities investment company superior to the reference profit determined based on the rate of market index growth, the portfolio structure and other indicators stipulated at the fund charter, the company said in a statement. Stock investment firm, investment management contract;

b) Must be reduced, or not to be paid if the investment activity in the previous years is lost and the loss is not offset.

4. When managing a trustee asset, the company manages the right fund:

  1. Signing a contract of archipeli or monitoring with the deposit bank for the membership fund, the individual securities investment firm, the mandate portfolio; sign the oversight contract with the supervising bank for the public fund, the investment firm of the public stock; archived from the bank. the entire property that was born on Vietnamese territory and full storage, in time, precisely information about the possession, the origination of legal documents that verify property ownership at the bank of the archives, the monitoring bank;

The investment case sent to the trustee, the fund management company was sent only at the banks in the list approved by the customer; archived from the original or copy of the contract of the deposit, the loan contract, at the deposing bank, the bank. supervising so that these organizations periodically take control of the bank receiving deposits;

Case of investment, capital contributions; transactions of assets, portion of capital, unlisted shares for trust customers; the fund management company must store the origination of contracts, established licenses and operations or business registration certificates (if any), ledons, etc. shareholders or documents that confirm ownership of property at the bank of the archives, the bank oversees so that these organizations periodically take control of the investment organization.

  1. Building information systems management of the trust customers ' accounts at the company secured the principle of independent management and separation of assets to each of the trust customers, separate the company's trust assets and assets; full storage, in time of time. book accounting, certification from transaction and property-related materials and property ownership of the trust customer; fully aggregable, accurate, timely, timely information about the assets of each trustee and the storage site, store of those assets;
  2. Setting up the test mechanism, frequently the three-party control party has the consistency of trust property data on the management customer account system at the company, the property storage system of the trust customer at the bank of the host, bank of the bank. supervised with the organization of its release, the Center for the Archives, the shareholder registry, the project holder, the investment capital organization, the bank receiving deposits. The fund management company is responsible for setting up the mechanism for the bank to register, the supervising bank, directly in the control with the above organizations aimed at testing, monitoring, fully aggregable and accurate information about the registration, registration of ownership and management. The property trusts.
  3. Implement the investment of trust assets under the provisions of the law, stipulated at the fund charter, the provision of the securities investment firm and the investment management contract;

) A Minimum 2 (02) fund operator to manage each fund, each securities investment firm. Those who run the above fund must have a practical experience in asset management activity of at least two (02) years and have not been fined the administrative breach in the stock sector and stock market. Information about the qualifications, expertise, and business management of the fund operator's assets must be publicly available at the prospectate.

5. The company must establish a transaction command allocation process, allocation of transaction assets in a reasonable manner, which is fair to perform transactions for fidget customers and for the company itself. This process must be provided to the trustee, the storage bank, the supervising bank and the unified application. Where the company manages to buy or sell the same asset at the same time for many trustee and corporate clients, the allocation of transactions assets is done in the following priority order:

a) The allocation of the transaction assets to the trustee. The allocation of assets between the trust customers must be fair, in accordance with the company's uniform application allocation process. The asset allocation process must specify the principle of execution, the valuation method, the allocation of assets allocated to each customer object, ensuring consistent with the investment objective, risk acceptance or other criteria under the internal regulation of the company. You know, Ty and I have informed our clients. Where the property is bought or sold at different prices, the fund management company must use the average value of the right to allocate assets;

b) The allocation of assets to the company itself is only made after the full response of asset transactions to the trustee. Where the fund management company knows internal information, or knows the mandate asset transaction may greatly affect the price of a asset type, the fund management company is not traded to the same type of property or disclosed to the third party trading in the property. There.

c) The allocation of assets must be notified to the storage bank, the monitoring bank to execute immediately on the day of the transaction.

6. In the fund administration operation, the fund management company has a guarantee responsibility:

a) Implemectively determining the net asset value of the trustee's portfolio; the net asset value on a fund certificate, stock investment firm shares by the rule of law, fund charter, securities investment firm, contracts, and securities. the investment manager;

b) Set, store and update in time, full and accurate investor registration, shareholder register. The investor registers the investor, the shareholders register to follow the relevant legislation regarding the establishment and management of the securities investment fund, the regulation of the establishment, organization and operation of the securities investment firm.

7. The fund management company is authorized to operate the fund. The commission of operations comply with provisions at Article 26 of this and the provisions at the fund charter, the provision of the securities investment firm.

8. The fund management company is obligated to provide timely, full of necessary information about the trustee client, information on the transaction asset transaction, information about where to store property trusts, other relevant information (if any) and to create any favorable conditions. Necessary for the monitoring bank, the bank is required by the written requirements of these organizations so that these organizations perform the full rights and responsibilities of the trust client under the rule of law. A minimum of one (01) per month, the fund management company is obliged to target the assets of each of the trustees with the supervising bank, the deposit bank.

9. In the fifteen (15) days, since the day the monitoring bank finds out and informed the fund management company on bond asset transactions with the regulation or beyond the jurisdiction of the fund management firm under the rule of law, the regulation of the government. at the fund charter, the investment of the securities investment firm, the investment management contract, the fund management company must cancel the transaction, or implement transactions aimed at restoring the position to the trustee. The fund management company suffers from all costs that arise in relation to these transactions and the losses (if any). In the case of these transactions, the profits must be accounted for by the trustee.

10. The fund management company must build and implement the unified application of career processes, valuation handbooks, accounting policies that fit the regulations of the relevant law and the trust client. The company has to build an internal control process, the ethical code of ethics in detail to each position of work. The regulation of compliance with the corporate ethics of the company is the mandatory provision of the labor contract between the company and the worker in the company.

11. The fund management company must build processes and establish organizational structure, the risk management system in accordance with the company's operating scale, the type of fund, the securities investment firm, and the customer object that he is managing. The risk management system has to be based on policies, the governance risk management process that is consistent with the Vietnam market conditions, ensuring full identification, determining the underlying risk scale in corporate operations, risk and risk-making. Underlying the business processes, the company's system, the underlying risk in the portfolio of every trustee customer. Depending on the type of risk, the complexity level of the investment assets and the requirements of the trust customer, the company must give the appropriate level of risk acceptance. In detail, the risk management system performs in accordance with the additional guidance of the State Securities Commission.

12. The fund management company is responsible for compensated the losses caused by employees of the trust, the incident or the error of the company 's technical system and the company' s career process or the fund management company does not take the right obligations under the rules. the law of law, regulation at the fund charter, the provision of the securities investment firm, and the investment management contract. The compensation for the open fund, the investor in the open fund implemented by law on the establishment and management of the open fund and agreement between the parties involved. The compensation for the closed fund, the membership fund, the securities investment firm, the other trustee's clients implement the agreement between the two parties involved.

13. The fund management company must buy occupational liability insurance for business employees (if necessary), or to extract the risk reserve fund under the rule of law in order to pay damages to the trust customers in the case of regulatory regulations. At the 12.

14. The fund management company is responsible for implementing, requiring distribution agents, organization to provide construction related services, set up system and organization implementing the aggregation process, identify the customer in accordance with the laws of the law on their own. prevention of money laundering and regulations of the law of the brokerage, the exchange of securities.

15. The fund management firm guarantees the investment of the assets of the trust client to be individual, foreign organization adhering to the correct regulatory practices of foreign exchange management, the ownership rate at the Vietnamese businesses at the time of the investment.

16. The use of the trust property in Vietnam to invest in securities issued by foreign organizations, the organization is subject to regulation of foreign law, foreign-issued securities and other assets abroad. must comply with the rule of law on foreign investment, foreign exchange management, and related laws. This investment is only made if the fund charter, the stock of the securities investment firm, the investment management contract has the provision of the implementation. Prior to the implementation, the fund management company must be approved by the investment house, the General Assembly, the stockbroker of the investment firm, the trustee, or the commissioner of trustees, and the state governing bodies with the authority to approve. It ' s written.

17. When carrying out the asset transaction to the trustee, the company manages the guarantee fund:

a) For organizations that are the public funds, the investment firm of the public securities:

-Volume or transaction value for the year through a securities company is not exceeding 50% of the total volume or transaction value in the year of that organization; and

-The volume or value of transactions in the year through the securities company is the relevant person of the fund management company, which is not exceeding 20% of the total volume or transaction value in the year of that organization.

b) For other trust clients, the fund management company must comply with the regulation at this point of charge, unless the company has fully provided information about the benefit of the fund management company with the relevant stock company and the associated trust client. The approval is allowed not to apply the above regulations.

18. The fund management company is responsible for security of customer information, information about asset transactions, customer portfolation portfolio, and other relevant information, except for the case of providing information to the State Securities Commission and its governing bodies. The state has jurisdiction over demand.

19. The fund management company must secure:

a) Separate from the headquarters, infrastructure information technology with other economic institutions. Where the company uses the information technology infrastructure of the parent company, the subsidiary or organization that is involved in the use of the devolve and restricting use, ensuring the parent company, the subsidiary or the organization is the relevant person. is not accessible to the computer system, the company ' s database;

b) The separation of the database between the underlying business departments conflicts of interest in the company, including the separation between the management asset management division; the research department, investment analysis and investment execution department. Computer systems and databases are devolve to individual individuals, parts, in accordance with the position of internal control over internal control.

20. In business operations, the fund management firm guarantees:

a) The business capital for financial investment activity must be from equity, not borrowing under all forms;

b) Not to be lent, or the company's capital transactions to the relevant and other organizations, individuals in all forms, except for the case of deposit at the credit organization under the regulation of the bank law, investing in bonds issued in accordance with the rules. The law of the law;

c) Economic contracts, transactions (if available) between the company with the shareholder, a member that contributes to a 35% return of capital, a board member or a member council member, executive board member, a control board member, internal audit department staff. ministry; the relevant person of the above subjects; only executed after the number of shareholders, members that have represented a representative from 65% or more to the sum of the remaining voting votes agree or are agreed by the owner in writing;

d) Are used for legal capital funds, including loans, to invest in real estate with the purpose of use as a working headquarters. In case of not using the headquarters, the fund management company can lease it again;

In the maximum of thirty (30) days, since the date of the completion of the investment in subsidiaries, joint venture companies, links, the fund management company has the responsibility to notify the State Securities Commission on these investment categories according to the prescribed pattern in the United States. It's an appendix 22 issued to this.

e) Do not contribute to the establishment, purchase of shares or part of the funds at the other fund management company, the securities company in Vietnam, except for the following cases:

-Merge, merged; or

-Buy to own or join with the relevant owner not more than 5% of the registered stock of the fund management company, the securities firm that registered the transaction, listed on the Stock Exchange.

21. When the investment capital management of the securities investment firm, the fund management company must guarantee:

a) Under the supervision of the shareholders of the shareholders, the board of directors of the securities investment firm, the bank of oversight and responsibility before the shareholders ' congress, the board of directors of the securities investment firm on the implementation of the rights and tasks. deliver, the regulations at the corporate charter investment firm, the investment management contract;

b) Set up the system, build process and implement risk management in accordance with investment policy and type of investment assets and report of the shareholders General Assembly and board of directors on risk management;

c) Only the investment decisions, the daily investment of the securities investment firm without the need for a decision by the board of securities investment firms, the shareholders of the shareholders ' shareholders of the securities investment firm in accordance with regulations. the corporate charter and investment management contract;

d) Impleming of investment policies, the decision of the shareholders of the shareholders, the board of the securities investment firm under the regulation at the provision of securities investment firms; implementing asset transactions in the scope of investment, the type of financing of the securities. product that is allowed to invest, the volume of transactions and transaction objects (if any) has been regulated at the provision of securities investment firm, the investment management contract;

) recommendations for dividend payments, increased regulatory methods, regulatory capital reduction; the restructuring of the securities investment firm;

e) Sign up on behalf of the securities investment firm under the regulatory authority at the provision of securities investment firm and investment management contracts;

g) execute other rights and duties according to the regulation of the law, the provision of the securities investment firm, the investment management contract and the decision of the shareholders of the shareholders, the board of directors of the securities investment firm.

22. In operation reporting ownership, publish information on trading on the stock market, the fund management company has a responsibility:

a) The fund management company, along with the trustees, complied with the laws of the law on reporting ownership and published information on the applicable securities market for the relevant person, who knew internal information;

b) The obligation to report ownership, publish information that arise since the time:

-The number of shares led by the fund management company (if any) and fidget clients (if any) owns, reaching 5% or more of the total circulating shares of a release organization, or

-The fund management company (if any) is the person who knows the internal information as defined by the securities law;

c) The content reporting ownership, published information, the method of publication of the information implementation under the law of the law on the publication of information on the stock market;

d) Perform other obligations on the reporting of ownership and published information in accordance with the law on the publication of information on the stock market. Where a customer trusts a portfolio of trust assets, the customer is responsible for carrying out the obligation to report ownership, published information under the rule of law.

23. The fund management company is responsible for annual training, training for employees or requiring employees to take part in training courses held by the State Securities Commission (if available), to ensure that the staff team is updated with the skills, the company said. professional, professional, legal knowledge. Information about these activities of the company must be included in the annual operational situation report to the State Securities Commission.

What? 25. Limited to the operation of the fund management company and employee of the fund management company.

1. The fund management company is not mobiling and manages membership funds from thirty-one (31) members that contribute to the return.

2. The fund management company is not the relevant person of the supervising bank, the fund ' s record bank, the securities investment firm that the company is managing. Board member or member council, internal auditor staff, board of control (if any), the president of the company, the executive board, employees of the fund management company are not working in the department of storage, surveillance, and security services. the fund administration at these banks and vice versa.

3. The stakeholders of the fund management company are only traded to the public fund, the stock of the investment firm that the company is managing when the fund is funded, the provision of the securities investment firm stipulated. Unless the case is trading in a public offering or in the course of the sale, the release of the public, these transactions are made through the trading system at the Stock Exchange (for the closed fund, the investment firm investment firm, the company). the real estate investment fund), or in terms of regulation at the fund charter, the prospectate (for the open fund).

4. Fund management, parent company, subsidiary, joint venture firm, associate member, board member, board member, board of control (if any), the executive board, employees of the company are only purchased assets in the portfolio of trustees assets. or sell to the portfolio of the trust client that the company is managing in accordance with the following principle:

a) The transaction in accordance with the method of joint instruction focused implementation through the trading system at the Stock Exchange;

b) The case is that the agreement transaction or transaction assets is not a listed securities, registration of transactions on the Securities Exchange, there must be a written approval of a trustee's client or a mandate client representative for the transaction. Do business. The idea must show approval of the type of transaction asset, in terms of determining transaction prices, transaction fees, transaction partners, or criteria that define the transaction partner, the time of the transaction execution, other conditions (if any).

5. All the securities transactions of the executive board member, employees of the fund management company must report the internal control department before and immediately after the transaction. Personal transactions report must include information on the type (code) securities, quantity, transaction price, total transaction value, implementation time, method of execution, transaction number, stock company, and transaction. The report on personal transactions must be stored and managed to focus on the internal control department and provide the State Securities Commission upon request.

6. Board members or board members, the executive board, employees of the fund management company are not allowed to require, require or receive, under a personal or corporate identity, any compensation, profit or benefit, or any benefit from the board. in addition to the fees and fees that have been specified at the fund charter, the stock investment firm, the investment management contract.

7. In the management asset management operation, the company manages the guarantee fund:

a) Not to use the assets of the fund, the securities investment firm to invest in the fund, the other securities investment firm due to its management;

b) Do not use fidget assets to invest in the public fund, the investment firm of other public securities due to its management, or vice versa. This provision does not apply in the case of the trust client being foreign individual, which organizes 100% of foreign capital and has approved for the implementation of the above transactions;

c) Do not use the assets of the public fund, the public securities investment firm to invest in the fund management itself; not to invest in the organization as the relevant person of the fund management company; not investing in the organization that the board member has. The board member, the executive board member, the employee of the company is the shareholder or member who owns over ten percent (10%) of the charter capital;

The fund management company can use the capital fund, individual securities investment firm, property of the trust investor in the portfolio management operation to invest in the above organizations in the event of the fund charter, which rules the investment firm certification. Individual securities, investment management contracts, which compile a regulated capital agreement that allows the fund management company to make this investment with the appropriate management fee;

d) Do not use fidget assets to lend under all forms, bail out loans in all forms or pay the debt obligations of the fund management company, the relevant person of the fund management company, organization, other individual;

This regulation does not apply in the case of a loan in the form of deposit investments at credit organizations under the regulation of the bank law, or the purchase of bonds issued, the bond exchange by law; or the commissioner of the commission. The falls are foreign individuals, holding 100% of the foreign capital and approved for the implementation of these transactions;

) Do not commit, guarantee the investment unless you invest in fixed-income products, do not sign the investment trust contracts on bonds with interest rates that do not match the market reality and the results of their investment analysis. The company itself; directly or indirectly, partially offset or all of the loss of the trust customer losses due to investment activity; it is not made to make transactions aimed at reducing the profitability of a trust customer to increase the profits of a customer. Other commissions; no contract to be delivered, making deals with unreasonable terms, for no legitimate reason.

8. Unless the case is the merger, the merger of the published organizations, the fund management company is only used equity and capital of trust customers to buy and own (not counting the stock in the portfolio of the fidget customer is the permutation fund). changed the category) on twenty-five percent (25%) of the total circulation of a public company when fully responding to the following conditions:

a) Being approved by the written consent of the trustees or the representative representative of the public offering of public offering, the purchase price, the volume of assets expected to welcome, the formula that distributs the asset after the purchase of the purchase;

b) The fund manager makes a public offering in accordance with the public offering of the law on securities.

9. The fund management company is not authorized, outsourcing organizations on Vietnam territory to provide securities investment advisory services, management of fidget assets.

What? 26. Operations.

1. Except for representative function under the mandate of the trustee client, the fund management company is:

a) Authoritalization of the registered bank, the Securities Contracting Center performs fund administration activities, the transfer agent under the rule of law on the establishment and management of securities investment funds, which determines the net asset value, register manager, and asset management. The investment house, the stockholders of the securities investment firm, exercise the voting rights and the ownership of the trust client; the mandate for distribution agents to provide distributed services to the public fund;

b) Authoritalization of the foreign organization providing consulting services, management, hosting of the assets of the fund, the investment securities firm that is invested abroad in accordance with the provisions of the law.

2. Rules for Regulation at paragraph 1 This must ensure:

a) The authorization and principles of the mandate operation must be regulated at the fund charter, the provision of the securities investment firm, the investment management contract; the basic information on the recipient of the mandate, the scope of operation, function, the mandate of the party to the authorized recipient. must be announced at the prospectate, which provides the trustee. The hedge fund investor congress, the stockbroker of the stock investment firm, has the right to ask the company to manage the fund to change the organization to receive the authorization if it is needed;

b) The commission must have sufficient capacity, system, personnel, experience. For the regulatory activity stipulated at the point b 1 Article, the recipient of a foreign authority must register an operation or be licensed for authorship recognition, while under the supervision of the governing body for the oversight of the financial services in the country;

c) The service provider's service provider must separate from the remaining parts of the party to the authorized personnel organization, the business process system, the reporting system, and approval of the report;

d) The recipient of the authorized authorization to provide the fund management company reporting independent audits to the content involved in proxy activity, which serves for inspection operations, oversight of the fund management firm under regulation at paragraph 3 and paragraph 5. This.

The mandate to operate and the authorized authorities by regulation at the point a 1 Article must be specified at the fund charter, the provision of the securities investment firm, and the publication at the prospectate. The mandate to operate and the authorities under regulation at the point b 1 This must be invested in the investment by the investor, the investment firm of the investment firm, the company of the trust.

3. For authorized activity, the fund management company is responsible:

a) Prior to the signing of the commission ' s use of the authorized party service, the fund management company must evaluate and compile the assessment of capacity and assurance facilities on the recipient of the authorised recipient of facilities facilities, technical solutions, system security, and security. The system, the disaster prevention system, the hot-room system, the business process, the internal control system, the risk management, the experienced personnel and the appropriate expertise to carry out authorized activities;

b) Regular examination, regulatory assurance monitoring has authorized caution, safety, consistent with the regulation of law, regulation at fund charter, securities investment firm, investment management contract, quality assurance, and investment management contract. provide in accordance with the company ' s criteria and requirements and of the trust customer (if available). The fund management company is used for independent consulting, service provided by professional organizations, other legal activities to carry out regulatory responsibility at this point;

c) Maintenance of experienced personnel, expertise, a suitable career for monitoring, identification and effective management of the risks that arise from authorized activity;

d) Set up the system, build up the assurance process at all times the fund management company, the independent audit organization, the State Securities Commission can access the information needed to test, monitor authorized activities, evaluate and manage the functions of the government. risks arise from proxy activity;

The mandate does not reduce liability or change the responsibility of the fund management company to the trustee. The fund management company must fully accept financial and legal responsibility that arise from the mandate, except for legal obligations, the fees that the client directly deals with, the payment to the authorized party on the basis of an investment management contract, the contract. the supervising contract, the contract for the retention, regulation at the fund charter, the provision of the securities investment firm and in accordance with the regulation of the relevant law. The fund management company must guarantee continuity to authorized, uninterrupted activities, and influence investment and service operations provided to the trustee;

e) To provide full, timely, accurate information regarding the recipient of the authorized recipient, in time of all rights, obligations, responsibilities in proxy action;

g) Full, in time, precisely the instructions, the requirements, the text sent to the authorized party to carry out proxy activities; the authorization contract consists of minimum content under the prescribed pattern of the 21-issued appendix issued by this message. under the basis of capacity assessment and facilities. These documents must be provided to the State Securities Commission at the request;

h) In the time of ten (10) days, since the date of the signing of the contract with the authorship to the authorized operations at the point b 1 Article, the company manages the funds informed the State Securities Commission on this authorship, accompanied by documents. confirmed the recipient of the authorized response authority at paragraph 2.

4. Minimum once a year, the fund management company must set up a report quality assessment of proxy activity with the following content:

a) The cost must be paid to the recipient of the mandate over the total cost of operating, profit, the income of the fund, of the securities investment firm and the mandate portfolio;

b) The total cost must be paid to each side of the mandate, including the cost of the mandate operation and the cost of paying other services provided by the authorized party; the total cost rate must pay to each side of the mandate over the total cost of the business. the year of the fund management company;

c) The risk types, the level of risk from proxy activity on trust assets and preventiation measures, manage the risks above;

d) Evaluation of the ability to maintain facilities facilities, technical solutions, systems security, disaster prevention systems, hot backup systems, career processes, internal control systems, risk management, experience, experience, experience, and experience. Appropriate expertise, ensuring that proxy activities are performed all the time, does not affect the investment activity and services provided to the trustee.

5. The reports on the inspection, the monitoring of the execution by regulation at the point b 3 This Article, report the quality of the service of the authorized authorized activity at paragraph 4 This and other related materials must provide the board to the board of directors. or the member council or owner of the fund management company, the fund representative board, the board of securities investment firm, the relevant oversight bank and the State Securities Commission in the thirty (30) days, since the date of the report being president. Yeah.

What? 27. End of rights, obligations to the trustee and replace the fund management company.

1. The fund management company terminated its rights and obligations to the trust customers in the following circumstances:

a) voluntarily termination of the right, its obligations to the trust client under the provisions of the fund charter, the charter of the securities investment firm, the investment management contract;

b) At the request of the investor congress, the company of the shareholders of the investment firm securities, the trust client;

c) Being revoked of the established license and operating under regulation at Article 70 of the Securities;

d) Unity, merged with another fund management company;

The fund, the securities investment firm, the running time, the investment management contract expires.

2. The fund management company must hold an investor meeting, the stockbroker of the stock investment firm, the trustee to take an opinion on the asset processing method and the fund management company substitution in the case of regulation at a point a, c, d a Article 1 Article. Hey.

3. During the fifteen (15) days of day, since the date of the trust client through the attempt to replace the fund management company, the alternative fund management company is obliged to submit the State Securities Commission of the following documents:

a) The proposed termination of the rights and obligations to the trustee and the replacement of the fund management company, signed by the legislation under the law of both fund management companies;

b) The meeting and resolution of the investor's congress, the investment of the shareholders of the securities company, contracts the principle of termination of rights and obligations to the trustee, the contract principle signed between the trust client and the management company. Alternate funds;

c) Asset processing and process transfer process;

d) A principle contract for monitoring, storage and other service provision contracts (if any);

The fund charter, the securities investment firm, the investment management contract;

4. A prescribed profile at paragraph 3 This is established as a (01) the original set with an electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

5. During the fifteen (15) days, since the date of receiving the record, the full, valid provisions stipulated at paragraph 3 This, the State Securities Commission approved the change of the fund management company.

6. During the period of three (03) days, since the date is approved by the State Securities Commission, the replacement fund management company must make the announcement of the announcement of the reception of the trustee asset on the management company ' s electronic information page. The fund and the archives, the surveillance.

7. Rights and obligations to the trustee company of the replaced fund management company only terminated from the time of the completion of the registration, transfer of ownership to the fidget property, the full table of assets, the document that proves ownership, certificate, and book. book, information about trust assets, trust clients for the fund management company. The transfer of the property must be completed by a time of six (06) months from the date of receiving the approved text of the State Securities Commission under the stipulation at paragraph 5. The termination of the rights, the obligation of the fund management company to the trust customer management of the portfolio execution by the stipulation at the b point 10 Article 21 This Information.

8. During the time of seven (07) days, since the day of the completion of the exchange, the company manages the replacement fund sent by the State Securities Commission, which is responsible for the responsibility and assets between the two fund managers. The margin must be delegated by the customer, the representative of the trustee and the stored banks, the monitoring bank confirmed.

9. The replacement fund management company must be fully responsible for its debt obligations, property to fidget customers without fully handing over to the replacement fund management company. In this case, the replacement fund management company is responsible for addressing and remediation of the results that arise in the period of three (03) years, since the completion of the asset delivery for the fund management company is replaced by the stipulation at paragraph 8 This.

10. The trustee is subject to all costs associated with replacing the fund management company in the case of regulation at the point b 1 This Article. Other cases follow the agreement between the two parties.

Item 2

FUND MANAGEMENT BUSINESS

What? 28. Make a fund, dissolve the fund under foreign law

1. The fund management company is raised in foreign capital to register a fund under foreign law.

2. During the thirty (30) days, since the date of the completion of the foundation of the foundation, the foundation of the fund with the governing body of foreign authority, the company manages the funds informed of the State Securities Commission and sent with the following documents:

a) A valid copy of the certificate of solicitor sales, the registration of the fund by foreign law or equivalent documents; or documents that confirm the dissolution of the fund by the governing body of the foreign country;

b) A valid copy of the registration of a fund to form a fund, the dissolution of the fund is filed under the requirements of the governing body of foreign authority including the meeting of the meeting, the investment house resolution or the fund representative or the fund's equivalent of liquing, The foundation.

3. The fund managed by the fund management company in the country outside the investment in Vietnam must comply with relevant regulations applicable to foreign investors. The sale of foreign-established funds in Vietnam has to comply with the securities sales regulations of the country's overseas release.

What? 29. Make up the fund, manage the fund under Vietnamese law

1. The fund management company is raised capital, in and out of the country, to establish stock of securities investment funds, including securities investment firms, according to the regulation of securities law.

2. The fund management company was established, managing the real estate investment fund when a minimum of two (02) employees fully meet the following conditions:

  1. Regulation at point a, b paragraph 5 Article 9 This message;
  2. There is evidence of only real estate pricing as a rule of law in real estate business and has at least two (02) years of real estate price appraisal experience at real estate business organizations, the business of real estate services, businesses and businesses. price appraisal; or
  3. There is an appraisal card in terms of price; or have competed in several disciplines of the appraisal examination of the price included: the basis of price formation; the principle, the price appraisal method; the estate price appraisal and the value of enterprise value.

3. The establishment, procedure, procedure, filing and operations manage securities investment funds implemented by law on the creation and management of the securities investment fund.

Section 3

PORTFOLIO MANAGEMENT BUSINESS

What? 30. Investment portfolio manager and investment management contract

1, the fund management company provides an investment portfolio management service for a trustee on the basis of a contract investment management contract with the customer. The case of a trust client is the organization, the investment management contract must be signed by the representative in accordance with the law of the customer, or the delegate under the authorship of the authorized authorized text under the rule of law.

2. The investment management contract must be stored at the corporate headquarters and provided to the State Securities Commission at the request. The investment management contract must include the prescribed basic content at the appendix 06 issued by this message and must ensure:

a) There is no provision to facilitate the fund management company that may evade the liability liability obligation to the customer, in the case of the company's fault or due to the company's intentional misconduct;

b) There is no provision to limit the scope of the compensation, the financial responsibility of the company to the customer for which there is no legitimate reason; or transfer the risk to the customer in the case of the company ' s fault or due to its intentional misconduct. company;

c) There are no unfair treatment provisions for the customer.

3. The use of capital of the trust customer to invest has to secure:

a) The case of an investment management contract without regulation, then the fund management company is only invested in the listed securities or has registered transactions, open fund certificates; deposits, limited-priced papers, transfer tools on the money market, and the value of the fund. bad; implementing government bonds (repo) Government bonds on the Exchange of Securities Exchange system;

b) The case of a regulated investment management contract allows for the implementation, then the new fund management company is used by the trust client to participate in the established capital, purchase of capital, shares in unlisted companies, registration transactions; investments to the projects, real estate and assets that are not listed securities, transaction registration; corporate bonds issued separately in accordance with the regulation of the law; the implementation of the resale purchase (repo) transactions to non-listed assets. Government bonds. The investment in the above assets and the implementation of the regulatory transactions at this point must fully comply with the following principles:

-For investment activity, the property must register to own under the name of the trustee client, except the case of the trust client with another request in writing.

Where the fund management company is required to stand a property owner on behalf of the trustee, then before the transaction is made, the fund management company must be approved by the customer in writing permission to carry out the transaction and report back to it. client after completing the transaction.

-For resale purchases (repo) assets are not government bonds, the trustee must stand by the name of the transaction, which is not authorized to the fund management company. The certificate from payment, transaction assets, contract origination and legal documents that confirm property ownership must be filed and sent in full funds at the depositor bank selected by the customer.

c) The fund management company is required to stand a property owner on behalf of the trustee, in the portfolio management operation for the trust customer is the insurance business, credit organization, stock company, company company, and company. It is; the fund management company is responsible for asking the trust client to specify a limited degree of written investment and to be accountable to the law on the type of investment property, the volume of investment assets, investment values, the form of execution, the guarantee that matches the value of the fund. the regulation of financial safety, capital safety and other provisions of the specialized law, the regulation of securities law and regulations at the treatment of the law. the company of the trust customer, in particular in the activities below:

-To invest in our own business. The case of investment in shares issued by the trustee, must comply with the regulation of the relevant law on the fund stock exchange;

-Investing in the parent company, subsidiary, joint venture company, affiliate company and other organizations are the stakeholders of the trustee; the organization is the relevant person of the board member or the board member or the president of the company. of the trust customer;

-Investing in real estate, investment projects developed, managed by the trust client, parent company, subsidiary, joint venture company, the affiliated company of the trust customer, or of the organizations that are relevant to the board member of the board member. or a member council or company president of the trust customer;

-The trustee must inform, report, publish information or take the approved opinion of the state governing body with authority on the transactions, the investment activity stated above the provisions of the specialized law (if stipulated); take the opinion of approval. to the general assembly of the shareholders, the board of members, the board of directors on the transactions, the investment activity stated above to suit the corporate charter of the trust customer (if there is regulation);

d) Unless the customer case is a trustee property owner, the fund management company does not use fidget assets to lend, bail out loans, mortgage, mortgage, deposit, or asset as guaranteed assets in asset transactions. tell the organizations, individuals, even for the fund management company or the trust customer itself;

The case of a trust client is a foreign individual, holding 100% foreign capital, the fund management company that is implemented investment activities, capital funding for the business under the designation or the terms at the investment management contract in accordance with the regulation. of the relevant law.

What? 31. Investment Policy

1. The fund management company is responsible for aggreging customer recognition information, including information about who benefits (if any); financial capacity, investment experience, investment deadline, investment objective, acceptable level of risk, investment restrictions, and investments in the investment. A sample portfolio and other requirements (if any) of the customer; the necessary information is related to the specified investment constraint at paragraph 3 Article 30.

2. The quarterly periodic, the fund management company has the responsibility to update the information that the customer trusts in accordance with this Article 1 Article. When the birth is changed, the trust customer is obliged to provide full and timely information relevant to the fund management company. The fund management company has the right to refuse to provide an investment portfolio management service to customers in the event that the trust client does not provide adequate and timely information at the request.

3. The fund management company is responsible for building the principle and investment policy in accordance with the customer needs on the basis of the aggregate information under the regulation at 1 Article. The investment policy must be clear, detailed, fully accurate information about the degree of risk, the type of risk, the template portfolio structure, the cost of management, the rights and responsibilities of the parties and other important information relevant. The investment policy is an inseparable part of the investment management contract.

4. The fund management company does not comply with regulatory investment policy at the investment management contract, then the company must adjust to the portfolio in the shortest time, which is subject to all costs associated with this transaction, which is not tolled. management for the catalog section is not consistent with the investment policy.

5. Every damage or profit that arise due to investment activity does not comply with investment policy, investment goals, or portfolio that is not in line with investment policy, the portfolio structure that has identified with the customer or due to other corporate errors. management of the fund, the fund management company has a responsibility to compensate the investor in accordance with the written agreement between the two parties or the accounting of all profits that arise into the customer's portfolio soon after the completion of the portfolio adjustment.

6. Regulation at paragraph 4 and paragraph 5 This does not apply in case of false investment portfolio structure due to:

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

b) Customer requirements are required;

c) Due to the merger, the merger, the acquisition of the published organizations;

d) During the time of six (06) months, since the date of the investment management contract is valid.

What? 32. Make Investment

1. The fund management company must ensure that the customer has enough money and assets to carry out the transaction according to the rule of law.

2. The fund management company is made to deliver the asset transaction between the portfolio of the trust clients in accordance with the following regulations:

a) For transaction assets that are not listed securities, registration of transactions on the Stock Exchange in Vietnam, the transaction must be approved by the parties to the transaction. The accepted opinion must include the price level, the volume of transactions, the time of execution;

b) For transaction assets is the listing securities, registration of transactions on the Stock Exchange:

  • Transactions must be approved by the parties to the prior written or informed consent of the relevant parties at the contract; at the same time,
  • The purchase price (sold) is not high (low) than the closed price on the day of the transaction; or the transaction price is defined by the fund management company within the transaction price margin at the date of the transaction in accordance with the contract.

3. The case of the customer appointed investment, the fund management company must guarantee:

a) The investment index of the trust customer by writing and must specify the type of investment asset or organization that receives investment capital, investment capital value, or volume of investment assets, times and time of execution, the name of the registered owner of the investment assets;

b) The fund management company is required to stand the owner of the property on behalf of the trustee:

-The fund management company is responsible for requiring the trust client to provide full of information assurance customer trust and transaction partners, the organization receives an investment capital that fulfills the conditions for the transaction to be carried out by regulation at paragraph 3. Article 30 This is and in accordance with the regulations of the specialized law that regulates the activity of the trust client, the organization recepts investment capital and other laws (if relevant);

-The case of investing in the securities of the public company, the trustee who has the responsibility to self-implement, or the written authorization requires the fund management company to make the reporting of ownership, publish the information before and after the transaction under its provisions. The securities law applies to people who know internal information (in the case of a trustee who knows the internal information as defined by the securities law) and for large shareholders (in the case of the trust client being the large shareholder, the major investor of the fund by the regulation of the securities law, in which the number of customer-owned shares includes the registered registration shares of the fund. the owner is a trustee and the number of shares that the trust client appointed the fund manager to make an investment and stand the owner's name on behalf of the customer).

What? 33. Liu signed, managing the assets of the catalogue customer

1. In the portfolio of portfolio management, the fund management company is open to a holding of the fund management company name in many of the storage banks to store the trust assets in the following principle:

a) At each deposit bank, the fund management company is opened one (01) the account of the storage for domestic trust clients and one (01) the account of the storage for foreign trust clients;

b) Every trustee, including in and out of the country, is selected for himself one (01) of the deposit bank to store the trust portfolio for the management fund management company;

c) Every property of the customer must be registered, fully stored, in time at the registered bank that the customer selects and must be managed separately, independently in the following principle:

For assets that are not registered in accordance with the rule of law, the original legal document identifies the property ownership must be fully stored, accurate, timely at the bank of the registry.

For securities released in the form of a record, or without a legal document confirming property ownership, the fund management company is responsible for deposing the original contract transaction, the deposit contract or the valid copy of this contract; accompanied by the certificate. from the transaction, which simultaneously requires the organization to release, the organization receives investment capital, the credit-receiving credit, or the shareholder registry book organization, periodically every month, to confirm the ownership of the property at the request of the deposing bank;

d) The payment of listed securities transactions, registration of transactions must comply with the principles of the securities exchange simultaneously with the payment of money and the principles of compensation, payment under the rule of law. Payment of other asset transactions must follow orders, the legal directive of the fund management company and other law regulations if relevant. Any transaction transaction, payment of money, transfer of securities must be made right to the trading partners of the fidget customer, the accounts of the trust customer. The value of payment must be consistent with the amount of assets, securities and true to the amount recorded in the certificates from the payment. Invoices, accounting from accounting, electronic information, documents that confirm the payment and execution of transaction customers must be fully stored, precisely; unless the case performs the asset transaction between the portfolio of the customer ' s investment clients, the company said. delegated by regulation at paragraph 2 Article 32 of this, the fund management company and the storage bank, the oversight bank is not transferred funds and internal assets between the accounts of the mandate of the mandate of the portfolio manager;

) Contracting the contract with the bank of the archives, the entire assets that arise in Vietnam and asset management separate from each of the trust clients. The signing contract must be consistent with the investment management contract and includes a number of key content under the prescribed pattern at appendix 07 attached to this message.

2. Property, property or non-physical form, registration in possession and registration on a registered account under the name of the fund management company but is owned by the trust customer and is not the property of the fund management company, the registered bank. The fund manages the fund, which banks do not use this asset to pay, guarantee payment for its own debt or to the third party, including for the fund management company or the storage bank.

3. The fund management firm ensures that the trust customer inherited the full ownership of the property on its mandate account in accordance with the following principle:

a) The fund management company is only representative under the mandate of the trustee client and only is permitted to take operations within the scope of the authorization that has been regulated at the investment management contract;

b) The fund management company is only used and managed assets on the account client's account in accordance with the regulations in the investment management contract or by the customer's written instructions;

c) The fund management exercises execution of voting rights and other ownership in accordance with the text of the trustee's text; in time of the full announcement, it is accurate for the customer to mandate the rights to arise related to the property of the committee customer. Yeah.

4. The fund management company is managed by the portfolio on the customer ' s stock exchange account. In this case, the customer is responsible for informing the securities company, the member of the company that governs the management of the portfolio of securities to the fund management company, accompanied by the investment management contract on the customer's account.

5. During the time of the investment management on the customer's account by regulation at paragraph 4 This is in effect, the storage member is only received and executed transaction orders, investment instructions and payment from the fund management company. The fund management company has full responsibility of compliance, its obligations in portfolio management operations, asset storage, ownership reports, and information publication, fully implementing ownership rights, ensuring full implementation of rights, benefits, and rights. profit, accountability and obligations of the trust client under the provisions of this Information.

What? 34. Receive and reimbursable property for customers

1. In the portfolio management activity, the fund management company is receiving assets not by money to manage. The assets that the company receives from the customer to manage must fully meet the following conditions:

  1. Owned by the trustee client, there are full valid legal documents that verify the ownership of the property of the customer;
  2. As the property that is free to transfer, there is no transfer restriction at the time of the investment management contract effective;
  3. It is not the collateral, the holding, the deposit, the wager, or in the asset-making transactions under the rule of civil law.

2. The trustee Client performs the transfer of property in the mandate portfolio to the management fund management company under the following regulation:

a) For the registered property, the trust client is to transfer the ownership of that asset to the fund management company at the state authority with jurisdiction. The case of the trust property is listed securities, transaction registration, or centralized secretary, the transfer of the ownership through the Securities and Exchange Centre, and does not charge the transaction fee. For other assets, the transfer of ownership is carried out by the regulation of the relevant law;

b) For assets that do not register for ownership, the mandate of capital must be made by the delivery of a registered trustee property. The protocol editor must specify:

-They, names, permanent addresses, the number of certificates of people, passports, or other legitimate personal endorsement (of the trust customer are personally);

-The number of established or registered decisions of the trust customer; they, the name, permanent address, the number of certificates of the people, passports, or other legitimate personal endorsement (of the representative under the law or representatives under the mandate of the trust client are organized). ); accompanied by a meeting and assembly of the shareholders of the shareholders, board members, board of directors, the decision of the owner on the trust of the property to the management of the management fund in accordance with the regulation at the corporate charter of the property trusts organization;

-Property type and unit number of property assets; value of trustee property; date of delivery; the signature of the fidget customer or representative of the trustee and the representative under the law of the fund management company;

c) The property is only considered to have commissioned the company to manage the management fund when the legal ownership of the assets has been transferred to the fund management company;

d) The value of trust assets at the investment management contract is determined by the principle of determining the value of net asset value under the law of the establishment, the management of the securities investment fund. For assets that are not listed securities, transaction registration, transfer tools, the valuation of trust assets may be made by the organization of the price appraisal in accordance with the law of the price appraisal.

3. The fund management company is reimbursable the trust property to the customer as required by the customer's text. The transfer, the transfer of property ownership by the designated customer's designation and regulation at paragraph 2. In the case of the recipient, the return of the property is the centring registered securities, the Securities Archive Center that performs the transfer of ownership outside the stock exchange system under the written requirements of the fund management firm, the trustee, the bank. It's a souvenir.

Section 4

STOCK INVESTMENT CONSULTING BUSINESS

What? 35. Stock Investments

1. Stock investing in securities including the following:

a) Consulting for clients on investment policy and transaction tactics, including investment allocation mechanisms; the type of investment assets and the method of determining asset value; investment forms, transactions; the time of execution, the number, the price consistent with the item (s). consumption, investment policy, customer risk acceptance;

b) The public release of publications on securities investments after being licensed under the law of the press; construction, organization that performs knowledge-intensive programs, promotion of securities investments, professional training programs, and more. I mean, deep down on securities investing.

2. Before providing consulting services, the fund management company has a total responsibility, updating customer identification information, including information about the financial capabilities, assets, income, investment goals, investment forms, risk acceptance, experience, and business, and more. and knowledge of investment and investment assets, and other information if needed. The customer case does not provide adequate information at the request, the fund management company is refused to provide the service.

3. The case of providing securities investment services, the fund management company must specify a minimum of a career employee at the investment advisory department to advise each customer. The employee at the investment advisory department must meet the regulation at point a, d, clause 1 Article 11 of this, whether to conduct a securities business or meet the regulation at point 1 Article 11 This message, and not be able to do so. work at other business departments of the company, including the fund management division, asset management, investment division.

4. Minimum of the year (05) days, before changing staff advice to the customer, the fund management company is responsible for informed by the customer's text and provides information about the replacement staff under the regulation of a 5 Article 5 clause.

5. The fund management company must sign an investment advisory contract with each customer, which states:

a) The scope of consultation, the form of service provision, property of consultation;

b) The contract deadline, service fee;

c) They are given names and arguments about the experience of consulting staff;

d) the rights, responsibilities and obligations of the parties to the contract.

What? 36. The investment management consulting firm of the fund management company

1. Volunteer, fair, honest to the customer, provide full, timely release of all accurate information so that the customer makes its own decision to invest.

2. Information, data, economic forecast that provides customers must be based on real events and accompanied by reliable guide documents released by professional financial institutions and have been publicly announced. The consulting content must be based on the results of careful scientific analysis, rationing from reliable sources of information. The stock market and stock exchange report, the transaction recommendation must record the source citation source, who is responsible for the reporting content.

3. When consulting investments in a property, the fund management company must secure the right to invest, the risk acceptance, customer's financial capacity, and the fund management company, the consulting staff must publish its benefits in relation to the asset. That's if the company, the employees are in possession of that property.

4. The counselor has a responsibility to explain to the customer about the advice of employees giving to the customer's investment activities that are only references and customers who are completely subject to all risks from their investment decisions.

5. In securities investment consulting, fund management company, security counselor:

a) Not to be consulted for the customer to invest in the property without providing full information on the property, the organization released to the customer;

b) Do not be purchased by the brokerage, sold between the customer and the third party; not a loan broker, borrow the property between the customer with the fund management company or between the customer and the third party;

c) Not to provide untested information, rumors, misinformation to the customer; not to provide false information, amplification, easily misleading, make forecasts or perform behaviors aimed at enticing, incitement, and more. Persuade or invite customers to trade some kind of property that does not conform to investment goals, investment experience, risk awareness, risk acceptance and customer financial capacity; not to provide misleading information about the customer ' s ability to invest. the properties of the profit and the risk of that property;

d) Not given gifts, use of material benefits in any form to invite hello, enticing a customer to trade a property type; not required, entails or recepts under a personal or organizational identity, from clients, fund management company, or other. Or a third party, any kind of physical benefit, which material benefits to invite customers to trade a property, in addition to the fees that have been regulated at the investment advisory contract.

) Do not invest in lieu of customers, receiving money, customer assets to invest, trading, except in the case that the trust client has contracted investment management with the fund management company;

e) Not to be forecast for future asset prices, guarantee investment results (except for the investment in a fixed-income product or capital conservation investment products) or a profit or loss-loss agreement with a customer.

What? 37. Stock investing in securities investment

1. The fund management company is supplemable in securities investing consulting. The profile offers the addition of the securities investment advisory business that includes the following documents:

a) The proposal for the revision of the license to establish and operate on a business transaction in accordance with the prescribed size of the 5-issue appendix to this message;

b) The meeting of the meeting, the shareholder congress resolution, the member council or the decision of the owner on the addition of the securities investment advisory business; the revised charter, addition of the company;

c) The prescribed list at appendix 02 issued with this Notice and Personal Profile, a valid copy of the securities business practice, or certificate of securities investment advisory in OECD countries or national certificates. CFA, CIIA the levels of career employees at the investment advisory department.

2. The prescribed profile at paragraph 1 This is set up into one (01) of the original set with the electronic information file. The original file was sent directly to the State Securities Commission or sent through the post office.

3. During the year (05) of working days, since the date received full of valid records under the provisions of this one Article, the State Securities Commission issued a License to regulate the company's establishment and operation. In the case of rejection, the State Securities Commission must respond in writing and specify the reason.

Chapter IV

REPORT OBLIGATIONS, CASE MANAGEMENT

What? 38. Provide information for investors, customer trust customers and other items.

1. The fund management company must store enough of the following documents at its headquarters, representative offices, branches, distribution agents as well as at the company's electronic information page and provide free to the investor at the request:

a) The fund charter, the securities investment firm, the prospectate, the summary prospecticon, and the documents, the report, the contract for the prospectate in the prospecticon, the fund's summary report, the securities investment firm;

b) The fund ' s annual financial statements, the securities investment firm had audits in the minimum of five (05) the closest year; the semi-annual financial report, the fund's closest quarterly financial statements, the securities investment firm;

c) The operational report of the fund, the investment securities investment firm, annually under the law of the establishment and management of the investment fund, the minimum securities investment firm of the year (05) the closest year;

d) Report on the net asset value of the fund, the securities investment firm under the rule of law on the establishment and management of the investment fund, the securities investment firm.

2. The case of a trust customer or representative of a required trust customer, the fund management company must provide the risk management process, stating the investment restrictions, the prevention method and risk management that the company uses to manage the assets of the company ' s assets. I'm sorry, my client

3. For the portfolio trustee, the fund management company is responsible:

a) Provide investment management contracts and contract attachment documents;

b) Provide contract and contract attachment documents;

c) A monthly period of customer reporting on the portfolio of portfolio situation in appendix 08 issued by this message;

d) Provide customers with a portfolio account of the portfolio, the verified transaction statistics of the deposit bank, and information about investment management activities, which answers any customer request at all times.

What? 39. Report obligation

1. The fund management company sends the State Securities Commission of periodic reports on the operation of the company as follows:

a) Report of the operational situation of the fund management company with the sample content at appendix 09 issued by this message;

b) quarterly financial statements, annual financial statements, financial statements of the year. The Annual Financial Report and Year Financial Report must be examined and audits by the approved audit organization; the report.

c) The month's report on the management situation of the portfolio under the prescribed pattern at the number 10 appendix issued by this message;

d) The fund ' s financial reporting, the securities investment firm under the law of accounting for the fund, the securities investment firm.

2. The fund management company must notify the State Securities Commission of the following events:

a) Change, to recruit, to appoint a new board member or board member, executive board and employee. The announcement of the change, recruitment, personnel appointment must be accompanied by the personal profile of the replacement personnel and the relevant documents that verify that the conditional response response is required at the g 1 point 1 Article 5.

b) The amendment, the addition of corporate charter; charter, fund prospecticos, securities investment firm led by the company. The report sent the revised version, the addition of corporate charter, charter, prospecticon, the investment securities company managed by the company.

c) The events can adversely affect the ability to finance, manage fidget assets.

3. The deadline for filing of regulatory reports at 1 Article:

a) In the time of ten (10) days, since the date of the end of the month for the monthly reports;

b) During the twenty (20) days, since the end of the quarter for the precious reports;

c) In the forty-five (45) days, since the end of the first six months of the year on a semi-annual financial report;

d) During the ninety (90) days, since the end of the fiscal year for the year report.

4. The deadline for reporting the State Securities Commission of events at paragraph 3 This is three (03) working days, since the events.

5. The fund management company reports a fund representative, the board of securities investment firm, or customer trust clients in the case of the detection of the supervising bank, the fund secretary breach of the fund charter, the securities investment company charter, the contract. The co-supervising contract, the contracting contract, reports the State Securities Commission in the case of these organizations in violation of the rule of law in the third round (03) of working days, since the discovery of the breach.

6. 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 firm to fund a report on the company ' s operations.

7. The fund management company must report the State Securities Commission in the period of forty-eight (48) hours, since receiving a request for a regulatory report at 6 This.

8. All reports of the regulatory fund management company at this must be submitted with an electronic information file to the State Securities Commission. The report stipulated at the point b 1 This must also be published publicly on the fund's electronic information page in the specified deadline at paragraph 3 This.

What? 40. Store records, documents, information

1. The fund management company must fully store, to be precise, in time, with a full system of documents, records, and updates of information, data related to the company's operations. Information about the operation of the company must be stored in reserve at a location outside the corporate headquarters.

2. The fund management company, the Supervisor Bank, the storage bank, the distribution agent, the organization that provides relevant services that must fully store, have the system, clear assurance, correct and unify the documents related to:

a) Operation fund certificate, fund certificate distribution;

b) Identiconfirmation ownership of the fund's investor, securities investment firm, trustee; registration of the assets of the fund, the securities investment firm, the trustee;

c) Financial statements, accounting books; account systems, bills, certificates from a guarantee transaction that reflects details, correct and timely all the daily transactions of each trustee customer, of the company itself and of employees within the company, including the company. including information on the order of order, transaction execution; document, electronic information used to determine the net asset value; the original legal document registration owns, the origination of legal documents that verify property rights related to the property, the transaction of the property. property and materials if relevant must be managed by the fund management company and the supervising bank, the storage bank stored in both its operations and its operations. the fund, of the securities investment firm, the validity period of the investment management contract;

b) Report on valuation activities, investment analysis, investment decisions, investment management, capital degeneration, and related materials; the summup report on property management activities; reports of test work, internal control by legal regulation. law and internal regulation; report on the settlement of the letter, complaint, denounce, the request for damages of the customer's damages.

3. Portholders, figures, certificates from transaction, possession, accounting books, accounting accounts, documents, electronic information related to the property, fund transaction of the fund, the securities investment firm, the trust client must be managed by the company. The fund, the supervising bank, the storage bank and the relevant organizations and regularly examine, subject to the regulation of the fund charter, the securities investment firm, the investment management contract, and the legal provisions of accounting.

4. Document, specified information at paragraph 1, 2, 3 This must be stored within ten (10) years. The case is that documents related to accounting practices are conducted by specialized regulations in the field of accounting, audit.

Chapter V.

THE ORGANIZATION.

What? 41. Terms of execution

1. This information is in effect from 1 March 2013 and replaces the number decision. 35 /2007/QĐ-BTC June 15, 2007, of the Minister of Finance on the promulonation of the Organization and Operations Regulation of the fund management and Decision No. 125 /2008/QĐ-BTC December 26, 2008 on the amendment, adds some of the provisions of the Organization and Operations Regulation of the fund management company Decision No. 1. 35 /2007/QĐ-BTC April 15, 2007, Secretary of the Treasury.

2. The fund management company established an internal audit division under the stipulation at paragraph 1 and paragraph 5 This Smart 9; adjusted portfolio management operations accordingly to the regulation at Article 30, 31, 32, 33 This information; changes in organizational structure. dynamic and adjusting its activities accordingly to the provisions of this message. These activities must be completed and written in writing to the State Securities Commission for the period of six (06) months, since this date has been enforced.

What? 42. Organization to execute

The State Securities Commission, the fund management companies, the secretary bank, the supervising bank and the organizations, the individual is responsible for implementing the ./.

KT. MINISTER.
Chief.

(signed)

Chen Xuân