Decree on international bonds _ _ _ _ _ _ _ _ _ _ _ _ _ the GOVERNMENT pursuant to the law on organization of the Government of 25 December 2001;
Pursuant to the law on State budget of 16 December 2002;
Foreign Exchange Ordinance base issued on 21 December 2005;
Pursuant to Decree No. 133/2005/ND-CP dated 11 November 2005 on loan management and regulation of foreign debt;
Considering the recommendation of the Minister of finance DECREE: chapter I GENERAL PROVISIONS article 1. Scope of this decree regulating activity loans, foreign debt through bond issuance out of international financial markets and government enterprises Vietnam.
Article 2. Explanation of terms In this Decree, the terms below are interpreted as follows: 1. Prospectus: a legal documentation including documentation or public figures the information accurate, honest, objective, related to the selling or listing of securities of the issuer and the terms Bond release conditions, due to The release of the legal drafting. A prospectus will be underwriting People offer to potential investors and partners.
2. The agency agreement is the agreement signed between the issuer and the dealers about the conditions and terms to make the transaction from its release until the complete payment of the bonds include: a) dealer printing (Printer Agent): is the company chosen to print a prospectus and other relevant materials;
b) listing agent (Listing Agent): is the company chosen registration procedure listed issuer's bonds on the stock market in accordance with the appropriate regulations of the places listed;
c financial agents) and payments (Paying Agent): is the Bank of choice on behalf of the issuer payment of the interest rate and root for the investors and the agents holding lists of investors holding the bonds of the release;
d) transfer agent (Transfer Agent): hosted by the specified release to maintain reports of stock owners, to cancel and issue certificates, to handle the problems arising concerning the certificate is lost, damaged or stolen;
fiduciary agent) (Trustee): is the company was indicated investors on the bonds do representatives of the investors is keeping bonds have the task of protecting the rights of the holder of the bond and ensure compliance with the terms of the bonds;
e) depository institutions and clearing (Clearing systems and depository): hosted track and confirm the transfer of the bonds in the primary and secondary markets. The bonds are issued in the form of registered and stored at the depository authority.
3. The company reviews trust factor: is the company rank for countries, businesses.
4. Review: lending agency is the Ministry of finance or the Agency, held by the Ministry of finance authorized to make loans to foreign capital back by the Government, has the responsibility of monitoring the use of loans, debt collection and loan fee loan entitlement under the provisions of the law.
5. Vietnam business (business): economic organization is named, has a property, transaction-based stable, registered the business in accordance with the law of Vietnam aims to perform business activities.
6. Release form: international bonds is released under many different forms depends on the specific classification, criteria: a) according to the type of investors includes: (i) individual release (private placement) for potential investors, such as investment banks, financial funds, insurance funds...; and (ii) released to the public (public offering) for all investors;
b) according to the scope of the release is divided into: (i) global release (global offering);
(ii) released separately in each country, each geographical area.
c) according to the type of money that can be released with the coins have different conversion capability as the U.S. dollar, the Euro, the Japanese yen.
7. Coefficient of credit (credit rating): is the coefficient that the company reviews the international credibility factor identified to assess the level of trust of the countries (national trust factor) or of the enterprise (corporate trust factor) of the level of investment risk and the ability to repay the loans. This multiplier is used to determine the cost base for the mobilization of the loans.
8. underwriting contract or bond purchase contract signed between the Who agreement is released and the underwriting banks on the terms and conditions to make bail or release of each release or release program.
9. The contract legal advice: is agreement was signed between the issuer and the guarantor Bank combination with one or more law firms about providing the legal advice service within the country or internationally.
10. the nominal interest rate is the interest rate on the bonds (defined as bonds. Issuer will pay interest on the face value of the bonds according to the interest).
11. Date of issue (issue date): is the date the bonds are released to the market.
12. the main guarantor/management registry key investment (Lead Managing Bookrunner): a bank or group of prestigious international investment on international financial market are issuers that choose to make trades and have a major role in the delivery of bonds. The main guarantor/management registry key investment advisory role the optimal release structure, given the price reference, release time, in collaboration with all stakeholders to create a good motivation for the transaction.
13. The release (Isuer): is the Government, enterprises, banks, financial institutions make raising capital on the financial markets through bond release form.
14. The borrower: the loan business is back in the international bond funds.
15. The combination of the underwriting Bank: consists of a collection of international investment banks are The release of choice to join the process of underwriting international bonds. This combination can be divided into several levels depending on the specific requirements of each release: a) a level location include the main guarantor/management registry key investment (Lead Managing Bookrunner) a major role in the delivery of selling bonds and with The release of the national image and enhance business image and continued support on the bar account after the release;
b) second-level positions including key Manager (Lead Manager) or key management (Co-lead Managers) have a limited role in the allocation of the volume sold bonds and;
c-level position) include the Manager (Manager) or copper (Co-Manager) has the lowest role in the underwriting Bank.
16. international bonds: is debt certificates have denominations, has a time limit, with interest, by the Government or the businesses of Vietnam to release loans on the international financial market to serve the investment needs of economic development.
International bonds are adjusted in the Decree include: a) Government bonds: international bonds is due the Government authorized the Ministry of Finance released.
b) corporate bonds: international bonds is due to the Vietnam business self released with or without government guarantees.
17. international legal consultant for the main guarantor: is an international law firm was chosen as consultant for The underwriting of the regulations, international law.
18. domestic legal advice for the guarantor: is the law firm has a presence in the country was chosen as consultant for The underwriting of the relevant legal provisions consistent with domestic law.
19. international legal consultant for The issue: is the international law firm of choice is responsible for advising the issuer about the provisions under international law, draft the prospectus, the legal opinion for the release.
20. domestic legal counsel for the issuer: the organization is chosen to advise issuers about the law in the country.
21. legal opinion: is the legal document by the Ministry of Justice or the independent law firms released in accordance with the provisions of the law of Vietnam and financial practices, international credit on the grounds of the law of the trade, investment, finance, banking is done on the basis of the law of Vietnam , treaties, international agreements, the contracts have foreign elements and other legal texts.
Article 3. The project released the bonds 1. The project document is issued by the issuer prepared to submit to the approval authority.
2. The project release includes the following basic content: a) the purpose and intended use of capital released;
b legal bases) to release (the decision to approve the development strategy, approved by the investment decisions of the authority.);
c) expected volume, structure, duration, type of bond money release and release form;
d) analysis of international market conditions to determine the expected interest rates for bonds issued;
DD) expected selection combination method underwriting, legal advice, the relevant agents and release planning;
e) option using capital sources, management and handling of financial risk, bond debt payment plan.
Article 4. Records released 1. Release of the records is the legal document by issuers with The guarantee, the legal advice prepared in accordance with international law.
2. The records release included the following basic documents: a) prospectus;
b) underwriting contract;
c) bond purchase contract;
d) contract legal advice;
e) dealer agreements.
Article 5. The principle of release 1. The Government just released international bonds to mobilize capital for the country's key projects, the project effectively, have the ability to repay. The issuance of bonds to restructure debt portfolios should have a clear approach, ensuring more efficient than existing debt portfolios.
2. The release made only when market conditions are favorable, the international guarantee of success with reasonable costs.
3. The direct business of international bonds must adhere to the principle of the loan yourself, self, self-responsibility for the effective use of capital raised from the release.
4. The release must comply with the regulations on the management of foreign debt, foreign exchange management under current legislation and consistent with international law.
Article 6. Conditions for international bonds was released only when the following conditions: 1. the project bonds are the competent evaluation and approval.
For government bond issuance, project release must be approved by the Government, including the release of bonds to restructure Government debt portfolios.
For corporations, the State Corporation, the project released the bonds must be the Board through and must be approved by the Prime Minister on the policy.
For the scheme to release the bonds of joint stock companies, private enterprises, the project released must be the General Assembly of shareholders or Board members, representatives of the owners of capital.
2. The value of international bonds in the total borrowing limit, the country's foreign trade was approved by the Prime Minister.
3. The program, projects are identified as key national or the investment project is the competent agency evaluation to be effective, has to complete the procedure as stipulated by the current legislation.
4. for the cases under the form of convertible bonds, bonds guaranteed by the various forms needed to comply with the provisions of the current law.
5. To meet the requirements of the international market of credit to issue (in the case of release should have the confidence of the coefficient).
6. Who completed the full release of records released under foreign laws that apply to each release, for each type of release and the law of Vietnam.
Article 7. The issuer 1. The Organization issued international bonds only made when the project of the international bonds that have been approved by the authority.
2. Order the issuer can include the following steps: a) the choice of combinations of underwriting banks: issuer choice some international investment banks in the world, has experience in the field make the complex bonds underwriting Bank for release on the basis of competitive bids by specific criteria and the list of banks by prestigious international journals (such as financial magazines International Financial Review) vote;
b) selection of legal advice: People released in coordination with the bank guarantee for the selection of prestigious law firms and domestic and foreign experience in making domestic legal advice, legal counsel for the international release and The underwriting;
Private legal advice in the country for The release depends on the form of the bonds, in particular:-for government bonds: is the Department of Justice authorized by the Government to advise People about the release of the legal provisions relating to the release transaction and the legal opinion for the transaction;
-For corporate bonds: is the law firm has full legal capacity was chosen to advise on the regulations relating to the transaction and release the legal opinion for the transaction.
c) complete records released: the release of hosted, in collaboration with legal counsel in water negotiations, signed the contract with the consortium of Bank guarantors, the international legal advice and preparing documents in the records release which includes the related legal documents referred to in article 4 of this Decree in line with international practices and laws of Vietnam;
d) reviews credit multiplier: the release of hosted, in cooperation with the relevant agencies of Vietnam organizations working with the rating agency credit multiplier to confirm national credibility factor before the release (in the case of government bonds). For business, the determination coefficient of credit depending on the requirements of each release.
DD) Organization to promote and implement the release: the organization promote the selling of bonds by issuer made subject requirements of each form of release, in particular:-the person released in coordination with the combination of the banks underwriting the campaign organization promoting the bonds in major financial centers around the world to contact with the investor community International before making the valuation to issue bonds;
-The decision of the conditions, the nominal interest rate (coupon interest rate), the terms of release of bonds in the process of valuing the bonds on the basis of advice of the underwriting banks, in line with market conditions and the principles stated in the release scheme has been approved;
-Who released the organization receiving funding bonds issued in accordance with the signed agreement.
e) complete the transaction release: upon receipt of money selling bonds, Who released the completed and signed the legal documents to end transactions consistent with international practices, and report the results under the current rules.
Article 8. The principle of Government guarantee level for corporate bonds 1. Business is in urgent need of capital to implement the investment project of the State but not yet eligible for release may release corporate bonds in the international capital market have the Government guarantee.
2. The issuance of the bonds the Government guarantee must meet the following conditions: a) meet the conditions stated in article 6 of this Decree and the project must be approved by the Prime Minister;
b) Have confidence coefficient is equal to or lower than the level of the nation's credit system;
c) Have financial statements audited by an independent auditing company of the three years in which no business loss and have no overdue debts;
d) in compliance with the provisions of the regulation and management of the current Government's guarantee for foreign loans.
Chapter II ISSUED GOVERNMENT BONDS article 9. The purpose of issuing Government bonds to be issued with the purpose of: 1. The mobilization of resources for investment and development in the form of loans to the State's key projects, the projects are highly effective, needs the use of capital in foreign currency.
2. Mobilization of resources to implement the restructuring government debt portfolio management.
Article 10. Build the project to issue 1. The Ministry of Finance building projects to international bond issuance process of Government approval and enactment of the resolution for each release.
2. Worth the equivalent of each release not under 500 million USD.
3. for government bonds issued for the purpose of lending, businesses that wish to use funds released to international bonds need to send The complete documents, financial records about the program, the expected investment projects made use of capital projects, manage cash flow and repayment schemes to finance construction of the bases and do due diligence Project international bond issuance reported Government approval.
4. In addition to the basic content of the provisions of article 3 of this Decree in the project of the international bonds must analyze the national debt when borrowing international bonds, secured the index is still in debt limit was approved by the Government.
5. Option to use capital for lending business in the project of the international bonds made according to the regulations of international bond funds by the Ministry of Finance issued for each release.
Article 11. The Organization released the Finance Ministry to coordinate with the underwriting banks and other domestic and foreign consultants conduct made under specific procedures referred to in article 7 of this Decree.
Article 12. Cost and capital management to release 1. Money selling government bonds to be allocated using the following scheme was approved and released in accordance with the provisions in the current state budget Law and regulations of borrowing and repayment of foreign Governments.
2. The full cost incurred in relation to the release: a) for cases of using the category restructuring government debt because of the State budget to bear;
b) for cases, lending the entire cost due to borrower suffered and expenses are allocated according to the proportion of capital for each loan business. State budget advance the expenses in the process of preparing to release and to be repaid by deducting directly into the allocated amount from the bond capital before turning to the borrower.
As for the fees incurred, the annual State budget of the advance payment and allocated according to the proportion of the use of capital. The borrower again returned to the State budget according to the notice of the Ministry of finance.
3. The expenses related to the issue includes: a) The expenses incurred once:-cost of underwriting consultant;
-Free legal advice in the country and abroad for the issuer and underwriting;
-Confirmation of confidence coefficient Fees charged to companies reviews credit multiplier for each release (not including the annual fee is charged for the company reviews the national trust factor because the Finance Ministry paid annually);
-Fees charged for the listing agent, printing ...;
-The in-country costs related to the process of preparing the release, promote selling bonds and other actual expenses.
b) The annual fee is the fee is charged annually for the fiscal agent and the paying agent, transfer and stock exchange where the bonds are listed according to the dealer agreement concluded;
c) other costs pertaining to the issuance, repayment of the bonds.
4. Management, monitoring the use of resources released: the Ministry of finance is responsible for issuing regulations of use and monitoring the use of resources in government bonds for each issue to guide the relevant unit implementation
Article 13. Payment of principal and interest on the bonds 1. Use cases release capital to restructure the debts of the Government: when the payment due, the Ministry of finance directly transfer the money from the budget to the dealer's account to pay for the bond holders.
2. where the lender back, when the original payment due, the interest rate, the borrower back paid directly into your account or billing agent transfers charged to the account of the Ministry of Finance according to the specific provisions in the loan contract to transfer money to pay agents make to pay for bond owners.
Article 14. Perform the services based on the actual conditions on the market, the Finance Ministry and the Prime Minister to use the financial tools to buy, swap for the bonds were released and are traded on the international capital markets, including other loans with the goal of restructuring the Government portfolios to reduce risk and to alleviate the debt burden for the budget.
Article 15. Updated information the Ministry of finance is responsible for tracking the transactions of the bond market and in cooperation with the relevant units to provide updated information on the economic situation of Vietnam, the situation of business partners and foreign investors, according to international practice after the release.
Chapter III ISSUED CORPORATE BONDS article 16. The form of corporate bonds corporate bonds issuance in international capital market has the following forms: 1. Corporate bonds have government guarantees: is corporate bonds guaranteed by the Government or a combination of Government guarantees and other secured forms.
2. Corporate bonds without Government guarantee: the bond is due to the business self released, including when it was a third party guarantee, but not the Government.
Article 17. Release conditions the release of business international bond must ensure the conditions: 1. Was established by law in Vietnam and operated legally in Vietnam.
2. Meet the conditions stated in article 6 of this Decree. Particularly for the State enterprises, if international bonds no guarantees the Government must have the confidence coefficient is equal to or higher than the coefficient of national trust (if the release should have the confidence of the coefficient).
3. for enterprises international bond issuance of guarantees the Government must meet the conditions stipulated in article 8 of this Decree.
4. Worth the equivalent of each release for corporate bonds have no Government guarantee under the equivalent of 100 million USD.
Article 18. Construction of the project of corporate bonds issuing enterprises responsible for construction project released corporate bonds according to the content of the provisions of article 3 of this Decree shall send the superior governing body, Board or Board Member approval.
Article 19. Evaluation of proposals issued corporate bonds 1. For State enterprises, corporate bonds have government guarantees: a) the business is responsible for building the project of corporate bonds issued, the quảm host agency or the Board, the Board members approved and sent to the Ministry of Finance Ministry records to verify. The records include:-project release of corporate bonds has been approved by the competent authority;
-Decision on approval of the project release of corporate bonds of the Authority (a copy);
-Feasibility study report and the decision of investment projects related to the project of corporate bonds issued (copies);
-Confirmation of the company reviews credit multiplier multiplier trust announced The release (copy) if the release should have the confidence coefficient.
b) after getting enough records suggest was release of the business, the Ministry of finance will host the evaluation according to the following: (i) the purpose of issue: on the basis of the projects outlined in the scheme issued corporate bonds, capital needs assessment conducted of expected projects using corporate bonds capital , reviewed the financial situation of the enterprises released in 3 years. If the release is related to many different projects, the evaluation will proceed on the basis of the needs of capital and the financial situation of each unit used international bond funds.
(ii) the relevance of the project to use the international bond funds: the project is expected to use the source of money from issuing corporate bonds should be the project has completed the procedure for domestic investment and the investment decision of the authority.
(iii) determine the needs of capital issue: on the basis of capital needs assessment of the project referred to in the project of corporate bonds issued, the evaluation of projected release consistent with the needs of the project of corporate bonds issued, the repayment ability of the issuer and in the total borrowing limit of foreign trade of the country every year.
(iv) the time of the release: (v) reviews the situation of domestic and international markets;
(vi) determine the form, types of money market and release;
(vii) projects using cash flow and debt repayment plan, determine the risk level of the entire scheme use the money released.
2. for businesses that are not state enterprises issuing bonds without Government guarantee: the evaluation of the project of international bonds issued by enterprises to follow the Charter of organization and active and responsible in accordance with the law.
Article 20. Approval of the project issued corporate bonds 1. For State enterprises, corporate bonds have government guarantees: After appraising the project release of corporate bonds and the opinions of the relevant authorities, the Ministry of finance general the Prime project evaluation reports issued corporate bonds at the same time recommendations about the possibility of issuing corporate bonds in the international capital market to the Prime Minister to review the decision.
2. for businesses that are not state enterprises issuing bonds without Government guarantee: a) The approval of the project of international bonds issued by enterprises to follow the rules on the Organization and operation of enterprises and responsible before the law;
b) after the release of the bond scheme is approved, send a release scheme business for the State Bank to confirm about the loan is the loan limit, the country's foreign trade. Within 15 working days from receipt of the project bonds, the State Bank, in coordination with the Finance Ministry to check the validity of the loan compared to a total borrowing limit, the country's foreign trade and notify the enterprise confirmed the release value lies in the total borrowing limit foreign trade by country at the same time send a copy to the Finance Ministry to monitor;
c) after release, during payment of selling corporate bonds issued is responsible to register the loan before the end of the trading day (closing date) at the State Bank under the provisions of the current law.
Article 21. Level of Government guarantees for corporate bonds.
1. After the release of the bond scheme was approved by the Prime Minister and to allow the level of guarantee, the Ministry of finance with the authority concerned negotiations and agreements with content partners letters of guarantee.
2. The provision and management of Government guarantees for corporate bonds by the Ministry of finance to follow the current rules as for other foreign loans have government guarantees.
3. the guarantee Fee, the secured property, handling the secured property and other regulations made under the provisions of the regulation and management of current Government guarantees.
Article 22. The issuer 1. After the release of the bond scheme is the approval authority as prescribed in article 19 of this Decree, enterprises deploy the preparation and implementation of the release order referred to in article 7 of this Decree as the issuer.
2. After the release, the release of corporate responsibility report results released for competent authority approval of the release and the Ministry of finance.
Article 23. Use the money released 1. Enterprise release to bear full responsibility for the use right of the purpose and effectiveness of resources from release, ensuring correct implementation of the current rules of the State's foreign exchange.
2. for corporate bonds have the guarantee of the Government, the Ministry of Finance made the monitoring of use of capital according to the provisions in the regulation and management of current Government guarantees.
Article 24. Payment of principal and interest on corporate bonds 1. Release business transfer money directly to the payment agent under the agreement signed to payment of principal and interest on corporate bonds for owners of the bonds when due.
2. for corporate bonds has a Government guarantee, in any case, if the business has not yet released to arrange full payment or part payment obligations, businesses are issuance guarantee agency reports at least 45 days before the due date of interest or 90 days prior to the term of the original debt to take measures to handle.
3. release the enterprise made the opening and use of loan account and pay foreign debt to make the pay issue, made the original bond, interest paid under the provisions of the Ordinance on Foreign Exchange Management and direction of the State Bank.
Chapter IV LIABILITY of the AGENCY in RELATION to article 25. The responsibility of the Ministry of finance 1. Host, build project to release Government bonds in the international capital market, planning to use funds released to the Government decision.
2. Hosted, in cooperation with the relevant agencies to work with the agencies rated the national trust factor.
3. The selection and signing of contracts with foreign partners is related to the issuance of government bonds after the Government agree. 4. Complete legal records for the release, host the release and made lenders back capital from international bond issuance.
5. Choose back and lending institutions make loans back international bond funds under regulation back foreign loans of the current Government.
6. Monitoring the correct use of purpose, are effectively loans from government bonds, make a withdrawal of capital from The loan back to the capital. The layout plan and make the payment of international bonds debt time, interest and other related expenses.
7. Monitor the volatility of the price of government bonds are listed on the international capital markets, analyze, assess the conditions on the market and make the debt restructuring government bonds when favorable conditions.
8. Chairing the evaluation scheme of international bonds issued by State enterprises and bond release scheme has a Government guarantee.
9. Guide the business enterprise bonds are government guarantees in the determination of the coefficient of confidence, prepare and release; check, monitoring of loan use effective and correct purpose of according the project of bonds was browsing, ensure the ability to recover the capital to pay bond debt.
10. Do the clue provides information for foreign partners as defined in the agreement signed when international bond issuance.
11. accounting organization through the State budget funds in government bonds issued in accordance with the applicable regulations of the State.
12. The promulgation of the regulation on the order and the procedures related to the process of issuing international bonds.
Article 26. The responsibility of the State Bank of 1. In collaboration with the Ministry of finance in all the preparations and execution of the Government bonds issued in accordance with international practices and in accordance with the law of Vietnam.
2. Coordination with the Finance Ministry and relevant agencies to supply data, documentation to verify when building a prospectus in the process of preparing to release Government bonds.
3. Provide the necessary documents, data, at the request of the Ministry of finance, and co-ordinate with agencies reviews the national trust factor.
4. Organize register of business loans issued by the free method of the loan.
Article 27. The responsibility of the Ministry of planning and investment to 1. In collaboration with the Ministry of finance in the preparation and appraisal of proposals issued Government bonds.
2. Coordination with the Finance Ministry and relevant agencies to supply data, documentation to verify when building a prospectus in the process of preparing to release Government bonds.
3. Give the Finance Ministry the figures related to the field of management and work with the Agency rated the coefficient.
4. Coordination with the Finance Ministry in evaluating the national debt indicators related to the issuance of international bonds.
Article 28. The responsibility of the Ministry of Justice 1. Perform the role of legal counsel in the country for The release for the release Government bonds.
2. Join comments on legal matters in the underwriting contract, other legal contracts related to the issuance of government bonds, the agreement on Government guarantee before the Prime Minister decided;
3. Evaluation of the different issues between the deal on the release of government bonds, corporate bonds with the law in the country and monitor the handling of this matter in the course of implementation of this agreement.
4. level the legal opinion for the release agreement, government bonds, corporate bonds are Government guarantee issuing legal opinions about the legal status of the issuer and of the guarantee as proposed by the Agency.
Article 29. Responsibility of other related agencies 1. In collaboration with the Ministry of finance in providing periodic or irregular figures to serve for the evaluation of national confidence coefficient, the coefficient of confidence of the business and work together with the rating agency confidence coefficient;
2. In coordination with the Ministry of finance, the Ministry of Justice in providing data, information needed to build A prospectus, drafting of legal opinions and join the verified data along with complexes of the bank guarantee and the Unit related to the release.
Article 30. The responsibilities of the business lending capital issued Government bonds 1. Compliance with the provisions under regulation back foreign loans of the current Government.
2. Provide sufficient documentary records of the investment project is expected to use the funds from the international bond issuance for the Finance Ministry to assess and build project to release corporate bonds.
3. Completely responsible before the law on the use of sources of money in government bonds issued in accordance with the goals that the Government has approved. Any misuse of purpose or does not fulfill the obligation was committed are dealt with under the provisions of the law.
4. Commitment and responsibility to timely and full repayment of the payment obligation for the Ministry of finance in accordance with the terms of the loan contract.
5. Maintain the bookkeeping, financial reports and documents from the suit about the withdrawal of capital and use the loan back and periodically send quarterly reports to the Ministry of finance.
6. Periodically or irregularly at the request of the Ministry of finance, corporate lending must submit the report reviews and provides explanatory material related to effective use of loan terms from the source of the money to release Government bonds.
Article 31. Responsibility of enterprises are the Government underwriting or direct international bonds 1. The businesses are underwriting Government bonds of responsible international implementation of the provisions of the regulation and management of current Government guarantees;
2. The direct business of international bonds (with or without government guarantees) completely responsible before the law on the use of funds from the source release, the full implementation of the obligations of international bonds, in compliance with the current rules on loans and foreign debt and foreign exchange management.
3. All enterprises with international bonds of any kind make the rules about reporting under the provisions of article 33 of this Decree.
Chapter v. ACCOUNTING, inspection, MONITORING and REPORTING REGIMES Article 32. Accounting 1. For government bonds, the funds accounting for sale Government bonds was made according to the regulations of the law on the State budget.
2. The lending business of international bonds of Governments and businesses are issuance shall make accounting regime, investment capital under current rules.
Article 33. The report 1. Quarterly, annual bond issuance business has Government guarantees or loans source international bonds of the Government have the responsibility to report the situation to the layout, use capital bonds and repay according to the Ministry of finance submitted to the provisions in the regulation and management of Government guarantees and regulation of the use and monitoring the use of resources released Government bonds.
2. The time limit for the report is the last day of the month beginning next quarter for quarterly reports and before 31 January of the following year for the reporting year.
3. Enterprises released without bail the Government made the report under the provisions of the State Bank and the Ministry of Finance's request.
Article 34. Checking and monitoring of the Ministry of finance, Agency for lending funds government international bond, the Agency granted the Government guarantee implementation of the monitoring, monitoring the use of capital loan projects back Government bonds and capital of enterprises released on bail the Government sure, the use of which for your purposes, the recovery and payment of international bonds in accordance with the provisions of regulation left Government's foreign loans, regulation and management of current Government guarantees and regulation of the use and monitoring the use of resources of international bonds issued for each tranche issued by Ministry of finance.
Article 35. Audited financial year ended loans, businesses are issuance of Government guarantees or loans that back the bonds of international capital the Government choose to audit the company to perform an audit of the entire year's financial reports on the use of international bonds which integrate alternative and send it to the Ministry of finance is at the latest 15 days after the report on the audit.
Chapter VI Article 36 REALIZATION TERMS. Guide the implementation of the Ministry of finance in cooperation with the ministries involved guiding the implementation of this Decree.
Article 37. Effect 1. The Decree has effect from the date of July 30, 2009.
2. The previous provisions contrary to the provisions of this Decree are repealed.
3. Ministers, heads of ministerial agencies, heads of government agencies, businesses, organizations, individuals responsible for the implementation of this Decree.