Chapter IV
SECURITIES COMPANIES, FUND MANAGEMENT COMPANIES
Article 18.- Regulations on capital of securities companies and fund management companies
1. Legal capital for business operations of securities companies, foreign-invested securities companies and Vietnam-based foreign securities companies shall be as follows:
a/ Securities brokerage: VND 25 billion;
b/ Securities dealing: VND 100 billion;
c/ Securities issuance underwriting: VND 165 billion;
d/ Securities investment consultancy: VND 10 billion.
2. When an organization applies for license for many business operations, its legal capital shall be the total of the legal capital amounts required for the to be-licensed operations.
3. The legal capital of a fund management company, a foreign-invested fund management company or a Vietnam-based branch of a foreign fund management company must be at least VND 25 billion. The Finance Ministry shall specify the legal capital of a fund management company on the basis of the capital amount entrusted to it for management.
4. Capital contributions for establishment of a securities company, a fund management company, a Vietnam-based branch of a foreign securities company or a foreign fund management company must be in Vietnam dong or a freely convertible foreign currency.
Organizations and individuals that make capital contributions shall prove that their capital sources are lawful and have them certified by independent audit organizations.
5. Ownership percentage of foreign parties in securities companies or foreign-invested fund management companies in Vietnam shall comply with the provisions of law.
6. An organization or individual that owns 10% or more of the equity capital or voting contributed capital of a securities company and its/his/her affiliated persons may not own more than 5% of stocks or voting contributed capital of another securities company.
7. An organization or individual that owns 10% or more of the equity capital or voting contributed capital of a fund management company and its/his/her affiliated persons may not own more than 5% of stocks or voting contributed capital of another fund management company.
Article 19.- Dossiers and procedures for granting establishment and operation licenses to foreign-invested securities companies or fund management companies in Vietnam
1. A dossier comprises:
a/ Documents specified in Article 63 of the Law on Securities;
b/ The joint-venture contract, for case of establishment of a joint-venture securities company or a joint-venture fund management company, or the capital contribution commitment, for case of establishment of a securities company or a fund management company to which a foreign party contributes capital;
c/ If the foreign party is a legal entity, the dossier also contains the following documents: valid copies of the charter, the establishment and operation license or the business registration certificate or a document of equivalent legal validity of that legal entity granted by the country of origin; the decision on establishment or capital contribution for establishment of the securities company or the securities investment fund management company in Vietnam issued by foreign competent authority.
2. The dossiers specified in Clauses 4, 5, 6 and 7, Article 63 of the Law on Securities in case the director or the general director, the founding shareholders or founding members are foreign organizations or individuals and specified at Point b or c, Clause 1 of this Article must be made in two copies, one in English and another in Vietnamese. The dossier set in English must be consularly legalized. Copies in Vietnamese and translations from English into Vietnamese must be certified by a Vietnamese notary public or a law firm having the translation function and lawfully operating in Vietnam.
3. The time limit for granting the establishment and operation license is specified in Article 65 of the Law on Securities.
Article 20.- Dossiers and procedures for grant of establishment and operation licenses for Vietnam-based branches of foreign securities companies or fund management companies
1. A dossier comprises:
a/ Documents specified in Article 63 of the Law on Securities;
b/ Copies of the charter, the establishment and operation license or the business registration certificate of the foreign securities business organization granted by the country of origin; the decision on setting up of Vietnam-based branch and the capital allocation decision of the competent authority of the foreign securities trading organization.
2. A dossier specified in Clause 1 of this Article must be made in two copies, one in English and another in Vietnamese. The dossier set in English must be consularly legalized. Copies in Vietnamese and translations from English into Vietnamese must be certified by a Vietnamese notary public or a law firm having the translation function and lawfully operating in Vietnam.
3. The time limit for granting the establishment and operation license is specified in Article 65 of the Law on Securities.
Tìm kiếm
Nghị định 14/2007/NĐ-CP (Bản Word)