Decision No. 45/2007/QD-BTC dated June 5, 2007 of the Ministry of Finance promulgating the regulation on establishment and operation of securities investment funds
THE MINISTRY OF FINANCE
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, June 5, 2007
ISSUING REGULATIONS ON ESTABLISHMENT AND MANAGEMENT OF SECURITIES INVESTMENT FUNDS
THE MINISTER OF FINANCE
Pursuant to the Law on Securities dated 29 June 2006;
Pursuant to Decree 14/2007/ND-CP of the Government dated 19 January 2007 making detailed provisions for implementation of the Law on Securities;
Pursuant to Decree 77/2003/ND-CP of the Government dated 1 July 2003 on functions, duties, powers and organizational structure of the Ministry of Finance;
On the proposal of the chairman of the State Securities Commission:
Article 1. To issue with this Decision the Regulations on Establishment and Management of Securities Investment Funds.
Article 2. This Decision shall be of full force and effect fifteen (15) days after the date of its publication in the Official Gazette.
Article 3. The Head of the Office, the Chairman of the State Securities Commission, fund management companies and parties concerned shall be responsible for implementing this Decision.
FOR THE MINISTER OF FINANCE
Tran Xuan Ha
ON ESTABLISHMENT AND MANAGEMENT OF SECURITIES INVESTMENT FUNDS
(Issued with Decision 45/2007/QD-BTC of the Minister of Finance dated 5 June 2007)
Article 1. Governing scope
These Regulations provide for raising capital, establishing and managing closed securities investment Funds and Member Funds (hereinafter both abbreviated as Funds) and activities related to the management of Funds by fund management companies, depository banks and custodian banks within the territory of the Socialist Republic of Vietnam.
Article 2. Interpretation of terms
In these Regulations, the following terms shall be construed as follows:
1. Valid copy means a copy which is notarized [and/or] certified by a competent body of Vietnam.
2. Valid application file means a file containing all the documents required by these Regulations and containing all items declared as required by law.
3. Fund charter capital means the amount of money actually paid by all investors and stipulated in the Fund charter.
4. Fund unit means the Fund charter capital divided into a number of equal parts.
5. Securities investment fund certificate (hereinafter abbreviated to fund certificate) means a type of security in the form of a certificate or book entry issued by a fund management company on behalf of a Public Fund, certifying that the investor is the legal owner of one or more fund units in the Public Fund.
6. Valuation day means the day fixed by the fund management company to determine the net asset value of a Fund.
7. Liquidation value of a share in an issuing organization which is in the process of division, demerger, merger, consolidation, dissolution or bankruptcy shall be fixed as the value of equity less the value of reward and welfare funds and other funds established in the interests of employees, divided by the total number of currently circulating shares in the issuing organization as stated in the most recent balance sheet.
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