06 conditions for issuance of đá bóng trực tiếp establishment and operation license to a investment company in Vietnam

Hello, Lawnet would like to answer as follows:

1. What is a investment company?

According to Article 114 of đá bóng trực tiếpxem bóng đá trực tiếpon đá bóng trực tiếp definition of securities investment company as follows:

- A securities company is a securities investment fund that is reorganized into a joint-stock company to invest in securities.

A securities company can be a:

+ private investment company

+ public investment company.

- Investment companies shall be licensed by SSC. After being licensed by SSC, đá bóng trực tiếp investment company shall apply for enterprise registration in accordance with đá bóng trực tiếptrực tiếp bóng đá hôm.

2. 06 conditions for issuance of đá bóng trực tiếp establishment and operation license to a investment company in Vietnam

To be granted a certificate of establishment and operation, a securities investment company must comply with đá bóng trực tiếp following conditions:

(1) Capital:

- Actual contributed charter capital shall be at least 50 billion. A public investment company shall authorize a securities investment fund management company to manage its capital. A private investment company may manage its own capital or authorize a securities investment fund management company to manage its capital;

- All assets of đá bóng trực tiếp public investment company shall be deposited at đá bóng trực tiếp supervisory bank.

(2) Headquarters

There are premises for securities investment operations. đá bóng trực tiếp public investment company or investment company may use đá bóng trực tiếp premises of đá bóng trực tiếp securities investment fund management company that is authorized to manage its capital as its headquarters.

(3) Personnel:

- đá bóng trực tiếp public investment company or investment company that authorizes a securities investment fund management company to manage its capital must not recruit personnel and Director/General Director, Deputy Director/Deputy General Director that are executives appointed by đá bóng trực tiếp securities investment fund management company.

- A private investment company that manage its own capital shall have a Director/General Director who meets đá bóng trực tiếp requirements specified in Clause 5 Article 75 of đá bóng trực tiếp Law on Securities and at least 02 employees having đá bóng trực tiếp financial analysis certificate or fund management certificate.

(4) Shareholders:

- đá bóng trực tiếp public investment company shall have at least 100 shareholders that are not professional securities investors;

- A private investment company may have up to 99 shareholders. Shareholders that are organizations shall contribute at least 03 billion VND. Shareholders that are individuals shall contribute at least 01 billion VND. In case of self-management, domestic shareholders shall be organizations that are licensed by securities, banking, insurance authorities or members of đá bóng trực tiếp Board of Directors, General Director/Director, Deputy Director/Deputy General Director of đá bóng trực tiếp company to be established.

(5) Members of đá bóng trực tiếp Board of Directors of đá bóng trực tiếp public investment company

At least two thirds of đá bóng trực tiếp members of đá bóng trực tiếp Board of Directors of đá bóng trực tiếp public investment company shall be independent from đá bóng trực tiếp securities investment fund management company, supervisory bank.

(6) Conditions for contributing assets:shareholders may contribute securities that are being listed, registered, traded at Stock Exchanges in accordance with đá bóng trực tiếp charter of đá bóng trực tiếp private investment company, and:

- đá bóng trực tiếp securities contributed shall be appropriate for đá bóng trực tiếp company’s investment targets and policies; not restricted from transfer, suspended or banned from transaction, or delisted; not being pledged, deposited, frozen or collateralized in other secured transactions as prescribed by law;

- đá bóng trực tiếp contribution of securities must be approved by all shareholders and will only be considered completed after đá bóng trực tiếp lawful ownership of these securities has been transferred to đá bóng trực tiếp private investment company;

- đá bóng trực tiếp prices of contributed securities shall be determined by đá bóng trực tiếp depository bank according to đá bóng trực tiếp closing price on đá bóng trực tiếp date of completion of ownership transfer at VSDCC and according to đá bóng trực tiếp charter of đá bóng trực tiếp private investment company. (pursuant to Article 259 ofDecree No. 155/2020/ND-CP)

In addition, in Clause 2, Article 115 of đá bóng trực tiếpxem bóng đá trực tiếp, a public investment company shall comply with đá bóng trực tiếp following regulations:

+ đá bóng trực tiếp investment limits specified in Article 110 of đá bóng trực tiếpxem bóng đá trực tiếp;

+ Regulations on asset valuation and reporting in Article 106 and Article 107 of đá bóng trực tiếpxem bóng đá trực tiếp;

+ Obligations of public companies specified in Points a, b, c Clause 1 and Clause 2 Article 34 of đá bóng trực tiếpxem bóng đá trực tiếp;

+ đá bóng trực tiếp investment company‘s assets shall be deposited at 01 depository bank.

Thus, to be granted a license to establish and operate, a securities investment company needs to meet six main conditions, including capital, headquarters, personnel, shareholders, members of đá bóng trực tiếp Board of Directors, and a capital contribution with assets.

In particular, đá bóng trực tiếp minimum charter capital requirement of 50 billion VND and đá bóng trực tiếp regulation on đá bóng trực tiếp minimum number of shareholders are important conditions.

In addition to đá bóng trực tiếp above six conditions, public securities investment companies must also meet a number of additional regulations on investment restrictions, information disclosure, and asset custody.

Best regards!

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