Decision No. 124/2008/QD-BTC of the Ministry of Finance issued the Regulations on the establishment and operation of representative offices of foreign securities business organizations in Vietnam, applicable to foreign securities business organizations wishing to establish representative offices in Vietnam. Notable points include provisions on conditions and procedures for establishing and operating representative offices.
Scope of application
Foreign securities business organizations wishing to establish representative offices in Vietnam.
Key points
- Representative offices of foreign securities business organizations in Vietnam must meet the capital, personnel, and infrastructure requirements stipulated by Vietnamese law (Article 1).
- The procedure for establishing a representative office includes submitting an application to the State Securities Commission and awaiting approval (Article 2).
- Representative offices must comply with regulations governing securities business operations in Vietnam, including periodic reporting to regulatory authorities (Article 3).
🌐 Social impact of this document
- Positive impacts include creating favorable conditions for foreign securities business organizations seeking to expand their activities in Vietnam, contributing to the development of the domestic securities market.
- Negative impacts may include increased administrative burdens for foreign securities business organizations due to compliance with multiple regulations.
❓ Frequently asked questions
What conditions must foreign securities business organizations meet to establish representative offices in Vietnam?
According to the Decision, foreign securities business organizations must meet the capital, personnel, and infrastructure requirements stipulated by Vietnamese law (Article 1).
What is the procedure for establishing a representative office?
Foreign securities business organizations must submit an application to the State Securities Commission and await approval (Article 2).
What regulations must representative offices comply with?
Representative offices must comply with regulations governing securities business operations in Vietnam, including periodic reporting to regulatory authorities (Article 3).
When does this Decision take effect?
This Decision takes effect 15 days after its publication in the Official Gazette (Article 2).
How will previous regulations inconsistent with the Regulations issued pursuant to this Decision be treated?
Previous regulations inconsistent with the Regulations issued pursuant to this Decision shall cease to be enforceable (Article 2).
Full text
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIETNAM |
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Number: 124/2008/QD-BTC |
Hanoi, December 26, 2008 |
Pursuant to …;
Regarding the issuance of the Rules on the establishment and operation of foreign securities business organizations' representative offices in Vietnam
THE MINISTER OF FINANCE
BASED ON THE SECURITIES LAW NUMBER 70/2006/QH11 OF JUNE 29, 2006;
The Minister of Finance issues this Circular amending and supplementing Circular No. 27/2010/TT-BTC dated February 26, 2010 of the Ministry of Finance on the level of collection, payment procedures, management, and use of securities transaction fees applicable at the Stock Exchanges and the Vietnam Securities Depository Center as follows:
Pursuant to Decree No. 118/2008/NĐ-CP dated November 27, 2008, of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
At the request of the Chairman of the State Securities Commission,
DECISION:
Article 1. This Decision promulgates the Rules on the establishment and operation of foreign securities business organizations' representative offices in Vietnam.
Article 2. This Decision takes effect fifteen days from the date of publication in the Official Gazette. Provisions in previous documents that conflict with the Rules issued together with this Decision shall cease to be enforced.
Article 3. The Director of the Ministry's Office, the Chairman of the State Securities Commission, the representative offices of foreign securities business organizations in Vietnam, and related parties are responsible for implementing this Decision./.
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DEPUTY MINISTER |
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