Circular No. 15/2016/TT-BTC amends and supplements certain provisions of Circular No. 183/2011/TT-BTC dated December 16, 2011 on the establishment and management of open-ended funds.

CIRCULAR

AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE CIRCULAR NO. Decision No. 183/2011/TT-BTC dated December 16, 2011 guiding the establishment and management of open-ended funds

Pursuant to the Securities Law dated June 29, 2006;

Pursuant to the Law on Amending and SupplementingNo. Article of the Securities Law on December 24June 2024;Decree No. 55/2012/NĐ-CP dated June 28, 2012 of the Government on the establishment, restructuring, and dissolution of public service units;

Pursuant to Decree No. 58/2012/NĐ-CP dated July 20, 2012 of the Government detailing and guiding the implementation of certain provisionsNo. of the Securities Law and the Law amending and supplementing certain articles of the Securities Law;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPi, supplementing certain articles of the Securities Law;

Pursuant to DecreeNo. Decision No. 60/2015/NĐ-CP dated June 26, 2015 of the Government amending and supplementing certain articles of the Securities Law;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPm, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP ,No. This Circular guides the functions, tasks, powers and organizational structure of District Health Centers in districts, towns, urban districts, and cities under provinces and cities directly governed by the central government (referred to collectively as District Health Centers).No. Decree No. 58/2012/NĐ-CP dated July 20June 2024;thy ng 7 year 2012 guiding the detailed implementation of certain provisions Transit through, and Residence of Foreigners in Vietnam dated June 25, of the Securities LawJune 2024;1. Hold Vietnamese nationality., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPi, supplementing certain articles of the Securities Law; number of the Securities Law;

Pursuant to Decree No. 215/2013/NĐ-CP dated December 23, 2013 of the Government stipulating functions, tasks, powers, and organizational structureof the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairsu t, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP 6 of the Government on supporting the development of enterprises until 2020;

Part I. 

The Minister of Finance issues this Circular to amend and supplement certain articles of the Circular No. 30/2017/TT-BTC dated April 18, 2017 of the Ministry of Finance on temporary loans from the state treasury to the state budget.No. of Circular No. 183/2011/TT-BTC dated December 16, 2011 guiding the establishment and management of open-ended funds.

Article 1.

1. Amendment Clause 3, Clause 17, Clause 25 and supplementing Clause 30 Article 2 as follows:

“3. DistributorNo.i is an organization engaged in securities business, a depository bank, a commercial bank, an insurance company, or another economic organization that has registered to engage in the distribution of open-ended fund certificates.

17. Bond Fund is an open-ended fund investing in various types of treasury bills, bonds, securities, and other fixed-income instruments with at least eighty percent (80%) of the net asset value invested in these assets.policiesTime of closing orders

25. is the last time when the distributor receives trading orders from investors to execute on the day of trading open-ended fund certificates. The time of closing orders is specified in the fund's charter, publicly announced in the prospectus, summary prospectus, and shall not be later than the market closing time of the Stock Exchange on the nearest trading day before the trading day of the open-ended fund certificates. Index Fund

30. is an open-ended fund investing in a portfolio of underlying securities constituting a market index, where the market index is constructed and managed by the Stock Exchange in Vietnam and complies with the legal regulations for exchange-traded funds.”No. 2. Supplement Clause 8

“8. In the registration documents for the issuance of open-ended fund certificates of subsequent funds, if there is no new content or information, the fund management company does not have to submit documents proving that the supervisory bank, service provider organizations, and the fund manager meet the conditions as previously submitted in the registration documents for the issuance of open-ended fund certificates. If the new fund also uses the same charter and prospectus, the fund management company does not need to submit these documents in the registration documents for the issuance of new open-ended fund certificates.” Article 4 as follows:

Clause 5 Article 7 as follows:of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs“5. The fund management company and related service providers must always have complete information about each investor's ownership, including those trading on named accounts (except for foreign named account traders). Information about the investor's assets on the main ledger, including those trading on named accounts, is evidence confirming the ownership of open-ended fund certificates. Ownership rights of investors are established from the moment the ownership information of the investor is updated on the main ledger.”nationaland supplement Clause 6 Article 8 as follows:ỹ “2. Within three (03) working days from the date of amending or supplementing the fund charter, the fund management company must report to the State Securities Commission according to the provisions of Appendix No. 29 issued together with this Circular, while publishing the fund charter on the company's website.

3. Amendment 6. The supervisory bank and related service providers mentioned in the prospectus and promotional materials about open-ended funds only confirm information related to their activities based on contracts signed with the fund management company, in accordance with the law and the information provided by them to build the prospectus and promotional materials about open-ended funds.”

Point b Clause 4 Article 9 as follows:

4. Amend Clause 2 “b) Named account agents must open and manage independent sub-accounts for each investor. The total balance of all sub-accounts must match the balance of the named account, and the balance of each sub-account must match the ownership data of the investor's open-ended fund certificates recorded in the main ledger.”

Clause 3 Article 10 as follows:

“3. Distributors can only accept trading orders from investors when the order form is accurately and fully completed according to the model prescribed in Appendix No. 21 issued together with this Circular. Order forms must be stored in accordance with the law on securities. At the same time, they must ensure timely, accurate, and clear recording of the time of receiving orders and the person receiving orders from investors. In cases where orders are received via telephone, fax, online trading through the Internet, or other electronic means, they must comply with the regulations on electronic transactions and storage of order forms in electronic file format.”nationalClause 3 and supplement Clause 4 Article 11 as follows:

5. Amend “3. Funds received from the purchase of open-ended fund certificates transferred to the fund's bank account are immediately invested on the trading day of the open-ended fund certificates. The supervisory bank is responsible for paying interest to the fund, with a minimum interest rate equal to the current interest rate on demand deposits being applied, from the day the fund receives the purchase funds from investors.

4. In cases where the purchase order for open-ended fund certificates and the payment for the order are executed by individuals or organizations other than the investor, the order form and payment confirmation documents must clearly state the name, account number, and amount paid for the benefiting investor.”

6. Amend Clause 4, Clause 6 Article 14 as follows:

"3. The distribution agent shall only accept investment orders from investors when the order form has been accurately and fully filled out with all required information as prescribed in Appendix 21 issued together with this Circular. The order form must be stored by the distribution agent in accordance with the laws on securities. At the same time, it must ensure that the receipt of the order and the person receiving the order from the investor are recorded completely, accurately, promptly, and clearly at the time of receipt. In cases where orders are received via telephone, fax, online trading through the Internet, or other electronic means, they must comply with regulations on electronic transactions and storage of order forms in electronic file format."on "In case of orders received through telephone, fax, online trading through the Internet, or other electronic means, they must comply with regulations on electronic transactions and storage of order forms in electronic file format."

7. Amend Clause 3 and supplement Clause 4 of Article 11 as follows:

"3. Funds for purchasing fund certificates, after being transferred into the fund's account at the supervisory bank, shall be disbursed immediately on the day of the fund certificate transaction to invest. The supervisory bank is responsible for paying interest to the fund, with a minimum interest rate equal to the interest rate on demand deposits currently in effect, from the date the fund receives the purchase funds from the investor."of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairsorganize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular. "minimum" blogo"interest rate"of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs"on demand deposits currently in effect,"on"from the date the fund receives the purchase funds from the investor."development "4. In cases where the purchase order for fund certificates and payment for the purchase order are executed by individuals or organizations other than the investor, the order form and payment confirmation documents must clearly state the name, account number, and amount payable to the benefiting investor."

Clause 4, Clause 6 of Article 14 as follows:ầClause 3 of Article 19 as follows:policies"3. The determination of market prices for the fund's assets shall be carried out according to the method prescribed in Appendix 13 issued together with this Circular, including:

c) Not publishing the report on the use of capital audited at the General Shareholders' Meeting or not detailing the use of capital obtained from the public offering of securities in the annual financial report audited.” a) For listed bonds: The market price is the closing price (or another name according to the trading rules of the stock exchange) of regular trading on the nearest trading day before the valuation date, plus accrued interest (if the quoted price does not include accrued interest);

"4. Purchase fees, issuance fees, and conversion fees may be set at different levels based on the holding period of fund certificates, investment objectives, or the value of investments. The maximum fee levels must be stipulated in the fund charter and prospectus. Specific fee levels shall be published in the prospectus, summary prospectus, on the website of the fund management company or distributors, or through other means. Issuance fees shall not exceed five percent (5%) of the transaction value. Redemption fees and conversion fees shall not exceed three percent (3%) of the transaction value.

6. An increase in fee levels can only be implemented if the post-increase fee level does not exceed the levels prescribed in Clause 4 of this Article. The earliest date for applying the new increased fee level is ninety (90) days from the date the fund management company publishes information about the new fee levels on its website.

9. Amend Point b, Point e, and add Point g to Clause 2 of Article 15 as follows:

"2. Types of assets that the fund may invest in include:

b) Foreign currencies, money market instruments including negotiable securities,||| transferable securities in accordance with relevant laws;

e) Shares, bonds preparing for listing or trading, issued by issuers operating under the law; VVietnam; g) Rights arising from securities that the fund currently holds."

Clause 4, Clause 5, and Clause 8 of Article 15 as follows:

10. Amend "4. The investment portfolio structure of open-ended funds must ensure:

a) Except for deposits in the fund's settlement account at the supervisory bank, the open-ended fund shall not invest more than forty-nine percent (49%) of the total asset value of the fund in assets specified in Points a and b of Clause 2 of this Article. This provision does not apply to bond funds;

b) Shall not invest more than thirty percent (30%) of the total asset value of the fund in assets specified in Points a, b, d, e, and f of Clause 2 of this Article, issued by a company or a group of companies with ownership relationships, where the investment in derivative securities is the committed value of the contract determined according to Appendix 13 promulgated together with this Circular;

c) Shall not invest more than twenty percent (20%) of the total asset value of the fund in circulating securities of an issuer, including all types of negotiable securities, transferable securities, bonds (excluding government bonds), voting shares, non-voting shares, convertible bonds;

d) Shall not invest in securities of an issuer more than ten percent (10%), or more than fifteen percent (15%) (in the case of index funds, exchange-traded funds) of the total value of circulating securities of that issuer, except for government bonds;development e) Shall not invest more than ten percent (10%) of the total asset value of the fund in assets specified in Point e of Clause 2 of this Article;

f) The total value of large investment items in the fund's investment portfolio shall not exceed forty percent (40%) of

the total asset value of the fund, except in the case of bond funds;

g) At any time, the total committed value in derivative securities transactions, net debt, and liabilities of the fund shall not exceed the net asset value of the fund;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPh) Shall not invest in securities investment funds or shares of securities investment companies established and operating in Vietnam;nationali) Shall not directly invest in real estate, precious stones, rare precious metals;

j) Must hold securities of at least six (06) issuers, except in the case of bond funds.

5. Except for the cases specified in Points g, h, and i of Clause 4 of this Article, the investment structure of open-ended funds may deviate due to the following objective reasons:

b) To make legitimate payments for the fund;

c) To execute investor trading orders;

d) Mergers and acquisitions of issuers;nationale) A newly licensed fund or a fund resulting from splitting, merging, or consolidating funds that has been operational for no more than six (06) months, calculated from the date of obtaining the fund registration certificate;

a) Market price fluctuations of assets in the fund's investment portfolio;

f) A fund during the liquidation period.

8. The fund management company may only invest in deposits and money market instruments specified in Points a and b of Clause 2 of this Article issued by credit institutions listed in the approved list by the fund board in writing."

Clause 2 of Article 16 as follows:

"2. The fund management company is not permitted to borrow for

investment purposes, except for short-term borrowing to cover necessary expenses for the fund or to settle transactions of fund certificates with investors. The total value of short-term loans of the fund, excluding advances and liabilities, shall not exceed five percent (5%) of the net asset value of the fund at any time, and the maximum loan term is thirty (30) days."development.

Clause 2 of Article 17 as follows:

11. Amended "2. For transactions conducted through negotiation (except for transactions executed on the stock exchange trading system), for the purchase and sale of unlisted and unregistered securities, the fund management company must ensure:

a) Written approval from the fund board regarding the expected price range, execution time, trading counterparties, and type of assets before conducting the transaction;development b) In the event that the actual purchase price is higher or the actual selling price is lower than the reference price provided by the quotation provider, or exceeds the approved price range as stipulated in Point a of this Clause, the fund management company

12. Amend must provide a clear explanation of the reasons for the fund board to review and decide."

Clause 3 of Article 19 as follows:

"3. The determination of market prices for fund assets shall be carried out according to the method prescribed in Appendix 13 promulgated together with this Circular, wherein:

a) For listed bonds: The market price is the closing price (or another name according to the stock exchange regulation) of regular trading on the nearest trading day prior to the valuation date plus accrued interest (if the closing price does not already include accrued interest);, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP b) For listed and registered shares: The market price is the closing price (or another name according to the regulation of theỹ stock exchange)."

13. Amendment b) For listed shares and registered trading: The market price is the closing price (or another name according to the trading rules)"

"approved; specific ratios are stipulated in the fund’s charter."

"equivalent, the supervisory bank is responsible for clearly confirming the status of custody and registration of such assets in the periodic reports of the fund management company and the supervisory bank, and simultaneously sending a written notice to the fund board."

"1. The supervisory bank must submit periodic monthly, quarterly, semi-annual, and annual supervision reports on its activities related to the fund in accordance with the guidelines of the State Securities Commission. The report must evaluate the compliance of the fund management company in investment activities, trading, and determining net asset value in accordance with the fund’s charter, securities laws, and the securities market."policies of the Securities Trading Exchange on the nearest trading day before the valuation date;

c) For interest-free instruments including treasury bills, bonds, securities, and other interest-free instruments: The market price is the quoted price on the trading system of the Securities Trading Exchange; if there is no quoted price, the price shall be determined based on the discounted cash flow model using the auction interest rate or another interest rate specified by the fund's management board and the holding period of the instrument;

d) For permitted investment assets that are not listed or traded on the Securities Trading Exchange: The market price is the average of successful transactions at the nearest trading day before the valuation date provided by quotation organizations. In case there is no quotation, the price shall be determined based on a theoretical model approved by the fund's management board.”

14. Amend Article 24, Clause 1, Points a and b as follows:

“1. The Investor Assembly convened by the Fund Management Company decides on the following matters:

a) Amending and supplementing the fund charter, supervision contract; profit distribution plan;

b) Significant changes in the investment policy, investment objectives of the fund; increasing the fee paid to the fund management company, supervisory bank; changing the fund management company, supervisory bank.”

15. Amend Article 26, Clause 1, Clause 2, Clause 4 as follows:

“1. Except for cases stipulated in Clause 2 of this Article, decisions made at the Investor Assembly meeting are passed when at least fifty-one percent (51%) of the total number of fund units represented by investors attending the meeting agree; the specific ratio is specified in the fund charter.

2. For the contents prescribed in Point b and c, Clause 1 of this Circular, decisions made at the meeting are passed when at least sixty-five percent (65%) of the total number of fund units represented by investors attending the meeting agree; the specific ratio is specified in the fund charter.

4. In the case of soliciting opinions from the Investor Assembly in writing form, the decision is passed if at least fifty-one percent (51%) of the total number of fund units represented by investors who have expressed their consent agree;, amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPng the meeting agree; the specific ratio is specified in the fund charter.”development"Clause 9 of Article 2; Clause 3 of Article 26; Appendix 30 issued with Circular 183/2011/TT-BTC."

16. Amend Article 35, Clause 3, Point a as follows:

“a. Basic certificate in securities and the securities market; or international certificates in the field of securities such as CFA from Level I (Chartered Financial Analyst level I) upwards, CIIA from Level I (Certified International Investment Analyst level I) upwards; or securities business practice certificates issued in countries that are members of the Organization for Economic Cooperation and Development (OECD).””

17. Amend Article 36, Clause 2, Points a, d, and e as follows:

“2. Safekeeping of fund assets must ensure:

a) The Fund Management Company registers the fund's assets under the fund's name according to the economic contracts between the fund (through the Fund Management Company) and counterparties in accordance with relevant laws; ensuring all fund assets generated within Vietnam must be registered as belonging to the fund and fully deposited with the supervisory bank in accordance with the following principles:

- If the asset has ownership registration, it must be registered and recorded under the fund's name, except where the asset must be registered and recorded under the name of the supervisory bank, sub-custodian organization, or the Fund Management Company as stipulated by relevant laws. Original legal documents confirming the fund's ownership of the asset must be fully deposited with the supervisory bank, except for securities that have been centrally registered and deposited. In the case of securities issued in book-entry form or where the transfer of ownership to the fund has not been completed, the original purchase and sale contract and the transaction settlement must be deposited with the supervisory bank.

If the asset does not have ownership registration or has not been timely transferred to the fund within the time limit specified in issuance agreements, transfer contracts, investment contracts, or equivalent contracts, the supervisory bank is responsible for clearly reporting the custody and registration status of this asset in periodic reports of the Fund Management Company and the supervisory bank, and sending a written notification to the fund's management board.policies "2. Amendments and supplements to this Circular shall be decided by the Minister of Finance."

- For unregistered assets, the supervisory bank is responsible for monthly reconciliation with the capital receiving organization, issuing organization, shareholder register management organization, or equivalent organizations regarding the quantity and value of the fund's assets, ensuring compliance with the provisions of Point e, Clause 1 of this Article., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CP - For bank deposits, the supervisory bank has the right and responsibility to request the Fund Management Company to provide full information about deposit contracts and fund deposit accounts. The supervisory bank is responsible for monthly reconciliation of account balances and the value of deposit contracts with banks receiving fund deposits.”

18. Supplement Clause 10

“10. The coordination mechanism between the Supervisory Bank and the Fund Management Company in reviewing the activities of transfer agents shall be carried out according to the agreement between both parties, ensuring the Fund Management Company's compliance with legal regulations.” Article 37 as follows:

Clause 1, and supplement Clause 6 of Article 38 as follows:

19. Amending “1. The Supervisory Bank must submit regular monthly, quarterly, semi-annual, and annual supervision reports on the fund's activities in accordance with the guidelines of the State Securities Commission. The report must evaluate the compliance of the Fund Management Company in investment activities, transactions, and net asset value determination in accordance with the fund charter and securities and securities market laws.

"The Central Office of the National Assembly;"on "- Office of the Central Steering Committee for Anti-Corruption;"No."- Supreme People's Procuracy;"

6. The reporting regime of the supervisory bank to the fund management company as stipulated in this Article is limited to the scope of open fund operations and related information obtained during the performance of supervisory functions as stipulated in Clause 1 of Article 37 of this Circular.”

20. Amend Article 39, Clause 1, Point a as follows:

“a) Is a securities company with brokerage business, fund management company, securities depository bank, insurance enterprise, commercial bank, and other economic organizations. In the case of an insurance enterprisedevelopmentIf they are a commercial bank or another economic organization, they must register their fund certificate distribution activities with the State Securities Commission in accordance with Clause 3 of this Article.

21. Supplement Clause 4 Article 40 as follows:

“4. A distribution agent that is not a securities trading organization, a custodian bank, a commercial bank, or an insurance company shall not be allowed to:developmenta) Act as a nominee agent;

b) Simultaneously act as a distribution agent for another fund management company unless approved in writing by the fund management company for which it is currently acting as a distribution agent.”

Clause 2 of Article 42 as follows:

22. Amending “2. Fund management companies and related organizations may not advertise, provide information, or introduce funds that have not been granted registration certificates for open-ended fund share offerings, or funds that have ceased operations, except when such activities are part of seminars introducing funds to civil servants of state administrative agencies with relevant authority.”

23. Supplement Clause 5of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs“5. Fund management companies must publish on their electronic information website on a weekly basis the tracking error (TE) between the net asset value of the index fund and the benchmark index, where the tracking error is determined according to the securities law regulations on index fund portfolio rebalancing. In cases where the tracking error exceeds the maximum limit set out in the fund’s charter, the fund management company has the responsibility to disclose the reasons, suspend fund share trading, or adjust the investment portfolio to address the situation in accordance with the fund’s charter.”of the Government stipulating functions, tasks, powers, and organizational structure of the Ministry of Home Affairs24. Delete the phrase “related service-providing organizations” fromrime Minister cClause 1 Article 9, Clause 6 Article 18 Circular 183/2011/TT-BTC.

25. Repeal the provisions at Article 44 as follows:

Clause 9 Article 2; Clause 3 Article 26; Appendix 30 issued together with Circular 183/2011/TT-BTC.No. 2. The amendment and supplementation of this Circular shall be decided by the Minister of Finance./., amended and supplemented by Decree No. 109/2025/NĐ-CP and Decree No. 193/2025/NĐ-CPMinistry of Finance;

- Office of the National Steering Committee on Anti-Corruption - Supreme People's Procuracy, Supreme People's Court;

- File: VT, SSC, 300. "- Supreme People's Court;"

Article 2. Implementation clause

1. This Circular takes effect from the year 15 the 3 in 2016.

"- To be filed: VT, UBCK, 300."