Decision No. 71/2005/QD-BTC Amending and Supplementing Certain Articles of the Regulation on the Organization and Operation of Securities Investment Funds and Fund Management Companies (annexed to Decision No. 73/2004/QD-BTC dated September 3, 2004 of the Minister of Finance).

DECISION OF THE MINISTER OF FINANCE

REGARDING AMENDMENTS AND SUPPLEMENTS TO CERTAIN ARTICLES OF THE REGULATIONS ON THE ORGANIZATION AND OPERATIONS OF SECURITIES INVESTMENT FUNDS AND SECURITIES MANAGEMENT COMPANIES (ISSUED PURSUANT TO DECISION NO. 73/2004/QD-BTC DATED SEPTEMBER 3, 2004 OF THE MINISTER OF FINANCE)

BASED ON THE GOVERNMENT DECREE NO. 144/ND-CP DATED NOVEMBER 28, 2003 ON SECURITIES AND THE SECURITIES MARKET;

AT THE PROPOSAL OF THE CHAIRMAN OF THE STATE SECURITIES COMMISSION,

THE MINISTER OF FINANCE

Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

TO SUPPLEMENT POINT d OF CLAUSE 2 OF ARTICLE 42 OF THE REGULATIONS ON THE ORGANIZATION AND OPERATIONS OF SECURITIES INVESTMENT FUNDS AND SECURITIES MANAGEMENT COMPANIES (ISSUED PURSUANT TO DECISION NO. 73/2004/QD-BTC DATED SEPTEMBER 3, 2004 OF THE MINISTER OF FINANCE) AS FOLLOWS:

"d. A securities management company that is a subsidiary of an insurance company, with controlling shareholders or contributing members being an insurance company, may manage capital and assets entrusted by such insurance company based on an investment trust agreement between the securities management company and the insurance company in accordance with the laws on insurance business and the laws on securities and the securities market. The entrusted investment capital and assets shall be deposited with a custodian member which is a commercial bank based on a deposit agreement."

DECISION:

Article 1. THE CHAIRMAN OF THE STATE SECURITIES COMMISSION, SECURITIES MANAGEMENT COMPANIES, AND RELATED PARTIES ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION.

"d. A fund management company affiliated with an insurance company, where the controlling shareholder or capital contributor is such an insurance company, manages the entrusted capital and assets from that insurance company based on an investment mandate agreement between the fund management company and the insurance company in accordance with the laws on insurance business and securities and the securities market. The entrusted investment capital and assets shall be deposited with a commercial bank settlement member based on a deposit agreement."

Article 2. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

Article 3. The Chairman of the State Securities Commission, fund management companies, and related parties are responsible for implementing this Decision.