(ĐTCK) Comment on the draft amendment of Decree 58/2012, which is being finalized by the State Securities Commission (SSC), comments from market members said that some provisions in the draft have not yet in accordance with the practice of securities investment funds, including exchange-traded funds (ETF).
The highest decision-making body of the securities investment fund is the fund's general assembly, not the AGM and the Board of Members
A noteworthy new point is added in the draft Decree amending the Decree No. 58/2012 guiding Securities Law, which is Article 28a stipulating the offering of fund certificates abroad. Accordingly, the draft stipulates: "Fund management companies are offered to sell and list fund certificates abroad, mobilize capital to set up investment funds abroad. Activities of mobilizing foreign capital of securities investment funds established in Vietnam must comply with the law on foreign exchange and must be approved by the General Meeting of Investors of securities investment funds (in case of additional issuance or listing fund certificates in foreign countries) and the General Meeting of Shareholders, Board of Members or owners of fund management companies through ... ”.
According to experts in the field of investment funds, the fact shows that the offering of fund certificates abroad is directly related to the securities investment fund. Meanwhile, according to the provisions of the Securities Law, the highest decision-making body of a securities investment fund is the General Meeting of Investors of the fund, not the General Meeting of Shareholders, Board of Members, or owners. owned by the fund management company as draft revised Decree 58/2012. Therefore, provisions such as the draft are inconsistent with the operation of securities investment funds.
In order to overcome the above mismatch, opinions from market members said that the SSC needs to amend the draft Decree 58/2012 in the direction of: mobilizing foreign capital from the establishment of the securities investment fund. In Vietnam, it must comply with the law on foreign exchange and must be approved by the General Meeting of Investors of securities investment funds (in case of additional issuance or listing of overseas fund certificates), and at the same time abandon requirements must be approved by the General Meeting of Shareholders, Board of Members or the owner of the fund management company ...
When provisions on conditions for listing public fund certificates or shares of public securities investment companies, Clause 3, Article 53 of the draft amendments to Decree 58/2012 stipulates that there must be at least 100 owners. fund certificates of public funds or at least 100 shareholders holding shares of public securities investment companies, excluding professional investors ...
According to Circular 229/2012 of the Ministry of Finance guiding the establishment and management of portfolio swap fund, the initial offering of ETF is the offering of fund certificates. A batch of fund certificates to swap a minimum list of 100,000 fund certificates, the face value at the offering time is 10,000 dong, so a batch of fund certificates is worth 1 billion dong. Because of this specificity, Circular 229/2012 does not stipulate conditions for the minimum number of 100 investors participating in ETF. From this fact, the draft amendment of Decree 58/2012 requires: at least 100 owners of fund certificates of ETF ... both "deviated" from the current regulations and not feasible. with ETF.
In order to handle this uncertainty, the fund management companies suggested that the drafting committee should change the direction: the listing regulations for the ETF fund should be separated with the same contents as the listing Regulation for ETF funds on the Stock Exchange Department. HCM (HOSE) for consistency with the actual application.
In addition, when prescribing the listing registration and cancellation documents of ETF certificates at the Stock Exchange, the draft provides many different regulations compared to the current regulations. This led to the revision of the Decree 58/2012, which will require a lot of amendments to the provisions of Circular 229/2012, the listing Regulation for HOSE ETF, which may be difficult for fund management companies, while these are regulations in line with the actual operation of the ETF fund. Therefore, market members propose, in order to facilitate the ETF operation, the provisions on this issue should minimize the difference by inheriting the contents specified in the existing documents. onions.
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Source: tinnhanhchungkhoan.vn
