What are requirements for initial public offering (IPO) in Vietnam?

What are requirements for initial public offering (IPO) in Vietnam?

I want to know about requirements for initial public offering (IPO) in Vietnam.

Answer:

Pursuant to Article 252 of the Decree 155/2020/NĐ-CP stipulating as follows:

- Conditions for IPO of ETF certificates:

+ The conditions specified in Clause 1 Article 233 of this Decree are satisfied;

+ There are at least 02 founding members that satisfy the requirements specified in Article 251 of this Decree;

+ Each investor, funding member subscribes for at least 01 ETF creation unit; at least 10 ETF creation units must be subscribed, or a different number specified in the fund’s charter, as long as the charter capital of the fund is at least 50 billion VND.

- The fund management company shall list the ETF certificates at the Stock Exchange within 30 days from the effective date of the certificate of ETF registration.

What documents are included in the application for public offering of real estate fund certificates in Vietnam?

I want to know about the application for public offering of real estate fund certificates in Vietnam.

Answer:

Pursuant to Article 249 of the Decree 155/2020/NĐ-CP stipulating as follows:

1. The application for IPO of real estate fund certificates shall contain:

a) The documents specified in Clause 1 Article 234 of this Decree are satisfied (if the real estate investment fund is organized as a closed-end fund) or Clause 1 Article 258 of this Decree (if the real estate investment fund is organized as a public investment company);

b) The list and information disclosure sheets of the fund’s valuators according to form No. 91 and 101 in the Appendix hereof and valuators’ cards;

c) The real estate valuation contract between the fund management company and the real estate valuation company according to the Law on Prices (if any);

d) The real estate management contract between the fund management company and the real estate management company (if any).

2. In case real estate is contributed as capital, the application for IPO of real estate fund certificates shall also include the following documents:

a) The list of investors who contribute real estate according to Form No. 103 in the Appendix hereof; the decision on contribution of assets to the real estate investment fund; the commitment to comply with limits on transfer of fund certificates of the competent authority of the contributing organization;

b) Documents about rights to ownership, rights to enjoyment of real estate of the contributing investors according to regulations of law on real estate business, housing and land;

c) The latest financial statement of the contributing organization according to Article 20 of the Law on Securities, or the report of the real estate management organization on the use of the contributed real estate in the latest year which is certified by an independent audit organization;

d) The real estate valuation certificates issued by 02 independent valuation enterprises;

dd) The questionnaire sent to investors that contribute real estate, the prices of contributed real estate.

3. An application for follow-on offering by the real estate investment fund shall contain the documents specified in Clause 2 Article 234 of this Decree are satisfied (if the real estate investment fund is organized as a closed-end fund) or Clause 2 Article 258 of this Decree (if the real estate investment fund is organized as a public investment company). In case there are investors that contribute real estate as capital, the following documents shall also be included:

a) The documents specified in Points a, b, c, d Clause 2 of this Article;

b) The minutes of meeting and resolution of the Investor Assembly, the representative board of the fund on approval for follow-on offering of fund certificates to increase capital of the fund by contributing real estate, including: the investors, contributed real estate, prices of contributed real estate;

c) The report on re-valuation of exiting real estate of the fund, report on net asset value confirmed by the supervisory bank on the date of submission of the application.

What documents are included in the application for issuance of the certificate of registration of public fund certificate distribution agent in Vietnam?

I want to know about the application for issuance of the certificate of registration of public fund certificate distribution agent in Vietnam.

Answer:

Pursuant to Clause 1 Article 220 of the Decree 155/2020/NĐ-CP stipulating as follows:

1. An application for the certificate of registration of fund certificate distribution agent shall include:

a) The application form No. 88 in the Appendix hereof;

b) The authorization form No. 89 in the Appendix hereof;

c) The Certificate of Enterprise Registration, establishment and operation license (if any) of the applying organization and the distribution locations;

d) The description of facilities and personnel at distribution locations according to Form No. 90 and personal information sheets of the distribution agent’s employees according to Form No. 91 in the Appendix hereof; foreign securities practicing certificates of the employees (if any);

dd) The decision of the competent authority on promulgation of professional processes, including: information verification, identification of investors, distribution of fund certificates, regulations on prevention of late transactions; code of professional ethics for the distribution agent’s employees;

e) The written approval granted by a relevant authority for operation of the fund certificate distribution agent (if any).

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