CIRCULAR

Annulling the Minister of Finance's Circular No. 146/2014/TT-BTC dated October 06, 2014, guiding the financial regime for securities companies and fund management companies

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Pursuant to the Law on Promulgation of Legal Documents dated June 22, 2015;

Pursuant to the Law Amending and Supplementing a Number of Articles of the Law on Promulgation of Legal Documents dated June 18, 2020;

Pursuant to the Government’s Decree No. 34/2016/ND-CP dated May 14, 2016, detailing a number of articles of, and providing measures for implementing, the Law on Promulgation of Legal Documents;

Pursuant to the Government’s Decree No. 154/2020/ND-CP dated December 31, 2020, amending and supplementing a number of articles of the Government’s Decree No. 34/2016/ND-CP of May 14, 2016, detailing a number of articles of, and providing measures for implementing, the Law on Promulgation of Legal Documents;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Director of the Department of Banking and Financial Institutions;

The Minister of Finance hereby promulgates the Circular annulling the Minister of Finance's Circular No. 146/2014/TT-BTC dated October 06, 2014, guiding the financial regime for securities companies and fund management companies.

Article 1. Circular to be annulled

To annul the Minister of Finance's Circular No. 146/2014/TT-BTC dated October 06, 2014, guiding the financial regime for securities companies and fund management companies.

Article 2. Transitional provisions

1. Securities companies, fund management companies, and branches of foreign fund management companies licensed to be established and operate in Vietnam shall conduct financial management and activities in accordance with the 2019 Law on Securities, the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020, on detailing and guiding the implementation of a number of articles of the Law on Securities, the Minister of Finance’s Circular No. 121/2020/TT-BTC dated December 31, 2020, providing regulations on operation of securities companies, the Minister of Finance's Circular No. 99/2020/TT-BTC dated November 16, 2020, providing Guidance on operations of securities investment fund management companies, the Minister of Finance's Circular No. 91/2020/TT-BTC dated November 13, 2020, prescribing prudential ratios and remedies to be taken by securities trading institutions that fail to achieve these ratios, the Minister of Finance's Circular No. 48/2019/TT-BTC dated August 08, 2019, providing instructions on the appropriating  and handling of provisions of devaluation of stocks, losses of investments, bad debts and warranty on products, goods, services, construction works at enterprises, and amending, supplementing and replacing documents (if any).

2. Regarding the balance of the reserve funds for charter capital supplementation which are set aside in accordance with the Circular No. 146/2014/TT-BTC, securities companies, fund management companies, and branches of foreign fund management companies licensed to be established and operate in Vietnam shall supplement charter capital under the Law on Securities No. 54/2019/QH14, guiding documents, organization and operation charters of enterprises.

3. Regarding the balance of the financial and professional risk provisions which are set aside in accordance with the Circular No. 146/2014/TT-BTC, securities companies, fund management companies, and branches of foreign fund management companies licensed to be established and operate in Vietnam shall supplement charter capital or use it according to the decisions of the Shareholders’ General Meetings, Members’ Councils or Company Presidents under the Law on Securities No. 54/2019/QH14, guiding documents, organization and operation charters of enterprises, ensuring the financial safety criteria in accordance with the law on securities.

Article 3. Effect and organization of implementation

1. This Circular takes effect on February 01, 2022, and applies from the 2022 fiscal year.

2. Chief of the Ministry Office, Director of the Department of Banking and Financial Institutions, Heads of relevant units affiliated to the Ministry of Finance, securities companies, fund management companies, branches of foreign fund management companies licensed to be established and operate in Vietnam, and relevant organizations and individuals shall implement this Circular./.