CIRCULAR

ANNULMENT OF CIRCULAR NO. 146/2014/TT-BTC DATED OCTOBER 06, 2014 OF THE MINISTER OF FINANCE ON FINANCE REGULATIONS FOR SECURITIES COMPANIES, ASSET MANAGEMENT COMPANIES

Pursuant to the Law on promulgation of legislative documents of Vietnam dated June 22, 2015;

Pursuant to the Law on amendments to the Law on promulgation of legislative documents of Vietnam 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 on amendments to some articles of 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. 87/2017/ND-CP dated July 26, 2017 defining the functions, tasks, powers and organizational structure of the Ministry of Finance of Vietnam;

At the request of the Director of the Financial Department and banks and financial institutions;

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Article 1. Annulment to Circular

This Circular shall annul the whole of Circular No. 146/2014/TT-BTC dated October 06, 2014 of the Minister of Finance on finance regulations for securities companies, asset management companies

Article 2. Transitional provision

1. The securities company, asset management company or branches of the foreign asset management company which have been licensed to establish and operate in Vietnam shall operate and management finance in accordance with regulations of 2019 Law on Securities, Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities, Circular No. 121/2020/TT-BTC dated December 31, 2020 of the Minister of Finance on operation of securities companies, Circular No. 99/2020/TT-BTC dated November 16, 2020 of the Minister of Finance providing guidance on operation of securities investment fund management companies, Circular No. 91/2020/TT-BTC dated November 13, 2020 of the Minister of Finance prudential indicators and actions against securities-trading organizations that fail to achieve the prudential indicators, Circular No. 48/2019/TT-BTC dated August 08, 2019 of the Minister of Finance providing guidance on making and settlement of provisions for devaluation of inventory, losses on financial investments, bad debts and warranty at enterprises and other documents on amendments and replacements (if any).

2. Balance of additional reserve fund of charter capital that is set up according to regulations of Circular No. 146/2014/TT-BTC, the securities company, asset management company or branches of the foreign asset management company which have been licensed to establish and operate in Vietnam shall add charter capital according to regulations of Law on Securities No. 54/2019/QH14, guiding documents and the enterprise's charter for organization and operation.

3. Balance of operational risk and financial reserve funds that is set up according to regulations of Circular No. 146/2014/TT-BTC, the securities company, asset management company or branches of the foreign asset management company which have been licensed to establish and operate in Vietnam shall add or use charter capital according to Decisions of General Meeting of Shareholders, Board of members and Chairperson of company in accordance with regulations of Law on Securities No. 54/2019/QH14, guiding documents and the enterprise's charter for organization and operation in order to ensure financial safety criteria specified in Law on Securities.

Article 3. Effect and implementation

1. This Circular comes into force as of February 01, 2022 and is applicable from financial year 2022.

2. Chief of the Ministry of Finance, Director of Departments of Finance of banks and financial institutions, Heads of relevant units under the Ministry of Finance, securities companies, asset management companies, branches of foreign asset management companies which have been licensed to establish and operate in Vietnam, relevant organizations and individuals shall be responsible for the implementation of this Circular./.

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PP. MINISTER
DEPUTY MINISTER




Nguyen Duc Chi