GUIDING THE REQUIREMENTS FOR RUNNING DEBT TRADING SERVICES
On December 19, 2017, the Ministry of Finance issued the Circular No. 53/2017/TT-BTC guiding the implementation of the Decree No. 69/2016/ND-CP dated July 01, 2016 of the Government regarding requirements for running debt trading services.
In accordance with this Circular, when starting debt trading activities, the enterprise’s internal management regulations in terms of personnel management and debt trading activities promulgated by its competent authority as defined in its charter must be available. At the time when a person is appointed as manager of an enterprise running debt trading service, he/she must have the following documents available: the Criminal Record Statement; the Bachelor’s Degree (or higher) in one of the following fields of study: Economics, Business Administration, Law or other specialty which he/she is appointed to take charge of; and the Written Commitment made with the enterprise running debt trading service to guarantee the appointed manager’s satisfaction of requirements mentioned in Points a, c, d Clause 3 Article 5 of the Decree No. 69/2016/ND-CP.
Before running debt trading floor services, the enterprise must have the audited financial statements proving that the enterprise has provided debt trading services for at least 01 year up to the time of starting providing debt trading floor services, and earned at least VND 500 billion of revenues from debt trading services in the year preceding the year in which it is going to run debt trading floor services; the original written explanation about the enterprise’s technical facilities and information technology; labour contracts signed with at least 02 persons who possess certificate of professional auditor or at least 02 persons who have practicing card in valuation granted by Minister of Finance. When starting providing debt trading floor services, the debt trading floor service provider must have the regulations on operation of debt trading floor.
This Circular requires that enterprises must submit reports on their satisfaction or failure to satisfy requirements for running debt trading services to business registration agencies by July 01, 2017. If an enterprise fails to meet all of requirements for running debt trading services, such enterprise must suspend its debt trading activities and report thereof to the business registration agency.
This Circular takes effect on July 03, 2017.
