Tiếng Việt
中文In which cases may the internal control department of a securities investment fund management company perform internal audit functions?
Under point h, Clause 2, Article 6 of Circular 99/2020/TT-BTC on internal control of fund management companies:
Internal control
Related services
M&A, Equity Transfer and Project Transfer
If you are preparing an equity transfer, M&A transaction, project transfer or restructuring, ANT Legal can help review legal risks and transaction structure.
[…]
2. The internal control department has the following responsibilities:
[…]
h) Perform internal audit functions where the fund management company is not required to establish an internal audit department.
Accordingly, the internal control department may perform internal audit functions where the fund management company is not required to establish an internal audit department. When performing this function, the internal control department must comply with the principles of independence and objectivity of internal audit activities as prescribed by law.
What requirements must the head of the internal control department of a securities investment fund management company meet?
Under point c, Clause 4, Article 6 of Circular 99/2020/TT-BTC, the personnel structure of the internal control department must include at minimum:
- One compliance control staff member holding a university degree or higher in law with at least 01 year of legal working experience;
- One staff member holding accounting or auditing certificates as prescribed; or holding a university degree or higher in accounting or auditing with at least 01 year of accounting or auditing working experience;
- The head of the internal control department must meet one of the two standards above (a law major with at least 01 year of legal experience, or an accounting/auditing major/certificate with at least 01 year of experience).
In addition, within 07 working days from the appointment, dismissal, or change of internal control staff, the fund management company must notify the State Securities Commission with accompanying documents as prescribed.
How can ANT Legal assist?
ANT Legal advises on the organisational structure and personnel conditions for internal control and internal audit of fund management companies under securities law, and represents clients in working with the State Securities Commission.
For prompt advice, you may contact our lawyers at 0966.475.966.
Related articles
- Establishing a Joint-Stock Company in Vietnam: Procedures and Process
- Procedures for Registering a Limited Liability Company with Two or More Members
- Procedures for Dissolving a Single-Member Limited Liability Company
