Enterprises running debt purchase and sale service must have at least VND 100 billion of charter capital

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500

According to Decree No. 69/2016/ND-CP dated July 01, 2016 of the Government on requirements for running debt trading service, the minimum charter capital or investment capital of providers of debt trading brokerage service and debt trading consultancy service is VND 5 billion; with enterprises running debt purchase and sale service, the minimum charter capital or investment capital is VND 100 billion.

Besides, enterprises  running debt purchase and sale service must have internal management rules in terms of organization and internal regulations on debt trading activities. Enterprise’s manager must have possess bachelor’s degree or a degree of higher level in either economics, or business administration, or law, or a specialty of which he/she is going to be in charge; have full legal capacity and be not prohibited from management of enterprise; hold the position of manager or have at least 05 consecutive  years of experience in financial sector, banking, accounting, auditing, law, asset valuation or debt trading.

Also in accordance with this Decree, an enterprise running debt trading service is not allowed to either get credit granted by a credit institution/foreign bank’s branch to buy debts from customers of that credit institution/foreign bank’s branch or receive security from a credit institution/foreign bank’s branch to get credit granted by another credit institution/foreign bank’s branch for the purpose of buying debts from customers of securing credit institution/foreign bank’s branch.

For debt trading floor service providers requirements, enterprise must have at least VND 500 billion of charter capital or investment capital; have provided the debt trading service for at least 01 year and the minimum revenue from the debt trading service of the year before the year when the debt trading floor service is provided must be VND 500 billion and contract at least 02 persons who possess certificate of professional auditor or at least 02 persons who have obtained practicing card in valuation…

This Decree takes effect on July 01, 2016.