Thông tư 99/2015/TT-BTC

Circular No. 99/2015/TT-BTC dated June 29, 2015, guidance on issuance of government-backed bonds

Nội dung toàn văn Circular 99/2015/TT-BTC guidance issuance of government backed bonds


MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 99/2015/TT-BTC

Hanoi, June 29, 2015

 

CIRCULAR

GUIDANCE ON ISSUANCE OF GOVERNMENT-BACKED BONDS

Pursuant to the Law on Public debt management dated June 17, 2009;

Pursuant to the Law on Securities dated June 29, 2006 and the Law dated November 24, 2010 on amendments to the Law on Securities;

Pursuant to the Government's Decree No. 215/2013/ND-CP dated December 23, 2013 defining the functions, tasks, entitlements and organizational structure of the Ministry of Finance;

Pursuant to the Government's Decree No. 01/2011/ND-CP dated January 5, 2011 on issuance of Government bonds, government-backed bonds and municipal bonds;

Pursuant to the Government's Decree No. 15/2011/ND-CP dated February 16, 2011 on issuance and management of Government guarantees;

Pursuant to the Government's Decree No. 90/2011/ND-CP dated October 14, 2011 on issuance of corporate bonds;

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

The Minister of Finance promulgates a Circular to provide guidance on issuance of government-backed bonds.

Chapter I

GENERAL PROVISIONS

Article 1. Scope and regulated entities

1. This Circular provides guidance on issuance of government-backed bonds (hereinafter referred to as “guaranteed bonds”) in the domestic market and international market.

2. This Circular applies to enterprises, policy banks of the State, financial institutions and credit institutions issuing guaranteed bonds; organizations and individuals involved in the issuance of guaranteed bonds.

Article 2. Issuers

Issuers of guaranteed bonds are enterprises, policy banks of the State, financial institutions and credit institutions (hereinafter referred to as “issuers”) that are granted government guaranteed as prescribed in Clause 2 Article 3 of the Government's Decree No. 01/2011/ND-CP dated January 05, 2011 (hereinafter referred to as “Decree No. 01/2011/ND-CP").

Article 3. Purposes

Guaranteed bonds are issued to make investment in programs and projects defined in Clause 2 Article 4 of Decree No. 01/2011/ND-CP.

Article 4. Conditions for issuance

1. To be permitted to issue guaranteed bonds, an enterprise must:

a) meet all conditions for issuing guaranteed bonds specified in Clause 1 Article 16 of Decree No. 01/2011/ND-CP when issuing such bonds in the domestic market.

b) meet all conditions for issuing guaranteed bonds specified in Article 40 of Decree No. 01/2011/ND-CP when issuing such bonds in the international market.

2. To be permitted to issue bonds in the domestic market, a policy bank must:

a) meet all conditions for issuing guaranteed bonds specified in Clause 2 Article 16 of Decree No. 01/2011/ND-CP.

b) issue a quantity of guaranteed bonds that does not exceed the government guarantee limit approved by the Prime Minister.

3. To be permitted to issue guaranteed bonds, a financial institution or credit institution running a dedicated credit program of the State must:

a) meet all conditions for issuing guaranteed bonds specified in Clause 2 Article 16 of Decree No. 01/2011/ND-CP.

b) issue guaranteed bonds in the domestic market to execute the dedicated credit program of the State under the decision of the Prime Minister.

Article 5. Terms and conditions of guaranteed bonds

Apart from the terms and conditions specified in Article 6 of Decree No. 01/2011/ND-CP the issuer must comply with the following provisions:

1. Issuance quantity

The quantity of each issue is decided by the issuer but must not exceed the guarantee limit granted by competent authorities in a specific period specified in this Circular.

2. Interest rate

a) The interest rate of each issue guaranteed bonds in the domestic market is decided by the issuer but must not exceed the maximum interest rate imposed by the Ministry of Finance upon each issue or each period.

b) The interest rate of each issue of guaranteed bonds in the international market is decided by the issuer according to the issuance scheme approved by the Prime Minister and the market developments.

Article 6. Additional issuance, repurchase and swap of guaranteed bonds

1. The issuer of guaranteed bonds may issue additional bonds in the domestic market:

a) The issuer may issue additional guaranteed bonds to service cash flow management. The additional issuance must satisfy the conditions specified in Article 5 of this Circular. The quantity of additional bonds issued by a policy bank must not exceed the guarantee limit approved by the Prime Minister in the same year in which additional bonds are issued.

b) Additional bonds must be issued within 02 years from the initial issuance and the remaining effective period at the time of additional issuance must be at least 01 year.

2. The issuer of guaranteed bonds may repurchase them before they mature to reduce liability or serve debt restructuring according to the Scheme for issuance of guaranteed bonds. Repurchase of guaranteed bonds must be carried out:

a) according to a repurchase plan approved by a competent authority. (the same as the authority that approves the issuance plan).

b) openly, transparently and effectively.

3. The issuer of guaranteed bonds may swap bonds to restructure debt. The swap of guaranteed bonds must be carried out:

a) according to a bond swap plan approved by a competent authority. (the same as the authority that approves the issuance plan).

b) according to a bond swap plan approved in writing by the Ministry of Finance.

c) openly, transparently and effectively.

4. The issuer may repurchase or swap Government bonds to repurchase or swap guaranteed bonds.

5. The issuer is responsible for the repurchase and swap of guaranteed bonds and submit reports to the Ministry of Finance in accordance with provisions of this Circular.

Chapter II

GRANT OF APPROVAL FOR SCHEMES FOR ISSUANCE OF GUARANTEED BONDS

Section 1. GUARANTEED BONDS ISSUED BY ENTERPRISES

Article 7. Application for guarantee

1. Regarding issuance of guaranteed bonds in the domestic market

a) The application form provided in Appendix 1 enclosed herewith.

b) A scheme for issuance of guaranteed bonds. Apart from the contents specified in Clause 1 Article 17 of Decree No. 01/2011/ND-CP the scheme for issuance of guaranteed bonds must specify:

- Information about the program/project and its progress, including: decision on investment issued by a competent authority; total investment; fields of the program/project if eligible for government guarantee; investment plan and progress; funding sources, including funding from issuance of guaranteed bonds; progress of the program/project up to the submission date.

- Planned quantity of bonds to be issued, sorted by term and issuance date according to the progress of the program/project and disbursement rate. If bonds are planned to be issued multiple times in multiple years, the plan must be specified by year.

c) Financial statements of 03 years preceding the year in which application for permission to issue guaranteed bonds is submitted; the financial statements must be audited by State Audit Office of Vietnam or independent audit organizations permitted to operate in Vietnam in accordance with regulations of law on issuance of corporate bonds.

In the cases where an enterprise submits the application before April 1, it must submit financial statements in accordance with Clause 1b Article 13 of the Decree No. 90/2011/ND-CP on issuance of corporate bonds.

d) A document approving the scheme for issuance of corporate bonds issued by a competent authority in accordance with regulations of law on issuance of corporate bonds;

dd) Other documents proving the enterprise’s eligibility to issue guaranteed bonds as prescribed in Article 4 of this Circular, including:

- Certified true copies of the enterprise’s certificate of enterprise registration and charter.

- Documents proving completion of procedures for investment and construction prescribed by investment and construction laws.

- Documents proving the enterprise has invested at least 20% of its equity in the program/project.

- Other documents prescribed by regulations of law on issuance and management of government guarantee and issuance of corporate bonds.

2. Regarding issuance of guaranteed bonds in the international market

a) The application form provided in Appendix 1 enclosed herewith.

b) A scheme for issuance of guaranteed bonds. Apart from the contents specified in Clause 41 Article 01/2011/ND-CP of Decree No. 1, the scheme for issuance of bonds in the international market must specify the information specified in Clause 1b of this Article.

c) The documents specified in Clause 1.c and 1.d Article 42 of Decree No. 01/2011/ND-CP; Clause 1.c, 1.d and 1.dd of this Article.

Article 8. Procedures for issuing guarantee

1. The enterprise shall submit 01 application specified in Article 7 hereof to the Ministry of Finance, which will inspect its completeness and validity and request additional documents (if required). If the application is satisfactory, the Ministry of Finance shall request the enterprise to submit 05 more applications to follow the procedures.

2. Within 03 working days from the day on which adequate documents are received as prescribed in Clause 1 of this Article, the Ministry of Finance shall take charge and cooperate with relevant Ministries and authorities in considering and commenting on the scheme for issuance of guaranteed bonds. Elements to be considered:

a) Eligibility for issuance of guaranteed bonds specified in this Circular.

b) The financial plan of the program/project and the plan for issuance of guaranteed bonds.

c) The plan for use and management of funding sources for issuance of guaranteed bonds; the plan for payment of bond principal and interest.

d) The enterprise’s performance and financial capacity, including: equity, debts, solvency, profit.

dd) The annual government guarantee limit approved by the Prime Minister.

3. On the basis of comments made by relevant Ministries and authorities, the Ministry of Finance shall request the Prime Minister to consider approving the guarantee issuance guidelines and the guarantee limit. If the application is rejected, the Ministry of Finance shall send a written notification to the enterprise and provide explanation.

4. Regarding guaranteed bonds issued in the domestic market, after the Prime Minister grants a written approval for guarantee issuance guidelines and guarantee limit, the Ministry of Finance shall send the applicant a written notification of the limit on quantity of guaranteed bonds the enterprise may issue. Regarding guaranteed bonds issued in the international market, after the Prime Minister grants a written approval for the guidelines for guarantee issuance and guarantee limit, guarantee shall be issued in accordance with regulations of law on issuance and management of Government guarantees.

Section 2. GUARANTEED BONDS ISSUED BY POLICY BANKS IN THE DOMESTIC MARKET

Article 9. Application for guarantee

Pursuant to the annual credit growth approved by the Prime Minister, policy banks shall draw up their plans for raising and using funds dedicated credit programs of the State, which specify the sources of funding for issuance of guaranteed bonds in the domestic market, send them to the Ministry of Finance, which will then submit them to the Prime Minister. An application for guarantee consists of:

1. The application form in Appendix 1 enclosed herewith.

2. The scheme for issuance of guaranteed bonds. Apart from the contents specified in Clause 2 Article 17 of Decree No. 01/2011/ND-CP the scheme for issuance of guaranteed bonds must specify:

a) The raising and use of funds for execution of dedicated credit programs of the State of each of the 03 years preceding the planning year, specifying:

- Total funds raised each year, sorted by source, including: funds from issuance of guaranteed bonds and other sources; recovered loans; funds carriedforward from the preceding year.

- The use of funds in each year, including: repayment of due debts (including payment of principal of guaranteed bonds); execution of dedicated credit programs (opening balance, loans granted in the year, loans collected in the year and ending balance); funds carriedforward to the succeeding year.

b) The operation and finance of the bank over 03 years preceding the planning year, including equity, total assets, total funds raised, total revenue, total expense, difference between revenue and expense, provision of subsidies on interest rate difference and state management fees imposed upon policy banks.

c) The issuance, payment of principal and interest of guaranteed bonds and outstanding bonds over 03 years preceding the planning year.

d) The needs for funds for execution of dedicated credit programs in the planning year, to be specific:

- Total funds raised in the planning year, sorted by source, including: funds from issuance of guaranteed bonds and other sources; recovered loans; funds carriedforward from the preceding year.

- The needs for funds in the planning year, including: repayment of due debts (including payment of principal of guaranteed bonds); execution of dedicated credit programs; funds carriedforward to the succeeding year.

d) The plan for raising funds, repayment of principal and interest on guaranteed bonds for each quarter in the planning year.

3. Financial statements of 02 years preceding the planning year audited by State Audit Office of Vietnam and the report on implementation of recommendations given by State Audit Office of Vietnam (if any).

4. A document of the management board or the Board of Directors approving the financial – credit plan of the year, including the funds from issuance of guaranteed bonds.

5. Other documents proving the eligibility for issuance of guaranteed bonds:

a) The credit growth plan approved by the Prime Minister.

b) Documents of the Government, the Prime Minister approving other dedicated credit programs of the State (if they are not part of the credit growth plan approved).

Article 10. Procedures for issuing guarantee

1. Within 10 working days after the Prime Minister approves the annual credit growth target, the policy bank (the applicant) shall submit 01 application specified in Article 9 hereof to the Ministry of Finance, which will inspect its completeness and validity and request additional documents (if required). If the application is satisfactory, the Ministry of Finance shall request the applicant to submit 02 more applications.

2. Within 15 working days from the day on which adequate documents are received as prescribed in Clause 1 of this Article, the Ministry of Finance shall comment on the bank’s annual plan for issuance of guaranteed bonds and submit a report to the Prime Minister for approval. The report shall specify:

a) The applicant’s eligibility for issuance of guaranteed bonds.

b) The applicant’s operation and finance.

c) Sources of funding for execution of dedicated credit programs and plans for issuance of guaranteed bonds.

d) The plan for using funds from issuance of guaranteed bonds.

dd) Proposed government guarantee limit of the year serving the dedicated credit programs approved by the Prime Minister.

3. While pending approval by the Prime Minister, the Ministry of Finance shall notify the applicant of the provisional limit on quantity guaranteed bonds to be issued in the first quarter of the planning year, which must not exceed the principal of guaranteed bonds to mature in the first quarter and the proposed guarantee limit. The notification shall be sent before December 31 of the year preceding the planning year. After the Prime Minister grants a written approval for guarantee issuance guidelines and guarantee limit, the Ministry of Finance shall send the applicant a written notification of the limit on quantity of guaranteed bonds to be issued in the planning year.

Chapter III

ORGANIZATION OF ISSUANCE OF GUARANTEED BONDS IN THE DOMESTIC MARKET

Article 11. Registration of plans for issuance of guaranteed bonds

1. For enterprises:

a) According to the notification sent by the Ministry of Finance as prescribed in Clause 4 Article 8 hereof, the enterprise shall register its plans for issuance of guaranteed bonds with the Ministry of Finance before the issuance.

- If the scheme for issuance of guaranteed bonds only allows one issue, the enterprise shall register with the Ministry of Finance at least 30 working days before the planned issuance date in order for the Ministry of Finance to notify the bracket of interest on guaranteed bonds.

- If the scheme for issuance of guaranteed bonds allows more than one issue in a year or in multiple years, the enterprise must register the next year’s issuance plan before November 30; the plan must specifies the issuance date, quantity of bonds to be issued and term of each issue. The enterprise shall register with the Ministry of Finance at least 15 working days before the planned issuance date in order for the Ministry of Finance to notify the bracket of interest on guaranteed bonds.

b) According to the plans for issuance of guaranteed bonds registered with the Ministry of Finance, in consideration of the project progress, the market developments and interest bracket, the enterprise shall organize the bond issuance in accordance with provisions of this Circular.

2. For policy banks:

a) According to the notification of issuance limit specified in Clause 3 Article 10 of this Circular, plans for disbursement of funds for dedicated credit programs and plans for repayment of mature guaranteed bonds, policy banks shall submit their annual bond issuance plans, which are divided into quarters, to the Ministry of Finance. The Ministry of Finance shall send written notifications if it does not consent with the banks’ bond issuance plan.

b) According to the annual plans for issuance of guaranteed bonds, policy banks shall organize the issuance of guaranteed bonds following these rules:

- If actual quantity of bonds issued in the quarter does not reach the issuance limit of the quarter, the difference may be carried forward to the succeeding quarter.

- If the quarter’s quantity of bonds to be issued has to be increased, a written notification shall be sent to the Ministry of Finance 10 working days before the issuance.

Article 12. Bond issuance methods

1. For enterprises:

a) The methods for issuance of guaranteed bonds by enterprises shall be decided according to the scheme for issuance of guaranteed bonds approved by competent authority, including:

- Bidding;

- Guarantee;

- Brokerage;

- Retailing (for enterprises that are credit institutions).

b) Enterprises shall organize bond issuance in accordance with regulations of law on issuance of corporate bonds. Public offering of bonds by enterprises shall comply with regulations of law on securities.

2. For policy banks:

a) Bond issuance methods include:

- Bidding via the Stock Exchange;

- Brokerage.

b) Policy banks may apply procedures for issuance of Government bonds in the form of bidding and brokerage to issue guaranteed bonds.

Article 13. Registering, depositing and listing bonds

1. Guaranteed bonds shall be registered and deposited at Vietnam Securities Depository, listed and traded at the Stock Exchange.

2. Procedures for registering, depositing and listing guaranteed bonds are the same as those applied to Government bonds and shall comply with instructions of Vietnam Securities Depository and the Stock Exchange.

Chapter IV

USE OF FUNDS FROM TPDBL, PAYMENT OF BOND PRINCIPAL AND INTEREST, ACCOUNTING WORKS, ISSUANCE FEES, PAYMENT FEES AND GUARANTEE FEES

Article 14. Use of funds from guaranteed bonds

1. Enterprises shall use funds from guaranteed bonds in accordance with the scheme approved by the Prime Minister.

2. Policy banks shall aggregate funds from guaranteed bonds with their own funds and use them in accordance with regulations on financial management of banks.

Article 15. Payment of bond principal and interest

The issuer shall pay the bond principal and interest upon their maturity date in accordance with Article 23 and Article 45 of Decree No. 01/2011/ND-CP.

Article 16. Accounting

The issuer and relevant units are responsible for accounting works in accordance with the Law on Accounting and relevant applicable legislative documents on accounting.

Article 17. Fees for bond issuance and fee for principal and interest payment

1. Issuance fees

a) For enterprises:

Bidding fee, underwriting fee and brokerage fee shall be agreed upon between the enterprise and the bidders, the underwriting organization, the agent or the retailer of the guaranteed bonds.

b) For policy banks:

The bidding fee and brokerage fee shall be equal to applicable fee for issuance of Government bonds.

2. Fee for principal and interest payment

The fee for principal and interest payment of guaranteed bonds registered and deposited at Vietnam Securities Depository shall be equal to the fee for principal and interest payment of Government bonds.

Article 18. Fee for issuance of Government guarantee

The issuer of guaranteed bonds shall pay the fee for issuance of Government guarantee in accordance with regulations of law on issuance and management of Government guarantees.

Article 19. Recording bond issuance fees

1. Enterprises may include the fees mentioned in Article 17 and Article 18 hereof in the value of the project using funds from issuance of guaranteed bonds, or in the enterprise’s operating cost as prescribed by law.

2. Policy banks may record the fees mentioned in Article 17 and Article 18 hereof in their operating cost.

Chapter V

INFORMATION PUBLISING AND REPORTING

Article 20. Publishing information before issue

1. For enterprises:

a) Apart from publishing information in accordance with regulations of law on issuance of corporate bonds, the enterprise that issues guaranteed bonds shall publish information about guaranteed bonds as follows:

- Basic information about the program/project using funds from issuance of guaranteed bonds (name, purposes, total funds including funds from guaranteed bonds, project duration, progress, components using funds from guaranteed bonds, intended issuance date).

- The approval for guarantee issued by a competent authority as prescribed in this Circular.

- Information about previous issues of guaranteed bonds (if any), including: purposes, terms and conditions, time, issuance method.

- Commitment to fulfill the issuer responsibility and liability.

b) The time and method for information publishing shall comply with regulations of law on publishing information about issuance of corporate bonds.

2. For policy banks:

a) When issuing guaranteed bonds through bidding, policy banks shall publish information about the quantity of bonds to be issued, term, bidding date and redemption date on the website of the Stock Exchange.

b) When issuing guaranteed bonds through agents, information shall be published under contracts between policy banks and the agents.

Article 21. Periodic information publishing

1. During effective period of guaranteed bonds, the enterprise that issued them shall provide information for holders of guaranteed bonds and publish information on the website of the Stock Exchange by April 01. Information to be published:

- The preceding year’s audited financial statement. If the preceding year’s financial statement is not audited, the enterprise shall publish the financial statement approved by the Board of Directors, the Board of members or president of the company. Within 10 working days from the day on which the audit report is available, the enterprise shall publish the audited financial statement.

- Updated status of the program/project using the funds from guaranteed bonds (execution progress, disbursement progress, capital raising plan).

- Issuance of guaranteed bonds, payment of their principal and interest, and outstanding bonds over 02 years preceding the year in which information is published.

2. For policy banks:

a) Annually before January 10, policy banks shall publish on the website of the Stock Exchange and their own websites the following information:

- Summary about operation and finance of policy banks over 02 years preceding the year in which information is published (credit growth, credit balance).

- Funds raised by issuance of guaranteed bonds, principal and interest payment, outstanding bonds of 02 preceding years.

- The issuance limit of the first quarter notified by the Ministry of Finance.

b) Annually before April 15, policy banks shall publish on the website of the Stock Exchange and their own websites the following information:

- Summary about their operation and finance in the preceding year (credit growth, credit balance, balance sheet, financial performance). If the audited financial statement is not available, the information published must specify that the financial statement is not audited. When the financial statement is audited, information shall be adjusted (if required).

- Plan for raising funds raised by issuance of guaranteed bonds; plan for principal and interest payment in the quarter.

- The issuance limit of the whole year notified by the Ministry of Finance.

Article 22. Brief report on each issue, repurchase and swap of bonds

1. Within 05 working days from the end of each issue, the issuer shall submit a report to the Ministry of Finance in order for the Ministry of Finance to determine the actual guarantor’s liability as prescribed by law. The report template is provided in Appendix 2 enclosed herewith. If guaranteed bonds are issued in the international market, the enterprise shall also submit a report to the State bank of Vietnam.

2. Within 10 working days from the day on which the issuer’s report is received, the Ministry of Finance shall issue a confirmation of guarantor’s liability regarding the issued guaranteed bonds. For policy banks, confirmation of guarantor’s liability shall be done on a quarterly basis.

3. Within 10 working days form the end of the additional issue, repurchase or swap of guaranteed bonds under a scheme approved by a competent authority as prescribed in Article 6 hereof, the issuer shall submit a report to the Ministry of Finance in order for the Ministry of Finance to adjust the guarantor’s liability.

Article 23. Quarterly and annual reports

1. Within 10 working days from the end of each quarter and within 20 working days from the end of the fiscal year, the issuer shall send the Ministry of Finance a report on the raised and used funds, principal and interest payment (using the template in Appendix 3 enclosed herewith).  If guaranteed bonds are issued in the international market, the enterprise shall also submit a report to the State bank of Vietnam.

2. Apart from the periodic reports specified in Clause 1 of this Article, the issuer shall submit the following documents to the Ministry of Finance:

a) The audited annual financial statement within 10 working days from the day on which the audit report is available.

b) Documents about the issuer’s financial capacity if required by the Ministry of Finance.

Chapter VI

ACTIONS AGAINST VIOLATIONS AND ISSUER’S INSOLVENCY

Article 24. Suspending issuance of guaranteed bonds

1. The Ministry of Finance shall suspend issuance of guaranteed bonds in the following cases:

a) The issuer does not adhere to the plan for issuance of guaranteed bonds approved by the Prime Minister and the notification of the Ministry of Finance.

b) Interest rate of guaranteed bonds exceeds the bracket notified by the Ministry of Finance.

c) The quantity of guaranteed bonds issued exceeds limit approved by the Prime Minister.

2. The issuer that commits any of the violation specified in Clause 1 of this Article during an issue of guaranteed bonds will have it and the next issues suspended.

3. The issuer shall immediately suspend the issuance of guaranteed bonds as soon as the notification is received from The Ministry of Finance.

Article 25. Issuer's insolvency

1. If the issuer becomes insolvent, it must send the Ministry of Finance a document requesting the Ministry of Finance to pay the debt on its behalf at least 45 working days before the maturity date of the bonds. The request must specify the reason for insolvency and enclosed with the following supporting documents:

a) The financial statement and notes to the financial statement.

b) Statements of the issuer’s deposit accounts and cash, payables and receivables.

c) The holders' confirmation of the issuer’s insolvency (in case the issuer is an enterprise).

d) Other documents requested by the Ministry of Finance.

2. Within 10 working days from the day on which the request and confirmation is received (in case the issuer is an enterprise), the Ministry of Finance shall handle the case in accordance with Article 18 of Decree No. 15/2011/ND-CP.

3. The issuer shall receive and pay the debt owed to the Ministry of Finance in accordance with Clause 6 and Clause 7 Article 15 of Decree No. 15/2011/ND-CP.

Chapter VII

RESPONSIBILITY OF RELEVANT ORGANIZATIONS

Article 26. Responsibility of issuers of guaranteed bonds

1. Formulate the scheme for issuance of guaranteed bonds and submit it to competent authorities for approval; take responsibility for the accuracy and truthfulness of information in the scheme and inform the investors.

2. Organize issuance of guaranteed bonds in accordance with the scheme approved by the Prime Minister and instructions given by the Ministry of Finance as prescribed in this Circular.

3. Take responsibility for the issuance of guaranteed bonds and the use funds obtained therefrom in accordance with the purposes in the scheme approved by the Prime Minister.

4. Pay the principal and interest of guaranteed bonds when they mature.

5. Comply with regulations of this Circular on information publishing and reporting.

6. Fulfill other obligations of the principal debtors specified in Decree No. 01/2011/ND-CP Decree No. 15/2011/ND-CP this Circular and relevant regulations of law on management of foreign debts.

Article 27. Responsibility of owners of state-owned enterprises

1. Consider approving plans for issuance of guaranteed bonds in accordance with this Circular and regulations of law on issuance of corporate bonds.

2. Supervise the raising and use of funds from issuance of guaranteed bonds in accordance with this Circular and regulations of law on issuance of corporate bonds.

Chapter VIII

IMPLEMENTATION

Article 28. Implementation clause

1. This Circular comes into force from August 01, 2015 and supersedes Circular No. 34/2012/TT-BTC dated March 01, 2012 of the Ministry of Finance and Circular No. 167/2013/TT-BTC dated November 15, 2013.

2. Issuers and relevant units are recommended to report difficulties that arise during the implementation of this Circular to the Ministry of Finance for guidance.

 

 

PP MINISTER
DEPUTY MINISTER




Tran Xuan Ha

 


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