The Government issued Decree No 76/2012/ND-CP on October 3, detailing a number of articles of Law on Complaints and Denunciations. The decree applies to Vietnamese citizens and foreign individuals in Viet Nam; agencies, organizations and individuals the acts of which are denounced; agencies, organisations and individuals that have jurisdiction over denunciations; and agencies, organisations and individuals involved in the settlement of denunciations.
The decree sets forth measures to protect the confidentiality of the accuser, as well as the accuser's life, health, property, honour, dignity, and position, and of the accuser's relatives. When detecting an unauthorised person collecting information about the accuser, a person in charge of denunciation settlement shall be responsible for applying measures within his or her competence, or proposing competent persons to apply, to prevent or handle the violations.
The decree also specifies that, when multiple people join in a denunciation, they must appoint a representative to present the denunciations to agencies, organisations and competent individuals.
The new decree takes effect on November 20.
Importers, exporters require certification
The Ministry of Industry and Trade issued Circular No 28/2012/TT-BCT on September 27, detailing registration of import and export rights of foreign business entities without a presence in Viet Nam, referred to in the circular as traders. Under the Circular, traders which want to conduct import or export operations in Viet Nam must be granted a certificate of registration from the Ministry of Industry and Trade.
Upon being certificated, traders are entitled to import and export items not on the official list of goods banned from import or export, or on the official list of goods temporarily suspended from import or export. They may directly perform customs procedures at customs agencies as prescribed by law and in accordance with committed schedules pursuant to international commitments.
Traders will not be entitled to establish distribution networks to purchase goods in Viet Nam for export, or to organise or participate in network to distribute goods in Viet Nam, unless Vietnamese law or international treaties to which Viet Nam subscribes provide otherwise.
Traders shall report on operations annually. The report must be translated into Vietnamese and legalised by a consular official or certified by a notarisation office in Viet Nam. The report must be submitted to the Ministry of Industry and Trade not later than March 31 of the following year. The ministry may require other reports upon five-day notice.
This circular takes effect since November 15.
‘Special control' rules eased for brokers
The Ministry of Finance issued Circular No 165/2012/TT-BTC on October 9, amending Circular No 226/2010/TT-BTC of December 2010 to provide for prudential ratios of securities companies and penalties for violations.
A remarkable element of Circular No 165 is that the period during which securities companies can be placed under control would fall from 18 months to 12 months, and that for special control from six months to four months. Special control will also be lifted whenever a firm reports a liquidity ratio of 180 per cent or more for three consecutive months. Upon the expiration of the special control period, if the securities company still fails to remedy the situation triggering special control and has accumulated losses reaching 50 per cent or more of its charter capital, its operations shall be suspended.
And other notable point of Circular 165 is that upon the expiration of the special control period, if the securities companies still fail to remedy the situation that has triggered special control or fail to guarantee payment of all debts and other financial obligations as prescribed by law, but has an accumulated loss of less than 50 per cent of charter capital, its operations will be temporarily suspended.
The new circular takes effect on December 1. — BIZ CONSULT