Legal Document Updates in English (31/2015)

DERIVATIVE BROKERAGE MUST HAVE AN EQUITY CAPITAL OF
AT LEAST EIGHT HUNDRED (800) BILLION VND
 

On May 05, 2015, the Government issued the Decree No. 42/2015/ND-CP on derivatives and the derivatives market. Under this Decree, The derivative business of an securities business institution must have a certificate of eligibility for derivative business granted by the State Securities Commission.

Specifically, for derivative dealing: being a securities company having a charter capital or an equity capital of at least six hundred (600) billion VND; For derivative brokerage: Being a securities company having a charter capital or an equity capital of at least eight hundred (800) billion VND and licensed to conduct derivative dealing; For derivative consultancy: Being a securities business institution having a charter capital or an equity capital at least equal to the legal capital prescribed by the securities law; In case of having made business registration for all operations of derivative consultancy, brokerage and dealing, a securities company must have a charter capital or equity capital of at least eight hundred (800) billion VND.

Besides, these securities business institutions must be not in the process of consolidation, merger or dissolution, or

PROJECT TO ESTABLISH A FOREIGN-INVESTED COLLEGE
MUST HAVE AT LEAST VND 100 MILLION
 

On May 15, 2015, the Government issued the Decree No. 48/2015/ND-CP detailing a number of articles of the Law on Vocational Education. One of the most significant contents is content on conditions for investment licensing for a foreign-invested vocational education institution.

Specifically, an investment project to establish a foreign-invested vocational intermediate school or college or to open a branch of a foreign-invested intermediate school or college must have an investment rate of at least VND 100 million per learner (excluding land use expenses). The total minimum investment capital shall be calculated based on the time of reaching the biggest training scale, which must be at least VND 100 billion. An investment project to establish a foreign-invested vocational education center must have an investment rate of at least VND 60 million per learner. For a foreign-invested vocational education institution whose physical foundations are rented or are contributed as capital by the Vietnamese party for operation, the investment rate must reach at least 70% of the rate prescribed.

For physical foundations, the construction area must average at least 25 m2 per learner, for an intermediate school or a college, or 4 m2 per learner, for a vocational

RECYCLING OF PRODUCT PACKAGES REGARDED AS ACT OF
NFRINGING INDUSTRIAL PROPERTY RIGHTS
 

On June 26, 2015, the Ministry of Science and Technology issued the Circular No. 11/2015/TT-BKHCN detailing and guiding the implementation of a number of articles of the Government’s Decree No. 99/2013/ND-CP of August 29, 2013, on sanctioning of administrative violations in the field of industrial property.

Accordingly, the reuse, repair or recycling by organizations or individuals of products or product packages bearing marks, trade names or geographical indications marketed by rights holders to create other products shall also be regarded as an act of infringing upon industrial property rights or an act of unfair competition in case such act misleads consumers as to the commercial origin of products, business entity, business activities or properties of products under relevant provisions on acts infringing upon industrial property rights and acts of unfair competition.

Under this Circular, act of registering, appropriating the domain name use right or using domain names shall be regarded as an act of unfair competition in industrial

HOLDING TITLE AS A NOTARY FOR PUBLIC NOTARY OFFICE WHO RETIRES
NO MORE THAN ONE YEAR
 

According to the Circular No. 06/2015/TT-BTP dated June 15, 2015 of the Ministry of Justice detailing the implementation of a number of Articles of the Law on Notarization, any notary of public notary office who retires or resigns by personal aspiration no more than one year shall still hold his title as a notary and is able to establish private notary office or practice notarization at a private notary office in operation.

The time from issuance of decision on retirement or resignation to the submission of registration for notary practicing and issuance of notary card to such notary is no more than one year as prescribed.

Under this Circular, notaries who are practicing notarization must participate in annual training in professional competence in notarization at one of the organizations as prescribed; Time of participation is at least three working days/year (24 hours/year); conducting annual training in professional competence in notarization shall be implemented by Association of notaries; in case an

VISA EXEMPTION FOR CITIZENS OF THE REPUBLIC OF BELARUS
 

According to the Circular No. 06/2015/TT-BTP dated June 15, 2015 of the Ministry of Justice detailing the implementation of a number of Articles of the Law on Notarization, any notary of public notary office who retires or resigns by personal aspiration no more than one year shall still hold his title as a notary and is able to establish private notary office or practice notarization at a private notary office in operation.

The time from issuance of decision on retirement or resignation to the submission of registration for notary practicing and issuance of notary card to such notary is no more than one year as prescribed.

Under this Circular, notaries who are practicing notarization must participate in annual training in professional competence in notarization at one of the organizations as prescribed; Time of participation is at least three working days/year (24 hours/year); conducting annual training in professional competence in notarization shall be implemented by Association of notaries; in case an