Monday, 29 April 2024
Custodian Bank
- - Law on Securities No. 21 /NA, dated 10 December 2012 ( article 79 );
- - Regulation on Custodian Bank No. 010/LSC, dated 07 May 2014 ( article 4 ).
♦ Conditions for an approval of Custodian Bank
- - Law on Securities No. 21 /NA, dated 10 December 2012 ( article 80 ) as the following:
- 1. An application pursuant to the form of the Lao Securities Commission (LSC);
- 2. A resolution of a board of directors’ meeting;
- 3. Copies of an enterprise registration certificate and by-laws of the bank;
- 4. Audited financial statements for the past three years or from the date of incorporation.
- In addition, there shall be additional supporting documents as stipulated in The Regulation on Custodian Bank No. 010/LSC, dated 07 May 2014 ( article 5 ) as the following:
- 1. A proposal for operate a custodian bank;
- 2. An organizational structure of custodian division together with the definition of roles, rights
- and duties of its division;
- 3. A definition of roles, rights and duties of related sectors within custodian division;
- 4. Regulation and guide book of custodian division;
- 5. A curriculum vitae, educational certificates, experiences, training and a certificate of criminal
- record not exceeding 3 months of board of directors and related employees of custodian
- division;
- 6. Other documents as stipulated by the Lao Securities Commission (LSC).
♦ Application documents for an approval of Custodian Bank
- 1. Reporting
- - Law on Securities No. 21 /NA, dated 10 December 2012 ( article 123 and 125 ) and other report as the following:
- Part 1 Required information to be reported
- 1. An overview of Custodian Bank
- - A brief history of Custodian Bank
- - An organizational structure and each employee layer
- - A name list of clients or interested clients
- 2. Business operation and performance
- 3. A business development plan
- 4. Any suggestion of custodian bank
- 5. Other information (if any)
- Part 2 Endorsement of the accuracy of information
- - Chief Executive Officer
- - Head of Custodian Division
- 2. Disclosure of Information
- - Law on Securities No. 21/NA, dated 10 December 2012 ( article 124 );
- - Decision on Regulation on Disclosure of Information No. 014 /SEC, dated 19 May 2011 ( Part III ).
- 3. Maintenance of Information
- - Law on Securities No. 21/NA, dated 10 December 2012 ( article 126 ).
- Other required reports as stipulated by Lao Securities Commission Office (LSCO) in each period.
♦ Obligations after approved by Lao Securities Commission Office (LSCO)