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Ministry regulates cooking gas distribution
The Ministry of Industry and Trade issued Circular No.11/2010/TT-BCT on March 29, regulating liquid petroleum gas (LPG) agencies, effective May 10. Under the regulation, wholesale LPG traders would be entitled to determine wholesale and retail prices within their distribution system. Notice on price changes must be sent prior to the implementation of new prices to all units within their system and to the Department of Industry and Trade within the province in which their business establishments are located.
LPG agency principals would also be permitted to select and sign agency contracts with a maximum of three LPG traders which satisfied required conditions applicable to a general agent. The agency would be permitted to select and sign agency contracts with up to three wholesale traders or qualified general agents. Each LPG dealer would only be permitted to sell bottled LPG in bulk to up to three wholesale traders or/and general agents, pursuant to signed contracts.
Wholesale traders and general agents can sell directly to end-users at their own office or set up an agency system in accordance with the regulation for the purposes of direct sales to end-users. They shall be jointly liable for sales prices, quality or quantity of LPG, according to fault.
The wholesale trader must register its agency system with the provincial Department of Industry and Trade in the province in which its agency is located.
Commission circulates draft changes to Law on Securities
The State Securities Commission published a draft of proposed amendments to the Law on Securities on March 25, and is circulating the draft for public comment as it tries to keep pace with changes in the securities market.
The draft changes to the law would expand the scope of regulations regarding private share offers, in addition to the current law's focus on public share offers. Many of the proposed provisions on private share offers are similar to those in Government Decree No.01/2010/ND-CP of January 4, 2010.
The provisions introduce the idea that listing organisations should be required to make a written commitment on listing or trading of its shares on the securities market within six months of the offer. This regulation would narrow the free market in shares but expand the organised market.
Real estate investment fund would be regulated by name for the first time, with provisions requiring such funds to operate in the form of a public fund.
This draft would also expressly impose disclosure requirements to the Securities Depository Centre and increase fines for failures to disclose and set specific pecuniary penalties applicable to each class of securities violation.
Lawyers of Bizconsult Law Firm
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