The project purpose is to provide experttechnical assistance to the State Securities Commission(SSC) for the development of the regulatory framework forsupervising the investment funds. The main products of thework are an assessment report on the key challenges to theSSC in the supervision and regulation of investment funds,regulations and guidelines on the management and supervisionof investment funds, and manuals and training on thesupervision of investment fund management activities. Thestrong ownership by the SSC of this project was the key tosuccess. Good relationships were established among allproject stakeholders (i.e., SSC, World Bank, Consultant) andthis was maintained throughout the project. Without thisownership and the strong, trusting, and interactiverelationships among the project stakeholders, the projectwould not have been a success. The following regulations arepending and were prepared by the SSC in collaboration withthe consultants: operation of open ended funds [the SSC hasconfirmed that they do not anticipate that these will bedeveloped until later in 2008]; operation of SecuritiesInvestment Companies [the SSC has confirmed that these havebeen submitted to the Ministry of Finance and should bepromulgated in 2008]; and foreign portfolio investment inVietnam [the SSC has confirmed that these have beensubmitted to the Ministry of Finance but it is not clearwhen these will be issued, other than probably in 2008].
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