HÀ NỘI — The Ministry of Finance has officially issued a new regulation that provides guidelines for the operation and management of investment funds. 

Circular 136/2025/TT-BTC, which amends and supplements Circular 98/2020/TT-BTC, aims to diversify investment products while enhancing investor protection and risk management mechanisms in the continuously evolving financial market.

One of the most notable features of Circular 136 is the introduction of a legal framework for two new types of funds to meet the growing demands of the market. 

The Monetary Market Investment Fund is set to operate with a minimum investment requirement of 80 per cent of its Net Asset Value (NAV) in high-safety assets such as deposits, certificates of deposit and government debt instruments. 

This measure is designed to provide a safer investment environment amid market fluctuations.

Additionally, the Infrastructure Bond Fund will be established, with at least 65 per cent of its NAV invested in infrastructure project bonds, creating a long-term funding channel for national priority projects. 

The move is expected to significantly enhance capital mobilisation for critical infrastructure developments.

To further bolster the sustainability of open-ended funds against unexpected market shocks, the ministry has introduced the concept of a 'Liquidity Reserve'.

This fee will be applied when the fund's liquidity decreases due to unexpected circumstances. 

All revenue generated from this fee will not belong to the management company, but will be directly accounted for in the fund's income, ensuring the protection of remaining investors and offsetting costs incurred from asset liquidation.

On the governance front, Circular 136 tightens regulations concerning trading and conflicts of interest. 

Member funds are now prohibited from using their capital to invest in their own contributing members. For negotiated transactions, fund management companies must obtain written approval from the fund's representative board regarding the pricing and partners involved before proceeding. 

Furthermore, transparency is heightened, with mandatory NAV disclosures required no later than the next working day following the valuation date across both the stock exchange system and the management company's website.

Investor meetings will also see modernisation, with provisions for flexible arrangements allowing for online participation and electronic voting, thus streamlining decision-making processes while reducing costs. Meetings will be deemed valid if attended by representatives holding over 50 per cent of the total voting rights.

Finally, to enhance market regulation, the circular imposes strict rules on fund advertising. 

Management companies are prohibited from using Government agency names, images of civil servants or client gratitude letters to attract investors. 

All promotional content must include risk warnings and clarify that regulatory bodies only verify the legality of documentation rather than guarantee profit.

With these comprehensive changes, Circular 136 is expected to foster a more transparent, safer and more professional investment environment, encouraging sustainable capital inflows into the securities market. — BIZHUB/VNS