Circular No. 102/2021/TT-BTC promulgates the Service Fee Schedule for the securities sector applicable to securities trading organizations and commercial banks participating in the Vietnamese securities market. The fee levels are specified for various services such as underwriting stock issuance, brokerage for buying and selling stocks, management of public investment funds, monitoring assets of closed-end funds, representation of bondholders, issuance of fund certificates, auctioning of shares and other securities.
적용 범위
Organizations providing services in the securities sector include securities companies and commercial banks participating in the Vietnamese securities market.
핵심 사항
- The service fee for underwriting stock issuance ranges from 0.5% to 2% of the total value of the underwritten issuance.
- The maximum service fee for brokerage in buying and selling stocks is 0.45% of the transaction value.
- The maximum service fee for managing public investment funds is 2%/net asset value of the fund/year.
- The maximum service fee for issuing open-ended fund certificates is 5% of the transaction value.
- The service fee for auctions ranges from VND 20 million per auction of share sales for each type of security to 0.15% of the total value of actual sold shares and securities, with a maximum of VND 150 million per auction.
🌐 이 문서의 사회적 영향
- Ensuring transparency in the provision of securities services.
- Supporting financial risk management for businesses and investors.
- Creating a fair competitive environment among securities trading organizations.
❓ 자주 묻는 질문
What is the level of service fee for underwriting stock issuance?
From 0.5% to 2% of the total value of the underwritten issuance for stocks.
What is the maximum service fee for brokerage in buying and selling stocks?
Maximum 0.45% of the transaction value.
What is the maximum level of service fee for auctioning shares and other securities?
From VND 20 million per auction of share sales for each type of security to 0.15% of the total value of actual sold shares and securities, with a maximum of VND 150 million per auction.
전문
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MINISTRY OF FINANCE |
SOCIALIST REPUBLIC OF VIET NAM |
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NUMBER: 102/2021/TT-BTC |
HANOI, November 17, 2021 |
CIRCULAR
REGULATIONS ON SERVICE FEES IN THE SECURITIES FIELD APPLICABLE TO SECURITIES BUSINESSES AND COMMERCIAL BANKS PARTICIPATING IN THE VIETNAMESE SECURITIES MARKET
Pursuant to the Securities Law dated November 26, 2019;
Pursuant to the Law on Fees and Registration Fees dated November 25, 2015;
Pursuant to the Price Law dated June 20, 2012;
Pursuant to Decree No. 177/2013/ND-CP dated November 14, 2013 of the Government detailing and guiding the implementation of certain provisions of the Price Law and Decree No. 149/2016/NĐ-CP dated November 11, 2016 of the Government amending and supplementing certain provisions of Decree No. 177/2013/ND-CP dated November 14, 2013;
Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020 of the Government detailing the implementation of certain provisions of the Securities Law;
Pursuant to Government Decree No. 158/2020/NĐ-CP dated December 31, 2020 on derivative securities and the derivative securities market;
Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017, issued by the Government, stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
At the proposal of the Director of the Price Management Department and the Chairman of the State Securities Commission;
The Minister of Finance promulgates this Circular regulating service fees in the securities field applicable to securities businesses and commercial banks participating in the Vietnamese securities market.
Article 1. Scope of Regulation
This Circular regulates service fees in the securities field applicable to entities providing services in the securities field participating in the Vietnamese securities market.
Article 2. Applicability
1. Entities providing services in the securities field under this Circular include: securities businesses (securities companies, investment fund management companies, foreign securities company branches in Vietnam, foreign fund management company branches in Vietnam), commercial banks, foreign bank branches, Service Centers, asset auction enterprises in accordance with the Auction Law participating in the Vietnamese securities market in accordance with the law (hereinafter referred to as entities providing services in the securities field).
2. Organizations and individuals using services in the securities field provided by the securities service providers mentioned in Clause 1 of this Article.
MECHANISMS AND POLICIES REGARDING THE PRICE OF AUCTION SERVICES FOR ASSETS THAT MUST BE SOLD THROUGH AUCTIONS AS PRESCRIBED BY LAW
Article 3. Service Fees in the Securities Field
1. Service fees applicable at entities providing services in the securities field are detailed in the Service Fee Schedule attached to this Circular.
Based on legal regulations on prices, relevant laws, the maximum price level, and the price range specified in the Service Fee Schedule attached to this Circular, entities providing services in the securities field shall determine specific price levels appropriate to the actual provision of services.
2. The service fees in the securities field stipulated in this Circular are non-VAT prices in accordance with the Value Added Tax Law and any amendments or supplements thereto (if any).
3. When collecting service fees, entities providing services in the securities field shall use invoices in accordance with the law.
4. Revenue from providing services, after fulfilling obligations to the state budget in accordance with the law, the remaining portion shall be managed and used by entities providing services in the securities field in accordance with the law.
5. For other services not specified in the Service Fee Schedule, entities providing services in the securities field may set their own prices and bear responsibility for the service fee levels they provide, which must be consistent with the actual provision of services, legal regulations on prices, securities laws, and related laws.
6. Entities providing services in the securities field must publicly display prices, disclose prices, and comply with legal regulations on prices, securities laws, and related guidance documents.
Article 4. Implementation provisions
1. This Circular takes effect from January 1, 2022 and replaces Circular No. 128/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on service fees in the securities field applicable to securities businesses and commercial banks participating in the Vietnamese securities market.
2. For service contracts in the securities field that were signed before the effective date of this Circular, they shall continue to be implemented according to Circular No. 128/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on service fees in the securities field applicable to securities businesses and commercial banks participating in the Vietnamese securities market until the end of the contract.
3. During the implementation process, if there are any difficulties, organizations and individuals are requested to promptly report to the Ministry of Finance for research and supplementary guidance.
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DEPUTY MINISTER |
SERVICE FEE SCHEDULE FOR THE SECURITIES FIELD APPLICABLE TO SECURITIES BUSINESSES AND COMMERCIAL BANKS PARTICIPATING IN THE VIETNAMESE SECURITIES MARKET
(Attached to Circular No. 102/2021/TT-BTC dated November 17, 2021 of the Minister of Finance)
A. SERVICE FEES APPLICABLE IN THE PRIMARY SECURITIES MARKET
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Serial number |
NAME OF SERVICE FEE |
PRICE LEVEL |
ENTITY PROVIDING SERVICES IN THE SECURITIES FIELD |
PAYING PARTY |
|
1 |
Service fee for guaranteeing the issuance when implementing the corporatization of state-owned enterprises |
From 0.5% to 2% of the total guaranteed issuance value for shares |
Entity providing guaranteeing issuance |
Issuing entity |
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2 |
Service fee for brokerage of buying and selling stocks, fund certificates, warrant-backed securities |
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|
|
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a) |
Service fee for brokerage of buying and selling stocks, fund certificates, warrant-backed securities (applicable to listed and registered securities trading) |
Maximum 0.45% of transaction value |
Securities Company |
Customer |
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b) |
Service fee for brokerage of buying and selling listed/floor-traded stocks, fund certificates, warrant-backed securities in cases of selling (divesting) state capital and state-owned enterprise capital invested in other enterprises (including transactions outside the stock exchange trading system) |
Maximum 0.03% of transaction value and maximum not exceeding 3 billion VND per transaction per divesting entity, the above price does not include the amount paid by the securities company to the Stock Exchange and the Vietnam Securities Depository and Clearing Corporation as required (if any). In special cases where service provision costs exceed the maximum level, units shall report to the Minister of Finance for consideration and decision in accordance with the law on prices and related laws. |
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3 |
The price of fund management services for public securities investment funds and public securities investment companies |
Maximum 2%/net asset value (NAV) of the fund or net asset value of the portfolio/year |
Securities investment fund management company |
Public securities investment fund, public securities investment company |
|
4 |
The price of asset supervision service for closed-end funds, public securities investment companies |
Maximum 0.15% of the supervised asset value |
Supervising bank |
Closed-end fund, public securities investment company |
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5 |
The price of bondholder representative service |
Maximum 0.1% of the total value of issued bonds |
Bondholder representative as prescribed by law |
Issuing organization of bonds |
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6 |
The price of issuance service for closed-end fund certificates and shares of public securities investment companies |
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a) |
Total value of closed-end fund certificates and shares offered below 500 billion VND |
2%/capital raised/issuance of closed-end fund certificates and shares |
Securities investment fund management company |
Closed-end fund, public securities investment company |
|
b) |
Total value of closed-end fund certificates and shares offered from 500 billion VND to less than 1000 billion VND |
1.5%/capital raised/issuance of closed-end fund certificates and shares |
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c) |
Total value of closed-end fund certificates and shares offered from 1000 billion VND or more |
1%/capital raised/issuance of closed-end fund certificates and shares |
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7 |
The price of issuance, repurchase, and conversion service for open-end fund certificates |
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a) |
The price of issuance service for open-end fund certificates |
Maximum 5%/transaction value |
Securities investment fund management company |
Customer |
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b) |
The price of repurchase and conversion service for open-end fund certificates |
Maximum 3%/transaction value |
Securities investment fund management company |
Customer |
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8 |
The price of issuance and repurchase service for ETF certificates |
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a) |
The price of issuance and repurchase service for ETF certificates applicable to investors |
Maximum 1%/transaction value |
Securities investment fund management company |
Customer (investor) |
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b) |
The price of issuance and repurchase service for ETF certificates applicable to fund establishment members |
Maximum 0.5%/transaction value |
Securities investment fund management company |
Customer (fund establishment member) |
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9 |
Settlement service fee for securities transactions |
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a) |
Shares, fund certificates, warrant certificates (excluding open-end fund certificates) |
0.01% of the settlement value of each member/payment method/settlement day, but not less than 5,000 VND/day/member, and not more than 300,000 VND/day/member |
Payment bank |
Depository member, direct account opening organization, post-settlement member after 12 months from the official implementation of the central counterparty mechanism |
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b) |
Corporate bonds |
0.001% of the settlement value of each member/payment method/settlement day, but not less than 5,000 VND/day/member, and not more than 300,000 VND/day/member |
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10 |
Auction service fee |
From 20 million VND/per share auction/every type of security up to 0.15% of the total value of shares and other types of securities actually sold, with a maximum of 150 million VND/per share auction |
Organizations providing securities services permitted to organize share auctions and other types of securities sales according to the law |
Enterprises, organizations, individuals having shares and other types of securities subject to auction according to the law |
B. PRICES OF SERVICES APPLICABLE IN THE DERIVATIVES MARKET
|
Serial number |
NAME OF SERVICE FEE |
PRICE LEVEL |
ENTITY PROVIDING SERVICES IN THE SECURITIES FIELD |
PAYING PARTY |
|
1 |
Brokerage service fee for futures contracts |
Maximum 5,000 VND/Futures Index Contract Maximum 8,000 VND/Futures Government Bond Contract (the above prices do not include transaction service fees for derivatives securities, position management service fees, derivatives securities settlement service fees, post-trade error correction service fees for derivatives securities, collateral management service fees that securities companies pay to the Stock Exchange, Vietnam Securities Depository Corporation according to regulations) |
Securities Company |
Customer |
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