Circular No. 241/2016/TT-BTC stipulates service charges in the securities sector applicable at the Vietnam Stock Exchange and the Vietnam Securities Depository.

CIRCULAR

Regulations on service fees in the securities sector applicable at the Securities Trading Exchange and the Vietnam Securities Depository Center
Pursuant to Decree No. 177/2013/ND-CP dated November 14, 2013 and Decree No. 149/2016/ND-CP dated November 11, 2016 of the Government amending and supplementing certain articles of Decree No. 177/2013/ND-CP dated November 14, 2013 of the Government detailing and guiding the implementation of certain provisions of the Law on Prices;

The Government issues this Decree amending and supplementing Clause 2, Article 12 of Decree No. 91/2015/NĐ-CP dated October 13, 2015 of the Government on state capital investment in enterprises and management and use of capital and assets in enterprises, which has been amended and supplemented at Clause 5, Article 1 of Decree No. 32/2018/NĐ-CP dated March 8, 2018 of the Government amending and supplementing some articles of Decree No. 91/2015/NĐ-CP.

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. 58/2012/ND-CP dated July 20, 2012 and Decree No. 60/2015/ND-CP dated June 26, 2015 of the Government amending and supplementing certain articles of Decree No. 58/2012/ND-CP dated July 20, 2012 detailing and guiding the implementation of certain provisions of the Securities Law and the Law Amending and Supplementing Certain Provisions of the Securities Law;

Pursuant to Decree No. 86/2016/ND-CP dated July 1, 2016 of the Government stipulating conditions for investment and securities trading;

At the proposal of the Director of the Price Management Department and the Chairman of the State Securities Commission,

Pursuant to Decree No. 215/2013/NĐ-CP dated December 23, 2013, promulgated by the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

The Minister of Finance promulgates this Circular regulating service fees in the securities sector applicable at the Securities Trading Exchange and the Vietnam Securities Depository Center.

This Circular regulates service fees in the securities sector applicable at the Securities Trading Exchange (hereinafter referred to as the "Securities Trading Exchange") and at the Vietnam Securities Depository Center (hereinafter referred to as the "VSD") in accordance with the law.

Article 1. Scope of Regulation

1. Organizations providing services in the securities sector include: the Securities Trading Exchange, VSD established and operating in Vietnam.

Article 2. Applicability

2. Individuals and organizations using securities services provided by the organizations providing securities services mentioned in Clause 1 of this Article include: securities companies; commercial banks; registration organizations; listed organizations; fund management companies with listed fund certificates; issuers; organizations opening accounts directly at VSD; individuals and organizations exercising ownership rights over securities without going through the trading system of the Securities Trading Exchange.

3. Other related organizations and individuals.

Article 3. Service fees in the securities sector applicable at the Securities Trading Exchange and VSD

1. Service fees in the securities sector applicable at the Securities Trading Exchange and VSD are detailed in the Fee Schedule and Appendix attached to this Circular.

2. Service fees in the securities sector stipulated in this Circular are non-VAT prices as prescribed in point c, Clause 8, Article 5 of the Law on Value Added Tax and any amendments or supplements thereto (if any).

3. For other services not specified in the Fee Schedule, the Securities Trading Exchange and VSD may set their own service prices in accordance with the actual provision of services and the laws and regulations on pricing and relevant laws.

4. Organizations providing services in the securities sector must publicly display prices, comply with the laws and regulations on pricing, securities laws, and related guiding documents.

Article 4. Payment regime for service fees in the securities sector

1. In cases where an organization re-registers its membership status, it shall pay the membership management service fee, connection maintenance service fee, and terminal equipment usage service fee as if it were registering as a new member.

2. In cases where trading members are suspended from trading or have their trading activities halted or their online connections are interrupted for more than a year without being terminated as members, such trading members must still pay the membership management service fee, connection maintenance service fee, and terminal equipment usage service fee for the following year.

3. In cases where trading members have ceased trading or been halted from trading or had their online connections interrupted to terminate their membership status within that year, they will not be required to pay the membership management service fee, connection maintenance service fee, and terminal equipment usage service fee for subsequent years.

In the case where trading members have ceased trading operations or been suspended from trading activities or disconnected online to terminate their membership status in that year, they shall not be required to pay the trading member management service fee, the connection maintenance service fee, and the terminal device usage service fee for subsequent years.

Article 5. Time for Collection, Payment, and Refund of Service Fees in the Securities Field

1. Organizations that are members of the Stock Exchange (SGDCK), Securities Depository Corporation (VSD), and organizations listed on the Stock Exchange shall pay the service fees for managing trading member services, managing depositary member services, managing listing services, maintaining regular online connection services, and using terminal equipment before January 31 each year to the Stock Exchange and VSD.

2. New organizations registering as members of the Stock Exchange and VSD, and new organizations registering for listing shall pay the service fees for managing trading member services, managing depositary member services, managing listing services, maintaining regular online connection services, and using terminal equipment within five working days from the date the Stock Exchange issues the Decision approving member status, the Decision approving listing, and VSD issues the Decision granting Depositary Membership Certificate.

3. The Stock Exchange and VSD shall refund the service fees for managing trading member services, managing depositary member services, maintaining regular online connection services, and using terminal equipment to trading members and depositary members within five (5) working days from the date the Stock Exchange issues the Decision terminating member status and VSD issues the Decision revoking the Depositary Membership Certificate.

4. The Stock Exchange shall collect additional or refund service fees for listed organizations and fund management companies within five (5) working days from the date the Stock Exchange issues the Decision approving changes to listing for cases of changes in listing or the effective date of delisting for cases of delisting.

5. In cases of supplementary registration of ETF certificates and guaranteed warrant certificates, the fund management company and the issuer of guaranteed warrant certificates shall pay the service fee for securities registration within the latest by the 15th day of the following month from the date VSD adjusts the Securities Registration Certificate.

Article 6. Management and Use of Revenue from Service Fees in the Securities Field

1. After fulfilling obligations to the state budget according to the law, the remaining revenue from providing services shall be managed and used by the Stock Exchange and VSD in accordance with the law.

2. Revenue from the service of transferring ownership of securities as stipulated in Point 14 (excluding Points 14.lc and 14.5) of the Fee Schedule issued together with this Circular shall be allocated to the Stock Exchange at a ratio of 50% of the amount collected for cases of transferring ownership of listed securities or registered for trading on the Stock Exchange.

3. Organizations and individuals who fail to pay service fees on time or do not fully pay the service fees shall have their payment deadlines extended or be handled according to the business regulations issued by the Stock Exchange and VSD based on each specific case.

4. When collecting service fees in the securities field, the Stock Exchange and VSD shall use service provision invoices in accordance with Decree No. 51/2010/ND-CP dated May 14, 2010, of the Government on invoices for goods sales and service provision; Decree No. 04/2014/ND-CP dated January 17, 2014, of the Government amending and supplementing certain articles of Decree No. 51/2010/ND-CP dated May 14, 2010, of the Government on invoices for goods sales and service provision; Circular No. 39/2014/TT-BTC dated March 31, 2014, of the Minister of Finance guiding the implementation of Decree No. 51/2010/ND-CP dated May 14, 2010, and Decree No. 04/2014/ND-CP dated January 17, 2014, of the Government on invoices for goods sales and service provision and any subsequent or amended documents (if applicable).

Article 7. Implementation Provisions

1. This Circular takes effect from January 1, 2017, and replaces Circular No. 65/2016/TT-BTC dated April 26, 2016, of the Minister of Finance on the level of collection, payment, management, and use of securities activity fees applied at the Stock Exchange and VSD, and Circular No. 09/2014/TT-BTC dated January 16, 2014, of the Minister of Finance on the level of collection, payment, management, and use of auction fees for shares and other types of securities as prescribed by the Securities Law.

2. In cases where organizations and individuals have paid amounts prior to the effective date of this Circular and there is a discrepancy with the amount payable under this Circular, the Stock Exchange and VSD will neither refund nor collect the difference arising from such discrepancies.

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.

                                                                                            KT. MINISTER
                                                                                            DEPUTY MINISTER
                                                                                          (Signed)

                                                                                          TRAN VAN HIEU