Circular No. 242/2016/TT-BTC stipulates service fees in the securities sector applicable to securities trading organizations and commercial banks participating in the Vietnamese securities market.

CIRCULAR

Regulations on service fees in the securities sector applicable to securities business organizations and commercial banks participating in the Vietnamese securities market
                       

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. 177/2013/NĐ-CP dated November 14, 2013, and Decree No. 149/2016/NĐ-CP dated November 11, 2016 of the Government amending and supplementing certain provisions of Decree No. 177/2013/NĐ-CP dated November 14, 2013 of the Government detailing and guiding the implementation of certain provisions of the Law on Prices;

Pursuant to Decree No. 58/2012/NĐ-CP dated July 20, 2012, and Decree No. 60/2015/NĐ-CP dated June 26, 2015 of the Government amending and supplementing certain provisions of Decree No. 58/2012/NĐ-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/NĐ-CP dated July 1, 2016 of the Government stipulating conditions for investment and securities business;

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;

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

The Minister of Finance issues this Circular regulating service fees in the securities sector applicable to securities business organizations and commercial banks participating in the Vietnamese securities market.

Article 1. Scope of Regulation

This Circular regulates service fees in the securities sector applicable to securities business organizations and commercial banks participating in the Vietnamese securities market.

Article 2. Applicability

1. Organizations providing services in the securities sector include: securities business organizations (securities companies, fund management companies, foreign securities company branches in Vietnam, foreign fund management company branches in Vietnam), commercial banks participating in the Vietnamese securities market in accordance with the law.

2. Organizations and individuals using services in the securities sector provided by the service providers mentioned in Clause 1 of this Article.

3. Other organizations and individuals related thereto.

Article 3. Service Fees in the Securities Field

1. Service fees in the securities sector applicable to securities business organizations and commercial banks participating in the securities market shall be detailed in the Fee Schedule and Appendix attached to this Circular.

Based on the maximum price level and price range prescribed in this Circular, service providers in the securities sector specified in Article 2 of this Circular shall determine specific prices that are appropriate to the actual supply of services and the laws and regulations on pricing.

2. Service fees in the securities sector prescribed in this Circular are not subject to value-added tax as stipulated in point c, Clause 8, Article 5 of the Law on Value-Added Tax and any subsequent amendments or supplements (if any).

3. When collecting service fees in the securities sector, securities business organizations and commercial banks shall use service supply invoices in accordance with Decree No. 51/2010/NĐ-CP dated May 14, 2010 of the Government on sales invoices and service supply invoices; Decree No. 04/2014/NĐ-CP dated January 17, 2014 of the Government amending and supplementing certain provisions of Decree No. 51/2010/NĐ-CP dated May 14, 2010 of the Government on sales invoices and service supply invoices; Circular No. 39/2014/TT-BTC dated March 31, 2014 of the Minister of Finance guiding the implementation of Decree No. 51/2010/NĐ-CP dated May 14, 2010 and Decree No. 04/2014/NĐ-CP dated January 17, 2014 of the Government on sales invoices and service supply invoices and any subsequent replacements or amendments (if any).

4. Revenue from service provision, after fulfilling state budget obligations as prescribed by law, the remaining portion shall be managed and utilized by securities business organizations and commercial banks participating in the securities market in accordance with the law.

5. For other services not specified in the Fee Schedule, securities business organizations and commercial banks participating in the securities market may self-determine service fees they provide in accordance with the actual supply of services and the laws and regulations on pricing.

6. Service providers in the securities sector must publicly display prices, disclose prices, and comply with the laws and regulations on pricing, securities laws, and related guidance documents.

Article 4. Implementation provisions

1. This Circular takes effect from January 1, 2017 and replaces Circular No. 38/2011/TT-BTC dated March 16, 2011 of the Minister of Finance stipulating the collection, payment, management, and utilization of securities activity fees applicable to securities service business organizations; Circular No. 216/2013/TT-BTC dated December 31, 2013 of the Minister of Finance amending Circular No. 38/2011/TT-BTC dated March 16, 2011; Clause 4, Article 14 of Circular No. 183/2011/TT-BTC dated December 16, 2011 of the Minister of Finance guiding the establishment and management of open-ended funds; and Clause 8, Article 1 of Circular No. 15/2016/TT-BTC dated January 20, 2016 of the Minister of Finance amending and supplementing certain provisions of Circular No. 183/2011/TT-BTC.

2. During implementation, if there are any difficulties, organizations and individuals are requested to promptly report them to the Ministry of Finance for further study and supplementary guidance.