Circular No. 25/2022/TT-BTC stipulates the levels of collection, collection system, payment, management, and use of fees and charges in the securities sector.

CIRCULAR

REGULATIONS ON THE LEVEL OF COLLECTION, COLLECTION SYSTEM, PAYMENT, MANAGEMENT AND USE OF FEES AND CHARGES IN THE SECURITIES FIELD

Pursuant to the Law on Fees and Charges dated November 25, 2015;

Pursuant to the State Budget Law on June 25, 2015;

Pursuant to the Securities Law dated November 26, 2019;

Pursuant to Decree No. 155/2020/NĐ-CP dated December 31, 2020, issued by the Government, detailing the implementation of certain provisions of the Securities Law;

Pursuant to Decree No. 158/2020/NĐ-CP dated December 31, 2020 of the Government on derivative securities and the derivative securities market;

Pursuant to Decree No. 120/2016/NĐ-CP dated August 23, 2016 of the Government detailing and guiding the implementation of certain provisions of the Law on Fees and Charges;

Pursuant to Decree No. 126/2020/NĐ-CP dated October 19, 2020 of the Government detailing certain provisions of the Law on Tax Administration;

Pursuant to Decree No. 135/2015/NĐ-CP dated December 31, 2015 of the Government on indirect investment abroad;

Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decision No. 29/2009/QĐ-TTg dated February 20, 2009 of the Prime Minister on the self-management system for staffing and operating funds of the State Securities Commission;

At the request of the Director of the Tax Policy Department;

The Minister of Finance issues this Circular to regulate the level of collection, collection system, payment, management and use of fees and charges in the securities field.

Article 1. Scope of Regulation and Applicability

1. This Circular stipulates the level of collection, collection system, payment, management and use of fees for managing and supervising securities activities; and charges for issuing licenses and certificates for securities activities applicable at the State Securities Commission.

2. This Circular applies to organizations and individuals paying fees and charges; organizations collecting fees and charges; and other organizations and individuals related to the collection and payment of fees and charges in the securities field.

Article 2. Organizations collecting fees and persons paying fees and charges

1. The organization collecting fees and charges is the State Securities Commission.

2. Persons paying fees and charges are organizations and individuals engaged in securities activities as specified in the Fee and Charge Collection Schedule attached to this Circular.

Article 3. Level of fees and charges

The level of collection of fees for managing and supervising securities activities; and charges for issuing licenses and certificates for securities activities are stipulated in the Fee and Charge Collection Schedule attached to this Circular.

Article 4. Declaration, Collection, Payment of Fees and Charges by Paying Persons

1. Fees and charges in the securities field shall be collected in Vietnamese dong.

2. Collection and payment of charges: The person paying the charge must pay the full amount of the charge when obtaining a license or certificate for securities activities to the State Securities Commission.

3. Collection and payment of supervision fees for securities activities: The Hanoi Stock Exchange and the Ho Chi Minh City Stock Exchange (hereinafter referred to as the Stock Exchanges), the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC), and the settlement bank must pay the supervision fee to the State Securities Commission quarterly, with the latest payment date being the last day of the first month of the following quarter.

4. One-time payment of management fees for public companies not listed or traded: When the State Securities Commission issues a confirmation of completion of registration for a public company, the management fee must be paid.

5. Management fee for open-ended funds

a) Within thirty days from the date of issuance of the registration certificate for establishing an open-ended fund, the fund management company must pay the management fee as follows:

- In cases where the certificate is issued from January 1 to June 30 each year, the fee payable is 10 million Vietnamese dong per fund.

- In cases where the certificate is issued from July 1 to December 31 each year, the fee payable is 5 million Vietnamese dong per fund.

b) In subsequent years, the fund management company must pay a fee of 10 million Vietnamese dong per fund, with the payment period being from December 1 to December 31 each year.

Article 5. Declaration, payment of fees and charges by the fee collection organization

1. At the latest on the second day of each week, the fee collection organization must transfer the amount of fees collected in the previous week into the account for pending budget payments opened at the State Treasury.

2. The fee collection organization shall declare, pay fees and charges collected monthly, settle accounts annually in accordance with the provisions of the Law on Tax Administration and Decree No. 126/2020/ND-CP dated October 19, 2020 of the Government detailing certain provisions of the Law on Tax Administration. The fee collection organization shall remit 30% of the amount of fees collected and 100% of the amount of charges collected into the state budget according to the chapter and sub-item of the State Budget Revenue and Expenditure Classification.

Article 6. Management and Use of Fees

The fee collection organization may retain 70% of the amount of fees collected for use in accordance with the provisions of Decree No. 120/2016/ND-CP dated August 23, 2016 of the Government detailing and guiding the implementation of certain provisions of the Law on Fees and Charges, Decision No. 29/2009/QD-TTg dated February 20, 2009 of the Prime Minister on the self-management system for staffing and operating funds of the Securities Commission, and Circular No. 104/2009/TT-BTC dated May 25, 2009 of the Minister of Finance implementing Decision No. 29/2009/QD-TTg dated February 20, 2009 of the Prime Minister on the issuance of the self-management system for staffing and operating funds of the Securities Commission.

Article 7. Effective Date

1. This Circular takes effect from July 1, 2022.

2. Repeal Circular No. 272/2016/TT-BTC dated November 14, 2016 of the Minister of Finance stipulating the rates of collection, management, and use of fees and charges in the securities sector.

3. Organizations confirmed by the Securities Commission to have completed registration as public companies before this Circular takes effect but have not yet been listed or registered for trading: Shall continue to pay fees in accordance with the provisions of Circular No. 272/2016/TT-BTC until the month immediately preceding the month in which this Circular takes effect.

4. Matters related to the collection, payment, management, use, revenue receipts, and public disclosure of fees and charges in the securities sector not specified in this Circular shall be implemented in accordance with the provisions of the Law on Fees and Charges; Decree No. 120/2016/ND-CP; the Law on Tax Administration; Decree No. 126/2020/ND-CP; Decree No. 11/2020/ND-CP dated January 20, 2020 of the Government on administrative procedures under the State Treasury sector; Decree No. 123/2020/ND-CP dated October 19, 2020 of the Government on invoices and receipts; Circular No. 78/2021/TT-BTC dated September 17, 2021 of the Minister of Finance guiding the implementation of certain provisions of the Law on Tax Administration dated June 13, 2019, and Decree No. 123/2020/ND-CP dated October 19, 2020 of the Government on invoices and receipts.

5. During the period when VSDC has not commenced operations in accordance with the Securities Law No. 54/2019/QH14, the Vietnam Securities Depository shall pay the supervisory fees applicable to VSDC as prescribed in this Circular.

6. In the course of implementation, if the relevant documents cited in this Circular are amended, supplemented, or replaced, they shall be implemented in accordance with the newly amended, supplemented, or replaced documents.

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

SCHEDULE OF FEES AND CHARGES IN THE SECURITIES SECTOR

(Annexed to Circular No. 25/2022/TT-BTC dated April 28, 2022 of the Minister of Finance)