Circular No. 67/2014/TT-BTC stipulates the level of collection, collection system, payment, management, and use of fees and charges in the securities sector applicable at the Securities Commission.

CIRCULAR

Regulations on the level of collection, collection system, payment, management and use of fees and charges

||| in the securities sector to be applied at the State Securities Commission

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Based on the Ordinance on Fees and Charges No. 38/2001/PL-UBTVQH10 dated August 28, 2001;

Pursuant to Decree No. 57/2002/NĐ-CP dated June 3, 2002 of the Government detailing the implementation of the Law on Fees and Charges; Decree No. 24/2006/NĐ-CP dated March 6, 2006 amending and supplementing certain articles of Decree No. 57/2002/NĐ-CP dated June 3, 2002;

Pursuant to Decree No. 58/2012/NĐ-CP dated July 20, 2012 of the Government 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. 215/2013/NĐ-CP dated December 23, 2013 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 regime for staffing and operating funds of the State Securities Commission;

At the proposal of the Director of the Policy Department;

The Minister of Finance promulgates this Circular stipulating the levels of collection, the collection, payment, management, and use of fees and charges in the securities sector to be applied at the State Securities Commission as follows:

Article 1. Objects subject to fees and charges and levels of collection

1. Objects subject to fees and charges are activities related to granting permission to operate in the securities sector and management and supervision activities in the securities sector.

2. Levels of collection of fees and charges in the securities sector to be applied at the State Securities Commission shall be implemented according to the Fee and Charge Collection Schedule attached to this Circular.

Article 2. Fee and Charge Payers

The payers of fees and charges are organizations and individuals conducting activities in the securities sector as specified in the Fee and Charge Collection Schedule attached to this Circular. For the Certificate of Registration for Distribution of Fund Certificates, the payer of the charge is commercial banks and insurance companies registered to distribute fund certificates.

Article 3. Organization of Collection, Payment of Fees and Charges

1. Fees and charges in the securities sector to be applied at the State Securities Commission shall be collected in Vietnamese dong. Organizations and individuals must pay fees and charges in cash or by bank transfer into the account of the fee and charge collection agency opened at the National Treasury.

2. Collection and payment of charges: Organizations and individuals must pay the full amount of charges when they are granted a License, Certificate, Decision, Notice, or Professional Certificate for activities in the securities sector.

3. Collection and payment of supervisory fees

Supervisory fees are deducted from the transaction fees for securities ownership transfers not through the trading system of the Stock Exchange, which is the remaining revenue after the Vietnam Securities Depository has transferred 50% of the revenue to the Stock Exchanges.

Supervisory fees are calculated based on the value of transactions published on the trading system of the Stock Exchange and also on the value of securities ownership transfers not through the trading system of the Stock Exchange, as transferred by the Vietnam Securities Depository to the Stock Exchanges in accordance with the Ministry of Finance's regulations on securities activity fees applicable to Stock Exchanges and the Vietnam Securities Depository.

The Stock Exchanges and the Vietnam Securities Depository must pay supervisory fees to the State Securities Commission quarterly, within the first month of the next quarter.

4. Collection and payment of management fees for unlisted public companies

a) Organizations whose registration applications for public companies have been approved must pay management fees for unlisted public companies. The amount of fee to be paid is calculated using the following formula:

Amount of fee payable = 10 million VND/12 months x Duration of fee calculation (months).

The period for calculating fees starts from the month following the month in which the application for registration of a public company was approved until the end of the month in which the Stock Exchange issues a Decision approving listing or the State Securities Commission issues a Notice canceling the registration of a public company.

b) The payment period for fees is from December 1 to December 31 each year.

Example 1, Company A's application for registration as a public company was approved from June 15, 2014. By December 2014 (from December 1 to December 31), Company A must pay a fee of: 10 million VND / 12 months x 6 months (from July to December) = 5 million VND. From the following year onwards, Company A must pay the management fee in December each year, amounting to 10 million VND/year.

In cases where a public company is listed officially or its registration is canceled by the Stock Exchange or the State Securities Commission at a time other than the specified monthly payment period (December each year), the company must pay the fee for the unpaid period according to the regulations. The deadline for payment is within 30 days from the date of issuance of the Decision or Notice.

Example 2, Company B's application for registration as a public company was approved from April 15, 2014. On October 20, 2014, Company B was officially listed (or its registration was canceled), the amount of fee to be paid is: 10/12 x 6 months = 5 million VND.

Example 3, Company C's application for registration as a public company was approved from March 15, 2014. On March 15, 2015, Company C was officially listed (or its registration was canceled). The company must pay the fee as follows:

Year 2014: 10/12 x 9 months = 7.5 million VND (paid in December 2014)

Year 2015: 10/12 x 3 months = 2.5 million VND. The payment period is from March 15 to April 15, 2015. If the payment for 2014 was not made, Company C must pay 10 million VND.

5. Collection and payment of annual management fees for open-ended funds and exchange-traded funds (ETFs)

Within 30 days from the date of issuance of the Certificate of Registration for establishment of open-ended funds and ETFs, the fund manager must pay the annual management fee as follows:

- In cases where the Certificate is issued from January 1 to June 30 each year, the fee to be paid is 10 million VND/fund;

- In cases where the Certificate is issued from July 1 to December 31 each year, the fee to be paid is 5 million VND/fund;

In subsequent years, the fund manager must pay 10 million VND/fund annually, with the payment period being from December 1 to December 31 each year.

Article 4. Management and Utilization of Fees and Charges

1. Fees and charges in the securities sector to be applied at the State Securities Commission are revenues belonging to the state budget.

2. The fee and charge collection agency retains the entire amount (100%) of the fees collected for use in accordance with Decision No. 29/2009/QĐ-TTg dated February 20, 2009 of the Prime Minister on the self-management regime for staffing and operating funds of the State Securities Commission and guiding documents. 3. The fee and charge collection agency must remit the entire amount (100%) of the charges collected into the state budget according to the current State Budget Classification.

3. The fee collection agency shall remit the entire amount (100%) of fees collected into the State budget according to the Chapter, Section, and Subsection of the current State Budget Outline.

4. The fees and charges collected in accordance with this Circular must be fully reflected in the annual financial budget and settlement of the State Securities Commission in accordance with current laws.

Article 5. Implementation Provisions

1. This Circular takes effect from July 10, 2014.

2. The Circular No. 134/2009/TT-BTC dated July 1, 2009 of the Ministry of Finance on the levels of collection, procedures for collection, payment, management, and use of fees and charges in the securities sector applicable to the State Securities Commission is hereby abolished.

3. Other provisions regarding collection, payment, management, use, revenue receipts, publicizing the fee and charge collection system in the securities sector not specified in this Circular shall be implemented in accordance with the guidance provided in Circular No. 63/2002/TT-BTC dated July 24, 2002 of the Ministry of Finance guiding the implementation of legal regulations on fees and charges; Circular No. 45/2006/TT-BTC dated May 25, 2006 amending and supplementing Circular No. 63/2002/TT-BTC dated July 24, 2002; Circular No. 156/2013/TT-BTC dated November 6, 2013 of the Ministry of Finance guiding the implementation of certain provisions of the Law on Tax Administration; the Law amending and supplementing certain provisions of the Law on Tax Administration and Decree No. 83/2013/NĐ-CP dated July 22, 2013 of the Government; Circular No. 153/2012/TT-BTC dated September 17, 2012 of the Ministry of Finance guiding the printing, issuance, management, and use of various types of revenue receipts for fees and charges under the state budget and any amended or supplemented documents (if any).

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