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VIETNAM
SECURITIES DEPOSITORY AND CLEARING CORPORATION
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No. 28/QD-HDTV
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Hanoi, April
16, 2025
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DECISION
PROMULGATING REGULATIONS ON MANAGEMENT AND USE OF CLEARING
FUND FOR DERIVATIVES MARKET AT VIETNAM SECURITIES DEPOSITORY AND CLEARING
CORPORATION
BOARD OF DIRECTORS
VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
Pursuant to the Law on Securities dated
November 26, 2019;
Pursuant to the Law on Amendments to the Law
on Securities, the Law on Accounting, the Law on Independent Audit, the Law on
State Budget, the Law on Management and Use of Public Property, the Law on Tax
Administration, the Law on Personal Income Tax, the Law on National Reserves,
and the Law on Handling of Administrative Violations dated November 29, 2024;
Pursuant to Decree No. 158/2020/ND-CP dated
December 31, 2020 of the Government on derivatives and derivatives market;
Pursuant to Circular No. 58/2021/TT-BTC dated
July 12, 2021 of the Minister of Finance providing guidelines for some Articles
of Government’s Decree No. 158/2020/ND-CP dated December 31, 2020 on
derivatives and derivative market;
Pursuant to Decision No. 26/2022/QD-TTg dated
December 16, 2022 of the Prime Minister on the establishment, organization and
operation of the Vietnam Securities Depository and Clearing Corporation;
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Pursuant to Official Dispatch No.
1058/UBCK-PTTT dated April 15, 2025 of the State Securities Commission
regarding the approval of the Regulation on management and use of the Clearing
Fund for the derivatives market at the Vietnam Securities Depository and
Clearing Corporation;
Pursuant to Resolution No. 84/2025/NQ-HDTV
dated April 16, 2025 on the approval of the promulgation of 07 business
operation regulations of the Vietnam Securities Depository and Clearing
Corporation in preparation for the implementation of the KRX IT system;
At the request of the General Director of the
Vietnam Securities Depository and Clearing Corporation;
HEREBY DECIDES:
Article 1. Promulgated with this Decision is "Regulations on
management and use of Clearing Fund For Derivatives Market at Vietnam
Securities Depository and Clearing Corporation".
Article 2. This Decision comes into force from the date on which the
information technology system under the package “Design, solution, supply,
installation, and transfer of information technology system - Ho Chi Minh City
Stock Exchange” officially operates and replaces Decision No. 14/QD-HDTV dated
August 10, 2023 of the Board of Directors of Vietnam Securities Depository and
Clearing Corporation on promulgating the Regulations on management and use of
Clearing Fund For Derivatives Market at Vietnam Securities Depository and
Clearing Corporation.
Article 3. The General Director, Branch Director in the Ho Chi Minh
City, Head of the Administration and Management Department, Head of the Member
Management and Securities Custody Department, Chief of the Office of the Board
of Directors, Heads of departments/divisions of of the Vietnam Securities Depository
and Clearing Corporation, and relevant organizations and individuals shall
implement this Decision./.
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REGULATION
REGULATIONS ON MANAGEMENT AND USE OF CLEARING FUND FOR
DERIVATIVES MARKET AT VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
(Issued together with Decision No.../QD-HDTV dated...2025 of the Board of
Directors of Vietnam Securities Depository and Clearing Corporation)
Article 1. Scope and
regulated entities
1. Scope
This Regulation prescribes certain matters
related to the management and use of the Clearing Fund for Derivatives Market
(hereinafter referred to as the “Clearing Fund”) managed by the Vietnam
Securities Depository and Clearing Corporation, including:
a) Operational objectives, sources of revenue,
and expenditures from the Clearing Fund;
b) Contributions contributed to the Clearing
Fund (hereinafter referred to as "contributions"), cash contribution
ratio, and types of securities contributed to the Clearing Fund (hereinafter
referred to as "contributed securities");
c) Methods for evaluation of the Clearing Fund's
size;
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dd) Methods of receiving and allocating
interests accrued on cash contributions to the Clearing Fund (hereinafter
referred to as interests on deposits") and interests on contribution
amounts used from the Clearing Fund (hereinafter referred to as interests on
used contribution amounts");
e) Use and reimbursement of amounts used from
the Clearing Fund; separate management of contributions;
g) Reimbursement of contributions to clearing
members;
h) Rights and obligations of relevant parties.
2. Regulated entities
a) The Vietnam Securities Depository and Clearing
Corporation (hereinafter referred to as “VSDC”);
b) Derivatives clearing members (hereinafter
referred to as “clearing members”);
c) Other relevant individuals and organizations.
Article 2. Operational
objectives of the Clearing Fund
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Article 3. Sources of revenue
of the Clearing Fund
1. The initial minimum contribution shall be
made in accordance with cause 2, Article 16 of Circular No. 58/2021/TT-BTC.
2. The monthly contribution shall be
additionally made on the basis of the re-evaluation of the Clearing Fund's size
under the following principles:
a) The Clearing Fund's size shall be evaluated
on the basis of data on trading price of futures contracts over at least 252
trading days. The Clearing Fund's size shall be determined on the basis of
derivatives trading data, market risk level, and the stress testing method
outlined in Appendix 1 hereto.
b) VSDC shall request additional contributions
from clearing members when the total value of contributions at the time of
evaluation is less than the Clearing Fund's size as determined in point a of
this Clause and is insufficient to ensure payment capability in case the two
clearing members with the largest combined position losses on any given
settlement date during the calculation period simultaneously default. The
specific contribution amount by each clearing member shall be determined in
accordance with Appendix 1 hereto.
c) The value of contributions at the time of
evaluation of the Clearing Fund's size shall be determined on the basis of the
haircut rate applicable to contributed securities and the value of
contributions determined in accordance with the regulations on determination of
margin value under VSDC’s Regulation on derivatives clearing and settlement.
3. The ad-hoc contribution shall be additionally
made in accordance with point b, Clause 1, Article 16 of Circular No.
58/2021/TT-BTC and the following principles:
a) In case a clearing member is placed under
alert in accordance with regulations on financial safety outlined in the Law on
securities and regulations on capital adequacy outlined in the Law on banking:
Within 01 working day from the receipt of a notice from the competent authority
or a report/public disclosure by the clearing member regarding such placement,
whichever comes first, VSDC shall re-evaluate the Clearing Fund's size,
determine and request an ad-hoc contribution additionally made by the clearing
member if the newly determined contribution is more than that of the latest
month. The clearing member placed under alert must make such contribution
within 01 working day from the date of VSDC’s notice.
b) In case the contributions are frozen or
confiscated by competent state authorities or under a Court's decision: Within
01 working day from the date of VSDC’s notice regarding such freeze or
confiscation, the relevant clearing member must make an ad-hoc cash
contribution equal to the shortfall between the contribution made in the latest
month at the request of VSDC and the remaining value of contributions (cash and
securities) after the freeze or confiscation. The remaining value of
contributed securities shall be determined in accordance with the regulations
on determination of margin value under VSDC’s Regulation on derivatives
clearing and settlement.
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4. Interests accrued from
the Clearing Fund’s deposit accounts at payment banks shall be calculated on
the basis of non-term deposit interest rates announced by such payment banks
from time to time.
5. Interests collected from
insolvent clearing members shall be calculated in accordance with clauses 2 and
3, Article 7 of this Regulation.
Article 4. Expenditures of
the Clearing Fund
1. Disbursement of contributions for separate
management in accordance with Article 8 of this Regulation.
2. Payment of differences at the request
of a clearing member in case the value of its contributions is more than the
required contribution.
3. Payment of account management fees for
the Clearing Fund's deposit accounts at payment banks.
4. Payment of expenses incurred in handling
operations related to the default of a clearing member.
Article 5. Contributions
1. Clearing members shall make contributions in
cash (VND) or both cash and securities to the Clearing Fund provided that cash
contribution must account for at least 80% of the contribution made to the
Clearing Fund as prescribed in Circular No. 58/2021/TT-BTC. VSDC shall
stipulate and publish the specific cash contribution ratio at the SSC's
approval on VSDC’s website at least two (02) working days prior to its
application date.
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3. Contributions shall be those owned by
clearing members and monitored, managed by VSDC on a per-member basis. VSDC
shall send a written notice via email and by post to each clearing member of
information on its contributions by the second working day of the following
month, including allocated interests on deposits and on used contribution
amounts, contribution, current value of contributions to the Clearing Fund, and
any shortfall additionally payable or surplus eligible for withdrawal. If any
discrepancy is found, the clearing member must notify VSDC on the next working
day. Within three (03) working days from the receipt of written notice or email
from VSDC (whichever comes first), the clearing member must make the additional
contribution (if any). Delay in making such contribution shall be subject to
handling measures under the Regulation on derivatives clearing membership at
VSDC.
4. VSDC shall open accounts
to manage the contributed cash amounts and securities in accordance with point
b, clause 3, Article 16 of Circular No. 58/2021/TT-BTC.
5. VSDC shall specify the
rights over contributed securities in the list of holders of deposited
securities entitled to exercise rights as of the record date in accordance with
the Regulation on right exercise for securities holders at VSDC.
Article 6. Regulations on
provision, withdrawal, and substitution of contributions
1. Clearing members may
withdraw their contributions as announced by VSDC in accordance with point b, Clause
2, Article 16 of Circular No. 58/2021/TT-BTC. In such cases, clearing members
shall submit a request for withdrawal of their contributions, using Form
No.01/QBT enclosed herewith, within three (03) working days from the receipt of
written notice or email from VSDC (whichever comes first).
2. Clearing members may
substitute their contributed securities provided that the substitute securities
satisfy the requirements specified in clause 2, Article 5 of this Regulation.
3. If contributed
securities are substituted since they mature or do not satisfy the requirements
specified in clause 2, Article 5 of this Regulation, VSDC shall send a written
request via email and post to the clearing member using Form 02/QBT enclosed
herewith. Within two (02) working days from the receipt of such written notice
or email (whichever comes first), the clearing member shall substitute
contributed securities following the principle of depositing substitute
securities prior to withdrawing ineligible securities.
4. The procedures for
contribution and withdrawal of contributions shall be carried out in accordance
with Sections I and II of Appendix 2 enclosed herewith.
Article 7. Use and
reimbursement of amounts used from the Clearing Fund, allocation of interests
on deposits and on used contribution amounts
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2. Within
one (01) day from the date on which VSDC uses contributions to the Clearing Fund
as collateral as specified in clause 1 of this Article, the clearing member
must reimburse the used amount and pay interest thereon. Such interest shall be
calculated according to the following formula:
I = ns
x 0,03% x P (1)
Where:
I: Interest
P: Amount used from the Clearing Fund
ns: Number of use days (s=1->2)
3. If the reimbursement is made after the
deadline set forth in clause 2 of this Article, the clearing member must pay
overdue interest calculated according to the following formula:
Ic =
0,0375%x Pc x nc (2)
Where:
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Pc: Overdue amount used from the
Clearing Fund
nc: Number of overdue days
4. Interests on deposits and on used
contribution amounts shall be allocated under the following principles:
a) VSDC shall allocate interests accrued from
the Clearing Fund’s deposit accounts and collected from insolvent clearing
members to clearing members in accordance with their contribution amount and
time of contribution after deducting any account management fees charged by
payment banks. The receipt and allocation of such interests shall comply with
clauses 1 and 2 of Appendix 3 enclosed herewith.
b) VSDC shall allocate interests on deposits and
on used contribution amounts on the last day of each month, except for cases specified
in point a, clause 1, Article 8 of this Regulation.
c) VSDC shall record the total amount allocated
to each clearing member as the value of contributions made by that member or
the value of the reimbursable amount as prescribed in point b, clause 1,
Article 8 of this Regulation.
5. The sale of deposited or contributed
securities to reimburse the used amount shall be carried out in accordance with
the Regulation on clearing and settlement of derivatives transactions at VSDC.
Article 8. Separate management
and refund of contributions
1. Upon VSDC's termination of service provision
to cancel clearing membership and the clearing member's completion of relevant
procedures, including: selling contributed securities to repay any used amount
(if applicable); closing/transferring positions, settling position
gains/losses, and fulfilling contract obligations, VSDC shall separately manage
contributions made by the clearing member during the membership cancellation
process as follows:
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- The value of contributions in cash or
securities (if any) shall be determined in accordance with clause 1, Section
III, Appendix 2 enclosed herewith;
- Allocated interests on deposits and on used
contribution amounts upon separate management shall be determined in accordance
with Clause 2, Appendix 3 enclosed herewith.
b) Determine the value of contributions to be
refunded to or collected from the clearing member by VSDC (hereinafter referred
to as the “refundable amount” and “receivable amount”) under the following
principles:
- Where the amount used by the clearing member
from the Clearing Fund but not yet refunded is less than the value of
separately managed contributions, the refundable amount shall be the difference
between the value of separately managed contributions and the amount used but
not yet refunded;
- Vice versa, the refundable amount shall be the
difference between the amount used but not yet refunded and the value of
separately managed contributions;
- Where the clearing member no longer has
outstanding obligations to the Clearing Fund, the refundable amount shall be
the value of separately managed contributions.
2. VSDC may deduct cover debts, service fees,
and other financial obligations owed by the clearing member to VSDC from the
refundable amount upon separate management.
3. VSDC shall deduct any debts, service fees, or
financial obligations arising after separate management from the refundable
amount on December 31 each year or on the date of determination of the
refundable amount to be revoked by the competent authority in accordance with
clause 8 of this Article or upon refund of contributions in accordance with
clause 9 of this Article.
4. Within one (01) working day from the
completion of the steps in clauses 1 and 2 of this Article, VSDC shall notify
the clearing member in writing of the separate management and the remaining
refundable amount or receivable amount.
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6. The clearing member shall not incur interests
on the receivable amount as determined in point b, clause 1 of this Article
from the separate management date.
7. VSDC shall specify any rights over
contributed securities being a part of the refundable amount (if any) in the
list of holders of deposited securities entitled to exercise rights as of the
record date in accordance with the Regulation on right exercise for securities
holders at VSDC.
8. Where the competent authority issues a notice
to revoke contributions made by the clearing member, VSDC shall determine the
refundable amount, allocate interests accrued thereon on the date of
determination thereof in accordance with clause 3, Appendix 3 enclosed
herewith, and deduct any outstanding debts, service fees, or financial
obligations owed by the clearing member to VSDC from such refundable amount (if
any). The remaining refundable amount shall serve as the basis for revocation
by the competent authority.
9. VSDC shall refund the remaining refundable
amount to the clearing member whose membership has been cancelled or that is no
longer a clearing member in accordance with point b, clause 4, Article 16 of
Circular No. 58/2021/TT-BTC. The refund shall be conducted as follows:
a) When the decision on clearing membership
cancellation is issued, VSDC shall determine the refundable amount, allocate
interests thereon (if any) in accordance with clause 3, Appendix 3 enclosed
herewith, and deduct any outstanding obligations owed by the clearing member to
VSDC from such refundable amount as specified in clause 3 of this Article. The
remaining refundable amount shall be refunded to the clearing member.
b) Within one (01) working day from the date of
issuance of the decision on clearing membership cancellation, VSDC shall refund
the remaining refundable amount to the clearing member in accordance with the
procedures specified in Section IV, Appendix 2 enclosed herewith.
Article 9. Rights and
obligations of VSDC toward the Clearing Fund
1. Rights of VSDC:
a) Stipulate the principles for the
establishment, management, and use of the Clearing Fund.
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c) Supervise clearing members' compliance with
regulations on contribution, use, and reimbursement of the Clearing Fund.
d) Take handling measures in case a clearing
member fails to comply with regulations regarding the Clearing Fund as
prescribed in the Regulation on derivatives clearing membership at VSDC.
dd) Deduct payables (debts), amounts used from
the Clearing Fund by clearing members, and financial losses incurred in
handling operations when a clearing member defaults.
2. Obligations of VSDC:
a) Manage contributions made by clearing to the
Clearing Fund separately from VSDC's own assets.
b) Manage and use the Clearing Fund in
accordance with this Regulation and relevant legislative documents.
c) Conduct accounting, audit, and financial
disclosure in accordance with legal regulations.
d) Provide data on contributions and interests
allocated to clearing members upon their request.
dd) Provide data on the Clearing Fund at the
request of competent authorities.
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1. Rights of clearing members:
a) Receive information on the value of
contributions, amounts used from the Clearing Fund, and allocated interests on used
contribution amounts (if any), interests on deposits at payment banks, and
rights over contributed securities.
b) Withdraw their contributions in accordance
with point b, clause 2, Article 16 of Circular No. 58/2021/TT-BTC and clause 1,
Article 6 of this Regulation.
2. Obligations of clearing members:
a) Make contributions to the Clearing Fund as
prescribed.
b) Reimburse amounts used from the Clearing Fund
and interests thereon (if any) in accordance with law.
c) Report on clearing member's placement under
alert to VSDC within one (01) working day from the date on which a written
notice from the competent authority regarding such placement is received in
accordance with regulations on financial safety outlined in the Law on
securities and regulations on capital adequacy outlined in the Law on banking.
Article 11. Accounting for
the Clearing Fund
1. VSDC shall open accounting books and clearly
and fully record revenues and expenditures in accordance with accounting laws
and the guidelines on the accounting regime applicable to VSDC as issued by the
Ministry of Finance.
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3. Dossiers and documents must be stored in
accordance with legal regulations.
Article 12. Reporting
regime
VSDC shall prepare reports on the use of the
Clearing Fund in accordance with applicable laws.
Article 13. Implementation
provisions
1. If any issues arise
during implementation, relevant parties shall contact the VSDC for guidance and
resolution.
2. Any amendments to this Regulation shall be
decided by the VSDC 's Board of Directors after obtaining the SSC's approval./.