|
VIETNAM
SECURITIES DEPOSITORY AND CLEARING CORPORATION
-------
|
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
|
|
No. 40/QD-HDTV
|
Hanoi, April 29,
2025
|
DECISION
ON THE PROMULGATION
OF THE REGULATION ON THE MANAGEMENT AND USE OF THE SETTLEMENT SUPPORT FUND AT
THE VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
THE BOARD OF MEMBERS
OF VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION
Pursuant to the Law on Securities dated November
26, 2019;
Pursuant to the Law on amendments 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 Reserve,
and the Law on Handling of Administrative Violations dated November 29, 2024;
Pursuant to Decree No. 155/2020/ND-CP dated
December 31, 2020, of the Government detailing the implementation of certain
articles of the Law on Securities;
Pursuant to Circular No. 119/2020/TT-BTC dated
December 31, 2020, of the Minister of Finance on the registration, depository,
clearing, and settlement of securities transactions;
Pursuant to Circular No. 68/2024/TT-BTC dated
September 18, 2024, of the Minister of Finance on amendments to circulars
regulating securities trading, clearing, and settlement, securities company
operations, and information disclosure on the securities market;
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
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;
Pursuant to Decision No. 1275/QD-BTC dated June
14, 2023, of the Minister of Finance promulgating the Charter on organization
and operation of the Vietnam Securities Depository and Clearing Corporation;
Pursuant to Official Dispatch No. 1388/UBCK-PTTT
dated April 28, 2025, of the State Securities Commission on the approval of the
business regulations of the Vietnam Securities Depository and Clearing
Corporation;
Pursuant to Resolution No. 103/2025/NQ-HDTV
dated April 29, 2025, on the approval of the issuance of 08 business operation
regulations of the Vietnam Securities Depository and Clearing Corporation for
the implementation of the KRX information technology system;
At the proposal of the General Director of the
Vietnam Securities Depository and Clearing Corporation.
HEREBY DECIDES:
Article 1. Promulgate the “Regulation on the
management and use of the Settlement Support Fund at the Vietnam Securities
Depository and Clearing Corporation” enclosed with this Decision.
Article 2. This Decision takes effect from
the date the information technology system of the package "Design,
solution, supply, installation, and transfer of information technology system -
Ho Chi Minh City Stock Exchange" officially operates and replaces Decision
No. 17/QD-HDTV dated August 10, 2023, of the Board of Members of the Vietnam
Securities Depository and Clearing Corporation on the promulgation of the
Regulation on the management and use of the Settlement Support Fund.
Article 3. The General
Director, Branch Manager in Ho Chi Minh City, Heads of Administrative
Management Department, Clearing and Settlement Management Department, Office of
the Board of Members, and Heads of departments of the Vietnam Securities
Depository and Clearing Corporation, relevant organizations, and individuals
are responsible for implementing this Decision./.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
ON BEHALF OF
BOARD OF MEMBERS
CHAIRPERSON
Nguyen Son
REGULATION
ON
THE MANAGEMENT AND UTILIZATION OF THE SETTLEMENT SUPPORT FUND AT THE VIETNAM
SECURITIES DEPOSITORY AND CLEARING CORPORATION
(Enclosed with Decision No. 40/QD-HDTV dated April 29, 2025, of the Board of
Members of the Vietnam Securities Depository and Clearing Corporation)
Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Regulation provides for
matters related to the management and utilization of the Settlement Support
Fund at the Vietnam Securities Depository and Clearing Corporation (VSDC).
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
The Settlement Support Fund is
established from the contributions of depository members to make payments on
behalf of the depository members in cases where they are unable to fulfill
their securities transaction payment obligations.
Chapter II
FUND REVENUES AND EXPENDITURES OF THE SETTLEMENT
SUPPORT FUND
Article 3. Revenues of the
Settlement Support Fund
1. Collected
from monetary contributions from all depository members, including initial
fixed contributions and annual contributions, as follows:
1.1. Initial fixed
contribution: VND 120 million;
1.2. Annual contribution: .01%
of the total value of brokerage transactions in shares, exchange-traded funds
(ETF), covered warrants, and listed corporate bonds traded on Stock Exchanges
and settled through the depository members in the preceding year, but not
exceeding VND 2.5 billion per year;
1.3. Maximum contribution per
depository member:
a) For depository members that
are commercial banks, branches of foreign banks, or securities companies
engaged in brokerage activities: VND 15 billion;
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
2. Interest
accrued from the Settlement Support Fund's deposit accounts at payment banks,
based on interest rates announced by the payment banks from time to time,
depending on their interest rate policies.
3. Interest
collected from depository members that fail to fulfill their securities
transaction payment obligations.
Article 4. Expenditures of
the Settlement Support Fund
1. Refund
of contributions to the Settlement Support Fund to depository members whose
Depository Member Certificate is revoked.
2. Distribution
of remaining annual interest after deducting contributions as stipulated in
Clauses 4 and 5, Article 8 of this Regulation, or in cases where the depository
member has reached the maximum contribution level as specified in Point 1.3,
Clause 1, Article 3 of this Regulation.
3. Account
management fees for deposit accounts at payment banks (if any).
Chapter III
MANAGEMENT AND UTILIZATION OF THE SETTLEMENT SUPPORT
FUND
Article 5. Management of the
Settlement Support Fund
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
a) Initial contribution
deadline: Within two (02) working days from the date the organization is
granted the Depository Member Certificate by VSDC, the depository member must
complete the initial fixed contribution to the Settlement Support Fund as
specified in Point 1.1, Clause 1, Article 3 of this Regulation.
b) Annual contribution
deadline: No later than January 15 each year, VSDC shall send notifications to
each depository member regarding Settlement Support Fund information, including
accrued interest on deposits, allocated usage interest (if any), and annual
contribution obligations. Depository members must complete their annual contributions
to the Settlement Support Fund within fifteen (15) working days from the date
of VSDC's notification. Depository members that fail to make their annual
contributions on time will be subject to penalties as specified in the VSDC
Depository Member Regulations.
2. VSDC
shall open a deposit account in its name at a payment bank to manage the funds
contributed to the Settlement Support Fund by the depository members.
Article 6. Utilization of
the Settlement Support Fund for settlement support and collateral valuation of
securities
1. The
utilization of the Settlement Support Fund for settlement support shall be
directly executed by VSDC in accordance with Clause 1, Article 40l of Circular
No. 119/2020/TT-BTC , as amended by Clause 10, Article 1 of Circular No.
18/2025/TT-BTC (hereinafter referred to as "Circular No.
119/2020/TT-BTC") and the Regulation on securities transaction clearing
and settlements at VSDC. VSDC shall utilize the Settlement Support Fund in the
following order:
a) Utilization from the
contributions of the defaulting depository member (member A) at the time of the
cash shortfall.
The maximum support amount from the Settlement Support Fund for member
A
=
Total contributions of member A to the Settlement Support Fund
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Unrepaid amounts previously utilized from the Settlement Support Fund
by member A (if any)
b) In cases where the
contributions of the defaulting depository member are insufficient, and the
payment bank either refuses to provide a loan or provides only partial coverage
for the outstanding amount, VSDC shall utilize the contributions of other
depository members (excluding depository members whose Depository Member
Certificate is in the process of being revoked by VSDC) to cover the remaining
shortfall, based on the following formula:
Support
amount from member m = Km x Remaining shortfall
Where:
Km =
Contribution of the other depository member (member m) at the time of
fund utilization
Total Settlement Support Fund at the time of fund utilization
-
Contribution of the defaulting depository member
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
3. Utilization
of contributions from other depository members to the Settlement Support Fund:
a) No later than 10:45 a.m. on
the date of payment support, the defaulting depository member must provide VSDC
with account information and details of the securities purchase transactions by
the investor whose payment default led to the depository member's inability to
settle securities transactions (if any).
b) After utilizing the
Settlement Support Fund as specified in point b, clause 1 of this article, VSDC
shall freeze securities as collateral in accordance with point c, clause 1,
Article 40l of Circular No. 119/2020/TT-BTC until the collateral value reaches
at least 150% of the amount utilized from the contributions of other depository
members, in the following order:
- Securities
in the proprietary trading account of the defaulting depository member;
- Securities
received from margin purchase transactions of defaulting investors who have
failed to fulfill their securities trading payment obligations.
4. The
valuation of securities used as collateral, as specified in point b, clause 3
of this article, shall be calculated using the following formula:
Where:
E: Value of the collateral;
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
S: Volume of security i used as
collateral;
P: The price calculated based
on the yield curve model of the Hanoi Stock Exchange as of the most recent
trading day for security i, which is a government debt instrument; the closing
price on the most recent trading day or the adjusted closing price (if
applicable) for security i, which is a listed stock on the stock exchanges. The
adjusted closing price is the closing price of the most recent trading day,
minus the value of dividends or other entitlements, as announced by the stock
exchanges. During the period when the securities are frozen, VSDC shall
use the adjusted closing price to determine the collateral value if the
collateralized securities have a trading day without entitlement, resulting in
a reference price adjustment.
Hi: Discount rate
for security i, as determined by the asset discount rate for securities
included in the list of collateral securities for securities borrowing and
lending (SBL) at VSDC. In the case of frozen securities that are not included
in the list of securities eligible as collateral for securities lending and
borrowing (SBL) transactions at VSDC, VSDC shall apply a discount rate (Hi) of
100% to such securities.
Article 7. Repayment of
funds utilized from the Settlement Support Fund
1. Depository
members must repay to VSDC the amounts utilized from the Settlement Support
Fund, including the applicable interest, as stipulated in points a and b,
clause 2, Article 40l of Circular No. 119/2020/TT-BTC.
2. Calculation
of interest on utilized funds:
a) Interest on utilized
Settlement Support Funds:
I = 0,03% x P x n
(1)
Where:
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
P: Amount utilized from the
Settlement Support Fund;
n: Number of days the
Settlement Support Fund was utilized and subject to interest.
b) Late payment interest on
utilized Settlement Support Funds:
Ic = 0,0375% x Pc x nc
(2)
Where:
Ic: Late
payment interest on the utilized Settlement Support Funds;
Pc: Amount of the Settlement
Support Fund utilized and not repaid on time;
nc: Number of days the
repayment was overdue.
3. If a
depository member fully repays the utilized amount from the Settlement Support
Fund, along with any applicable interest, within the deadlines specified in
points a and b, clause 2, Article 40l of Circular No. 119/2020/TT-BTC , VSDC
shall release all securities previously frozen as collateral within one (01)
working day upon receipt of the repayment.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
5. The
securities company where VSDC maintains accounts, as specified in point e,
clause 2, Article 40l of Circular No. 119/2020/TT-BTC , must meet the following
criteria:
a) Must not be a depository
member that has defaulted on its securities transaction payment obligations or
been subject to VSDC disciplinary action for payment default within the past 12
consecutive months;
b) Must not be under warning,
control, or special control status as determined by the State Securities
Commission in accordance with articles 13, 14, and 16 of Circular No.
91/2020/TT-BTC dated November 13, 2020, which prescribes financial safety
indicators and remedial measures for securities businesses failing to meet
financial safety standards;
c) Must be a trading member of
the listed securities and registered trading market for debt instruments and
privately placed corporate bonds;
d) Must be among the top 5
securities companies with the highest total transaction settlement values for
government bonds, shares, exchange-traded funds (ETFs), and covered warrants in
the month preceding the month when VSDC selects a securities company to open an
account, among those meeting the criteria specified in points a, b, and c of
this clause.
7. VSDC
shall freeze, unfreeze, and transfer ownership of securities used as collateral
in accordance with point m, clause 3, Article 6 of Circular No.
119/2020/TT-BTC , as amended by clause 3, Article 1 of Circular No.
18/2025/TT-BTC , and in accordance with clauses 3, 4 of this Article and clause
3, Article 6 of this regulation.
a) Freeze case: Transfer
securities from the trading securities account to the frozen securities account
of the defaulting depository member or investor.
b) Unfreeze case: Transfer
securities from the frozen securities account to the trading securities account
of the defaulting depository member or investor.
c) Transfer of securities from
the account of the defaulting depository member or investor to the account of
VSDC at a securities company chosen by VSDC: Transfer securities from the
trading account of the defaulting depository member or investor to the trading
securities account of VSDC.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Article 8. Allocation of
accrued interest
1. Interest
allocation principles:
Interest accrued from the
deposit accounts of the Settlement Support Fund and interest collected from the
defaulting depository members shall be allocated by VSDC to depository members
in proportion to their respective contribution amounts and the duration of
their contributions, after deducting account management fees at the payment
bank (if any).
2. Interest
allocation formula:
Where:
Zi : Interest
allocated to depository member i;
B: Total accrued interest
from the Settlement Support Fund deposit accounts from January 1 to the
calculation date (after deducting account management fees, if any);
V: Total interest collected
from temporary defaulting depository members from January 1 to the calculation
date
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
: The total cumulative
balance of the Settlement Support Fund for all days within the calculation
period of depository member i, where j ranges from 1 to m, and m is the number
of days in the interest allocation calculation period.
: The total cumulative
balance of the Settlement Support Fund for all days within the calculation
period of all depository members, where i ranges from 1 to nj, and nj is the
number of depository members contributing to the Fund on day j.
3. Interest
allocation period:
a) On December 31 each year.
b) For depository members whose
Depository Member Certificates have been revoked, the allocation shall be
conducted in accordance with Article 9 of this Regulation.
4. The
total amount of interest allocated in a given year shall be offset against the
depository member’s Settlement Support Fund contribution obligations for the
following year.
5. If the
amount of allocated interest exceeds the required contribution obligations,
VSDC shall pay the remaining interest to the depository member after deducting
the contribution obligations.
6. For
depository members that have reached the maximum contribution level as
specified in point 1.3, clause 1, Article 3 of this Regulation, VSDC shall pay
the difference in interest exceeding the maximum contribution level.
Article 9. Refund of
Settlement Support Fund contributions
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
2. Depository
members with no outstanding debts: VSDC shall calculate the total contributions
and allocated interest as of the date the decision to revoke the Depository
Member Certificate is issued.
3. The
refund of the Settlement Support Fund to a depository member whose Depository
Member Certificate has been revoked shall only be processed after VSDC has
deducted all outstanding liabilities.
Chapter IV
IMPLEMENTATION
Article 10. Implementation
1. Depository
members are required to comply with the regulations on the management and
utilization of the Settlement Support Fund as stipulated in this Regulation and
the relevant legal documents. In cases where violations are detected,
VSDC shall handle such violations in accordance with the Depository Member
Regulations within its authority or report and propose to the State Securities
Commission for consideration and action in accordance with applicable laws.
2. In the
event that the legal documents or regulations referenced in this Regulation are
amended, supplemented, or replaced by new legal documents or regulations, the
new legal documents or regulations shall apply.
3. During
the implementation of this Regulation, any difficulties or issues encountered
should be reported to VSDC for guidance and resolution.
4. Amendments
to this Regulation shall be decided by the VSDC Members' Council after
obtaining the approval of the State Securities Commission./.