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THE MINISTRY OF
FINANCE
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.:
128/2018/TT-BTC
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Hanoi, December
27, 2018
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CIRCULAR
PRICES
OF SECURITIES-RELATED SERVICES RENDERED BY SECURITIES TRADING ORGANIZATIONS AND
COMMERCIAL BANKS IN VIETNAM’S SECURITIES MARKET
Pursuant to the Law on securities dated June 29,
2006; the Law on amendments to the Law on securities dated November 24, 2010;
Pursuant to the Law on fees and charges dated
November 25, 2015;
Pursuant to the Price Law dated June 20, 2012;
Pursuant to the Decree No. 177/2013/ND-CP dated
November 14, 2013 and the Decree No. 149/2016/ND-CP dated
November 11, 2016 by the Government on amendments to some articles of the
Government’s Decree No. 177/2013/ND-CP dated
November 14, 2013 elaborating and guiding the implementation of some articles
of the Law on pricing;
Pursuant to the Decree
No. 58/2012/ND-CP dated
July 20, 2012 and the Decree No. 60/2015/ND-CP dated
June 26, 2015 by the Government on amendments to some articles of the
Government’s Decree No. 58/2012/ND-CP dated
July 20, 2012 elaborating and guiding the implementation of some articles of
the Law on securities and the Law on amendments to some articles of the Law on
securities;
Pursuant to the Government’s Decree
No. 42/2015/ND-CP dated May 05, 2017 on derivatives and derivative market;
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Pursuant to the Government’s Decree No.
86/2016/ND-CP dated July 01, 2016 on investment and trading requirements in
securities and the Decree No. 151/2018/ND-CP dated November 07, 2018 on
amendments to some Decrees on investment and trading requirements in sectors
under the management of the Ministry of Finance;
At the request of the Director of Department of
Price Management and the Chairman of the State Securities Commission of
Vietnam;
The Minister of Finance promulgates a Circular
providing for prices of securities-related services rendered by securities
trading organizations and commercial banks in Vietnam’s securities market.
Article 1. Scope
This Circular provides regulations on prices of
securities-related services rendered by securities trading organizations and
commercial banks in Vietnam’s securities market.
Article 2. Regulated entities
1. Providers of services in
the securities sector, including: Securities trading organizations (such as securities
companies, fund management companies, branches of foreign securities companies
in Vietnam, and branches of foreign fund management companies in Vietnam), and
commercial banks participating in the Vietnam’s securities market in accordance
with prevailing laws.
2. Organizations and
individuals that use securities-related services rendered by the service
providers mentioned in Clause 1 of this Article.
3. Other relevant
organizations and individuals.
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1. The prices of services in
securities sector rendered by securities trading organizations and commercial
banks participating in the Vietnam’s securities market are elaborated in the
Price Schedule enclosed herewith.
Based on the maximum price and the price bracket
prescribed in this Circular, providers of services in securities sector
mentioned in Article 2 hereof shall decide specific prices in conformity with
their provision of services and in accordance with regulations of the Law on
pricing and relevant laws.
2. Prices of
securities-related services prescribed hereof are not subject to value-added
tax in accordance with regulations of the Law on value-added tax and relevant
documents on amendments thereof (if any).
3. When collecting service
fees in securities sector, the Stock Exchange and VSD shall use service
invoices in accordance with the Government’s Decree No. 51/2010/ND-CP dated May
14, 2010, the Government’s Decree No. 04/2014/ND-CP dated January 17, 2014, the
Government’s Decree No. 119/2018/ND-CP dated September 12, 2018, the Circular
No. 39/2014/TT-BTC dated March 31, 2014 by the Minister of Finance, the
Circular No. 37/2017/TT-BTC dated April 27, 2017
by the Minister of Finance, the Circular No. 26/2015/TT-BTC dated February 27,
2015 by the Minister of Finance, and relevant superseding or amending documents
(if any).
4. Securities trading
organizations and commercial banks participating in the securities market shall
manage and use the proceeds from their provision of securities-related services
in accordance with regulations of prevailing laws after having made payments to
state budget as regulated by law.
5. Securities trading
organizations and commercial banks participating in the securities market shall
themselves decide the prices of their services other than those prescribed in
the Price Schedule hereof in conformity with their provision of such services
and in accordance with regulations of the Law on pricing and relevant laws.
6. Providers of services in
securities sector must post and announce prices of their services, and comply
with regulations of the Law on pricing, the Law on securities and relevant
instructional documents.
Article 4. Implementation
1. This Circular comes into
force from February 15, 2019 and supersedes the Circular No. 242/2016/TT-BTC
dated November 11, 2016 by the Minister of Finance.
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PP. MINISTER
DEPUTY MINISTER
Tran Van Hieu
SCHEDULE
OF PRICES OF SECURITIES-RELATED SERVICES RENDERED BY SECURITIES TRADING
ORGANIZATIONS AND COMMERCIAL BANKS IN VIETNAM’S SECURITIES MARKET
(Enclosed
with the Circular No. 128/2018/TT-BTC dated December 27, 2018 by the Minister
of Finance)
A. PRICES OF SERVICES RENDERED
IN UNDERLYING SECURITIES MARKET
No.
SERVICE
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SERVICE
PROVIDER
PAYER
1
Underwriting service for share issues during
the performance of equitization of state-owned enterprises
0.5% - 2% of total value of shares issued through
underwriting
Securities companies, commercial banks
Issuers
2
Brokerage service to buy/sell shares, fund
certificates or covered warrants
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a)
Brokerage service to buy/sell shares, fund
certificates or covered warrants (for listed securities and securities
registered for trading)
Not exceeding 0.5% of trading value
Securities companies
Customers
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Brokerage service to buy/sell shares, fund
certificates listed/ registered for trading, or covered warrants in case of
transfer (divestment) of state funds and funds of state-owned enterprises via
the Stock Exchange’s trading system
Not exceeding 0.03% of trading value and not
exceeding VND 03 billion per transaction conducted by an organization
transferring (divesting) its funds; this price does not include the amounts
paid by the securities company to the Stock Exchange and VSD as regulated. In
certain special cases where the cost of service rendered exceeds the maximum
price, the service provider shall submit a report thereof to the Minister of
Finance for consideration and decision in accordance with applicable
regulations of the Law on pricing and relevant laws.
3
Management of public securities investment
funds/ public securities investment companies
Not exceeding 2% of the Net Asset Value (NAV) of
the fund or the portfolio per year
Fund management companies
Public securities investment funds/ public
securities investment companies
4
Supervision of assets of closed-end funds/
public securities investment companies
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Supervisory banks
Closed-end funds/ public securities investment
companies
5
Representing bondholders
Not exceeding 0.1% of total value of issued bonds
Commercial banks participating in the bond market
Bond issuers
6
Issuance of fund certificates of closed-end funds
or shares of public securities investment companies
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a)
Total value of fund certificates or shares
offered is less than VND 500 billion
2% of total fund raised during an issue of fund
certificates or shares
Fund management companies
Closed-end funds/ public securities investment
companies
b)
Total value of fund certificates or shares
offered is between VND 500 billion and VND 1,000 billion
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c)
Total value of fund certificates or shares
offered is VND 1,000 billion or more
1% of total fund raised during an issue of fund
certificates or shares
7
Issuance of fund certificates of open-end
funds or ETFs
Not exceeding 5% of trading value
Fund management companies
Customers
8
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Not exceeding 3% of trading value
Fund management companies
Customers
9
Offsetting services in securities transactions
a)
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0.01% of the netting value of each member/
settlement method/ settlement date provided that it shall not be lower than VND
5,000/day/member and not exceed VND 300,000/day/member
Settlement banks
Depository members, organizations directly
opening accounts
b)
Corporate bonds
0.001% of the netting value of each member/ settlement
method/ settlement date provided that it shall not be lower than VND
5,000/day/member and not exceed VND 300,000/day/member
10
Auction services
From VND 20 million per an auction of shares or
each securities type to 0.3% of total value of shares or securities of a type
actually sold out
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Enterprises, organizations and individuals having
shares or securities sold out in auctions as regulated by laws
B. PRICES OF SERVICES RENDERED
IN DERIVATIVE MARKET
No.
SERVICE
PRICE
SERVICE
PROVIDER
PAYER
1
Futures brokerage service
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Not exceeding VND 25,000 per a bond futures
contract
(these prices do not include costs of
derivatives trading, position management, and margin management services paid
by securities companies to the Stock Exchange and VSD in accordance with applicable
regulations)
Securities companies
Customers