MINISTRY OF
FINANCE
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|
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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|
No. 87/2017/TT-BTC
|
Hanoi, August 15,
2017
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CIRCULAR
PRUDENTIAL
INDICATORS AND ACTIONS AGAINST SECURITIES-TRADING ORGANIZATIONS THAT FAIL TO
ACHIEVE PRUDENTIAL INDICATORS
Pursuant to the Law on Securities dated June 29,
2006;
Pursuant to the Law on amendments to some articles
of the Law on Securities dated November 24, 2010;
Pursuant to the Law on Enterprises dated
November 26, 2014;
Pursuant to the Government’s Decree No.
58/2012/ND-CP dated July 20, 2012 elaborating and providing guidelines for 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.
60/2015/ND-CP dated June 26, 2015 on amendments to some articles of the
Government’s Decree No. 58/2012/ND-CP dated July 20, 2012 elaborating and
providing guidelines for 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, 2015 on derivative securities and derivative
securities market;
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Pursuant to the Government’s Decree No.
87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers and
organizational structure of the Ministry of Finance;
At the request of the President of the SSC;
The Ministry of Finance promulgates a Circular
on prudential indicators and actions against securities-trading organizations
that fail to achieve prudential indicators.
Chapter I
GENERAL PROVISIONS
Article 1. Scope and regulated
entities
1. Scope
This Circular deals with the determination of
prudential indicators, regulation on report on prudential ratios of
securities-trading organizations, actions against and responsibilities of
relevant parties to securities-trading organizations that fail to achieve
prudential indicators. The Circular shall not apply to the determination of tax
payable to the state budget by securities-trading organizations.
2. Regulated entities
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b) Relevant organizations and individuals.
Article 2. Definitions
For the purposes of this Circular, the terms below
shall be construed as follows:
1. “securities-trading organizations” include
securities companies, branches of foreign securities companies in Vietnam, fund
management companies, branches of foreign fund management companies in Vietnam.
2. “value at risk” means a value equivalent
to a loss likely to be incurred when the market price of assets owned and
expected to be owned by an organization according to underwriting commitment
adversely fluctuates.
3. “settlement risk value” means a value
equivalent to a loss likely to be incurred when a partner fails to settle or
transfer assets on schedule as committed.
4. “operational risk value” means a value
equivalent to a loss likely to be incurred due to a technical, systematic or
professional procedure breakdown or a human error in the course of performance,
or due to working capital shortages resulting from investment costs or losses
or for other objective reasons.
5. “total risk value” means the total of the
value at risk, settlement risk value and operational risk value.
6. “liquid capital” means the equity which
can be converted into cash within ninety (90) days.
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8. “payment guarantee” means an commitment
to fulfill financial obligations in order to secure the payment by a third
party.
9. “underwriting period” means a period from
the date on which the underwriting obligation arises in the form of firm
commitment to the date on which the underwriter is paid as agreed.
10. “net position in a security at a specific
time” (hereinafter referred to as “net position in a security”) means the
number of securities currently held by a securities-trading organization after
the number of lent securities is reduced, the number of securities is protected
by put warrant or futures contract, and the number of borrowed securities is
increased in accordance with regulations of law.
11. “net payment position in a partner at a
specific time” (hereinafter referred to as “net position in a partner”)
means the value of loans and receivables after debts owed and payable to such
partner are adjusted.
12. “related group” includes:
a) Parent company, subsidiaries, joint-venture
companies or associate companies of such organization;
b) Parents, adoptive parents, spouses, children,
adopted children, blood siblings, brother-in-law or sister-in-law of such
individual.
c) Business entity 30% or more of charter capital
of which is held by such individual, persons and companies specified in Points
a and b of this Clause.
13. “margin value” means the total of the
following values:
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b) The value in cash or securities accepted as by a
securities-trading organization as margins for investment, self-trading and
derivatives market making;
c) The margins in cashes and the payment guarantee
value of a bank in case a securities-trading organization issues a covered
warrant.
14. “open interests of a derivative at a
specific time” (hereinafter referred to as “open interests”) mean
the number of derivatives which is traded at that time, is yet to be liquidated
or closed.
15. “accredited audit organization” means an
audit organization which is permitted by the State Securities Commission
(hereinafter referred to as "SSC") to audit a public interest units
in terms of securities.
16. “in-the-money” means a call warrant
whose exercise price (exercise index) is lower than the market price (index) of
the underlying securities or a put warrant whose exercise price (exercise
index) is higher than the price (index) of the underlying securities..
17. “exercise price” means the price at
which the warrant holder has the right to buy (call warrant) or sell (put
warrant) the underlying securities (a stock or ETF certificate) to the issuer
or on which the issuer bases to calculate the payout to the warrant holder.
18. “conversion ratio” indicates the number
of warrants required to convert into one unit of the underlying securities.
Article 3. Rules for
application of prudential indicators
1. The securities-trading organization shall
calculate its prudential indicators and take responsibility for the accuracy of
the calculations.
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3. The securities-trading organization is not
required to calculate the value of various risks against assets which have been
deducted from liquid capital as prescribed in Articles 5 and 6 of this Circular.
4. The securities-trading organization that has
subsidiaries shall calculate prudential indicators according to its own
financial terms.
5. The prudential ratio report of June 30 must be
examined by an accredited audit organization according to the Vietnam’s Audit
Standard for Examination. The prudential ratio report of December 31 and the
prudential ratio report used for proving that a securities-trading organization
is eligible to have warning, control or special control lifted must be audited
by an accredited audit organization according to the Vietnam’s Audit Standard -
Special considerations – Audits of financial statements prepared in accordance
with special purpose frameworks and other relevant Audit Standards.
6. The securities-trading organization must
establish an internal control and information system for recording, monitoring,
and updating the financial information and detailed information serving the
preparation, examination, and audit of the prudential ratio reports. The Board
of Directors (administration board) of the securities-trading organization
shall prepare and present the prudential ratio report as prescribed in this
Circular.
Chapter II
PRUDENTIAL INDICATORS
Section 1. LIQUID CAPITAL
Article 4. Liquid capital
1. The liquid capital of a securities company shall
be determined according to Appendix VI hereof. To be specific:
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b) Share capital surplus, excluding refunded
preferred equity (if any);
c) Options on conversion from bond to stake (for
the securities company issuing convertible bond);
d) Other equity;
dd) Differences upon asset valuation according to
the reasonable value;
e) Foreign exchange differences;
g) Additional reserve fund of charter capital;
h) Operational risk and financial reserve funds; <0}
i) Other funds which are established in accordance
with regulations of law;
k) Undistributed profits;
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m) Fifty percent (50%) of the increase in of fixed
assets which are revalued in accordance with regulations of law (in case the
value of these assets is increased), or the entire decrease in value (in case
the value of these assets is reduced);
n) Deductions specified in Article 5 of this
Circular;
o) Increases specified in Article 7 of this
Circular;
p) Other capitals (if any).
2. The liquid capital of a fund management company
shall be determined according to Appendix V hereof. To be specific:
a) Paid-in capital, excluding refunded preferred
equity (if any);
b) Share capital surplus, excluding refunded
preferred equity (if any);
c) Additional reserve fund of charter capital;
d) Investment and development fund (if any);
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e) Other funds which are established in accordance
with regulations of law;
g) Undistributed profit after tax;
h) Provision for impairment of assets;
i) Fifty percent (50%) of the increase in value of
fixed assets which are revalued in accordance with regulations of law (in case
the value of these assets is increased), or the entire decrease in value (in
case the value of these assets is reduced);
k) Foreign exchange differences;
l) Deductions specified in Article 6 of this
Circular;
m) Increases specified in Article 7 of this
Circular;
n) Other capitals (if any).
3. The liquid capital specified in Clause 1 and
Clause 2 of this Article shall be adjusted to reduce treasury stock (if any).
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1. Margin value.
In case a securities company has secured assets in
order for the bank to guarantee payment when issuing covered warrants, the
deduction value equals the minimum value of payment guarantee value of the
bank; secured assets value determined as prescribed in Clause 6, Article 10 of
this Circular. <0}
2. The asset value used for securing other
organizations and individuals’ obligations has the remaining term of over
ninety (90) days. The asset value shall be determined as prescribed in Clause
6, Article 10 of this Circular.
3. The entire decrease in value of financial assets
according to their book value, excluding the securities specified in Clause 7
of this Article, shall be calculated according to the difference between the
book value and the market price determined according to Appendix II hereof.
4. Other deductions shall be determined according
to Appendix VI hereof, including:
a) Long-term assets, except for those specified in
Clause 6 of this Article;
b) The following short-term assets:
- Securities specified in Clause 7 of this Article
in the short-term financial assets;
- Prepayments;
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- Advances that may be returned after over ninety
(90) days;
- Other short-term assets, except for those
specified in Clause 5 of this Article.
c) Amounts mentioned in the qualified opinions,
adverse opinions or disclaimer of opinions (if any) in the audited and examined
financial statements but yet to be deducted from the liquid capital as
prescribed in Points a and b of this Clause. In case an audit organization
certifies that exceptions no longer exist, the securities-trading organization
is not required to deduct them.
5. The following indicators are not included in the
deductions from liquid capital specified at Points a and b, Clause 4 of this
Article:
a) Assets against which market risks shall be
identified as prescribed in Clause 2, Article 9 of this Circular, except for
the securities specified in Clause 7 of this Article;
b) Provision for impairment of assets recorded at
book value;
c) Provision for impairment of other assets;
d) Provision for non-performing receivables.
6. When determining assets to be deducted from
liquid capital specified in Clause 1, Clause 2, Points a and b of Clause 4 of
this Article, the securities-trading organization may reduce the value of
deductions as follows:.
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b) For the asset secured by client’s property, upon
calculation of deductions, the minimum value of the market value of such
property determined as prescribed in Clause 6, Article 10 of this Circular and
book value may be deducted.
7. The following securities classified as
short-term and long-term financial assets shall be considered deductions from
liquid capital:
a) Securities issued by organizations are related
to securities-trading organizations in the following cases:
- They are parent companies, subsidiaries,
joint-venture companies or associate companies of securities-trading
organizations;
- They are subsidiaries, joint-venture companies or
associate companies of parent companies of securities-trading organizations.
b) Securities to be restricted from transfer for
over ninety (90) days from the date of calculation.
Article 6. Deductions from liquid
capital of a fund management company
1. The entire decrease in value of investments,
excluding the securities specified in Clause 5 of this Article, shall be
calculated according to the difference between the book value and the market price
determined according to Appendix II hereof.
2. Other deductions shall be determined according
to Appendix V hereof, including:
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b) The following short-term assets:
- Securities specified in Clause 5 of this Article
in the short-term financial assets;
- Prepayments;
- Receivables with the payback period or remaining
maturity of over ninety (90) days;
- Advances that may be returned after over ninety
(90) days;
- Other short-term assets, except for those
specified in Clause 3 of this Article.
c) Amounts mentioned in the qualified opinions,
adverse opinions or disclaimer of opinions (if any) in the audited and examined
financial statements in the audited and examined financial statements but yet
to be deducted from the liquid capital as prescribed in Points a and b of this
Clause. In case an audit organization certifies that exceptions no longer
exist, the securities-trading organization is not required to deduct them.
3. The following indicators are not included in the
deductions from liquid capital specified at Points a and b Clause 2 of this
Article:
a) Assets against which market risks shall be
identified as prescribed in Clause 2, Article 9 of this Circular, except for
the securities specified in Clause 5 of this Article;
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c) Provision for non-performing receivables.
4. When determining assets to be deducted from
liquid capital specified in Points a and b Clause 2 of this Article, the
securities-trading organization may reduce the value of deductions as follows:
a) For the asset used for securing the obligation
of a securities-trading organization or third party , upon calculation of
deductions, the minimum value of the market value of these assets determined as
prescribed in the Appendix II hereof (if any), book value and remaining value
of the obligation may be deducted;
b) For the asset secured by client’s property, upon
calculation of deductions, the minimum value of the market value of such
property determined as prescribed in Clause 6 Article 10 of this Circular and
book value may be deducted.
5. The following securities included in the ratio
of short-term and long-term financial assets shall be considered deductions
from liquid capital:
a) Securities issued by organizations are related
to securities-trading organizations in the following cases:
- They are parent companies, subsidiaries,
joint-venture companies or associate companies of securities-trading
organizations;
- They are subsidiaries, joint-venture companies or
associate companies of parent companies of securities-trading organizations.
b) Securities to be restricted from transfer for
over ninety (90) days from the date of calculation.
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1. The entire increase in value of investments and
financial assets according to the book value, excluding the securities
specified in Clause 7, Article 5, Clause 5, Article 6 of this Circular, shall
be calculated according to the difference between the book value and the market
price determined according to Appendix II hereof.
2. The debts which can be converted into equity
include:
a) Convertible bonds, except for those considered
liquid capital specified in Point c Clause 1 Article 4 of this Circular and
preferred stocks issued by a securities-trading organization which satisfy all
of the following conditions:
- The initial term is at least five (05) years;
- They are not secured by assets of the
securities-trading organization;
- The securities-trading organization shall only
early redeem these bonds and stocks at the request of the holder or redeem them
on the secondary market after informing the SSC as prescribed in Clauses 5 and
6 of this Article;
- The securities-trading organization may stop paying
interests and transferring accumulated interests to the subsequent year in case
the payment of interests causes business losses in the year;
- In case of dissolution of the securities-trading
organization, payment may be made to the bond and stock holder only after the
securities-trading organization pays debts to all other secured and unsecured
creditors;
- The interest rate, including the interest rate
and the reference interest rate added shall only be increased after five (05)
years after the date of issuance and increased once throughout the term before
these preferred stocks are converted into common stocks;
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b) Other debt instruments which satisfy all of the
following conditions:
- It is the debt which shall, in any circumstances,
be paid to a creditor after the securities-trading organization has paid debts
to all other secured and unsecured creditors;
- The initial term is at least ten (10) years;
- They are not secured by assets of the
securities-trading organization;
- The securities-trading organization may stop
paying interests and transferring accumulated interests to the subsequent year
in case the payment of interests causes business losses in the year;
- The securities-trading organization may early pay
debts to the creditor after informing the SSC as prescribed in Clauses 5 and 6
of this Article;
- The interest rate, including the interest rate
and the interest rate added to the reference interest rate shall only be
increased after five (05) years after the date on which a contract is signed
and increased once throughout the life of the loan;
- They have been registered for inclusion in the
liquid capital as prescribed in Clause 4 of this Article.
3. Limitations upon calculation of increases in
liquid capital:
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- Over the last five (05) years before the deadline
for payment and conversion into common stocks, the initial value of the debts
specified in Points a and b Clause 2 of this Article shall be decreased by 20%
each year;
- Over the last four (04) quarters before the
deadline for payment and conversion into common stocks, the remaining value
after the decrease prescribed the abovementioned regulation shall be decreased
by an additional 25% on a quarterly basis.
b) Total value of the debts specified in Clause 2
of this Article used for increasing liquid capital must not exceed 50% of
equity.
4. The securities-trading organization shall apply
for registration as increases of debts prescribed in Clauses 2 and 3 of this
Article in liquid capital with the SSC. An application for registration as
increases in liquid capital includes:
a) An application form made using the form in the
Appendix VII hereof with respect to the use of convertible bonds, preferred
stocks and debts used to increase liquid capital;
b) A meeting minute, Resolution of the Board of
Directors, Board of Members, holder's decision on the use of debts convertible
into equity for addition to liquid capital;
c) Valid copies of loan agreements or equivalent
documents. Loan contracts or equivalent documents must contain commitments made
by the two parties and all proper contents specified in Clauses 2 and 3 of this
Article.
5. The securities-trading organization may redeem
convertible bonds and preferred stocks or early pay debts registered as
increases in liquid capital in the following cases:
a) The liquid capital ratio after the redemption of
convertible bonds and preferred stocks or early payment of debts registered as
increases in liquid capital must not fall below 180%;
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6. The securities-trading organization shall submit
a report to the SSC at least fifteen (15) days before redeeming convertible
bonds and preferred stocks or early paying debts registered as increases in
liquid capital. The report includes:
a) The documents prescribed in Point a, Clause 4 of
this Article;
b) The documents specified in Points b and c,
Clause 4 of this Article about new convertible bonds, preferred stocks and
debts that are used for addition to liquid capital in replacement of
convertible bonds and preferred stocks which must be redeemed or debts which
must be paid (if any).
Section 2. RISK VALUES
Article 8. Operational risk
value
1. The operational risk of a securities-trading
organization is either 25% of such trader's operating costs in twelve (12) months
by the time of calculation or 20% of the legal capital, whichever is greater.
2. The operating cost of a securities-trading
organization equals the total costs incurred in a period, minus:
a) Depreciated cost;
b) Cost or reversal of provision for impairment of
short-term financial assets and collateral;
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d) Cost or reversal of provision for impairment of
receivables;
dd) Cost or reversal of provision for impairment of
other short-term financial assets;
3. The operating cost of a fund management company
equals the total costs incurred in a period, except for:
a) Depreciated cost;
b) Cost or reversal of provision for impairment of
short-term investments;
c) Cost or reversal of provision for impairment of
long-term investments;
d) Cost or reversal of provision for non-performing
receivables.
4. In case a securities-trading organization that
has operated for less than one (01) year, its operational risk shall be either
three (03) times the average monthly operating cost beginning from the time
this trader commences its operation or 20% of its legal capital, whichever is
greater.
Article 9. Value at risk
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2. Market risk of the following assets shall be
determined:
a) Securities from proprietary trading accounts,
excluding the number of covered warrants that are yet to be completely issued;
(applicable to securities companies) or securities trading accounts (applicable
to fund management companies and securities companies not involved in
proprietary trading of securities), entrusted securities , other investment
securities. These securities include securities transferred from the seller;
b) Securities provided by other individuals and
organizations in accordance with regulations of law, including securities
borrowed by the securities-trading organization itself and securities borrowed
on behalf of other individuals and organizations;
c) Clients’ securities used by the
securities-trading organization as secured assets. The trader may either use
such securities or lend them to a third party in accordance with regulations of
law;
d) Cash, cash equivalents, negotiable instruments
and valuable papers owned by the securities-trading organization;
dd) The securities which are underwritten by the
securities-trading organization in the form of firm commitment, which remain
undistributed and to which full payment has not been made throughout the
underwriting period.
3. The securities and assets specified in Clause 2
of this Article shall not include:
a) Treasury stocks;
b) The securities specified in Clause 7 Article 5
and Clause 5 Article 6 of this Circular;
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d) The securities that have been prevented from
risks with call warrant or futures contract. The call warrant and warrant
agreement shall be used for preventing risks from underlying securities.
4. The value at risk of the assets specified at
Points a, b, c and d Clause 2 of this Article shall be determined according to
the following formula:
Value at risk = Net position x Asset price x Market
risk coefficient
a) Market risk coefficient shall be determined
according to Appendix 1 hereof;
b) Asset price shall be determined according to
Appendix 2 hereof.
5. The value at risk of each asset determined as
prescribed in Clause 4 of this Article shall be increased in case the securities-trading
organization invests too much in such asset, except the securities underwritten
in the form of firm commitment, government bonds and government-guaranteed
bonds. This value shall be increased according to the following rules:
a) Increased by 10% in case the total investment in
an organization's share and bond accounts for from more than 10% to 15% of the
securities-trading organization’s equity;
b) Increased by 20% in case the total investment in
an organization's share and bond accounts for from more than 15% to 25% of the
securities-trading organization’s equity;
c) Increased by 30% in case the total investment in
an organization's share and bond accounts for more than 25% of the
securities-trading organization’s equity.
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7. The value at risk applicable to the securities
that are not fully distributed and whose trading price is lower than the
underwriting price under the firm commitment underwriting agreement shall be
determined according to the following formula:
Value at risk = (Qo
x Po - Vc) x R x (r +
(Po - P1)
x 100%)
Po
Where:
Qo: Undistributed securities or
distributed securities for which payment has not been paid
Po: underwriting price
Vc: Value of security asset (if any)
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r: Market risk coefficient
P1: Trading price
a) The trading price shall be determined according
corresponding securities prescribed in Sections 5, 6, 7, 8, 9, 10, 11, 12, 13,
14, 15, 16, 21 and 22 of the Appendix II hereof. In case of initial public
offering, including initial equity auction or bond auction, the trading price
equals the book value per stock of the issuer, which is determined at the
nearest time, or reserve price (if the book value is unidentifiable) or par
value (applicable to bonds);
b) Market risk coefficient shall be determined
according to corresponding securities prescribed in the Sections II, III, IV,
V, VI and VII of the Appendix I hereof;
c) The underwriting risk coefficient shall be
determined according to the remainder of the distribution period, including its
ending day under the contract, which must not exceed the distribution deadline
prescribed by law. To be specific:
- If the remainder of the distribution period,
including its ending day, is more than sixty (60) days, the underwriting risk
coefficient is 20%;
- If the remainder of the distribution period,
including its ending day, is between thirty (30) and sixty (60) days, the
issuance risk coefficient is 40%;
- If the remainder of the distribution period,
including its ending day, is under sixty (30) days, the issuance risk
coefficient is 60%;
- During the period from the ending day of the
distribution to the due date of payment to the issuer, the issuance risk
coefficient is 80%.
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dd) The clients’ collateral value shall be
determined as prescribed in Clause 6 Article 10 of this Circular.
8. The securities company shall determine the value
at risk of the outstanding covered warrant issued by the securities-trading
organization. This value shall be determined according to the following
formula:
Value at risk = (Po x Qo x k
- P1 x Q1) x r - MD
Where:
Po: settlement price of the underlying
securities at the date of calculation determined and announced by the Stock
Exchange
Qo: the number of outstanding warrants
of the securities company.
k: conversation ratio
P1: price of the underlying securities determined
as prescribed in the Appendix II hereof
Q1: the number of the underlying
securities used by a securities-trading organization as guarantee of the
obligation to make payment for the covered warrant issued by such trader.
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MD: the margin value in case the securities company
issues the covered warrant
a) The underlying securities used for calculation
of market risk according to the abovementioned formula must satisfy the
following conditions:
- The use of underlying securities have been
included in the issuance plan and registered with the SSC for on proprietary
trading accounts in order to prevent risks upon issuance of covered warrants
have been issued in the issuance plan and registered with the SSC;
- Shares are used as underlying securities of the
covered warrant
b) In case the warrant issued by a securities
company is out-of-the-money as prescribed in Clause 16, Article 2 of this
Circular, the securities company shall not calculate the market risk of the
issued warrant but shall calculate the market risk of the underlying securities
derived from management of risks to the issued warrants.
c) The securities company shall determine the value
at risk of the difference between underlying security value used for management
of risks to its covered warrants by such company and underlying security value
necessary for prevention of covered warrants from risks. The value necessary
for prevention of covered warrants from risks must be equivalent to the
prevention value.
9. The value at risk of the futures contract shall
be determined according to the following formula:
Value at risk
= (
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-
Buy-in security
value
) x
Market risk
coefficient of futures contract
-
Margin value
Daily settlement
value
=
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x
Open interests
Where:
- Buy-in securities value is the value of
underlying securities which a securities-trading organization buys in to
guarantee the obligation to settle the futures contract;
- Margin value is the value of asset accepted by a
securities-trading organization as margins for investment, self-trading and
derivatives market making.
Article 10. Settlement risk
value
1. At the end of a trading day, the
securities-trading organization shall determine the settlement risk value of
the following contracts and transactions:
a) Time deposits at credit institutions and loans
provided for other organizations and individuals;
b) Securities borrowing agreement in accordance
with regulations of law;
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d) Securities purchase contracts which contain
commitments to resell securities in accordance with regulations of law;
dd) Securities margin lending and purchase
contracts in accordance with regulations of law;
e) Firm commitment underwriting agreement signed
with other organizations in an underwriting syndicate in which the
securities-trading organization is the principal underwriter;
g) Due receivables of the securities-trading organization,
receivables of clients in securities brokerage;
h) Overdue receivables, including also mature
bonds, valuable papers, mature debt instruments for which payment has not been
paid;
i) Assets the lime limit for transfer of which has
expired, including securities in trading activities of the securities-trading
organization and securities of clients in securities brokerage;
2. For the contracts specified in Points a, b, c,
d, dd and g, Clause 1 of this Article, the settlement risk value before the
deadline for transfer of securities, cash and contract liquidation shall be
determined as follows:
Settlement risk
value
=
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x
Value of assets
with potential settlement risk
a) The settlement risk coefficient by partner shall
be determined according to credit ratings of trading partner(s) under the rules
prescribed in Appendix III hereof;
b) Asset value with potential settlement risk shall
be determined under the rules prescribed in Appendix IV hereof. The stock
dividends, bond yields and the value of preferred rights whenever they arise
(applicable to securities), or deposit interests, loan interests and other
surcharges (applicable to credits) shall be aggregated with the value of assets
with potential settlement risk.
3. For the contracts specified in Point e, Clause 1
of this Article, the settlement risk value equals 30% of the remaining value of
unpaid underwriting agreements.
4. For the overdue receivables and securities that
are yet to be transferred on schedule as prescribed in Points h and i Clause 1
of this Article, including securities and cash that are yet to be received from
due transactions and contracts prescribed in Points a, b, c, d, dd and g,
Clause 1 of this Article, the settlement risk value shall be determined
according to the following rules:
Settlement risk
value
=
Settlement risk
coefficient by time
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Value of assets
with potential settlement risk
a) The settlement risk coefficient by time shall be
determined according to the overdue settlement period under the rules
prescribed in the Appendix III hereof;
b) The value of assets with potential settlement
risk shall be determined as follows:
- For securities purchase or sale transactions by
clients or the securities-trading organization itself: This value is the market
value of contracts, calculated according to the rules prescribed in Appendix II
and Appendix IV hereof;
- For margin lending and purchase transactions,
securities sale transactions with a commitment to redeem securities, securities
purchase transactions with a commitment to resell, borrow or lend securities:
This value shall be determined according to the rules prescribed in Appendix IV
hereof;
- For receivables, mature bonds and due debt
instruments: This value is the value of receivables calculated according to
their par value. The unpaid interests and related expenses shall be added, and
actually received payments (if any) shall be deducted.
5. A securities-trading organization may decrease
the value of secured assets of its partners and clients upon determination of
the value of assets with potential settlement risk prescribed in Clause 1 of
this Article if these contracts and transactions satisfy the following
conditions:
a) Partners and clients provide secured assets to
ensure the fulfillment of their obligations and these secured assets are cash,
cash equivalents, valuable papers and negotiable instruments on the monetary
market or securities listed or registered for trading on the Stock Exchange,
government bonds and bonds underwritten by the Ministry of Finance;
b) The securities-trading organization may dispose
of, manage, use and transfer secured assets in case its partners fail to
fulfill the settlement obligation within the time limit under the contracts.
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Value of secured
asset
=
Volume of assets
x
Asset price
x
(1 - Market
risk coefficient)
a) The asset price shall be determined according to
the rules provided in Appendix II hereof;
b) The market risk coefficient shall be determined
according to the rules provided in Appendix I hereof.
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a) The settlement risk is related to the same
partner;
b) The settlement risk arises during the same type
of transaction specified in Clause 1 of this Article;
c) The mutual offsetting has been agreed upon in
writing by the parties.
8. The settlement risk value shall be increased in
the following cases:
a) Increased by 10% in case the value of deposit
contract, loans, due receivables, securities purchase contract with a
commitment to resell securities, sale contract with a commitment to
repurchase securities, total value of loans provided for an organization, individual
and related group (if any), accounts for from more than 10% to15% of the
equity;
b) Increased by 20% in case the value of deposit
contract, loans, due receivables, securities purchase contract with a
commitment to resell securities, sale contract with a commitment to
repurchase securities, total value of loans provided for an organization,
individual and related group (if any), accounts for from more than 15% to 25%
of the equity;
c) Increased by 30% in case the value of deposit
contract, loans, due receivables, securities purchase contract with a
commitment to resell securities, sale contract with a commitment to repurchase
securities, total value of loans provided for an organization, individual and
related group (if any), or an individual and parties related to him/her (if
any), accounts for more than 25% of the equity.
9. In case a partner is totally insolvent, the loss
calculated according to the contract value shall be deducted from liquid
capital.
Section 3. LIQUID CAPITAL RATIO
AND REGULATION ON REPORTING BY SECURITIES-TRADING ORGANIZATIONS
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1. The liquid capital ratio shall be determined
according to the following rules:
Liquid capital
ratio
=
Liquid capital
x
100%
Total risk value
2. The SSC shall issue the decision to issue
warning to the securities-trading organization as prescribed in Article 13 of
this Circular, place it under control or under special control as prescribed in
Article 14 and Article 16 of this Circular. Within twenty-four (24) hours since
the decision is issued, the SSC shall publish this decision on its website. The
securities-trading organization shall publish this decision on its website and
websites of SSC and Stock Exchange.
Article 12. Liquid capital
reporting
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a) The securities-trading organization shall submit
monthly prudential ratio reports made using the form in the Appendix V or VI
hereof to the SSC. The report must be electronically submitted within ten (10)
days from the end of the month.
b) The securities-trading organization must submit
prudential ratio reports of 30 June and 31 December made using the form in the
Appendix V or VI hereof and publish them on its website after they have been
examined and audited by an accredited audit organization. These reports must be
submitted to the SSC and published at the same time as the disclosure of
information about the examined biannual financial statement and the audited
annual financial statement.
2. Unscheduled reporting
a) Since its liquid capital ratio falls below 180%,
the securities-trading organization shall submit an liquid capital ratio report
made using the form in the Appendix V or VI hereof to the SSC twice a month (on
the 15th and 30th). The report must be electronically submitted within three
(03) working days after the 15th and 30th. <0}
b) Since its liquid capital ratio falls below 150%,
the securities-trading organization shall submit a weekly report on liquid
capital ratio made using the form in the Appendix V or VI hereof to the SSC.
The report must be electronically submitted before 16:00 on every Friday.
c) Since its liquid capital ratio falls below 120%,
the securities-trading organization shall submit a daily report on liquid
capital ratio made using the form in the Appendix V or VI hereof to the SSC.
The report must be electronically submitted before 16:00 every day.
3. The securities-trading organization may prepare
periodic reports as prescribed in Clause 1 of this Article when its liquid
capital ratio reaches or surpasses 180% during the reporting periods for three
(3) consecutive months.
Chapter III
ACTIONS AGAINST
SECURITIES-TRADING ORGANIZATIONS THAT FAIL TO ACHIEVE PRUDENTIAL INDICATORS
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Article 13. Warning
1. The SSC shall issue the decision to issue
warning to a securities-trading organization in the following cases:
a) The liquid capital ratio reaches from 150% to
below 180% during the reporting periods for three (3) consecutive months; or
b) The liquid capital ratio that has been examined
or audited by an accredited audit organization reaches from 150% to below 180%;
or
c) The prudential ratio report about which the
accredited audit organization issues a dissenting or contrary opinion, or a
disclaimer of opinion, or fails to issue any opinion, or issues a qualified
opinion that, the liquid capital ratio is from 150% to below 180%, if the
exceptions are not included in the liquid capital.
2. A securities-trading organization may have the
warning lifted if its liquid capital ratio reaches at least 180% for three (3)
consecutive months, and the liquid capital ratio during the last reporting
period must be audited by an accredited audit organization.
Section 2. CONTROL
Article 14. Control
1. The SSC shall issue the decision to place a
securities-trading organization under control in the following cases:
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b) The liquid capital ratio that has been examined
or audited by an accredited audit organization reaches from 120% to below 150%;
or
c) The prudential ratio report about which the
accredited audit organization issues a dissenting or contrary opinion, or a
disclaimer of opinion any opinion, or fails to issue any opinion, or issues a
qualified opinion, the liquid capital ratio is from 120% to below 150%, if the
exceptions are not included in the liquid capital.
2. The control period must not exceed 12 months
from the day on which the securities-trading organization is placed under
control.
3. After 6 months from the day on which the control
is placed, the Stock Exchange shall partially suspend the trading by the
affiliated securities companies that fail to successfully take remedial actions
against the control. The period of suspension of the trading by the Stock
Exchange will end when the affiliated securities companies have the control
lifted by the SSC. The procedures for suspension of the trading by the
affiliated securities companies shall be compliant with regulations of the
Stock Exchange.
4. A securities-trading organization may have the
control lifted if its liquid capital ratio reaches at least 180% for three (03)
consecutive months, and the liquid capital ratio during the last reporting
period must be audited by an accredited audit organization.
Article 15. Remediation plan
1. Within fifteen (15) days from the day on which
the SSC issues the decision to place a securities-trading organization under
control, the securities-trading organization shall submit a detailed report on
financial position, reasons and remediation plan to the SSC.
2. The remediation plan shall cover the next two
(02) years and specify a detailed roadmap, conditions, deadline and monthly and
quarterly plans for implementation. The SSC may request the securities-trading
organization to make adjustments to the remediation plan at any time if it is
unfeasible or inconsistent with market conditions or regulations of law.
3. The remedial measures include:
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b) Recovery of debts; resale of shares or stake to
the creditor;
c) Reduction of operating and corporate governance
costs; reorganization of the management apparatus and human resources or staff
reduction;
d) Narrowing of the operation scope and area;
shutdown of some branches or transaction offices; reduction of securities
services;
dd) Suspension of the payment of stock dividends
and distribution of profits; increase of capital in accordance with law;
e) Consolidation into or merger with a
securities-trading organization conducting the same business line or of the
same type in accordance with law;
g) Other measures that are not contrary to
regulations of law.
Section 3. SPECIAL CONTROL
Article 16. Special control
1. The SSC shall issue the decision to place a
securities-trading organization under special control in the following cases:
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b) The securities-trading organization fails to
take remedial actions against the special control within twelve (12) months as
prescribed in Clause 2 Article 14 of this Circular; or
c) The securities-trading organization has not
prepared any prudential ratio report for two (02) consecutive reporting
periods, or fails to carry out audits or examine prudential ratio reports or
fails to publish the prudential ratio reports examined or audited by a
accredited audit organization as prescribed in Point b Clause 1 Article 12 of
this Circular; or
d) The prudential ratio report about which the
accredited audit organization issues a dissenting or contrary opinion, or a
disclaimer of opinion, or fails to issue any opinion, or issues a qualified
opinion, the liquid capital ratio is below 120%, if the exceptions are not
included in the liquid capital.
2. The special control period must not exceed four
(04) months from the day on which the securities-trading organization is placed
under special control.
3. In case the special control is placed as
prescribed in Point b Clause 1 of this Article, after two (02) months from the
day on which the special control is placed, the Stock Exchange shall partially
suspend the trading of the affiliated securities companies that fail to take
remedial actions against the special control. The period of suspension of the
trading by the Stock Exchange will end if the affiliated securities companies
have the special control lifted by the SSC. The procedures for suspension of
the trading by the affiliated securities companies shall be compliant with
regulations of the Stock Exchange.
4. A securities-trading organization may have the
special control lifted if its liquid capital ratio reaches at least 180% for
three (03) consecutive months, and the liquid capital ratio during the last
reporting period must be audited by an accredited audit organization.
5. After the special control period ends as prescribed
in Clause 2 of this Article, if the securities-trading organization still fails
to take remedial actions against the special control and has a gross loss (the
undistributed profit on the balance sheet) exceeding 50% of its charter
capital, its operation shall be suspended. The procedures for suspending the
operation shall be compliant with the regulations on organizational structure
and operation of securities companies and fund management companies.
6. After the special control period ends as prescribed
in Clause 2 of this Article, if the securities-trading organization still fails
to take remedial actions against the special control and has a gross loss (the
undistributed profit on the balance sheet) reaching below 50% of its charter
capital or fails to settle all debts and other financial obligations as
prescribed by the law on enterprises and law on bankruptcy, the SSC shall
request the securities-trading organization to suspend its operation.
7. Within twenty-four (24) hours since the SSC requests
the securities-trading organization to suspend its operation, the SSC shall
publish such information on its website.
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9. The suspension of the operation of a
securities-trading organization prescribed in Clause 6 of this Article shall
last until:
a) The securities-trading organization has the
liquid capital ratio that satisfies regulations specified in Clause 4 of this
Article; or
b) The securities-trading organization is merged
into or consolidated with another securities-trading organization, or
dissolves, or declares bankruptcy in accordance with the law on enterprises,
law on bankruptcy and regulations on establishment, organizational structure
and operation of a securities-trading organization promulgated by the Ministry
of Finance.
Article 17. Remediation plan
1. Within fifteen (07) days from the day on which
the SSC issues the decision to place a securities-trading organization under
special control, the securities-trading organization shall submit a detailed
report on financial condition, reasons and remediation plan to the SSC.
2. The remediation plan shall be implemented as
prescribed in Clauses 2 and 3 Article 15 of this Circular.
Section 4. RESPONSIBILITIES OF
RELEVANT PARTIES
Article 18. Responsibilities
of individuals and securities-trading organization placed under control or
special control
1. The Board of Directors, Board of Members,
President, Director General (Director) of the securities-trading organization
placed under control or special control shall:
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b) Continue managing, controlling and administering
operation and ensuring safety of securities-trading organization’s assets in
accordance with law;
c) Take responsibility for the issues concerning
organizational structure and operation of the securities-trading organization
before, during and after the period of control or special control;
d) Provide assistance for or enable other organizations
to perform their duties as prescribed in this Circular and perform other tasks
at the request of the SSC.
2. Before 16:00 every Friday, the
securities-trading organization shall submit a report on the implementation of
remediation plan and results thereof.
3. During the control or special control period:
a) A securities-trading institution shall not pay
stock dividends to its shareholders, divide profits to its capital contributors
or give bonuses to members of the Board of Directors, Board of Members, Board
of Controllers, Director General (Director), Deputy Director General (Deputy
Director), chief accountant, staff members and relevant individuals;
b) The securities-trading organization must not
convert unsecured debts into debts secured by its assets;
c) The securities-trading organization must not
purchase treasury stocks or redeem the stake from capital contributors;
d) The securities-trading organization must not
sign new and extended margin trading contracts, securities lending and purchase
contracts, purchase transactions with a commitment to resell securities and
contracts on provision of loans to customers without secured assets and
continue carrying out these contracts and transactions; and must not sign the
firm commitment underwriting agreement;
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4. During the suspension period prescribed in Clause
6, Article 16of this Circular:
a) The securities-trading organization must not
sign new economic contracts or extend the economic contracts related to the
licensed securities services, and must stop other securities services according
to the following rules:
- For securities companies: must not open
transaction accounts for new clients, close the contracts to provide securities
brokerage services (contracts to open securities trading accounts), and
transfer the clients’ accounts to a substitute securities company at the
request of clients and in accordance with relevant regulations of law
(applicable to securities brokerage services), must not provide margin trading
services and other financial services related to securities services; must not
sign new investment consulting agreement (applicable to investment consulting
services) or underwriting agreement (applicable to underwriting services) or
extend it; stop the proprietary securities trading, close the proprietary
trading accounts under the guidance of the SSC (applicable to proprietary
trading);
- For fund management companies: must not raise
capital to create new funds or new securities investment companies; must not
increase the charter capital of the fund and investment companies under their
management; must not sign new or extend investment management agreements and
investment consulting agreements; must hand over managerial responsibility and
transfer trust assets to a substitute fund management company at the request of
the clients, general meeting of investors and in accordance with other relevant
regulations of law (if any);
b) The securities-trading organization still has to
pay the outstanding tax and fulfill other unsettled financial obligations to
the State;
c) For the unexpired contracts signed with clients
and employees, the securities-trading organization must keep paying the debts
and fulfill financial obligations, and fulfilling the commitments and
obligations under the terms of the signed contracts in accordance with
regulations of the civil law, law on enterprises, law on securities, and other
relevant regulations of law (if any) unless otherwise agreed by the clients,
employees or creditors; close the economic contracts right after fulfilling the
obligations of the securities-trading organization;
d) The securities institution must keep
implementing the remediation plan as prescribed in Article 15 and Article 17 of
this Circular, and comply with regulations of the law on securities and securities
market; protect the lawful rights and interests of clients and investors as
prescribed by law;
dd) The Stock Exchange and Vietnam Securities
Depository shall suspend the clearing by the securities-trading organization
until the end of the suspension period;
e) The SSC must not allow securities-trading
organizations to expand their coverage provide new securities services; must
not allow the provision of margin trading services and other financial
services; must not approve the investments and transactions that are subject to
the approval of the SSC in accordance with regulations of the law on securities
and securities market, except for the transfer, consolidation, merger, capital
increase, or removal of securities services.
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1. The Stock Exchange and Vietnam Securities
Depository, depository members, supervisory banks, payment banks and other
relevant organizations shall sufficiently and promptly provide the SSC with
information and documents on transactions, investment and trading operations of
the securities-trading organization placed under control or special control at
the request of the SSC.
2. The Stock Exchange and Vietnam Securities
Depository, supervisory banks, payment banks and relevant securities-trading
organizations shall provide guidance, assistance and securities services for
clients of the securities-trading organization placed under control or special
control at the request of the SSC.
3. The Stock Exchange and Vietnam Securities
Depository shall comply with relevant regulations of this Circular.
Chapter IV
IMPLMENTATION
Article 20. Implementation
1. This Circulars comes into force from October 10,
2017 and supersedes the Circular No. 226/2010/TT-BTC dated December 31, 2010 of
the Minister of Finance promulgates on prudential indicators and actions
against securities-trading organizations that fail to achieve the prudential
indicators and the Circular No. 165/2012/TT-BTC dated October 09, 2012 of the
Minister of Finance on amendments to some articles of the Circular No.
226/2010/TT-BTC dated December 31, 2010 on prudential indicators and actions
against securities-trading organizations that fail to achieve the prudential
indicators.
2. The amendments to this Circular shall be decided
by the Minister of Finance./.
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PP. THE
MINISTER
THE DEPUTY MINISTER
Tran Xuan Ha
APPENDIX I
MARKET RISK COEFFICIENT
(Enclosed with the Circular No. 87/2017/TT-BTC dated August 15, 2017
of the Minister of Finance)
No.
Types of assets
Market risk
coefficient (%)
I
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Cash (VND)
0
2
Cash equivalents
0
3
Financial instruments, negotiable instruments on
the monetary market, deposit certificates
0
II
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Government bonds
4
Zero-coupon Government bonds
0
5
Coupon Government bonds: Government bonds
(including previously issued bonds and project bonds), Government bonds in
OECD countries or guaranteed by Government or Central Banks of these countries,
bonds issued by international organizations including IBRD, ADB, IADB, AFDB,
EIB and EBRD.
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Corporate bonds
6
Listed bonds with a maturity of less than 01
year, including convertible bonds
8
Listed bonds with a maturity of from 01 to less
than 03 years, including convertible bonds
10
Listed bonds with a maturity of from 03 to less
than 05 years, including convertible bonds
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Listed bonds with a maturity of at least 05 years,
including convertible bonds
20
7
Unlisted bonds with a maturity of less than 01
year, including convertible bonds
25
Unlisted bonds with a maturity of from 01 to less
than 03 years, including convertible bonds
30
Unlisted bonds with a maturity of from 03 to less
than 05 years, including convertible bonds
35
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40
III
STOCKS
8
Common stocks and preferred stocks of the listed
organizations on Ho Chi Minh City Stock Exchange; open-ended fund
certificates.
10
9
Common stocks and preferred stocks of the listed
organizations at the Hanoi Stock Exchange;
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10
Common stocks and preferred stocks of public
companies that are yet to be registered for trading on the UpCom
20
11
Common stocks and preferred stocks of public
companies that have been registered or deposited but are yet to be listed or
registered for trading; stocks that are in the initial public offering
issuance (IPO)
30
12
Stocks of other public companies
50
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CERTIFICATE OF SECURITIES INVESTMENT FUNDS
13
Public funds, including public investment
companies
10
14
Member funds, separate investment companies
30
V
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15
Securities suspended from trading
40
16
Delisted or canceled securities
50
VI
DERIVATIVE SECURITIES
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17
Stock index futures contract
8
18
Government bond futures contract
3
VII
OTHER SECURITIES
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Shares, stakes and other types of securities
80
20
Stocks listed on foreign market that are on the
indexes provided in the Appendix VIII
25
21
Stocks listed on foreign market that are not on
the indexes provided in the Appendix VIII
100
22
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8
23
Covered warrants listed on the Hanoi Stock
Exchange
10
24
Difference in transaction price
2
APPENDIX II
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No.
Types of assets
Rules for
valuation of trading price on the market
Cash and cash equivalents, money market
instruments
1
Cash (VND)
Account balance on the valuation date
2
Foreign currencies
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3
Term deposits
Value of deposits, plus unpaid interests, up to
the date preceding the valuation date
4
Treasury bills, bank drafts, commercial papers,
deposit certificates, negotiable certificates of deposit, bonds and money
market instruments
The purchase price, plus accrued interests, up to
the date preceding the valuation date
Bonds
5
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- The average quoted price announced on the Stock
Exchange on the latest trading date prior to the valuation date, plus accrued
interest (if the quoted price is yet to be included in the accrued interest);
- In case there is no transaction over a period
longer than two (02) weeks prior to the valuation date, the trading price in
the market is the maximum value of the following values:
+ The purchase price, plus accrued interest;
+ The par value, plus accrued interest;
+ The price determined by employing the internal
method of the securities-trading organization, including accrued interest.
Or:
Max (purchase price, plus accrued interest, par
value, plus accrued interest, price determined by employing the internal method,
including accrued interest).
6
Unlisted bonds
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+ The quoted price (if any) announced on
quotation systems selected by the securities-trading organization, plus accrued
interest;
+ The purchase price, plus accrued interest;
+ The par value, plus accrued interest;
+ The price determined according to internal
regulations of the securities-trading organization, including accrued
interest.
Or:
Max (quoted price (if any), purchase price plus
accrued interest, par value, plus accrued interest, price determined by
employing the internal method, including accrued interest).
STOCKS
7
Stocks listed on the Ho Chi Minh City Stock
Exchange
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- In case there is no transaction over a period
longer than two (02) weeks prior to the valuation date, the trading price in
the market is the maximum value of the following values:
+ Book value;
+ Purchase price;
+ The price determined by employing the internal
method of the securities-trading organization.
Or:
Max (book value, purchase price, price determined
by employing the internal method)
8
Stocks listed on the Hanoi Stock Exchange
- The closing price on the latest trading date
prior to the valuation date;
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+ Book value;
+ Purchase price;
+ The price determined by employing the internal
method of the securities-trading organization.
Or:
Max (book value, purchase price, price determined
by employing the internal method)
9
Stocks of public companies that have been
registered for trading on the UpCom
- The closing price on the latest trading date
prior to the valuation date;
- In case there is no transaction over a period
longer than two (02) weeks prior to the valuation date, the trading price in
the market is the maximum value of the following values:
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+ Purchase price;
+ The price determined by employing the internal
method of the securities-trading organization.
Or:
Max (book value, purchase price, price determined
by employing the internal method)
10
Stocks which have been registered or deposited
but are yet to be listed or registered for trading
- The average value determined on the basis of
quoted prices of at least 03 securities companies that are not related to the
fund on the latest trading day prior to the valuation date.
- In case it is unable to obtain quoted prices
from at least 03 securities companies, the trading price in the market is the
maximum value of the following values:
+ The price determined on the basis of quoted
price;
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+ Book value;
+ Purchase price;
+ The price determined according to internal
regulations of the securities-trading organization.
Or:
Max (price determined on the basis of quoted
price, price announced on the latest reporting period, book value, purchase
value, price determined according to internal regulations of the
securities-trading organization).
11
Stocks which are suspended from trading or
delisted, or the registration for trading of which is cancelled
The trading price in the market is the maximum
value of the following values:
+ Book value;
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+ The price determined by employing the internal
method of the securities-trading organization.
Or:
Max (book value, par value, price determined by
employing the internal method).
12
Stocks of issuers that are under dissolution or
bankruptcy
80% of the liquidation value of such stocks (the stock
price is divided because the issuer is under dissolution or bankruptcy or
book value) determined at the date of preparing the latest balance sheet, or
price determined by employing the internal method of the securities-trading
organization.
13
Other shares or stakes
The trading price in the market is the maximum
value of the following values:
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+ Purchase price/value of contributed capital;
+ The price determined according to internal
regulations of the securities-trading organization.
Or:
Max (book value, purchase price/value of
contributed capital, price determined according to internal regulations of
the securities-trading organization).
Funds/stocks of securities investment
companies
14
Public closed-end fund/Exchange-Traded Fund
- The closing price on the latest trading date
prior to the valuation date;
- In case there is no transaction over a period
longer than two (02) weeks prior to the valuation date, the price is net
asset value (NAV)/fund certificate on the last reporting period prior to the
date of calculation.
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Member funds/Open-end funds/stocks of separate
securities investment companies
NAV per unit of contributed capital/fund
certificate unit/stock on the latest reporting period prior to the date of
calculation
16
Other cases
Under the internal regulations of the
securities-trading organization
Fixed assets
17
Land use right…
Value determined by an independent valuation organization
selected by a securities-trading organization
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Houses/architectures including capital
construction items in progress
Value determined by an independent valuation
organization selected by a securities-trading organization/Accumulated expenses
for capital construction in progress
19
Equipment, machines, vehicles, etc.
Remaining value of assets
20
Other fixed assets
Value determined by an independent valuation
organization selected by a securities-trading organization
OTHER SECURITIES
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Covered warrants issued by the securities-trading
organization
- The closing price on the latest trading date
prior to the valuation date;
- The purchase price (if the covered warrant is
yet to be listed).
22
Stocks listed on foreign market
- Price (in foreign currency) x VND exchange rate
on the date of calculation
- The closing price on the latest trading date
prior to the valuation date;
- In case there is no transaction over a period
longer than two (02) weeks prior to the valuation date, the trading price in
the market is the maximum value of the following values:
+ Book value;
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+ The price determined by employing the internal
method of the securities-trading organization.
Or:
Max (book value, purchase price, price determined
by employing the internal method)
Notes:
- Accrued interest refers to the amount of interest
that has accumulated from the last interest payment up to the calculation date;
- The book value of a stock is determined according
to the latest audited or examined financial statement.
- The securities-trading organization may refer
prices on bond quotation systems (Reuters/Bloomberg/VNBF, etc.).
APPENDIX III
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3.1. Settlement risk coefficient by partner
No.
Partners make
payment to securities-trading organization
Market risk
coefficient
1
Government, the issuers guaranteed by the
Government, Central Banks of OECD countries; People's Committees of provinces
and central-affiliated cities;
0%
2
Securities Exchange, Vietnam Securities
Depository
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3
Credit institutions, financial institutions,
securities-trading organizations that are established in the OECD countries
and have credit coefficient satisfying other conditions according to the
internal regulation of the securities-trading organization.
3.2%
4
Credit institutions, financial institutions,
securities-trading organizations that are established outside the OECD
countries and fail to satisfy other conditions according to the internal
regulation of the securities-trading organization
4.8%
5
Credit institutions, financial institutions,
securities-trading organizations that are established and operate in Vietnam
6%
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Other organizations and individuals
8%
3.2. Settlement risk coefficient by time
No.
Overdue period of securities payment and
transfer
Risk
coefficient
1
0-15 days after the period of securities payment
and transfer
16%
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16-30 days after the period of securities payment
and transfer
32%
3
31-60 days after the period of securities payment
and transfer
48%
4
At least 60 days after the period of securities
payment and transfer
100%
Notes:
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- The payment risk value is increased as prescribed
in Clause 8, Article 10 of this Circular according to the information provided
by clients in relation to the regulation specified in Clause 12, Article 2 of
this Circular.
APPENDIX IV
ASSET VALUE WITH POTENTIAL RISKS
(Enclosed with the Circular No. 87/2017/TT-BTC dated August 15, 2017 of the
Minister of Finance)
4.1. The asset value with potential settlement
risks upon securities lending and borrowing, margin trading, repurchase
No.
Types of
transactions
Value of assets
with potential settlement risk
1
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The entire value
of loan
2
Securities lending
Max{(Market value
of the contract - Value of secured asset (if any)), 0}
3
Securities borrowing
Max{(Value of
secured asset - Market value of the contract), 0}
4
Securities purchase contracts with resale
commitment
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5
Securities purchase contracts with redemption
commitment
Max{(Market value
of the contract x (1 - Market risk coefficient) - Contract value calculated
according to the purchase price),0}
6
Margin lending and purchase contracts (for clients
taking loans to purchase securities)/Business agreements with the same nature
Max{(Credit
balance - Value of the contract), 0}
Notes:
- The credit balance includes the loan value, loan
interest and costs;
- In case it is not possible to determine the
reasonable price of the collateral, it shall be determined by employing the
internal regulation of the securities-trading organization.
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No.
Time
Value of assets
with potential settlement risk
A - Regarding securities sale (the seller is a
securities-trading organization or a client of a securities-trading
organization during brokerage activity)
1
Before the term of payment receipt
0
2
After the term of payment receipt
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0 (in case the market price is higher than the
trading price)
B - Regarding securities sale (the seller is a
securities-trading organization or a client of a securities-trading
organization)
1
0
2
After the period of securities transfer
Market value of the contract (in case the market price
is lower than the trading price)
0 (in case the market price is higher than the
trading price)
Notes: The period of securities
payment/transfer according to the regulation on derivative securities (applicable
to derivative securities) is T+2 (applicable to listed stocks), T+1 (applicable
to listed bonds) or T+n (applicable to the transactions that are traded outside
the trading system in n days as agreed upon by both parties).
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APPENDIX V
PRUDENTIAL RATIO REPORT BY FUND MANAGEMENT COMPANY
(Enclosed with the Circular No. 87/2017/TT-BTC dated August 15, 2017 of the
Minister of Finance)
NAME OF COMPANY….
-------
THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
…………….[place],…………….[date]
To: The State
Securities Commission
PRUDENTIAL RATIO
REPORT
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We undertake that:
(1) The report is prepared according to the
data updated on the date of preparing this report in accordance with the Circular
No. 87/2017/TT-BTC dated August 15, 2017 of the Ministry of Finance, on the
prudential indicators and actions against the securities-trading organizations
that fail to achieve prudential indicators;
(2) The issues that may affect the financial
position of the company which arise after this report is prepared shall be
addressed in the succeeding report;
(3) We take full responsibility to law for
accuracy and truthfullness of the report.
Chief
accountant
(Signature and full name)
Head of Internal
Control Division
(Signature and full name)
(General)
Director
(Signature, full name and seal)
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No.
CONTENT
Liquid capital
Liquid capital
Decreases
Increases
1
√
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2
√
3
(√)
4
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5
√
6
√
...
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...
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7
√
8
√
9
...
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10
√
11
√
...
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12
√
13
√
√
14
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1A
B
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I
II
1
...
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III
1
...
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Trade receivables with a maturity of over 90 days
√
2
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√
3
Receivables from trading services
- Receivables from trading services with a
maturity of 90 days or less
...
...
...
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- Receivables from trading services with a
maturity of over 90 days
√
4
...
...
...
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- Intra-company receivables with a maturity of
over 90 days
√
5
Receivables from securities trading
...
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- Receivables from trading services with a
maturity of 90 days or less
- Receivables from trading services with a
maturity of over 90 days
√
...
...
...
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6
Other revenues
- Other receivables with a maturity of 90 days or
less
...
...
...
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√
7
IV
Inventory
...
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√
V
Other short-term assets
1
Short-term prepaid costs
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√
2
Deducted VAT
3
Taxes and receivables from the State
...
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4
Other short-term assets
4.1
Advances
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- Advances that may be returned after 90 days or
less
- Advances that may be returned after over 90
days
...
...
...
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4.2
Other short-term assets
√
1B
Total
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C
Long-term assets
I
Long-term receivables, including
receivables from entrustment
1
...
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- Long-term trade receivables with a maturity of
90 days or less
...
...
...
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√
2
√
3
Long-term intra-company receivables
...
...
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- Long-term intra-company receivables with a maturity
of 90 days or less
- Long-term intra-company receivables with a
maturity of over 90 days
...
...
...
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√
4
Other long-term receivables
- Other long-term receivables with a maturity of
90 days or less
...
...
...
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- Other long-term receivables with a maturity of
over 90 days
√
5
Provision for long-term bad debts
...
...
...
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II
Fixed assets
√
III
Investment assets
...
...
...
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√
IV
Long-term financial investment
1
Investment in subsidiaries
...
...
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√
2
√
3
Investment in associated companies, joint-venture
companies
...
...
...
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4
Long-term securities investment
- Securities with potential market risk according
to Clause 2, Article 9
...
...
...
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- Securities to be deducted from liquid capital
according to Clause 5, Article 6
√
5
Outward long-term investments
...
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6
Other long-term investments
√
7
Provision for long-term financial investment
markdown
...
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V
Other long-term assets
√
1
Long-term prepaid costs
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2
Deferred tax asset
√
3
Long term deposits
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The assets are the amounts that are
mentioned in the qualified opinions, adverse opinions or disclaimer of
opinions in the audited and examined financial statements but yet to be
deducted as prescribed in Article 6
√
1C
Total
...
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LIQUID CAPITAL
= 1A-1B-1C
Notes:
1) The entries with “√” must be calculated
2) When calculating the deduction from the liquid
capital (sections B and C), the securities-trading organization may reduce the value
of deduction as follows:
- For the assets used as secured assets for the
obligations of the securities-trading organizations or a third party (if the
sale contract contains a commitment to buy back, in which the
securities-trading organization is the seller), when calculating the
deductions, the smallest value of the following values may be reduced: the
market value of the asset calculated as prescribed in the Appendix II, the book
value, and remaining value of the obligations;
...
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The book value is the remaining value of the
secured asset (in case of fixed assets) at the time of contract conclusion or
the value determined by employing the internal method of the securities-trading
organization at the time of contract conclusion (in case of other assets).
II. RISK VALUE WORKSHEET
A. MARKET RISK
Investment
portfolio
Risk
coefficient
(%)
Risk scale
Risk value
(1)
(2)
...
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I. Cash and cash equivalents, money market
instruments
1
Cash (VND)
0
...
...
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Cash equivalents
0
3
Financial instruments, negotiable instruments on
the monetary market, deposit certificates
0
...
...
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4
Zero-coupon Government bonds
0
5
Coupon Government bonds: Government bonds
(including previously issued bonds and project bonds), Government bonds in
OECD countries or guaranteed by Government or Central Banks of these
countries, bonds issued by international organizations including IBRD, ADB,
IADB, AFDB, EIB and EBRD.
...
...
...
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III. Corporate bonds
6
Listed bonds with a maturity of less than 01
year, including convertible bond
8
...
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Listed bonds with a maturity of from 01 to less
than 03 years, including convertible bonds
10
Listed bonds with a maturity of from 03 to less
than 05 years, including convertible bonds
15
Listed bonds with a maturity of at least 05
years, including convertible bonds
...
...
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7
Unlisted bonds with a maturity of less than 01
year, including convertible bonds
25
Unlisted bonds with a maturity of from 01 to less
than 03 years, including convertible bonds
30
...
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Unlisted bonds with a maturity of from 03 to less
than 05 years, including convertible bonds
35
Unlisted bonds with a maturity of at least 05
years, including convertible bonds
40
...
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8
Common stocks and preferred stocks of the listed organizations
at the Ho Chi Minh city Stock Exchange; open-ended fund certificates
10
9
Common stocks and preferred stocks of the listed
organizations at the Hanoi Stock Exchange
15
...
...
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10
Common stocks and preferred stocks of public
companies that are yet to be listed or registered for trading on the UpCom
20
11
Common stocks and preferred stocks of public companies
that have been registered deposit but are yet to be listed or registered for
trading; stocks that are in the initial public offering issuance (IPO)
30
...
...
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12
Stocks of other public companies
50
V. CERTIFICATE OF SECURITIES INVESTMENT FUNDS
13
Public funds, including public investment
companies
10
...
...
...
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14
Member funds, separate investment companies
30
VI. RESTRICTED SECURITIES
15
Securities suspended from trading
...
...
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16
Delisted or canceled securities
50
VII. Other assets
17
...
...
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80
18
Other investment assets
80
VIII. The additional risk (if any) (determined
according to the liquid capital after making all provisions)
...
...
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Securities codes
Increases
Risk scale
Risk value
1
……………..
...
...
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…………….
A. TOTAL VALUE OF MARKET RISKS (A =
I+II+III+IV+V+VI+VII+VIII)
B. SETTLEMENT RISK
Types of
transactions
Risk value
...
...
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(1)
(2)
(3)
(4)
(5)
(6)
I. Risk before the maturity
1
...
...
...
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2
Securities lending/Business agreements with the
same nature
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3
Securities borrowing/Business agreements with the
same nature
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4
Securities purchase contract with a resale
commitment/Business agreements with the same nature
...
...
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5
Securities sale contract with a repurchase
commitment/Business agreements with the same nature
...
...
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6
Margin lending and purchase contracts (for
clients taking loans to purchase securities)/Business agreements with the same
nature
...
...
...
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II. Risk after the maturnity
Overdue period
Risk
coefficient
Risk scale
Risk value
1
...
...
...
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2
16-30 days after the period of securities payment
and transfer
3
...
...
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4
From more than 60 days after the period of
securities payment and transfer
III. Increased risk (if any)
...
...
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Specify each
loan and each partner
Increases
Risk scale
Risk value
1
……………
...
...
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C. OPERATIONAL RISK (CALCULATING WITHIN 12
MONTHS)
I
Total of operating costs incurred within 12
months by month xx year 20xx
Value
II
Amounts deducted from the total costs
1. Depreciation
2. Cost/Reserved provision against devaluation of
short-term investments
...
...
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4. Cost/Reversed allowance for bad debts
III
Total cost after deduction (III = I – II)
IV
25% of total cost after deduction (IV = 25% III)
V
...
...
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C. TOTAL VALUE OF
OPERATIONAL RISK (C=Max{IV, V})
D. TOTAL VALUE
OF RISK (A+B+C)
Notes:
(1): Value of settlement risk of the
Government, the issuers guaranteed by the Government, the Ministry of Finance,
State Bank, Government and Central Banks of OECD countries; People's Committees
of provinces and central-affiliated cities.
(2): Value of settlement risk of the Stock
Exchange, the Vietnam Securities Depository.
(3): Value of settlement risk of credit
institutions, financial institutions, securities-trading organizations that are
established and operate in OECD countries.
...
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(5): Value of settlement risk of credit
institutions, financial institutions, securities-trading organizations that are
established and operate in Vietnam.
(6): Value of settlement risk of other
organizations and individuals.
III. SUMMARY OF RISKS AND LIQUID CAPITAL
No.
Risks and
liquid capital
Risk
value/liquid capital
Notes (if any)
1
Total value of market risk
...
...
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2
Total value of settlement risk
3
Total value of operational risk
...
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Total value of risk (4=1+2+3)
5
Liquid capital
6
Liquid capital ratio (6=5/4)
...
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