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THE MINISTER OF FINANCE
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THE SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 23/2017/TT-BTC
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Hanoi, March 16,
2017
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CIRCULAR
REVISING AND
SUPPLEMENTING CERTAIN ARTICLES OF THE CIRCULAR NO. 11/2016/TT-BTC DATED JANUARY
19, 2016 ON INSTRUCTIONS FOR CERTAIN ARTICLES OF THE GOVERNMENT'S DECREE NO.
42/2015/ND-CP DATED MAY 5, 2015 ON DERIVATIVE SECURITIES AND DERIVATIVES
EXCHANGES
Pursuant to the Law on Securities dated June 29,
2006;
Pursuant to the Law on Amendments and
Supplements to several articles of the Law on Securities dated November 24,
2010;
Pursuant to the Government's Decree No.
58/2012/ND-CP dated July 20, 2012 on providing specific provisions and guidance
on the implementation of several articles of the Law on Securities and the Law
on Amendments and Supplements to several articles of the Law on Securities;
Pursuant to the Government's Decree No.
60/2015/ND-CP dated June 26, 2015 on amending and supplementing several
articles of the Government's Decree No. 58/2012/ND-CP dated July 20, 2012 on
providing specific provisions and guidance on the implementation of several
articles of the Law on Securities and the Law on Amendments and Supplements to
several articles of the Law on Securities;
Pursuant to the Government’s Decree No.
42/2015/ND-CP dated May 5, 2015 on derivative securities and derivatives
exchanges;
Pursuant to the Government's Decree No.
215/2013/ND-CP dated December 23, 2013 on defining the functions, tasks, powers
and organizational structure of the Ministry of Finance;
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The Minister of Finance hereby issues the
Circular prescribing revision and supplementation of certain articles of the
Circular No. 11/2016/TT-BTC dated January 19, 2016 on instructions for certain
articles of the Government's Decree No. 42/2015/ND-CP dated May 5, 2015 on
derivative securities and derivatives exchanges.
Article 1. Revising and supplementing
certain articles of the Circular No. 11/2016/TT-BTC dated January 19, 2016 on
instructions for certain articles of the Government's Decree No. 42/2015/ND-CP
dated May 5, 2015 on derivative securities and derivatives exchanges as
follows:
1. Supplementing Article 2 by adding Clause 24 as
follows:
“24. General transaction account refers to a
transaction account of an investor where a long or short position of a futures
contract (on the same underlying asset and expiring in the same month) is
opened and maintained until a clearing member requests deduction to be made
under specified agreements or at the request of the investor.”
2. Revising and supplementing Point c Clause 2
Article 6 as follows:
“c. The investor's position on the trading
account must be within the position limit according to the rules of VSD. In
case the position limit is exceeded, the investor shall conduct matched
sale-purchase transactions to reduce his position or provide additional margins
(in case of need) within the period regulated by VSD.
After the stated period, the investor fails to
reduce its position, the clearing member may perform matched transactions to
contribute a portion or all of its positions. In case where the clearing member
fails to perform matched transactions to close its position, VSD shall be
allowed to perform matched transactions to close part or all of the investor's
position held in the name of the clearing member."
3. Supplementing Article 7 by adding Clause 4 as
follows:
“4. The investor may open an general transaction
account when
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b. a securities enterprise established in overseas
countries as prescribed by Clause 3 of this Article is allowed to open one (01)
general transaction account to act on behalf of the foreign investor to perform
derivatives brokerage activities;
c. Other situations that may occur are subject to
instructions given by the VSD."
4. Revising and supplementing Clause 1 Article 8 as
follows:
“1. The clearing member shall open a margin account
of the investor held in the name of the clearing member in accordance with
Point a Clause 4 Article 26 of the Decree No. 42/2015/ND-CP and take
responsibility for managing separate margin amounts of specific investors. These
margin amounts shall be owned by these investors rather than the clearing
member. The clearing member can use the investor’s margin accounts in
accordance with Clause 2 of this Article.
The clearing member shall open one (01) securities
margin account in order for each investor to manage assets pledged as a margin
and perform obligations to pay for positions on the investor's trading account.
Non-clearing members and brokerage clients thereof shall be allowed to request
clearing members to open their securities margin accounts."
5. Revising and supplementing Point a, b Clause 1
Article 9 as follows:
“a) Payment for long or short positions:
- Upon the trading date prior to the expiration
date, value of payment for a long or short position is determined on a daily
basis by relying on positions remaining open in the investor's trading account
and the difference between the closing price and that determined in the
preceding trading date; or the difference between the closing price and the
payment price (in case of positions that have been open within the trading
date); or the difference between the payment price and the closing price
determined at the end of the preceding trading date (in case of positions that
are closed before the expiry date); or the difference between the price of
payment for closing of a position and the price of payment for opening of a
position (in case of positions that are opened or closed within the same
trading date).
- Upon the expiration date, value of payment for a
long or short position is determined on the basis of the positions remaining
open in the investor's trading account and the difference between the price of
last payment and the closing price determined in the preceding trading date; or
the difference between the price of last payment and the payment price (in case
of positions that have been open within the trading date); or the difference
between the payment price and the closing price determined at the end of the
preceding trading date (in case of positions that are closed before the expiry
date); or the difference between the price of payment for closing of a position
and the price of payment for opening of a position (in case of positions that
are opened or closed within the same final trading date).
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b) Payment for execution of contracts:
- In case of cash payment for contract execution,
the contract settlement must be completed upon completion of payment for long
or short positions arising in the last trading date.
- In case of payment for contract execution made in
the form of transfer of the underlying asset, the investor at the writer’s side
must transfer the underlying asset and the investor at the buyer’s side must
pay a monetary amount for such transfer under contractual terms and conditions
and regulations of the VSD.”
6. Revising Point b Clause 3 Article 19 and
supplementing Clause 3 Article 19 with Point c as follows:
“b) In case of payment made in the form of
transferring the underlying asset, the clearing member at the writer’s side
must transfer an adequate quantity and correct kind of the transferable
underlying asset specified in the derivative contract to the member’s
securities margin account at the request of VSD. The clearing member may use
securities borrowed from the system for lending and borrowing securities of the
VSD to make such payment in accordance with the VSD’s Statutes.
The clearing member at the buyer’s side can accept
the transfer of the underlying asset only after making full payments at the
request of the VSD, and then immediately assign it to the investor at the
buyer’s side;
c. Where the clearing member have neither enough
money to make such payment nor Government bonds to make such transfer, the VSD
may make cash payment for a Government bond futures contract. To that extent,
the clearing member at fault shall be responsible for paying the clearing
member concerned a compensation sum which is not less than 5% of contract
settlement value through the VSD. The VSD shall set out regulations on
determination of value and mechanism for payment of compensation.”
7. Revising and supplementing Point d Clause 2
Article 24 as follows:
“d) Use contributions of other clearing members in
a certain ratio defined by the VSD. In
this case, the VSD shall inform relevant clearing members of use of clearing
fund right on the usage date. The clearing member who is incapable of
settlement shall return all used assets of the clearing fund and pay interests
to other clearing members under the interest rate defined by the VSD as
conformable to applicable laws and regulations;”
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“5. Where the clearing member is incapable of
making payment and obtains payment support actions referred to in Clause 2,
Clause 3 of this Article from the VSD, that member shall be responsible for
paying back the entire portion of asset derived from the Clearing Fund, Risk
Hedge Fund and other sources which is used to discharge its payment
obligations, and for incurring all relevant expenses that may arise.”
9. Revising and supplementing Point a Clause 1
Article 28 as follows:
“a) monthly reports must be submitted within the
permitted duration of ten (10) days from the closing date of a specified
reporting month;
Article 2. Repealing Point b Clause 1
Article 28.
Article 3. Implementation
1. This Circular shall enter into force from May 1,
2017.
2. The State Securities Commission, the Vietnam
Securities Depository, the Stock Exchange, derivatives trading organizations,
trading members, clearing members, entities or individuals engaged in
derivatives investment and trading activities, and derivatives exchanges in
Vietnam, shall be responsible for implementing this Circular.
3. Any amendment, supplement to or replacement of
this Circular shall be subject the decision of the Minister of Finance./.
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PP. THE
MINISTER
THE DEPUTY MINISTER
Tran Xuan Ha