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THE MINISTRY OF FINANCE
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.: 128/2018/TT-BTC

Hanoi, December 27, 2018

 

CIRCULAR

PRICES OF SECURITIES-RELATED SERVICES RENDERED BY SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS IN VIETNAM’S SECURITIES MARKET

Pursuant to the Law on securities dated June 29, 2006; the Law on amendments to the Law on securities dated November 24, 2010;

Pursuant to the Law on fees and charges dated November 25, 2015;

Pursuant to the Price Law dated June 20, 2012;

Pursuant to the Decree No. 177/2013/ND-CP dated November 14, 2013 and the Decree No. 149/2016/ND-CP dated November 11, 2016 by the Government on amendments to some articles of the Government’s Decree No. 177/2013/ND-CP dated November 14, 2013 elaborating and guiding the implementation of some articles of the Law on pricing;

Pursuant to the Decree No. 58/2012/ND-CP dated July 20, 2012 and the Decree No. 60/2015/ND-CP dated June 26, 2015 by the Government on amendments to some articles of the Government’s Decree No. 58/2012/ND-CP dated July 20, 2012 elaborating and guiding the implementation of some articles of the Law on securities and the Law on amendments to some articles of the Law on securities;

Pursuant to the Government’s Decree No. 42/2015/ND-CP dated May 05, 2017 on derivatives and derivative market;

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Pursuant to the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 on investment and trading requirements in securities and the Decree No. 151/2018/ND-CP dated November 07, 2018 on amendments to some Decrees on investment and trading requirements in sectors under the management of the Ministry of Finance;

At the request of the Director of Department of Price Management and the Chairman of the State Securities Commission of Vietnam;

The Minister of Finance promulgates a Circular providing for prices of securities-related services rendered by securities trading organizations and commercial banks in Vietnam’s securities market.

Article 1. Scope

This Circular provides regulations on prices of securities-related services rendered by securities trading organizations and commercial banks in Vietnam’s securities market.

Article 2. Regulated entities

1. Providers of services in the securities sector, including: Securities trading organizations (such as securities companies, fund management companies, branches of foreign securities companies in Vietnam, and branches of foreign fund management companies in Vietnam), and commercial banks participating in the Vietnam’s securities market in accordance with prevailing laws.

2. Organizations and individuals that use securities-related services rendered by the service providers mentioned in Clause 1 of this Article.

3. Other relevant organizations and individuals.

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1. The prices of services in securities sector rendered by securities trading organizations and commercial banks participating in the Vietnam’s securities market are elaborated in the Price Schedule enclosed herewith.

Based on the maximum price and the price bracket prescribed in this Circular, providers of services in securities sector mentioned in Article 2 hereof shall decide specific prices in conformity with their provision of services and in accordance with regulations of the Law on pricing and relevant laws.

2. Prices of securities-related services prescribed hereof are not subject to value-added tax in accordance with regulations of the Law on value-added tax and relevant documents on amendments thereof (if any).

3. When collecting service fees in securities sector, the Stock Exchange and VSD shall use service invoices in accordance with the Government’s Decree No. 51/2010/ND-CP dated May 14, 2010, the Government’s Decree No. 04/2014/ND-CP dated January 17, 2014, the Government’s Decree No. 119/2018/ND-CP dated September 12, 2018, the Circular No. 39/2014/TT-BTC dated March 31, 2014 by the Minister of Finance, the Circular No. 37/2017/TT-BTC dated April 27, 2017 by the Minister of Finance, the Circular No. 26/2015/TT-BTC dated February 27, 2015 by the Minister of Finance, and relevant superseding or amending documents (if any).

4. Securities trading organizations and commercial banks participating in the securities market shall manage and use the proceeds from their provision of securities-related services in accordance with regulations of prevailing laws after having made payments to state budget as regulated by law.

5. Securities trading organizations and commercial banks participating in the securities market shall themselves decide the prices of their services other than those prescribed in the Price Schedule hereof in conformity with their provision of such services and in accordance with regulations of the Law on pricing and relevant laws.

6. Providers of services in securities sector must post and announce prices of their services, and comply with regulations of the Law on pricing, the Law on securities and relevant instructional documents.

Article 4. Implementation

1. This Circular comes into force from February 15, 2019 and supersedes the Circular No. 242/2016/TT-BTC dated November 11, 2016 by the Minister of Finance.

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PP. MINISTER
DEPUTY MINISTER




Tran Van Hieu

 

SCHEDULE OF PRICES OF SECURITIES-RELATED SERVICES RENDERED BY SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS IN VIETNAM’S SECURITIES MARKET

 (Enclosed with the Circular No. 128/2018/TT-BTC dated December 27, 2018 by the Minister of Finance)

A. PRICES OF SERVICES RENDERED IN UNDERLYING SECURITIES MARKET

No.

SERVICE

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SERVICE PROVIDER

PAYER

1

Underwriting service for share issues during the performance of equitization of state-owned enterprises

0.5% - 2% of total value of shares issued through underwriting

Securities companies, commercial banks

Issuers

2

Brokerage service to buy/sell shares, fund certificates or covered warrants

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a)

Brokerage service to buy/sell shares, fund certificates or covered warrants (for listed securities and securities registered for trading)

Not exceeding 0.5% of trading value

Securities companies

 

Customers

 

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Brokerage service to buy/sell shares, fund certificates listed/ registered for trading, or covered warrants in case of transfer (divestment) of state funds and funds of state-owned enterprises via the Stock Exchange’s trading system

Not exceeding 0.03% of trading value and not exceeding VND 03 billion per transaction conducted by an organization transferring (divesting) its funds; this price does not include the amounts paid by the securities company to the Stock Exchange and VSD as regulated. In certain special cases where the cost of service rendered exceeds the maximum price, the service provider shall submit a report thereof to the Minister of Finance for consideration and decision in accordance with applicable regulations of the Law on pricing and relevant laws.

3

Management of public securities investment funds/ public securities investment companies

Not exceeding 2% of the Net Asset Value (NAV) of the fund or the portfolio per year

Fund management companies

Public securities investment funds/ public securities investment companies

4

Supervision of assets of closed-end funds/ public securities investment companies

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Supervisory banks

Closed-end funds/ public securities investment companies

5

Representing bondholders

Not exceeding 0.1% of total value of issued bonds

Commercial banks participating in the bond market

Bond issuers

6

Issuance of fund certificates of closed-end funds or shares of public securities investment companies

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a)

Total value of fund certificates or shares offered is less than VND 500 billion

2% of total fund raised during an issue of fund certificates or shares

Fund management companies

Closed-end funds/ public securities investment companies

b)

Total value of fund certificates or shares offered is between VND 500 billion and VND 1,000 billion

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c)

Total value of fund certificates or shares offered is VND 1,000 billion or more

1% of total fund raised during an issue of fund certificates or shares

7

Issuance of fund certificates of open-end funds or ETFs

Not exceeding 5% of trading value

Fund management companies

Customers

8

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Not exceeding 3% of trading value

Fund management companies

Customers

9

Offsetting services in securities transactions

 

 

 

a)

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0.01% of the netting value of each member/ settlement method/ settlement date provided that it shall not be lower than VND 5,000/day/member and not exceed VND 300,000/day/member

Settlement banks

Depository members, organizations directly opening accounts

b)

Corporate bonds

0.001% of the netting value of each member/ settlement method/ settlement date provided that it shall not be lower than VND 5,000/day/member and not exceed VND 300,000/day/member

10

Auction services

From VND 20 million per an auction of shares or each securities type to 0.3% of total value of shares or securities of a type actually sold out

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Enterprises, organizations and individuals having shares or securities sold out in auctions as regulated by laws

B. PRICES OF SERVICES RENDERED IN DERIVATIVE MARKET

No.

SERVICE

PRICE

SERVICE PROVIDER

PAYER

1

Futures brokerage service

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Not exceeding VND 25,000 per a bond futures contract

 (these prices do not include costs of derivatives trading, position management, and margin management services paid by securities companies to the Stock Exchange and VSD in accordance with applicable regulations)

Securities companies

Customers

 

3.428

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