Circular 83/2024/TT-BTC prices of securities-related services to be priced by the State applicable to the Vietnam Exchange

CIRCULAR

On guiding the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange
and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation

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Pursuant to the Law on Price dated June 19, 2023;

Pursuant to the Law on Securities dated November 26, 2019;

Pursuant to the Law on Public Debt Management dated November 23, 2017;

Pursuant to the Law on Environmental Protection dated November 17, 2020;

Pursuant to the Law on Management and Use of State Capital Invested in Production and Business at Enterprises dated November 26, 2014;

Pursuant to the Government’s Decree No. 85/2024/ND-CP dated July 10, 2024 detailing and guiding the implementation of a number of articles of the Law on Price;

Pursuant to the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020 on detailing and guiding the implementation of a number of articles of the Law on Securities;

Pursuant to the Government’s Decree No. 158/2020/ND-CP dated December 31, 2020, on derivatives and the derivatives market;

Pursuant to the Government’s Decree No. 91/2018/ND-CP dated June 26, 2018 on government guarantee issuance and management;

Pursuant to the Government’s Decree No. 93/2018/ND-CP dated June 30, 2018 prescribing the management of local administrations’ debts;

Pursuant to the Government’s Decree No. 95/2018/ND-CP dated June 30, 2018 on prescribing the issuance, registration, depositing, listing and trading of the Government’s debt instruments on the securities market;

Pursuant to the Decree No. 91/2015/ND-CP dated October 13, 2015 of the Government on investment of state capital in enterprises and management and use of capital and assets at enterprises; Decree No. 126/2017/ND-CP dated November 16, 2017 of the Government on transformation of state enterprises and single-member limited liability companies with 100% state enterprise-invested charter capital into joint-stock companies; Decree No. 32/2018/ND-CP dated March 08, 2018 of the Government on amending and supplementing a number of articles of Decree No. 91/2015/ND-CP dated October 13, 2015; Decree No. 140/2020/ND-CP dated November 30, 2020 of the Government amending and supplementing a number of articles of the Decree No. 126/2017/ND-CP dated November 16, 2017, Decree No. 91/2015/ND-CP dated October 13, 2015 and Decree No. 32/2018/ND-CP dated March 08, 2018;

Pursuant to the Government’s Decree No. 153/2020/ND-CP dated December 31, 2020 on private placement of corporate bonds and trading of privately placed corporate bonds in the domestic market and offering of corporate bonds to the international market;

Pursuant to the Government’s Decree No. 65/2022/ND-CP dated September 16, 2022, amending and supplementing a number of articles of Decree No. 153/2020/ND-CP dated December 31, 2020 on private placement of corporate bonds and trading of privately placed corporate bonds in the domestic market and offering of corporate bonds to the international market;

Pursuant to the Government’s Decree No. 08/2023/ND-CP dated March 05, 2023, amending, supplementing, and ceasing the effect of, a number of articles of the Decrees on private placement of corporate bonds and trading of privately placed corporate bonds in the domestic market and offering of corporate bonds to the international market;

Pursuant to the Government’s Decree No. 14/2023/ND-CP dated April 20, 2023, defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Director of Price Management Department; the Chairperson of the State Securities Commission;

The Minister of Finance promulgates the Circular on guiding the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation.

Article 1. Scope of regulation

1. This Circular guides the mechanisms and policies on prices of securities-related services to be priced by the State applicable to the Vietnam Exchange and its subsidiary companies (hereinafter referred to as SE), the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC) in accordance with law regulations.

2. For securities-related services not to be priced by the State, SE and VSDC shall be entitled to decide the prices of their securities-related services than services specified in the Schedule of prices and take responsibility for ensuring that prices of services they provide in accordance with the actual service provision and law regulations on price, securities and relevant law regulations.

Article 2. Subjects of application

1. Organizations providing services in the field of securities specified in this Circular include: the Vietnam Exchange and its subsidiary companies, the Vietnam Securities Depository and Clearing Corporation

2. Organizations and individuals using the securities services that are provided by the securities service providers as defined in Clause 1 of this Article include: members of SE; members of VSDC; listing registration organizations; listed organizations; securities investment fund management companies; issuing organizations; public companies; organizations directly opening their accounts at VSDC; individuals and organizations transferring ownership of securities outside the trading system of SE; the State Treasury; organizations issuing Government-guaranteed bonds in accordance with the Law on Public Debt Management; People's Committees of provinces and cities issuing municipal bonds.

3. Other relevant organizations and individuals.

Article 3. Prices of services in the field of securities applicable in SE and VSDC

1. The Ministry of Finance decides on the prices of securities-related services to be priced by the State in accordance with regulations applied at SE and VSDC.

2. Value added tax on services in the field of securities prescribed in this Circular shall comply with the law on value added tax.

3. SE and VSDC must post up and publicize the prices of services they provide, and comply with law regulations on price, securities and relevant guiding documents.

4. SE and VSDC shall be responsible for regularly reviewing securities-related services to be priced by the State according to regulations applied at SE and VSDC; reviewing prices of securities services to be priced by the State; in case of price valuation or price adjustment, reporting to the State Securities Commission for appraisal and submission to the Ministry for consideration and decision in accordance with the Law on Price and documents guiding the Law on Price.

5. Market makers may be entitled to a reduction of not more than 80% of the prices of trading services in the underlying securities market and not more than 70% of the prices of derivatives trading services for market-making transactions after market makers fulfill their market-making obligations in accordance with law regulations and specific conditions prescribed by competent agencies or units.

6. Issuing entities and investors for green bonds as prescribed in the Law on Environmental Protection and guiding documents shall be entitled to a 50% reduction of prices of listing registration service, prices of listing management service, prices of trading services, prices of services of securities registration and partial cancellation of securities registration or adjustment of information about the amount of securities registered and prices of securities depository service applicable to green bonds.

The issuing entities shall be responsible for submitting documents proving that their bonds meet the regulations on green bonds as prescribed by law to SE and VSDC upon registration of securities and registration for listing.

7. Prices applicable to related-securities services to be priced by the State according to regulations applied at SE and VSDC shall be guided in detail in Appendix I and Appendix II issued together with this Circular.

Article 4. Regulations on payment for services in the field of securities

1. If an organization applies for re-registration as a member of SE, it must pay the same service prices as those incurred by cases of membership registration for the first time, including the prices of services of registration of members trading in derivatives, member management, management of members trading in derivatives, periodic connection maintenance and use of terminal devices.

If an organization applies for re-registration as a depository member or clearing member of VSDC, it must pay the same service prices as those incurred by cases of membership registration for the first time, including the prices of services of depository member or clearing member management, management of clearing members of derivatives, registration of clearing members, registration of clearing members of derivatives.

2. In case a member of SE has its transactions suspended or terminated or its online connection suspended by SE for a period lasting into the following year but its status of member is not canceled, it must pay for the use of services of member management, management of members trading in derivatives, periodic connection maintenance and use of terminal devices for the following year.

In case VSDC suspends the provision of depository, clearing and securities settlement services for a member of VSDC, or terminates the member’s depository, clearing and securities settlement transactions for a period lasting into the following year but its status of member is not canceled, it must pay for the use of services of depository member or clearing member management, management of clearing members of derivatives for the following year.

3. In case a member of SE has its transactions suspended or terminated or its online connection suspended by SE for the cancellation of its status of member in the same year, it must not pay for the use of services of member management, management of members trading in derivatives, periodic connection maintenance and use of terminal devices for the following years.

In case VSDC suspends the provision of depository, clearing and securities settlement services for a member of VSDC, or terminates the member’s depository, clearing and securities settlement transactions to cancel its status of member in the same year, it must not pay for the use of services of depository member or clearing member management, management of clearing members of derivatives for the following years.

4. For transactions having been made at SE that have been rejected by SE or but for which the securities transaction payment is rejected by VSDC in accordance with regulations, SE shall not collect the prices of trading services.

5. Prices of services in the field of securities defined in this Circular shall be collected in Vietnam dong. The service prices shall be rounded to the unit of Vietnam dong under the principle defined in Clause 6 Article 4 of the Decree No. 174/2016/ND-CP dated December 30, 2016, detailing a number of articles of the Accounting Law and amending, supplementing and replacing legal documents (if any).

For Government bonds in foreign currency, the service prices shall be calculated based on the conversion from foreign currency into Vietnam dong according to the average of central rates published by the State Bank of Vietnam in the month with the services related to Government bonds in foreign currency.

Article 5. Regulations on times for collection, payment and refunding of the payment on services in the field of securities

1. For the prices of services paid on an annual basis that are defined by the Ministry of Finance, service users shall be responsible for paying SE, VSDC such prices before January 31 of the pricing year.

2. For the prices of services paid on a monthly basis that are defined by the Ministry of Finance, service users shall be responsible for paying SE, VSDC such prices at the 15^th day of the following month at the latest.

3. An organization that applies for registration as a member to a SE, VSDC and newly registers listing must pay the services of registration of members trading in derivatives, management of members, management of members trading in derivatives, online connection for the first time, periodic connection maintenance, use of terminal devices, registration of clearing members, registration of clearing members of derivatives, depository member management, clearing member management, management of clearing members of derivatives, listing registration, listing management within 07 (seven) working days from the date SE issues the Decision on approval of the status of member, Decision on approval of online trading connection, Decision on approval of listing, Decision on approval of remote trading connection, or the date VSDC issues the Certificate of depository member, clearing member, clearing member of derivatives.

4. SE or VSDC shall return the payment for the services of management of members, management of members trading in derivatives, periodic connection maintenance, use of terminal devices, depository member management, clearing member management, management of clearing members of derivatives for its member within 07 (seven) working days from the date SE issues the Decision on cancellation of the status of member, or the date VSDC issues the Decision on revocation of the certificate of member or on cancellation of the status of member.

5. SE shall additionally collect or return the prices of listing management service to the listed organization, the securities investment fund management company within 07 (seven) working days from the date SE issues the Decision on acceptance of changes to listed securities or the date SE announces the change in the number of listed securities in cases of listing change or the effective date of cancellation of listing in cases of cancellation of listing.

6. In case of rearrangement of the stock trading market among SE in accordance with law regulations, SE with transferred stocks shall be responsible for determining the amount of listing management service price collected during a year and transferring the remaining amount from the month following the month SE transfers the stocks until the end of December of that year to the SE receiving the stocks; SE receiving the stocks does not collect the prices of initial listing registration service for the listed organizations with listed stocks subject to the above-mentioned rearrangement of the trading market.

Article 6. Management and use of the revenues from provision of services in the field of securities

1. After fulfilling obligations for the state budget in accordance with law regulations, the remaining revenues from provision of services shall be managed and used by Stock Exchanges and VSDC according to law regulations.

2. VSDC’s revenue from securities ownership transfer services outside the trading system of SE (except for the service of transferring ownership of privately placed corporate bonds that have been registered at VSDC but are not subject to trading on SE and the service of transferring ownership of securities in ETF fund certificate exchange transactions, implementing covered warrants) is regulated by VSDC for SE according to the agreement in the service provision contract, not exceeding 50% of the collected amount for cases of listed securities ownership transfer or registration for trading on SE.

3. Upon collection of prices of services in the field of securities, SE and VSDC shall use invoices in accordance with law regulations.

Article 7. Organization of implementation

1. SE and VSDC shall review services in the field of securities to be priced by the State according to regulations applied at SE and VSDC, develop price plan dossiers to submit them to the State Securities Commission of Vietnam for appraisal and submission to the Ministry of Finance for consideration and promulgation of pricing documents in accordance with the Law on Price and documents guiding the Law on Price.

2. Any difficulties and problems arising in the course of implementation should be promptly reported to the Ministry of Finance for study and settlement.

Article 8. Implementation provisions

This Circular takes effect on January 10, 2025 and replaces the Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance, on prescribing prices of services in the field of securities applicable to the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation./.

* All Appendices are not translated herein.