Circular 101/2021/TT-BTC prices of services in the field of securities applicable to Stock Exchanges and VSDC

CIRCULAR

On prescribing prices of services in the field of securities applicable to the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation

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

Pursuant to the Law on Charges and Fees dated November 25, 2015;

Pursuant to the Law on Price dated June 20, 2012;

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. 177/2013/ND-CP dated November 14, 2013 detailing and guiding a number of articles of the Law on Price and the Government's Decree No. 149/2016/ND-CP dated November 11, 2016, amending and supplementing a number of articles of the Decree No. 177/2013/ND-CP dated November 14, 2013;

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 the Government’s 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. 87/2017/ND-CP dated July 26, 2017, 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 prescribing prices of services in the field of securities applicable to the Stock Exchanges and the Vietnam Securities Depository and Clearing Corporation.

Article 1. Scope of regulation

This Circular provides for prices of services in the field of securities applicable to the Vietnam Exchange, Hanoi Stock Exchange, and Hochiminh Stock Exchange (hereinafter referred to as the Stock Exchanges for short) and the Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as VSDC for short) in accordance with law regulations.

Article 2. Subjects of application

1. Organizations providing services in the field of securities specified in this Circular include: the Stock Exchanges and VSDC that are established and operates in Vietnam.

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 the Stock Exchanges; members of VSDC; listing registration organizations; listed organizations; securities investment fund management companies; issuing organizations; organizations directly opening their accounts at VSDC; individuals and organizations transferring ownership of securities outside the trading system of the Stock Exchanges; 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 to the Stock Exchanges and VSDC

1. Prices of services in the field of securities applicable to the Stock Exchanges and VSDC are defined in the Schedule of services prices and Appendix issued together with this Circular.

2. Prices of services in the field of securities as specified in this Circular are not subject to value-added tax according to the Law on value-added tax and amending and supplementing documents (if any).

3. The Stock Exchanges and VSDC shall be entitled to decide the prices of their services other than services specified in the Schedule of prices and take responsibility for ensuring that prices of services they provide are  in accordance with the actual service provision and law regulations on price, securities and relevant law regulations.

4. The Stock Exchanges 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.

5. The prices of trading services for market makers may be reduced by not more than 80% of the prices specified at Point 4, Section II, Part A of the Schedule of prices and not more than 70% of the prices specified at Point 3, Section II, Part B of the Schedule of prices 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 specified at Point 2, Section II, Part A of the Schedule of prices, prices of listing management service specified at Point 3, Section II, Part A of the Schedule of prices, prices of trading services specified at Point 4, Section II, Part A of the Schedule of prices, prices of services of securities registration and partial cancellation of securities registration specified at Point 12, Section III, Part A of the Schedule of prices, and of prices of securities depository service specified at Point 13, Section III, Part A of the Schedule of prices 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 the Stock Exchanges, 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, management of members, management of members trading in derivatives, periodic connection maintenance and use of terminal devices, except for the case of membership registration as prescribed at Point b, Clause 10, Article 310 of 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.

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 a Stock Exchange has its transactions suspended or terminated or its online connection suspended by the Stock Exchange 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 a Stock Exchange has its transactions suspended or terminated or its online connection suspended by the Stock Exchange 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. Prices of services in the field of securities shall be collected in Vietnam dong. For Government bonds in foreign currency, the service prices shall be calculated based on regulations on 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 according to the Schedule of services prices issued together with this Circular, service users are responsible for paying Stock Exchanges, VSDC such prices before January 31 every year.

2. For the prices of services paid on a monthly basis according to the Schedule of services prices issued together with this Circular, service users are responsible for paying Stock Exchanges, 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 Stock Exchange, 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 05 (five) working days from the date the Stock Exchange 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. The Stock Exchange 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 05 (five) working days from the date the Stock Exchange 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. The Stock Exchange 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 the Stock Exchange issues the Decision on acceptance of changes to listed securities or the date the Stock Exchange 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. For cases of transferring the transaction of stocks listed for trading in the Hanoi Stock Exchange to the Hochiminh Stock Exchange before the time of compulsory transaction transfer or for the compulsory transaction transfer according to the Circular No. 57/2021/TT-BTC dated July 12, 2021 of the Minister of Finance providing the roadmap of restructuring the stock trading market, bond trading market, derivatives trading market, and trading market for other types of securities (hereinafter referred to as the Circular No. 57/2021/TT-BTC for short), the Hanoi Stock Exchange shall be responsible for determining the payment of provided listing management service and transfer the remaining of the year to the Hochiminh Stock Exchange, based on the date transactions of listed stocks in the Hanoi Stock Exchange are terminated to be transferred to the Hochiminh Stock Exchange; the Hochiminh Stock Exchange shall not collect the prices of first-time listing registration service for listed organizations with the listed stocks under the transaction transfer.

For cases of transferring the transaction of bonds listed for trading in the Hochiminh Stock Exchange to the Hanoi Stock Exchange in accordance with the roadmap specified in the Circular No. 57/2021/TT-BTC, the Hanoi Stock Exchange shall not collect the prices of first-time listing registration service for listed organizations with the listed bonds under the transaction transfer.

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 shall regulate the allocation of its revenues from securities ownership transfer service specified at Point 17 (excluding Points 17.1c and 17.4), Section III, Part A of the Schedule of prices to this Circular for the Stock Exchanges according to the service provision contracts, ensure that the maximum amount shall not exceed 50% of the revenues from transfer of ownership of securities listed or registered for trading on the Stock Exchanges.

3. For organizations and individuals that make late payments or fail to pay sufficient service prices, the Stock Exchanges and VSDC shall, on a case-by-case basis, consider extending the payment deadline or handling them according to law regulations.

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

Article 7. Implementation provisions

1. This Circular takes effect on January 01, 2022 and replaces the following circulars: the Circular No. 127/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on prescribing prices of services in the field of securities applicable to the Stock Exchanges and Vietnam Securities Depository; Circular No. 14/2020/TT-BTC dated March 18, 2020 of the Minister of Finance on amending and supplementing a number of articles of the Circular No. 127/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on prescribing prices of services in the field of securities applicable to the Stock Exchanges and Vietnam Securities Depository to support relevant organizations and individuals affected by the Covid-19 epidemic; Circular No. 70/2020/TT-BTC dated July 17, 2020 of the Minister of Finance on extending the implementation validity period of the Circular No. 14/2020/TT-BTC dated March 18, 2020 on amending and supplementing a number of articles of the Circular No. 127/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on prescribing prices of services in the field of securities applicable to the Stock Exchanges and Vietnam Securities Depository to support relevant organizations and individuals affected by the Covid-19 epidemic; Circular No. 30/2021/TT-BTC dated May 14, 2021 of the Minister of Finance on extending the implementation validity period of the Circular No. 14/2020/TT-BTC dated March 18, 2020 of the Minister of Finance, on amending and supplementing a number of articles of the Circular No. 127/2018/TT-BTC dated December 27, 2018 of the Minister of Finance, on prescribing prices of services in the field of securities applicable to the Stock Exchanges and Vietnam Securities Depository to support relevant organizations and individuals affected by Covid-19 epidemic.

2. Before VSDC officially operates under the Law No. 54/2019/QH14 on Securities, regulations on prices of services in the field of securities applicable to VSDC specified in this Circular shall be implemented by the Vietnam Securities Depository.

VSDC shall continue applying the prices of position management service specified in Clause 6, Section II, Part B of the Schedule of prices defined in Article 1 of the Circular No. 14/2020/TT-BTC dated March 18, 2020 of the Minister of Finance on amending and supplementing a number of articles of the Circular No. 127/2018/TT-BTC dated December 27, 2018 of the Minister of Finance on prescribing prices of services in the field of securities applicable to the Stock Exchanges and Vietnam Securities Depository to support relevant organizations and individuals affected by the Covid-19 epidemic until VSDC officially implements securities clearing and payment in the new information technology system for securities market. After this time, the prices of derivatives clearing service shall comply with Clause 6, Section II, Part B of the Schedule of prices issued together with this Circular.

3. The Stock Exchanges and VSDC shall neither return nor collect the difference between the service prices paid by organizations and individuals before the effective date of this Circular and the service prices payable in accordance with this Circular.

4. Any problem arising in the course of implementation should be promptly reported to the Ministry of Finance for research and additional guidance./.

* All Appendices are not translated herein.