THE MINISTRY OF FINANCE
Circular No. 128/2018/TT-BTC dated December 27, 2018 of the Ministry of Finance on 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 Law on Price 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 amending, supplementing a number of articles of the Decree No. 177/2013/ND-CP dated November 14, 2013 of the Government detailing and guiding a number of articles of the Law on Price;
Pursuant totheDecree No. 58/2012/ND-CP dated July 20, 2012 and the Decree No. 60/2015/ND-CP dated June 26, 2015 by the Government amending and supplementing a number of articles of the Decree No. 58/2012/ND-CP dated July 20, 2012 of the Government stipulating in detail and guiding the implementation of a number of articles of the Securities Law and the Law amending and supplementing a number of articles of Securities Law;
Pursuant to the Government’s Decree No. 42/2015/ND-CP dated May 05, 2017 on derivatives and the derivatives market;
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;
Pursuant to the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 on requirements for investment and trading in securities and the Decree No. 151/2018/ND-CP dated November 07, 2018 on amendments to some Decrees on business conditions 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 of adjustment
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. Subjects of application
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.
Article 3. Prices of securities-related services
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 Vietnam Securities Depository (VSD) shall use service invoices in accordance with the Government’s Decree No. 51/2010/ND-CP dated May 14, 2010 providing for goods sale and service provision invoices, the Government’s Decree No. 04/2014/ND-CP dated January 17, 2014 amending and supplementing a number of articles of the Government’s Decree No. 51/2010/ND-CP of May 14, 2010, providing for goods sale and service provision invoices, the Government’s Decree No. 119/2018/ND-CP dated September 12, 2018 on prescribing electronic invoices for sale of goods and provision of services, the Circular No. 39/2014/TT-BTC dated March 31, 2014 by the Minister of Finance on guiding the implementation of the Government’s Decree No. 51/2010/ND-CP of May 14, 2010, and Decree No. 04/2014/ND-CP of January 17, 2014, on goods sale and service provision invoices, the Circular No.37/2017/TT-BTC dated April 27, 2017 by the Minister of Finance on amending a number of Articles of the Circular No. 39/2014/TT-BTC dated March 31, 2014 and the Circular No. 26/2015/TT-BTC dated February 27, 2015 of the Ministry of Finance, the Circular No. 26/2015/TT-BTC dated February 27, 2015 by the Minister of Finance guiding the value-added tax and tax administration in Decree No. 12/2015/ND-CP on guidelines for the Law on amendments to Laws, Decrees on taxations, and amendments to Circular No. 39/2014/TT-BTC on invoices for goods sale and service provision, 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 provisions
1. This Circular takes effect on February 15, 2019 and supersedes the Circular No. 242/2016/TT-BTC dated November 11, 2016 by the Minister of Finance.
2. Difficulties that arise during the implementation of this Circular should be promptly reported to the Ministry of Finance for consideration./.
For the Minister
The 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 | PRICE | 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 | | | |
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 |
b) | 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 | Not exceeding 0.15% of the value of the supervised asset | 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 | | | |
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 | 1.5% of total fund raised during an issue of fund certificates or shares |
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 | Redemption or switch of certificates of open-end funds or ETFs | Not exceeding 3% of trading value | Fund management companies | Customers |
9 | Offsetting services in securities transactions | | | |
a) | Shares, fund certificates or covered warrants | 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 | Service providers in the securities sector which are licensed to organize auctions of shares and securities as regulated by laws | 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 | Not exceeding VND 15,000 per an index futures contract 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 |
Vietnamese
Circular 128/2018/TT-BTC DOC (Word)
