Circular 27/2010/TT-BTC on Fees for Securities Activities at Stock Exchanges and the Vietnam Securities Depository

|BỘ TÀI CHÍNH |CỘNG HOÀ XÃ HỘI CHỦ NGHĨA VIỆT NAM | |––––– |Độc lập – Tự do – Hạnh phúc | |Số: 27/2010/TT-BTC |–––––––––––––––––––––––––– | | |Hà Nội, ngày 26 tháng 02 năm 2010 |

CIRCULAR Regulating the collection levels, payment regime, management and use of fees for securities activities applied at Stock Exchanges and the Vietnam Securities Depository. ––––––––––

Pursuant to the Securities Law; Pursuant to the Ordinance on Fees and Charges; Pursuant to the Ordinance on Prices; Pursuant to Government Decree No. 14/2007/ND-CP dated January 19, 2007, detailing the implementation of a number of articles of the Securities Law; Pursuant to Government Decree No. 57/2002/ND-CP dated June 03, 2002 and Government Decree No. 24/2006/ND-CP dated March 06, 2006, detailing the implementation of the Ordinance on Fees and Charges; Pursuant to Government Decree No. 75/2008/ND-CP amending and supplementing a number of articles of Government Decree No. 170/2003/ND-CP dated December 25, 2003, detailing the implementation of a number of articles of the Ordinance on Prices; Pursuant to Government Decree No. 118/2008/ND-CP dated November 27, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Finance; The Ministry of Finance regulates the collection levels, payment regime, management and use of fees for securities activities applied at Stock Exchanges and the Vietnam Securities Depository as follows:

Article 1. Scope of Application

1. Securities activity fees stipulated in this Circular apply to tasks related to the implementation of securities activities at Stock Exchanges and at the Vietnam Securities Depository.
2. Organizations subject to the collection of securities activity fees stipulated in this Circular are the Ho Chi Minh City Stock Exchange, the Hanoi Stock Exchange, and the Vietnam Securities Depository.

Article 2. Fee Payers Fee payers are organizations and individuals carrying out tasks related to the operations of the securities trading market stipulated in the Fee Schedule attached to this Circular.

Article 3. Fee Schedule

1. Fee levels in the securities sector applied at Stock Exchanges and the Vietnam Securities Depository are implemented according to the Fee Schedule attached to this Circular.
2. Initial listing registration fees are collected upon approval of securities listing and are not collected in the case of transferring listing registration between Stock Exchanges.
3. Annual trading member and depository member management fees are calculated for a full 12-month year, and the start time is calculated from the first day of the month following the month of approval as a trading member or depository member. Example: If Organization A registers as a trading member or depository member from February 10, 2009, the annual trading member management fee or depository member fee will be calculated from March 1, 2009.
4. Securities companies implementing online trading activities pay the initial connection fee immediately upon approval by the Stock Exchange as an online trading member.
5. Annual periodic maintenance fees are calculated for a full 12-month year, and the start time is calculated from the first day of the month following the month of connection. Example: If Organization B registers for online trading from February 10, 2009, the connection fee will be calculated from March 1, 2009.
6. Fees for buying and selling government bonds (repo transactions) are collected only once when the initial transaction is determined.
7. Listing registration fees stipulated in point 2 of the Fee Schedule attached to this Circular do not apply to government bonds.
8. Securities registration fees stipulated in point 9 of the Fee Schedule attached to this Circular do not apply to government bonds.
9. Transaction values in cases of transfer of securities ownership stipulated in point 14 of the Fee Schedule attached to this Circular are determined as follows:
   • For listed/registered trading stocks: according to the price recorded on the transfer contract but not lower than the reference price of the stock on the day the Vietnam Securities Depository implements the transfer of ownership, or according to the price approved by the competent state authority multiplied by the number of shares transferred. In the case of gifts, inheritance, or contracts without a transfer price, the reference price of the stock on the day the Vietnam Securities Depository implements the transfer of ownership multiplied by the number of shares transferred is used.
   • For unlisted stocks: equal to the par value of the stock multiplied by the number of shares transferred.
   • Securities transfer fees stipulated in point 14.1 of the fee schedule apply to both the transferor and the transferee.
   • Securities ownership transfer fees stipulated in point 14.2 of the fee schedule apply only to the transferee.

Article 4. Organizations for Collection, Payment, Management and Use

1. Fees in the securities sector stipulated in this Circular are revenues not belonging to the state budget. The fee-collecting unit has the obligation to pay taxes according to legal provisions on the fees collected and has the right to manage and use the fee revenue after paying taxes according to legal provisions.
2. Revenue from securities transfer transactions stipulated in point 14.1 of the Fee Schedule attached to this Circular is shared with the Stock Exchange at a rate of 50% of the fee revenue.
3. Other regulations on collection, payment, management, use, collection documents, and public disclosure of the fee regime are implemented according to guidance in Circular No. 60/2007/TT-BTC dated June 14, 2007 and Circular No. 157/2009/TT-BTC dated August 06, 2009 amending and supplementing Circular No. 60/2007/TT-BTC of the Ministry of Finance guiding the implementation of a number of articles of the Tax Management Law and guiding the implementation of Government Decree No. 85/2007/ND-CP dated May 25, 2007 detailing the implementation of a number of articles of the Tax Management Law.
4. Securities activity fees are collected in Vietnamese Dong.
5. In the case of collecting government bond auction fees in foreign currency, it must be converted to Vietnamese Dong according to the interbank foreign exchange market rate on the last day of issuance of each issuance batch; Government bond transaction fees in foreign currency are calculated in Vietnamese Dong according to the interbank rate announced by the State Bank of Vietnam on the transaction day.
6. In the case of agency fees for principal and interest payment of government bonds in foreign currency, it must be converted to Vietnamese Dong according to the average rate in the month in which the principal and interest payment occurred.

Article 5. Implementation Provisions

1. This Circular takes effect after 45 days from the date of signing. Repealed: Content regulating securities activity fees in Circular No. 110/2002/TT-BTC dated December 12, 2002; Circular No. 11/2006/TT-BTC dated February 21, 2006 amending and supplementing Circular No. 110/2002/TT-BTC dated December 12, 2002 of the Ministry of Finance guiding the regime for collection, payment, management and use of fees and charges in the banking, securities and insurance sectors; Decision No. 1351/QĐ-BTC dated June 13, 2008 of the Minister of Finance on adjusting down the collection levels for stock trading fees, investment fund certificate trading fees and guidance of the Ministry of Finance on fees for issuing and trading government bonds contrary to the provisions of this Circular.
2. During implementation, if there are difficulties, organizations and individuals are requested to report promptly to the Ministry of Finance for research and supplementary guidance./.

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