Thông tư 101/2021/TT-BTC

CIRCULAR

PRESCRIBING PRICES OF SECURITIES SERVICES APPLIED IN STOCK EXCHANGES AND VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

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

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

Pursuant to the Law on Pricing 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 manufacturing and business operations of enterprises dated November 26, 2014;

Pursuant to the Government's Decree No. 177/2013/ND-CP dated November 14, 2013 on elaboration of the Pricing Law and the Government's Decree No. 149/2016/ND-CP dated November 11, 2016 providing amendments to the Government’s 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 elaboration of some Articles of the Law on Securities;

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

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

Pursuant to the Government’s Decree No. 93/2018/ND-CP dated June 30, 2018 prescribing provincial-government debt management;

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

Pursuant to the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015 on state capital investment in enterprises, use and management of capital and assets in enterprises; the Government’s Decree No. 126/2017/ND-CP dated November 16, 2017 on conversion of state-owned enterprises and single-member limited liability companies wholly owned by state-owned enterprises into joint-stock companies; the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018 providing amendments to Decree No. 91/2015/ND-CP dated October 13, 2015; the Government’s Decree No. 140/2020/ND-CP dated November 30, 2020, providing amendments to the Decree No. 126/2017/ND-CP dated November 16, 2017, the 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 functions, tasks, powers and organizational structure of the Ministry of Finance;

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

The Minister of Finance promulgates a Circular prescribing prices of securities services applied in Stock Exchanges and Vietnam Securities Depository and Clearing Corporation.

Article 1. Scope

This Circular provides regulations on prices of securities applied in Vietnam Exchange, Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HOSE) (hereinafter referred to as “SE”) and Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as “VSDC”) in accordance with regulations of law.

Article 2. Regulated entities

1. Securities service providers prescribed in this Circular, including: SEs and VSDC established and operating in Vietnam.

2. Users of securities services rendered by the service providers mentioned in Clause 1 of this Article, including: SE’s members; VSDC’s members, applicants for listing, listed organizations, securities investment fund management companies, issuers, direct account holders at VSDC, organizations or individuals transferring their securities ownership without using the SE’s trading system, State Treasury, issuers of government-backed bonds as prescribed in the Law on public debt management, Provincial People's Committees that issue municipal bonds.

3. Other relevant organizations and individuals.

Article 3. Prices of securities services rendered by SEs and VSDC

1. The prices of securities services rendered by SEs and VSDC are elaborated in the Price Schedule and the Appendix enclosed herewith.

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

3. SEs and VSDC shall themselves decide the prices of their services which are not specified in the Price Schedule enclosed herewith in conformity with their provision of such services and in accordance with regulations of the Law on pricing, the Law on securities and relevant laws, and shall assume responsibility for their decision.

4. SEs and VSDC must post and publish their prices of services and comply with regulations of the Law on pricing, the Law on securities and relevant guiding documents.

5. Trading service price payable by market makers may be reduced by up to 80% of the corresponding price specified in Point 4 Section II Part A of the Price Schedule and up to 70% of the corresponding price specified in Point 3 Section II Part B of the Price Schedule after they have fulfilled their market-making obligations in accordance with regulations of law and specific requirements imposed by competent authorities.

6. Listing service price in Point 2 Section II Part A of the Price Schedule, price of securities listing management in Point 3 Section II Part A of the Price Schedule, trading service price in Point 4 Section II Part A of the Price Schedule, price of securities registration/partial securities deregistration in Point 12 Section III Part A of the Price Schedule and securities depository service price in Point 13 Section III Part A of the Price Schedule enclosed herewith charged to issuers and buyers of green bonds as prescribed in the Law on Environmental Protection and its guiding documents shall be reduced by 50%.

Article 4. Payment of securities service prices

1. In case an organization applies for re-registration of membership of the SE, it shall pay the same prices of derivatives trading member registration service, member management service, derivatives trading member management service, periodical connection maintenance service, and terminal device user service as a new member, except the case of member registration specified in Point b Clause 10 Article 310 of the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020.

If an organization applies for re-registration as a depository member or clearing member of VSDC, it shall pay the same prices of depository member management service, clearing member management service, derivatives clearing member management service, clearing member registration service and derivatives clearing member registration service as a new member.

2. If the SE suspends trading membership or trading activities or online connection of its member for a period lasting until the following year without cancelling its membership, this member shall still pay prices of member management service, derivatives trading member management, periodical connection maintenance service, and terminal device user service for the following year.

In case VSDC suspends its provision of depository, clearing and settlement services for its member, or a member of VSDC has its depository, clearing and settlement activities suspended by VSDC for a period lasting until the following year without cancelling their membership, such member shall still pay prices of depository member management service, clearing member management service or derivatives clearing member management service for the following year.

3. If the SE suspends trading membership or trading activities or online connection to serve the cancellation of membership of its member within the same year, this member shall not pay prices of member management service, derivatives trading member management, periodical connection maintenance service, and terminal device user service for the following years.

In case VSDC suspends its provision of depository, clearing and settlement services for its member, or a member of VSDC has its depository, clearing and settlement activities suspended by VSDC in order to follow procedures for cancellation of their membership within the same year, such member shall not pay prices of depository member management service, clearing member management service or derivatives clearing member management service for the following years.

4. Prices of securities services shall be paid in VND. With regard to government bonds in foreign currency, the service price shall be calculated adopting the average rate of the central rates of that foreign currency to VND announced by the State Bank of Vietnam (“SBV”) in the month in which the service is rendered.

Article 5. Time limits for collection or refund of securities service prices

1. With regard to services charged annually as prescribed in the Price Schedule enclosed herewith, service users shall make payments to SEs or VSDC by January 31 every year.

2. With regard to services charged monthly as prescribed in the Price Schedule enclosed herewith, service users shall make payments to SEs or VSDC by the 15^th of the following month. 

3. An organization that applies for registration as a new member of the SE or VSDC and applies for the first listing shall pay prices of registration service for derivatives trading member, member management service, derivatives trading member management service, initial online connection service, periodical connection maintenance service, terminal device user service, registration service as clearing member, registration service for derivatives clearing member, depository member management service, clearing member management service, derivatives clearing member management service, listing registration service, and listing management service within 05 (five) business days after the SE issues a Decision to grant trading membership, Decision to approve connection for online trading, Decision on approval of listing, or Decision to approve connection for remote trading, or after VSDC issues a Certificate of depository membership, clearing membership or derivatives clearing membership.

4. The SE or VSDC shall refund the collected charges on member management service, derivatives trading member management service, periodical connection maintenance service, terminal device user service, depository member management service, clearing member management service or derivatives clearing member management service to its member within 05 (five) business days after the SE issues a Decision to cancel membership or VSDC issues a Decision to revoke certificate of membership or to cancel membership.

5. The SE shall collect additional charges or refund overpaid charges on listing management service to the listed organization or the fund management company within 07 (seven) business days after the SE issues a Decision to approve changes in listing or notifies changes in quantity of listed securities, or from the effective date of delisting.

6. In case of transfer of listed shares from HNX to HOSE before or according to the schedule prescribed in the Minister of Finance’s Circular No. 57/2021/TT-BTC dated July 12, 2021 introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities (hereinafter referred to as “Circular No. 57/2021/TT-BTC”), HNX shall calculate charges on listing management service actually rendered and transfer the remaining amounts of collected service charges to HOSE from the date of suspension of trading of shares to be transferred to HOSE, and HOSE shall not charge on the initial application for listing of such transferred shares.

In case of transfer of listed bonds from HOSE to HNX according to the roadmap prescribed in the Circular No. 57/2021/TT-BTC , HNX shall not charge on the initial application for listing of such transferred bonds.

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

1. After having fulfilling obligations to the state budget as prescribed, SEs and VSDC shall manage and use the remaining amounts of revenues from their provision of securities services in accordance with regulations of law.

2. VSDC shall consider allocating its revenues from provision of securities ownership transfer service as prescribed in Point 17 (excluding Point 17.1c and 17.4) Section III Part A of the Price Schedule enclosed herewith to SEs according to terms and conditions of the signed service contracts provided that the amount allocated to the SE shall not exceed 50% of total revenue earned from the provision of ownership transfer service of securities listed or registered for trading on the SE.

3. SEs and VSDC shall consider extending the payment deadline or take actions against the service users who make late payments or fail to fully pay service charges.

4. SEs and VSDC shall issue invoices when receiving payments of service prices in accordance with regulations of law.

Article 7. Implementation

1. This Circular comes into force from January 01, 2022 and supersedes the following Circulars: The Minister of Finance’s Circular No. 127/2018/TT-BTC dated December 27, 2018, the Minister of Finance’s Circular No. 14/2020/TT-BTC dated March 18, 2020, the Minister of Finance’s Circular No. 70/2020/TT-BTC dated July 17, 2020, and the Minister of Finance’s Circular No. 30/2021/TT-BTC dated May 14, 2021.

2. Before the official inauguration date of VSDC prescribed in the Law on Securities No. 54/2019/QH14, regulations on prices of securities services applied to VSDC laid down herein shall apply to Vietnam Securities Depository.

VSDC shall continue applying the price of position management service prescribed in Clause 6 Section II Part B of the Price Schedule in Article 1 of the Circular No. 14/2020/TT-BTC dated March 18, 2020 of the Minister of Finance until VSDC officially provides clearing and settlement services using the new securities market information technology system. After this time, the price of derivatives clearing service specified in Clause 6 Section II Part B of the Price Schedule enclosed herewith shall apply.

3. SEs and VSDC shall neither refund nor collect the difference between the service price collected before the effective date of this Circular and that payable in accordance with regulations of this Circular.

4. Difficulties that arise during the implementation of this Circular should be promptly reported to the Ministry of Finance for consideration./.

SCHEDULE OF PRICES OF SECURITIES SERVICES APPLIED IN STOCK EXCHANGES AND VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

(Enclosed with the Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance)

A. PRICES OF SERVICES RENDERED ON UNDERLYING SECURITIES MARKET

B. PRICES OF SERVICES RENDERED ON DERIVATIVES MARKET

APPENDIX

GUIDELINES ON PRICES OF SECURITIES SERVICES IN THE PRICE SCHEDULE
(Enclosed with the Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance)

A. PRICES OF SERVICES RENDERED ON UNDERLYING SECURITIES MARKET

1. Member management

a) The service price is prescribed in Point 1 Section I Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a member of the SE and is not subjected to the cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is a new member of the SE and is not subjected to the cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve membership to the end of December of the same year.

- If an organization is currently a member of the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which its trading membership or trading activities are suspended by the SE.

- If an organization is a new member of the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve membership to the end of the month in which its trading membership or trading activities are suspended by the SE.

c) If an organization becomes a member of the SE after the consolidation, merger, full or partial division, conversion or repurchase which requires registration as a new member, it must pay the same service charge as that incurred by an applicant for registration of new membership.

d) Refund of the collected service charge:

If a member has its membership cancelled, the SE shall refund the difference between the collected service charge in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that member.

2. Listing registration

a) The service price is prescribed in Point 2 Section II Part A of the Price Schedule.

b) In case an organization has its securities listed but then voluntarily or involuntarily delisted, the listed organization, fund management company or issuer of covered warrants cannot claim the refund of the paid listing registration charge.

3. Listing management service

a) With regard to management of listing of shares, corporate bonds, investment fund certificates and debt instruments defined in the Law on Public Debt Management:

a1) Service price:

- The service price is prescribed in Point 3.1 and Point 3.2 Section II Part A of the Price Schedule corresponding with each securities type and listed value.

- If an organization has different types of securities listed on the same SE, the service price shall be calculated for each type of listed securities.

a2) Charging period:

- In case the security is currently listed and is not subject to delisting in the same year, the charging period shall be 12 months commencing from January 01 of the charging year.

- In case an organization applies for securities listing for the first time and is not subjected to delisting in the same year, the charging period in the first year shall be calculated from the month after the month in which the SE issues a Decision to approve listing to the end of December of the same year.

- In case the security is listed but then delisted in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which the delisting becomes effective.

- In case the security is listed for the first time but is delisted in the same year, the charging period shall be calculated from the month after the month in which the SE issues a Decision to approve listing to the end of the month in which the delisting becomes effective.

a3) In case the listed organization or fund management company makes changes in listing resulting in change in the service charge payable (except ETFs), the securities listing management service charge payable is the sum of:

- The service charge which is calculated according to the listed securities type and previous listed value for the charging period from the beginning month of the year (or from the month after the month in which the SE issues a Decision to approve listing if the security is listed in the year) to the end of the month in which the SE issues the Decision to approve changes in listing of the same year.

- The service charge which is calculated according to the listed securities type and the new listed value for the charging period from the month after the month in which the SE issues the Decision to approve changes in listing in the year to the end of the month in which the SE issues the following Decision to approve changes in listing or to the end of December of the same year.

a4) Refund or additional collection of charge on listing management service of shares, corporate bonds, investment fund certificates and debt instruments defined in the Law on Public Debt Management:

- If the security is delisted in the year, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions provided in Point a1 and Point a2 of this Clause to the listed organization or fund management company.

- If any change in the securities listing results in increase or decrease in the service charge payable after the change in comparison to the collected service charge, the SE shall calculate and additionally collect or refund the difference to the listed organization or fund management company. 

b) With regard to management of listing of covered warrant:

Service charge payable = Service price x Charging period (months)

b1) The service price is prescribed in Point 3.4 Section II Part A of the Price Schedule.

b2) Charging period:

- The charging period is calculated from the month in which the SE issues a Decision to approve listing of covered warrant to the end of the final month of the term of that covered warrant. If the covered warrant is listed for the first time in the year, the charging period of the first year is calculated from the month in which the SE issues a Decision to approve listing of covered warrant to the end of December of the same year and shall not be longer than the term of that covered warrant.

- In case a covered warrant is listed but then is delisted in the same year, the charging period shall be calculated from the month in which the SE issues a Decision to approve listing to the end of the month in which the delisting becomes effective.

b3) Refund of the charge on listing management service of covered warrants

If a covered warrant is delisted in the year, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions provided in Point b1 and Point b2 of this Clause to the listed organization.

4. Trading service

a) For trading in shares, fund certificates, corporate bonds, and debt instruments defined in the Law on Public Debt Management, and covered warrants:

Where:

- The service price is prescribed in Point 4 Section II Part A of the Price Schedule.

b) The service charge on a repo transaction in a debt instrument as defined in the Law on Public Debt Management shall be charged once on the first transaction (buy transaction) and not charged on the sell-back transaction.

c) The service charge on a sell/buy-back in a debt instrument as defined in the Law on Public Debt Management shall be charged once on the first transaction (sell transaction) and not charged on the buyback transaction.

d) The service charge on borrowing/lending of a debt instrument as defined in the Law on Public Debt Management shall be charged once on the value of the borrowing/lending transaction and not charged on the repayment of debt instrument borrowed/lent.

5. Online connection

Online connection service price includes initial connection service price and periodic connection maintenance service price.

a) Initial online connection

- The service price is prescribed in Point 5.1 Section II Part A of the Price Schedule.

- If the membership is granted after the consolidation, merger, full or partial division, conversion or repurchase, the price of the initial online connection service shall be calculated as follows:

+ The initial online connection service price shall be charged on the member whose operations are not based on the existing material facilities, information technology system and trading software of one of members participating in that consolidation, merger, full or partial division, conversion or repurchase.  

+ The initial online connection service price shall not be charged on the member whose operations are based on the existing material facilities, information technology system and trading software of one of members participating in that consolidation, merger, full or partial division, conversion or repurchase.  

b) Periodical connection maintenance service:

- The service price is prescribed in Point 5.2 Section II Part A of the Price Schedule.

- Charging period:

+ If a member’s online trading connection is not subject to suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be 12 months commencing from January 01 of the charging year.

+ If a member’s online trading connection has been newly approved and is not subject suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the month after the month in which the SE approves online trading connection to the end of December in the same year.

+ If a member’s online trading connection is active and subject to suspension for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which the SE suspends the online connection.

+ If a member’s online trading connection has been newly approved but is subject suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the month after the month in which the SE approves online trading connection to the end of the month in which the SE suspends the online connection.

c) If an organization is granted membership by the SE after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for online connection, it shall pay the same periodical online connection maintenance service charge as that is incurred by a new online trading member.

d) Refund of the collected service charge:

If a member has its online connection suspended for cancellation of its membership, the SE shall refund the difference between the charge on periodical online connection maintenance service collected in the year and the actual service charge payable which is calculated adopting the instructions in Point b of this Clause to that member.

6. Terminal device user service

a) The service price is prescribed in Point 6 Section II Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a member of the SE and is not subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or involuntary cancellation of its membership in the year, the charging period shall be 12 months from January 01 of the charging year.

- If an organization is newly granted membership by the SE and is not subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or involuntary cancellation of its trading membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve remote trading connection to the end of December of the same year.

- If a securities company is currently a member of the SE but is subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or compulsory cancellation of its membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which its trading membership or trading activities are suspended.

- If an organization is newly granted membership by the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve remote trading connection to the end of the month in which its trading membership or trading activities are suspended by the SE.

c) If an organization becomes a member of the SE after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration as a new member, it must pay the same terminal device user service charge as that incurred by an applicant for registration of new membership.

d) Refund of the collected service charge:

If a member has its membership cancelled, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions in Point a and Point b of this Clause to that member.

7. Auction, competitive offering and book building at the SE

a) The service price is prescribed in Point 7 Section II Part A of the Price Schedule.

b) The value of shares/stakes/other securities sold out, which is employed to calculate the service charge on an auction/competitive offering/book building, includes the proceeds from shares/stakes/securities sold out by direct negotiation with investors participating in the auction (in case the SE carries out direct negotiation for selling the quantity of shares/securities that are unsold in the auction). 

c) If conditions for holding an auction/competitive offering/book building are not satisfied or the auction/competitive offering/book building is suspended at the request of the SE’s service user, the minimum service charge of VND 20 million/auction shall still be collected.

8. Depository member management

a) The service price is prescribed in Point 11 Section III Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a depository member of the VSDC and is not subject to the VSDC’s revocation of Certificate of depository membership in the year, the charging period shall be 12 months commencing from January 01 of the charging year.

- If an organization is newly granted depository membership and is not subject to the VSDC’s revocation of Certificate of depository membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of depository membership to the end of December of the same year.

- If an organization is currently a depository member of VSDC and has its Certificate of depository membership revoked by VSDC in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to revoke Certificate of depository membership.

- If an organization is newly granted depository membership by VSDC and then has its Certificate of depository membership revoked by VSDC in the same year, the charging period shall be calculated from the month after the month in which VSDC issues a Decision to issue Certificate of depository membership to the end of the month in which VSDC issues a Decision to revoke Certificate of depository membership.

c) If an organization is granted depository membership after consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of depository membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new depository membership.

d) Refund of the collected service charge:

If a depository member has its Certificate of depository membership revoked, VSDC shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that depository member.

9. Securities registration/partial securities deregistration

a) The service price is prescribed in Point 12 Section III Part A of the Price Schedule.

b) If an issuer’s registration of securities is accepted but then such securities are subject to voluntary or compulsory deregistration, the issuer shall not be eligible for refund of securities registration service charge.

10. Securities depository service

a) The service price is prescribed in Point 13 Section III Part A of the Price Schedule.

b) ∑Vi calculation

 “Vi” is the quantity of securities deposited in the day i and is the sum of balances on all securities depository accounts serving securities brokerage and proprietary trading.

i = 1 → n is the days in a month in which deposited securities balances occur.

Daily deposited securities balance is determined at the end of the day according to documents certified by VSDC.

c) Exemption from securities depository service charge

Securities depository service charges in respect of shares of public companies which are not yet listed or registered for trading on SE shall be exempted.

11. Securities transfer service

a) The charge on transfer of securities between investors’ accounts opened at different depository members:

The service charge payable in the month is the sum of charges on securities transfer service in the day i.

 (i = 1 → n is the days in a month in which securities are transferred between the investor’s accounts opened at different depository members)

The charge on securities transfer service in the day i = ∑(Service price x Vj)

Where:

- The service price is prescribed in Point 14.1 Section III Part A of the Price Schedule.

- Vj is the quantity of securities of code j on each securities depository account transferred in the day i at the request of the depository member representing the transferor with VSDC’s certification (j = 1 → m is codes of securities transferred between the investor's accounts opened at different depository members in the day i).

b) The service charge on the transfer of securities for settlement purpose

The service charge payable in the month is total charge on securities transfer service for settlement in the day i (i = 1→n is the days in a month in which securities are transferred for settlement of securities selling transactions)

The charge on securities transfer service for settlement in the day i = ∑(Service price x Pj)

Where:

- The service price is prescribed in Point 14.2 Section III Part A of the Price Schedule.

- Pj is the quantity of securities of code j (j = 1→m is codes of securities transferred for settlement of securities selling transactions in the day i) transferred for settlement in the day i according to VSDC’s notice of trading result.

12. Corporate actions

a) The service price is prescribed in Point 15 Section III Part A of the Price Schedule.

b) The charge on corporate action performance service is calculated according to the number of securities holders of the issuer (regardless of whether or not the security is deposited) on the list of securities holders made by VSDC when notifying the record date for corporate actions.

13. Post-trading error correction

The charge on post-trading error correction service includes the charge on post-trading error correction, the charge on handling of transactions with delayed settlement, the charge on proprietary trading error correction and the charge on cash settlement service.

a) Charge on post-trading error correction service:

Service charge = Service price x n

- The service price is prescribed in Point 16.1 Section III Part A of the Price Schedule.

- n is the number of erroneous transactions corrected by VSDC

b) Charge on handling of transactions with delayed settlement:

Service charge = Service price x n

- The service price is prescribed in Point 16.2 Section III Part A of the Price Schedule.

- n is the number of transactions for which the delayed settlement is handled by VSDC.

c) Charge on proprietary trading error correction

Service charge = Service price x n

- The service price is prescribed in Point 16.3 Section III Part A of the Price Schedule.

- n is the number of proprietary transactions corrected by VSDC.

d) Charge on cash settlement service

Service charge = Service price x n

- The service price is prescribed in Point 16.4 Section III Part A of the Price Schedule.

- n is the number of transactions with cash settlement handled by VSDC.

dd) In case trading errors occur in case of force majeure events such as technical problems, the charge on post-trading error correction service shall be calculated in each specific case according to instructions in Point a, Point b, Point c and Point d of this Clause provided that total charge on post-trading error correction service payable by a depository member or clearing member shall not exceed VND 100 million/ member/error. 

14. Transfer of securities ownership without using the SE’s trading system

a) The service price is prescribed in Point 17 Section III Part A of the Price Schedule.

b) The price of securities employed to calculate the value of transferred securities shall be determined as follows:

- For securities listed or registered for trading:

+ In case of securities ownership transfer, the securities price shall be the price specified in the transfer agreement provided that it shall not be lower than the reference price announced in the day in which the transfer of securities ownership is performed by VSDC.

+ In case of donation or inheritance or where the transfer agreement is not available or does not indicate the transfer price, the securities price shall be the reference price announced in the day in which the transfer of securities ownership is performed by VSDC.

+ In case the bond's reference price is unavailable, the securities price shall be calculated according to the bond's face value.

- For securities which are not yet listed or registered for trading, the securities price shall be calculated according to the face value.

c) The transferors (specified in Point 17.1, Point 17.3 or Point 17.5 Section III Part A of the Price Schedule) or the transferees (specified in Point 17.2 Section III Part A of the Price Schedule) or investors carrying out exchanges with ETFs (buy/sell backs of ETF certificates), investors requesting the exercise of covered warrants (specified in Point 17.4 Section III Part A of the Price Schedule) or transferors of securities ownership serving issuance of depositary receipts/transferees of securities ownership serving cancellation of depositary receipts (specified in Point 17.6 Section III Part A of the Price Schedule) shall pay charges on securities ownership transfer service through depository members where depository accounts of parties engaged in the securities ownership transfer are opened in respect of deposited securities or through issuers in respect of non-deposited securities.

15. Borrowing and lending securities via VSDC’s system

15.1. Management of securities borrowing and lending transactions

Where:

The service price is prescribed in Point 18.1 Section III Part A of the Price Schedule.

The service price shall be charged once on the borrowing/lending transaction and not charged on the repayment of borrowed/lent securities.

15.2. Collateral management

The charge payable on collateral management service = Service price x ΣVi

Where:

The service price is prescribed in Point 18.2 Section III Part A of the Price Schedule.

Vi: The value of the collateral (cash and securities calculated by their face value) in the day i

i = 1 → n is the borrowing days.

16. Blockade of securities at request of investors

Where:

a) The service price is prescribed in Point 22 Section III Part A of the Price Schedule.

b) V: Price of securities calculated by face value in respect of shares, bonds, fund certificates, ETFs or which is the initial issuance price in respect of covered warrants

17. Clearing member registration service price

Where:

a) The service price is prescribed in Point 23 Section III Part A of the Price Schedule.

b) If a clearing member has its clearing membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as clearing member shall not be refunded.

18. Clearing member management

a) The service price is prescribed in Point 24 Section III Part A of the Price Schedule.

b) Charging period:
- If an organization is currently a clearing member of the VSDC and is not subject to the VSDC’s revocation of Certificate of clearing membership in the year, the charging period shall be 12 months from January 01 of the charging year.

- If an organization is newly granted clearing membership by VSDC in the year and is not subject to the VSDC’s revocation of Certificate of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of December of the same year.

- If an organization is currently a clearing member of VSDC and has its Certificate of clearing membership revoked by VSDC in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to revoke Certificate of clearing membership.

- If an organization is newly granted clearing membership by VSDC in the year but then has its Certificate of clearing membership revoked by VSDC in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of the month in which VSDC issues a Decision to revoke Certificate of clearing membership.

c) If an organization becomes a clearing member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of clearing membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new clearing membership.

d) Refund of the collected service charge:

If a clearing member has its Certificate of clearing membership revoked, VSDC shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that clearing member.

19. Clearing service

Service charge payable = Service price x Total value of novation transactions of each member

Where:

- The service price is prescribed in Point 25 Section III Part A of the Price Schedule.

B. PRICES OF SERVICES RENDERED ON DERIVATIVES MARKET

1. Registration as derivatives trading member

a) The service price is prescribed in Point 1 Section I Part B of the Price Schedule.

b) If a derivatives trading member has its trading membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as derivatives trading member shall not be refunded.

2. Management of derivatives trading members

a) The service price is prescribed in Point 2 Section I Part B of the Price Schedule.

b) Charging period:

- If an organization is currently a derivatives trading member of the SE and is not subject to the cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is newly granted derivatives trading membership by the SE in the year and is not subject to the cancellation of trading membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve derivatives trading membership to the end of December of the same year.

- If an organization is currently a derivatives trading member of the SE but is subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which its trading membership or trading activities are suspended by the SE.

- If an organization is newly granted derivatives trading membership by the SE but is subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve derivatives trading membership to the end of the month in which its trading membership or trading activities are suspended by the SE.

c) If an organization becomes a derivatives trading member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration as a new derivatives trading member, it must pay the same service charge as that incurred by an applicant for registration of new derivatives trading membership.

d) Refund of the collected service charge:

If a derivatives trading member has its membership cancelled, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that member.

3. Derivatives trading service

Where:

- Total number of futures contracts of each member = The number of buy contracts + The number of sell contracts.

- The service price is prescribed in Point 3 Section II Part B of the Price Schedule.

4. Registration as derivatives clearing member

a) The service price is prescribed in Point 4 Section III Part B of the Price Schedule.

b) If a derivatives clearing member has its membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as derivatives clearing member shall not be refunded.

5. Management of derivatives clearing members

a) The service price is prescribed in Point 5 Section III Part B of the Price Schedule.

b) Charging period:

- If an organization is currently a derivatives clearing member of the VSDC and is not subject to the VSDC’s cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is newly granted derivatives clearing membership by VSDC in the year and is not subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of December of the same year.

- If an organization is currently a derivatives clearing member of VSDC but is subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to cancel clearing membership.

- If an organization is newly granted derivatives clearing membership by VSDC in the year but is not subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Certificate of clearing membership to the end of the month in which VSDC issues a decision to cancel clearing membership.

c) If an organization becomes a derivatives clearing member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of clearing membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new clearing membership.

d) Refund of the collected service charge:

If a derivatives clearing member has its membership cancelled, VSDC shall refund the difference between the service charge paid in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that clearing member.

6. Derivatives clearing service

Service charge payable = Service price x ΣVi

a) The service price is prescribed in Point 6 Section III Part B of the Price Schedule.

b) ∑Vi calculation

- Vi is the number of novated contracts in the day i which is calculated by adding novated contracts on all accounts of the investor/clearing member.

i = 1 → n is the days in a month in which transactions are conducted

7. Management of margin assets

The charge on margin asset management service payable by a clearing member in a month:

P = P1 + P2

Where:

P is the charge payable on margin asset management service;

P1 is the charge payable on cash margin management service;

P2 is the charge payable on securities margin management service;

- Cash margin management:

Payer: the derivatives clearing member that has cash margin balance

The charge on cash margin management service payable by a clearing member in a month: P₁ = ΣPi

Pi = Service price x cash margin balance in the day i

Where:

Pi is the charge on margin management service in the day i

i = 1 →n is the days in a month in which cash margin balance occurs

The service price is prescribed in Point 7 Section III Part B of the Price Schedule.

- Securities margin management:

Payer: the derivatives clearing member that has securities margin balance

The charge on securities margin management service payable by a clearing member in a month: P₂ = ΣP_i

P_i= Service price x Σ(V_j x k)

Where:

Pi is the charge on securities margin management service in the day i;

i = 1 →n is the days in a month in which securities margin balance occurs;

k is the face value of securities of ticker symbol generating balance in the day i;

V_j is total balance of securities used as margin of ticker symbol j on securities margin account opened at VSDC in the day i;

j = 1 → m is ticker symbols of securities with balances occurring in the day i;

The service price is prescribed in Point 7 Section III Part B of the Price Schedule.

8. Post-trading error correction

Service charge payable = Service price x n

- The service price is prescribed in Point 8 Section III Part B of the Price Schedule.

- n is the number of erroneous transactions corrected by VSDC.