Thông tư 67/2014/TT-BTC

CIRCULAR

LEVELS OF FEES, COLLECTION, PAYMENT, MANAGEMENT, AND USE OF FEES AT STATE SECURITIES COMMISSION

Pursuant to charge and fee Ordinance No. 38/2001 / PL-UBTVQH10 08/28/2001;

Pursuant to the Government’s Decree No. 57/2002 / ND-CP of June 03, 2002, detailing the implementation of the Charge and Fee Ordinance; Decree No. 24/2006 / ND-CP of March 6, 2006, amending and supplementing a number of articles of Decree No. 57/2002 / ND-CP of June 3, 2002;

Pursuant to the Government’s Decree No. 58/2012 / ND-CP of July 20, 2012, detailing and guiding the implementation of some articles of the Law on Securities and the Law on amending and supplementing a number of articles of the Law on Securities;

Pursuant to the Government’ Decree No. 215/2013 / ND-CP  of December 23, 2013 , defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

Pursuant to the Prime Minister’s Decision No. 29/2009 / QD-TTg of February 20, 2009, on autonomy in staffing and operating funds of the State Securities Commission;

At the proposal of the Director of Tax Policy Department,

Minister of Finance Department promulgates the Circular defining levels of fees, collection, payment, management and use of fee at the State Securities Commission as follows:

Article 1. Charged services and fee levels

1. Charged services are those pertaining to issuance of licenses for operation in securities sector and the management and supervision of the securities sector.

2. Specific levels of fees in securities sector applied at the State Securities Commission are provided in Table of charge and fee levels enclosed with this Circular.

Article 2. Fee payers

Fee payers are organizations and individuals (hereinafter referred to as entities) who use the services enumerated in the table of fee levels enclosed with this Circular. In case of certificate of registration for fund certificate distribution activities, fee payers are commercial banks and insurers registering for fun certificate distribution.

Article 3. Organization of fee collection and payment

1. Fees for services at the State Securities Commission are in Vietnam dong. Entities shall pay fee by cash or bank transfer to the account of fee- collecting agencies opened at the State Treasuries.

2. For fee collection and payment, entities must pay the fee in full for issuance of a license, certificate, decision, announcement, certificates of operating in securities sector.

3. Collection and payment of monitoring fee

Monitoring fee deducted from the fee for transfering securities ownership without using the transaction system of Stock Exchange is the remaining revenue from fee collection after Vietnam Securities Depository ( VDS) pays 50% of revenue from fee collection to the Stock Exchange.

Monitoring fee is percentage of  the transaction value announced on the transaction system of the Stock Exchange and value of securities ownership transfer not through the Stock Exchange’s transaction system, which is transferred to the Stock Exchange by VSD under the provisions of the Finance Ministry on fees of securities services applied in the Stock Exchange and VSD.

The Stock Exchanges and VDS shall pay monitoring fees to the State Securities Commission quarterly, from the 1st to the 30th of the first month of the next quarter.

4. Collection and payment of management fee of unlisted public companies

a) Any organization whose application for registration of an public company is approved must pay a fee for unlisted public company management. The fee is calculated on the following formula:

The fee  = VND 10 million / 12 months x duration (month).

The duration is from the month following the month in which application for public company registration ( hereinafter referred to as application) is approved to the end of the month in which the Stock Exchange issues decision to approve the listing or State Securities Commission issues a notice to cancel the public company registration.

b) Fee shall be pay from December 1 to December 31 annually.

Example 1, Company A’s application is approved on June 15, 2014. In December, 2014 (from December 1 to December 31), Company A must pay the fee as follows: = VND 10 million / 12 months x 6 months (from July to December) = VND 5 million. From the next year onwards, company A must pay annual management fee of 10 million / year every December .

In case of the time in which the Stock Exchange issues decision to approve the listing or State Securities Commission issues a notice to cancel the public company registration is different from the above fee- paying time (December annually), the company shall pay unpaid period fee as prescribed. The deadline for fee payment is 30 days from the date of issuing decision or announcement.

Example 2, Company B’s application is approved since April 15, 2014. On October 20, 2014, company B’s officical listing is approved (or its application is rejected ), the fee is : 10/12 x 6 months = VND 5 million.

Example 3, Company C’s application is approved  since March 15, 2014.  On Mach 15, 2015 company C’s officical listing is approved (or its application is rejected). The company must pay a fee as follows:

In 2014: 10/12 x 9 months = VND 7.5 million (paid in December, 1014)

In 2015: 10/12 x 3 months = VND 2.5 million. Paying time is from March 15 to April 15, 2015. In case company C has not paid in 2014,  the fee is VND 10 million.

5. Annual management fee collection and payment for open ended funds, Exchange Traded Fund (ETF)

Within 30 days from the date of issuance of Certificate of registration of the open ended fund, ETF, fund management organizations must pay annual management fee as follows:

- If the issuance of certificate is from January 01 to June 30 annually, the fee is VND 10 million / fund;

- If the the issuance of certificate is from July 1 to December 31 annually, the fee is VND 5 million / fund;

In the following years, the fund management organizations shall pay a fee of VND 10 million / fund, from December 1 to December 31 annually.

Article 4.  Fee management and use

1. Fees in securities sector applied in the State Securities Commission is considered state budget revenue.

2. The fee-collecting agencies may keep the whole (100%) amount of collected fee, and use it in accordance with the Prime Minister’s Decision No. 29/2009 / QD-TTg of February 20, 2009 on autonomous staffing and budget balance of the State Securities Commission and the implementation guiding documents.

3. The fee-collecting agencies submit the whole (100%) amount of collected fees to the state budget in accordance with applicable regulations on state budget.

4. Fee collected as prescribed in this Circular shall be fully accounted for in the annual estimates and balance-sheet of the State Securities Commission in accordance with current law.

Article 5. Implementation provisions

1. This circular takes effect since July 10, 2014

2. The Ministry of Finance’s Circular 134/2009 / TT-BTC of July 1, 2009, defining the fee levels, collection, payment, management and use of fee in securities sector applied in the State Securities Commission is abolished.

3. The issues pertaining collection, payment, management, use, collection receipts, publicity of fee regulations in securities sector not specified in this Circular shall comply with the guidance in the Ministry of Finance’s Circular No. 63/2002 / TT-BTC of July 24, 2002, guiding the implementation of laws and regulations on fees ; Circular No. 45/2006 / TT-BTC of May 25,2006, amending and supplementing Circular No. 63/2002 / TT-BTC of July 24, 2002; the Ministry of Finance’s Circular No. 156/2013 / TT-BTC of November 06, 2013, guiding the implementation of some articles of the Law on Tax Administration; Law on amending and supplementing a number of articles of the Law on Tax Administration and the Government’s Decree No. 83/2013 / ND-CP of July 22, 2013; the Ministry of Finance’s Circular No. 153/2012 / TT-BTC of September 17, 2012, guiding the printing, distribution, management and use of documents for collection of charges and fees belong to the state budget; and amending and supplementing documents (if any)

4. Any problems arising in the course of implement should be reported to the Ministry of Finance for study and additional guidance. /.

TABLE OF FEE LEVELS IN SECURITIES SERVICES IN THE STATE SECURITIES COMMISSION

(Enclosed with the Ministry of Finance’s Circular No. 67/2014 / TT-BTC of May 21, 2014)