CIRCULAR NO 2422016TT BTC DATED NOVEMBER 11, 2016, REGULATIONS ON PRICES OF SECURITIES RELATED SERVICES APPLIED AT SECURITIES TRADING ORGANIZATIONS AND COMME242 2016 TT BTC 339342

MINISTRY OF
FINANCE
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.: 242/2016/TT-BTC

Hanoi, November 11, 2016

CIRCULAR
REGULATIONS ON PRICES OF SECURITIES-RELATED SERVICES APPLIED AT
SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS JOINING
VIETNAM’S SECURITIES MARKET
Pursuant to the Law on securities dated June 29, 2006 and the Law dated November 24, 2010 on
amendments to a number of articles of the Law on securities;
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 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 on amendments to some articles of
the Government’s Decree No. 177/2013/ND-CP dated November 14, 2013 elaborating and guiding
the implementation of some articles of the Law on pricing;
Pursuant to the Decree No. 58/2012/ND-CP dated July 20, 2012 and the Decree No. 60/2015/NDCP dated June 26, 2015 by the Government on amendments to some articles of the Government’s
Decree No. 58/2012/ND-CP dated July 20, 2012 elaborating and guiding the implementation of
some articles of the Law on securities and the Law on amendments to some articles of the Law on
securities;
Pursuant to the Government’s Decree No. 86/2016/ND-CP dated July 01, 2016 on requirements for
investment and trading in securities;
Pursuant to the Government’s Decree No.215/2013/ND-CP dated 23 December 2013 defining the

functions, tasks, powers and organizational structure of Ministry of Finance;
At the request of Director of Department of Price Management and Chairman of the State
Securities Commission of Vietnam,
Minister of Finance promulgates a Circular providing for prices of securities-related services
applied at securities trading organizations and commercial banks joining the Vietnam’s securities
market.
Article 1. Scope
This Circular deals with regulations on prices of securities-related services applied at securities
trading organizations and commercial banks joining the Vietnam’s securities market.
Article 2. Regulated entities


1. Providers of services in securities trading sector, including securities trading organizations
(including securities companies, fund management companies, branches of foreign securities
companies in Vietnam, and branches of foreign fund management companies in Vietnam), and
commercial banks joining the Vietnam’s securities market in accordance with prevailing laws.
2. Organizations and individuals using securities-related services provided by service providers
mentioned in Clause 1 of this Article.
3. Other organizations and individuals concerned.
Article 3. Prices of securities-related services
1. The prices of services in securities trading sector applied at securities trading organizations and
commercial banks joining the Vietnam’s securities market are elaborated in the Price Schedule and
Appendix enclosed to this Circular.
Providers of services in securities trading sector mentioned in Article 2 hereof shall, based on the
maximum price and the price bracket prescribed in this Circular, 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 in Point c Clause 8 Article 5 of the Law on value-added tax and related
amendment documents (if any).

3. When collecting services fees in securities trading sector, securities trading organizations and
commercial banks must use service invoices in accordance with regulations in the Government’s
Decree No. 51/2010/ND-CP dated May 14, 2010 on goods and services invoices, the Government’s
Decree No. 04/2014/ND-CP dated January 17, 2014 on amendments to the Government’s Decree
No. 51/2010/ND-CP dated May 14, 2010 on goods and services invoices, the Circular No.
39/2014/TT-BTC dated March 31, 2014 by Minister of Finance guiding the implementation of the
Decree No. 51/2010/ND-CP dated May 14, 2010 and the Decree No. 04/2014/ND-CP dated January
17, 2014 by the Government on regulations on goods and services invoices, and their superseding
or amending documents (if any).
4. Securities trading organizations and commercial banks joining the securities market shall manage
and use the proceeds from their provision of securities-related services after deduction of amount
payable to state budget as regulated by law in accordance with regulations of prevailing laws.
5. Securities trading organizations and commercial banks joining the securities market may
themselves decide the prices of their services other than those prescribed in the Price Schedule
hereof in conformity with actually provided services and in accordance with regulations of the Law
on pricing and relevant laws.
6. Providers of services in securities trading sector must post and announce prices of their services,
and comply with regulations of the Law on pricing, the Law on securities and their instructional
documents.
Article 4. Implementation
1. This Circular shall come into force as from January 01, 2017 and supersede the Circular No.
38/2011/TT-BTC dated March 16, 2011 by Minister of Finance on securities-related service fees


applied at securities service providers, the collection, management and use thereof; the Circular No.
216/2013/TT-BTC dated December 31, 2013 by Minister of Finance on amendments to the Circular
No. 38/2011/TT-BTC dated March 16, 2011; Clause 4 Article 14 of the Circular No. 183/2011/TTBTC dated December 16, 2011 by Minister of Finance providing guidance on the establishment and
management of open funds and Clause 8 Article 1 of the Circular No. 15/2016/TT-BTC dated
January 20, 2016 by Minister of Finance on amendments to some articles of the Circular No.
183/2011/TT-BTC.

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

PP MINISTER
DEPUTY MINISTER

Tran Van Hieu

PRICE SCHEDULE OF SERVICES IN SECURITIES TRADING SECTOR APPLIED AT
SECURITIES TRADING ORGANIZATIONS AND COMMERCIAL BANKS JOINING
VIETNAM’S SECURITIES MARKET
(Enclosed to the Circular No. 242/2016/TT-BTC dated November 11, 2015 by Minister of Finance)
No.

SERVICE

Price of underwriting
1
service

PRICE
From 0.5% to 2% of total
value of shares issued
through a guaranteed
offering

2 a) Price of brokerage
service to buy/sell
shares or fund
From 0.15% to 0.5% of

certificates (inclusive trading value.
of securities registered
for trading on Upcom)
b) Price of brokerage
service to buy/sell
shares or fund
certificates in case of
withdrawal of state
capital

Not exceeding 0.03% of
trading value and not
exceeding VND 03 billion
per transaction. In special
cases where the service
fee exceeds the maximum
price, service provider
must submit report thereof
to the Minister of Finance

SERVICE
PROVIDER
Securities
companies,
commercial
banks
Securities
companies

PAYER

Issuers
Clients


for consideration and
decision in accordance
with regulations of the
Law on pricing and
relevant laws.
Price of service of
managing public
securities investment
3
funds or public
securities investment
companies

Not exceeding 2% of the
Fund
Net Asset Value (NAV)
management
of the fund or the
companies
portfolio per year

Public securities
investment funds
or public
securities

investment
companies

Price of service of
supervising assets of Not exceeding 0.15% of
Supervisory
4 closed-end funds or
the value of managing
banks
public securities
assets
investment companies

Closed-end
funds or public
securities
investment
companies

Price of service of
5 representing
bondholders

Commercial
banks joining
bond market

Bond issuers

Fund

management
companies

Closed-end
funds or public
securities
investment
companies

Price of service of
issuance of certificates Not exceeding 5% of
7
of open-end funds or trading value
ETFs

Fund
management
companies

Clients

Price of service of
redemption or switch ofNot exceeding 3% of
8
certificates of open-end trading value
funds or ETFs

Fund
management
companies

Clients

9 Price of offsetting

Settlement

Depository

Not exceeding 0.1% of
total value of issued
bonds

Price of service of
issuance of certificates
of closed-end funds or
6
shares of public
securities investment
companies
Total value of fund
certificates or shares
a)
issued for sale is less
than VND 500 billion

2% of the mobilized
capital per issuance of
fund certificates or shares

Total value of fund
certificates or shares
1.5% of the mobilized
b) issued for sale is from
capital per issuance of
VND 500 billion to less fund certificates or shares
than VND 1000 billion
Total value of fund
1% of the mobilized
certificates or shares
c)
capital per issuance of
issued for sale is VND
fund certificates or shares
1000 billion or above


service

a)

Shares, fund
certificates

b) Bonds

banks

members,
organizations

directly opening
accounts

0.01% of the netting value
of each member/ method
of settlement/ day of
settlement provided it
shall not be lower than
VND 5,000/day/member
and shall not exceed VND
300,000/day/member
0.001% of the netting
value of each member/
method of settlement/ day
of settlement provided it
shall not be lower than
VND 5,000/day/member
and shall not exceed VND
300,000/day/member

Organizations
Enterprises,
(other than stock
From VND 20 million per
organizations or
exchanges)
auction of shares or each
individuals
licensed to
type of securities to 0.3%

having shares or
10 Price of auction service
organize auction
of total value of shares or
securities sold
of shares and
securities of a type
out in auction as
other securities
actually sold out.
regulated by
as regulated by
laws
laws

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