Regulation on service prices in securities sector

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Accordingly, service prices in the securities sector applicable to securities trading organizations and commercial banks participating in the stock market are specified in detail in the Price List attached to this draft Circular.

For service prices on the underlying stock market, the draft Circular stipulates the prices of 10 services, including: underwriting service upon SOEs equalization; brokerage service for buying and selling stocks, fund certificates and covered warrants; management services of public securities investment funds, public securities investment companies; asset monitoring services of closed-end funds and public securities investment companies; representative for bond holders; issuance of closed-end fund certificates and shares of public securities investment companies; issuance of open-ended fund certificates and Exchange-Traded Fund (ETF) certificates; redemption and conversion of open-ended fund certificates and ETF certificates; clearing service for securities transactions; and auction service.

In which, the price of underwriting service upon equitization of SOEs is from 0.5% to 2% of the total underwriting value for shares.

The price for management service of public securities investment funds or public securities investment companies is maximum 2% of the fund's net asset value or the net asset value of the portfolio per year.

The price of asset monitoring service of a closed fund or public securities investment company.

The price for asset monitoring services of closed-end funds and public securities investment companies is 0.15% of the value of the monitored asset.

The maximum price for representative for bond holders is 0.1% of the total value of the issued bonds.

The price of auction service is from VND20 million auction of shares/each type of securities to 0.15% of the total value of sold shares and types of securities, maximum of VND150 million per auction.

In the derivatives market, the draft Circular regulates the price of brokerage services for futures contracts. Accordingly, the maximum specific price is VND5,000/index future contract and maximum VND8,000/government bond futures contract.

The above prices do not include the price of derivatives trading service, position management service, and deposit management service that the securities company pays to the Stock Exchange and the Vietnam Securities Depository and Clearing Corporation.

The draft Circular stipulates that, based on the maximum prices and the price bracket specified in this draft Circular, service providers in the securities sector shall decide on a specific price in accordance with the provided services and regulations of the law on prices and relevant laws.

Service prices in the securities sector specified in the draft do not include value-added tax as prescribed in the Law on Value-Added Tax and amendments and supplements (if any).

When collecting service fees in the securities sector, service providers shall issue invoices as prescribed in Decree 51/2010; Decree 04/2014; Decree 119/2018; Circular 39/2014; Circular 37/2017; Circular 26/2015 and its replacement or amendments (if any).

Moreover, revenue from service provision shall be managed and used by securities trading organizations and commercial banks after being submitted to the State budget.

For other services not specified in the Price List, securities trading organizations and commercial banks are allowed for pricing in accordance with provisions of the law on prices and relevant laws.

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Service providers in the securities sector must list prices, publicize prices, and comply with the provisions of the law on prices, the law on securities and relevant guiding documents.