Draft Circular on Service Pricing in the Securities Sector Applicable at the Vietnam Stock Exchange and Its Subsidiaries, as well as the Vietnam Securities Depository and Clearing Corporation, Issued by the Minister of Finance

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*Service Pricing in the Securities Sector at the Vietnam Stock Exchange (VNX) and Vietnam Securities Depository and Clearing Corporation (VSDC)

On September 4, 2024, the Ministry of Finance issued and sought comments on the Draft Circular guiding service pricing in the securities sector applicable at the Vietnam Stock Exchange and its subsidiaries, as well as the Vietnam Securities Depository and Clearing Corporation.

Service prices in the securities sector, as regulated by this Circular, are not subject to value-added tax in accordance with the Law on Value-Added Tax and any amendments or supplements (if applicable).

For services where the Ministry of Finance does not regulate pricing, VNX and VSDC may set their own prices and are fully responsible for the appropriateness of the service prices provided, in accordance with actual service provision and relevant laws on pricing, securities, and other related legislation.

VNX and VSDC must post prices publicly, ensure transparency, and comply with legal regulations on pricing, securities, and related guidelines.

By March 31 of each year, the Vietnam Stock Exchange, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, and the Vietnam Securities Depository and Clearing Corporation must submit a specialized report on the previous year's securities service business results to the Ministry of Finance (State Securities Commission and the Department of Price Management). Based on the reports and proposals from the Vietnam Stock Exchange, its subsidiaries, and the Vietnam Securities Depository and Clearing Corporation, the State Securities Commission will consolidate, review, and assess the information. If necessary, they may request additional reports or conduct on-site surveys for further clarification.

If there are fluctuations in price-determining factors, domestic market prices, or global market prices that affect the business operations of the entities, the stock exchanges and the Vietnam Securities Depository and Clearing Corporation are responsible for formulating a pricing plan and submitting it to the State Securities Commission for review and recommendation. The proposal is then sent to the Department of Price Management for consolidation and reporting to the Ministry of Finance for appropriate price adjustments in accordance with regulations.

*Service Fees for Listing Management

According to the draft, service fees for managing the listing of shares, corporate bonds, investment fund certificates, and debt instruments as regulated by the Law on Public Debt Management will be calculated as follows:

Service Price = (Price divided by 12 months) x Service Price Calculation Period (months)

The price level will be decided by the Ministry of Finance and may vary depending on the period. In cases where an organization lists multiple securities codes on the same stock exchange, the fee will be calculated separately for each code.

Service Price Calculation Period: For securities that remain listed and are not delisted within the year, the service price calculation period will be 12 months, starting from January 1 of the pricing year.

For organizations registering for an initial listing that is not delisted within the year, the service price for the first year will be calculated from the month following the issuance of the stock exchange’s decision approving the listing until the end of December of that year.

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