This is the core content of Circular 25/2022/TT-BTC (“Circular 25”), issued to replace Circular No. 272/2016/TT-BTC (“Circular 272”) detailing fees and charges in the securities sector. Since Circular 25 has various noteworthy amendments and supplementations, ATA Legal Services would like to send to Clients the following article summarizing the outstanding contents of such document.
Some of the main contents amended and supplemented in Circular 25 include:
1. Adjustment of regulations on charges for the issuance of establishment and operation certificates of companies in the securities sector
- Reducing the charge for granting the certificate of registration to establish a securities investment fund (from VND 30 million/certificate to VND 20 million/certificate, of which the charge for re-issuance/adjustment of a certificate is VND 2 million/time).
- Reducing the charge for granting certificates of fund certificate distribution activities (from VND 10 million/certificate to VND 5 million/certificate).
2. 90% reduction in management fees of unlisted and unregistered public companies
Accordingly, the fee is collected and paid once at the time the company is certified by the Securities Commission to complete the registration of a public company, with the fee of VND 830,000 (this fee was 10 million VND according to the previous regulations).
3. Reducing from 10% to 30% of the fee for management and supervision of securities activities for the Stock Exchange
- Regulations on fees for management and supervision of securities activities for the Stock Exchange are specifically adjusted as follows:
|
No. |
Supervision fees of securities activities |
Previous regulations |
Updated regulations |
|
1 |
For stocks, fund certificates |
0.009% of the transaction value |
0.0081% of the transaction value |
|
2 |
For corporate bonds |
0.0035% of the transaction value |
0.00315% of the transaction value |
|
3 |
For repurchase transactions (repo) of Government bonds with terms up to 2 weeks (14 days) |
0.0004% of the transaction value |
0.00028% of the transaction value |
|
4 |
For normal transactions, repurchase transactions (repo) of Government bonds with a term of over 14 days |
Unregulated |
0.00245% of the transaction value |
|
5 |
For derivative securities |
Unregulated |
10% of the revenue from derivatives trading services |
b. Supplementing regulations on management and supervision fees for derivatives at the Vietnam Securities Depository Center (VSD), currently known as Vietnam Securities Depository and Clearing Corporation (VSDC): 10% of the revenue from the service price of position management/the clearing price and the margin asset management service price.
c. Supplementing regulations on management and supervision fees for paying banks as follows:
- For stocks, fund certificates, covered warrants: 0.001% of clearing value, net payment/payment day, maximum VND 1,000,000/day.
- For corporate bonds: 0.0001% of clearing value, net payment/payment day, up to 100,000 VND/day.
Comment: