CIRCULAR

PRESCRIBING PRICES OF SECURITIES SERVICES APPLIED IN STOCK EXCHANGES AND VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

Pursuant to the Law on Securities dated November 26, 2019;

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 Law on Public Debt Management dated November 23, 2017;

Pursuant to the Law on environmental protection dated November 17, 2020;

Pursuant to the Law on management and use of state capital invested in manufacturing and business operations of enterprises dated November 26, 2014;

...

...

...

Pursuant to the Government's Decree No. 155/2020/ND-CP dated December 31, 2020 on elaboration of some Articles of the Law on Securities;

Pursuant to the Government’s Decree No. 158/2020/ND-CP dated December 31, 2020 on derivatives and derivative market; 

Pursuant to the Government’s Decree No. 91/2018/ND-CP dated June 26, 2018 on issuance and management of government guarantee;

Pursuant to the Government’s Decree No. 93/2018/ND-CP dated June 30, 2018 prescribing provincial-government debt management;

Pursuant to the Government’s Decree No. 95/2018/ND-CP dated June 30, 2018 prescribing issuance, registration, depositing, listing and trading of government debt instruments on securities market;

Pursuant to the Government’s Decree No. 91/2015/ND-CP dated October 13, 2015 on state capital investment in enterprises, use and management of capital and assets in enterprises; the Government’s Decree No. 126/2017/ND-CP dated November 16, 2017 on conversion of state-owned enterprises and single-member limited liability companies wholly owned by state-owned enterprises into joint-stock companies; the Government’s Decree No. 32/2018/ND-CP dated March 08, 2018 providing amendments to Decree No. 91/2015/ND-CP dated October 13, 2015; the Government’s Decree No. 140/2020/ND-CP dated November 30, 2020, providing amendments to the Decree No. 126/2017/ND-CP dated November 16, 2017, the Decree No. 91/2015/ND-CP dated October 13, 2015 and Decree No. 32/2018/ND-CP dated March 08, 2018;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers and organizational structure of the Ministry of Finance;

At the request of the Director of Department of Price Management and the Chairman of State Securities Commission of Vietnam (SSC);

The Minister of Finance promulgates a Circular prescribing prices of securities services applied in Stock Exchanges and Vietnam Securities Depository and Clearing Corporation.

...

...

...

This Circular provides regulations on prices of securities applied in Vietnam Exchange, Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HOSE) (hereinafter referred to as “SE”) and Vietnam Securities Depository and Clearing Corporation (hereinafter referred to as “VSDC”) in accordance with regulations of law.

Article 2. Regulated entities

1. Securities service providers prescribed in this Circular, including: SEs and VSDC established and operating in Vietnam.

2. Users of securities services rendered by the service providers mentioned in Clause 1 of this Article, including: SE’s members; VSDC’s members, applicants for listing, listed organizations, securities investment fund management companies, issuers, direct account holders at VSDC, organizations or individuals transferring their securities ownership without using the SE’s trading system, State Treasury, issuers of government-backed bonds as prescribed in the Law on public debt management, Provincial People's Committees that issue municipal bonds.

3. Other relevant organizations and individuals.

Article 3. Prices of securities services rendered by SEs and VSDC

1. The prices of securities services rendered by SEs and VSDC are elaborated in the Price Schedule and the Appendix enclosed herewith.

2. Prices of securities services prescribed herein are not subject to value-added tax in accordance with regulations of the Law on value-added tax and its amendments (if any).

3. SEs and VSDC shall themselves decide the prices of their services which are not specified in the Price Schedule enclosed herewith in conformity with their provision of such services and in accordance with regulations of the Law on pricing, the Law on securities and relevant laws, and shall assume responsibility for their decision.

...

...

...

5. Trading service price payable by market makers may be reduced by up to 80% of the corresponding price specified in Point 4 Section II Part A of the Price Schedule and up to 70% of the corresponding price specified in Point 3 Section II Part B of the Price Schedule after they have fulfilled their market-making obligations in accordance with regulations of law and specific requirements imposed by competent authorities.

6. Listing service price in Point 2 Section II Part A of the Price Schedule, price of securities listing management in Point 3 Section II Part A of the Price Schedule, trading service price in Point 4 Section II Part A of the Price Schedule, price of securities registration/partial securities deregistration in Point 12 Section III Part A of the Price Schedule and securities depository service price in Point 13 Section III Part A of the Price Schedule enclosed herewith charged to issuers and buyers of green bonds as prescribed in the Law on Environmental Protection and its guiding documents shall be reduced by 50%.

Article 4. Payment of securities service prices

1. In case an organization applies for re-registration of membership of the SE, it shall pay the same prices of derivatives trading member registration service, member management service, derivatives trading member management service, periodical connection maintenance service, and terminal device user service as a new member, except the case of member registration specified in Point b Clause 10 Article 310 of the Government’s Decree No. 155/2020/ND-CP dated December 31, 2020.

If an organization applies for re-registration as a depository member or clearing member of VSDC, it shall pay the same prices of depository member management service, clearing member management service, derivatives clearing member management service, clearing member registration service and derivatives clearing member registration service as a new member.

2. If the SE suspends trading membership or trading activities or online connection of its member for a period lasting until the following year without cancelling its membership, this member shall still pay prices of member management service, derivatives trading member management, periodical connection maintenance service, and terminal device user service for the following year.

In case VSDC suspends its provision of depository, clearing and settlement services for its member, or a member of VSDC has its depository, clearing and settlement activities suspended by VSDC for a period lasting until the following year without cancelling their membership, such member shall still pay prices of depository member management service, clearing member management service or derivatives clearing member management service for the following year.

3. If the SE suspends trading membership or trading activities or online connection to serve the cancellation of membership of its member within the same year, this member shall not pay prices of member management service, derivatives trading member management, periodical connection maintenance service, and terminal device user service for the following years.

In case VSDC suspends its provision of depository, clearing and settlement services for its member, or a member of VSDC has its depository, clearing and settlement activities suspended by VSDC in order to follow procedures for cancellation of their membership within the same year, such member shall not pay prices of depository member management service, clearing member management service or derivatives clearing member management service for the following years.

...

...

...

Article 5. Time limits for collection or refund of securities service prices

1. With regard to services charged annually as prescribed in the Price Schedule enclosed herewith, service users shall make payments to SEs or VSDC by January 31 every year.

2. With regard to services charged monthly as prescribed in the Price Schedule enclosed herewith, service users shall make payments to SEs or VSDC by the 15^th of the following month. 

3. An organization that applies for registration as a new member of the SE or VSDC and applies for the first listing shall pay prices of registration service for derivatives trading member, member management service, derivatives trading member management service, initial online connection service, periodical connection maintenance service, terminal device user service, registration service as clearing member, registration service for derivatives clearing member, depository member management service, clearing member management service, derivatives clearing member management service, listing registration service, and listing management service within 05 (five) business days after the SE issues a Decision to grant trading membership, Decision to approve connection for online trading, Decision on approval of listing, or Decision to approve connection for remote trading, or after VSDC issues a Certificate of depository membership, clearing membership or derivatives clearing membership.

4. The SE or VSDC shall refund the collected charges on member management service, derivatives trading member management service, periodical connection maintenance service, terminal device user service, depository member management service, clearing member management service or derivatives clearing member management service to its member within 05 (five) business days after the SE issues a Decision to cancel membership or VSDC issues a Decision to revoke certificate of membership or to cancel membership.

5. The SE shall collect additional charges or refund overpaid charges on listing management service to the listed organization or the fund management company within 07 (seven) business days after the SE issues a Decision to approve changes in listing or notifies changes in quantity of listed securities, or from the effective date of delisting.

6. In case of transfer of listed shares from HNX to HOSE before or according to the schedule prescribed in the Minister of Finance’s Circular No. 57/2021/TT-BTC dated July 12, 2021 introducing roadmap for reorganization of markets for shares, bonds, derivatives and other securities (hereinafter referred to as “Circular No. 57/2021/TT-BTC”), HNX shall calculate charges on listing management service actually rendered and transfer the remaining amounts of collected service charges to HOSE from the date of suspension of trading of shares to be transferred to HOSE, and HOSE shall not charge on the initial application for listing of such transferred shares.

In case of transfer of listed bonds from HOSE to HNX according to the roadmap prescribed in the Circular No. 57/2021/TT-BTC, HNX shall not charge on the initial application for listing of such transferred bonds.

Article 6. Management and use of revenues from provision of securities services

...

...

...

2. VSDC shall consider allocating its revenues from provision of securities ownership transfer service as prescribed in Point 17 (excluding Point 17.1c and 17.4) Section III Part A of the Price Schedule enclosed herewith to SEs according to terms and conditions of the signed service contracts provided that the amount allocated to the SE shall not exceed 50% of total revenue earned from the provision of ownership transfer service of securities listed or registered for trading on the SE.

3. SEs and VSDC shall consider extending the payment deadline or take actions against the service users who make late payments or fail to fully pay service charges.

4. SEs and VSDC shall issue invoices when receiving payments of service prices in accordance with regulations of law.

Article 7. Implementation

1. This Circular comes into force from January 01, 2022 and supersedes the following Circulars: The Minister of Finance’s Circular No. 127/2018/TT-BTC dated December 27, 2018, the Minister of Finance’s Circular No. 14/2020/TT-BTC dated March 18, 2020, the Minister of Finance’s Circular No. 70/2020/TT-BTC dated July 17, 2020, and the Minister of Finance’s Circular No. 30/2021/TT-BTC dated May 14, 2021.

2. Before the official inauguration date of VSDC prescribed in the Law on Securities No. 54/2019/QH14, regulations on prices of securities services applied to VSDC laid down herein shall apply to Vietnam Securities Depository.

VSDC shall continue applying the price of position management service prescribed in Clause 6 Section II Part B of the Price Schedule in Article 1 of the Circular No. 14/2020/TT-BTC dated March 18, 2020 of the Minister of Finance until VSDC officially provides clearing and settlement services using the new securities market information technology system. After this time, the price of derivatives clearing service specified in Clause 6 Section II Part B of the Price Schedule enclosed herewith shall apply.

3. SEs and VSDC shall neither refund nor collect the difference between the service price collected before the effective date of this Circular and that payable in accordance with regulations of this Circular.

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

...

...

...

PP. MINISTER
DEPUTY MINISTER




Ta Anh Tuan

SCHEDULE OF PRICES OF SECURITIES SERVICES APPLIED IN STOCK EXCHANGES AND VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION

(Enclosed with the Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance)

A. PRICES OF SERVICES RENDERED ON UNDERLYING SECURITIES MARKET

No.

NAME OF SERVICE

PRICE

...

...

...

PAYMENT TIME LIMIT

SCOPE OF APPLICATION 

I

PRICES OF SERVICES RENDERED BY VIETNAM EXCHANGE (VNX)

1

...

...

...

VND 20 million/ year

SE’s members

Annually

Applied to all members regardless of membership levels on each specific market (shares, bonds, fund certificates or covered warrants)

II

PRICES OF SERVICES APPLIED IN HANOI STOCK EXCHANGE (HNX) AND HO CHI MINH STOCK EXCHANGE (HOSE)

...

...

...

2

Listing registration

2.1

...

...

...

a

For shares, corporate bonds, investment fund certificates and debt instruments as prescribed in the Law on Public Debt Management

VND 10 million

...

...

...

Within 05 business days after the SE issues a Decision to approve listing (lump-sum payment)

This regulation does not apply to government debt instruments, government-backed bonds, municipal bonds and applicants for trading on UPCOM

b

For covered warrants

VND 5 million

...

...

...

2.2

Changes in listing

a

...

...

...

VND 5 million/ application for changes in listing

Listed organizations; fund management companies having fund certificates listed

Within 07 business days after the SE issues a Decision to approve changes in listing 

This regulation does not apply to government debt instruments, government-backed bonds, municipal bonds, applicants for trading on UPCOM and cases of changes in listing as a result of ETF exchange transactions.

b

For covered warrants

VND 2 million/ application for changes in listing

...

...

...

3

Listing management service

...

...

...

3.1

For shares (value of listed shares is calculated according to the face value)

Listed organizations

Annually

...

...

...

Listed value is less than VND 100 billion

VND 15 million

b

Listed value is from VND 100 billion to under VND 500 billion 

VND 20 million

...

...

...

Listed value is VND 500 billion or above

VND 20 million + 0,001% of the value of listed shares provided total amount payable shall not exceed VND 50 million

3.2

For corporate bonds, investment fund certificates (excluding ETFs), debt instruments as defined in the Law on Public Debt Management (listed value is calculated according to the face value)

Listed organizations; fund management companies having fund certificates listed

Annually

...

...

...

a

Listed value is less than VND 80 billion

VND 15 million

b

Listed value is from VND 80 billion to under VND 200 billion 

...

...

...

c

Listed value is VND 200 billion or above

VND 20 million + 0,001% of the listed value provided that total amount payable shall not exceed VND 50 million

3.3

For ETFs

...

...

...

Fund management companies having fund certificates listed

Annually

3.4

For covered warrants

VND 1 million/ month

Issuers of covered warrants

...

...

...

4

Trading service

...

...

...

4.1

Outright transactions

SE’s members

Monthly payment which must be made by the 15^th day of the following month

...

...

...

Shares and listed investment fund certificates (excluding ETFs)

0,027% of trading value

b

Listed ETFs

0,018% of trading value

...

...

...

c

Corporate bonds

0,0054% of trading value

d

Debt instruments as defined in the Law on Public Debt Management

...

...

...

dd

Shares registered for trading on UPCOM

0,018% of trading value

...

...

...

Covered warrants

0,018% of trading value

4.2

Repurchase transactions (or repo) in debt instruments as defined in the Law on Public Debt Management

...

...

...

a

Of a term up to 2 days

0,00035% of trading value

b

Of a term of 3 - 14 days

...

...

...

c

Of a term of more than 14 days

0,0042% of trading value

...

...

...

Sell/buy-back transactions in debt instruments as defined in the Law on Public Debt Management

0,0042% of trading value

4.4

Borrowing and lending of debt instruments as defined in the Law on Public Debt Management

...

...

...

a

Of a term up to 2 days

0,00035% of trading value

Members borrowing and lending debt instruments as prescribed in the Law on Public Debt Management

b

...

...

...

0,0028% of trading value

c

Of a term of more than 14 days

0,0042% of trading value

5

...

...

...

5.1

Initial connection

VND 150 million/ member

...

...

...

Within 05 business days after the SE approves online connection

5.2

Periodical connection maintenance

VND 50 million/member/year

SE’s members

Annually

...

...

...

6

Terminal device user service

VND 20 million/ year

SE’s members

Annually

...

...

...

7

Auction, competitive offering, book building

0,15% of total value of shares, stakes, or the type of securities actually sold, not exceeding VND 150 million/auction, competitive offering or book building and not lower than VND 20 million/auction, competitive offering or book building

Enterprises, organizations and individuals that have shares, stakes or securities sold through auction, competitive offering or book building in accordance with regulations of law

Immediately after completion of the auction, competitive offering or book building

8

...

...

...

0,0125% of the nominal value of bonds/national development bonds issued through bidding but not exceeding VND 500 million/bidding session (including additional bidding session)

The State Treasury; issuers of government-backed bonds as defined in  the Law on Public Debt Management; Provincial-level People’s Committees that issue municipal bonds

Monthly payment which must be made by the 15^th day of the following month with regard to bidding for issuance of government bonds, national development bonds or government-backed bonds; within 05 business days from the date of bidding session for issuance of municipal bonds

9

Bidding for repurchase of government debt instruments, government-backed bonds and municipal bonds

0,00375% of the repurchase price of debt instrument/bonds through bidding but not exceeding VND 150 million/bidding session

...

...

...

Within 05 business days from the date of the bidding session for debt instruments/ bonds

10

Bidding for swap of government debt instruments, government-backed bonds and municipal bonds

0,00375% of the price of debt instrument/bond swapped through bidding but not exceeding VND 150 million/bidding session 

The State Treasury; issuers of government-backed bonds as defined in  the Law on Public Debt Management; Provincial-level People’s Committees that issue municipal bonds

Within 05 business days from the date of the bidding session for debt instruments/ bonds

...

...

...

III

PRICES OF SERVICES APPLIED IN VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION (VSDC)

11

Depository member management

VND 20 million/ year

...

...

...

Annually

12

Securities registration/partial securities deregistration

...

...

...

12.1

Initial securities registration

Issuers

Within 05 business days after VSDC issues certificate of initial securities registration

This regulation applies to shares, corporate bonds, investment fund certificates (including ETFs) and covered warrants

This regulation does not apply to government debt instruments, government-backed bonds, and municipal bonds

...

...

...

a

The value of registered securities is less than VND 80 billion

VND 10 million

b

The value of registered securities is from VND 80 billion to under VND 200 billion

VND 15 million

...

...

...

c

The value of registered securities is VND 200 billion or above

VND 20 million

12.2

Additional securities registration/partial securities deregistration

...

...

...

a

Shares, corporate bonds, investment fund certificates (excluding ETFs)

VND 5 million/an application for additional securities registration or partial securities deregistration

Within 05 business days after VSDC issues modified certificate of securities registration

This regulation does not apply to government debt instruments, government-backed bonds, and municipal bonds

...

...

...

b

ETFs and covered warrants

VND 500,000 million/an application for additional securities registration and/or partial securities deregistration

For ETF certificates: Monthly payment which must be made by the 15^th day of the following month

For covered warrants: Within 05 business days from the effective date of additional securities registration and/partial securities deregistration

13

Securities depository service

...

...

...

13.1

Shares, fund certificates and covered warrants

VND 0,27/ share, fund certificate or covered warrant/ month

Depository members, direct account holders

...

...

...

This regulation does not apply to securities deposited on proprietary trading accounts of SBV

13.2

Corporate bonds

VND 0,18/corporate bond, but not exceeding VND 2.000.000/month/ticker symbol

13.3

...

...

...

VND 0,14/debt instrument as defined in the Law on Public Debt Management/ month, but not exceeding VND 1,400,000/month/ code of debt instruments as defined in the Law on Public Debt Management

14

Securities transfer service

...

...

...

14.1

Transfer of securities between investors’ accounts opened at different depository members

VND 0,3/security/ transfer/ticker symbol (not exceeding VND 300,000/ transfer/ ticker symbol)

Depository members, direct account holders

Monthly payment which must be made by the 15^th day of the following month

This regulation does not apply to transfer of financial instruments serving money market operations of SBV

...

...

...

Transfer of securities for settlement purpose

VND 0,3/ security/ transfer/ ticker symbol (not exceeding VND 300.000/ transfer/ ticker symbol)

15

Corporate actions

...

...

...

15.1

Less than 500 investors

VND 3,5 million/ corporate action

Issuers

Payment is made immediately for each corporate action within 05 business days after VSDC issues the list of owners performing corporate actions to the issuer

This regulation does not apply to government debt instruments, government-backed bonds and municipal bonds

...

...

...

15.2

From 500 investors to less than 1.000 investors

VND 7 million/ corporate action

15.3

From 1.000 investors to less than 5.000 investors

VND 10,5 million/ corporate action

...

...

...

15.4

Above 5.000 investors

VND 14 million/ corporate action

16

Post-trading error correction

...

...

...

16.1

Post-trading error correction

VND 500.000/error

Depository members/clearing members/direct account holders

Monthly payment which must be made by the 15^th day of the following month

...

...

...

16.2

Handling delayed settlement

VND 1.000.000/ delayed settlement

16.3

Proprietary trading error correction

VND 500.000/error

...

...

...

16.4

Cash settlement

VND 5.000.000/cash settlement

Members that lack securities and thus must make cash settlement

...

...

...

Transfer of securities ownership without using the SE’s trading system

17.1

Transfer of securities ownership

...

...

...

This regulation does not apply to:

a) Transfer of financial instruments from money market operations of SBV;

b) Transfer of securities ownership between organizations established in Vietnam in which the transferee is wholly owned by the transferor or vice versa; transfer of securities ownership between subsidiaries of the same state-owned economic group or state-owned corporation in which the subsidiary is wholly owned by the parent company

c) Transfer of ownership in case the issuer’s Trade Union repurchases or revokes shares of employees upon their termination of employment, or the Trade Union allocates shares or uses shares to pay bonuses employees; the issuer uses treasury stocks to pay bonuses to its existing shareholders, pay bonuses or allocate to employees;

d) Transfer of ownership of securities registered as security interest in case of disposition of collateral as requested by a competent authority which is specified in Section 17.1.e

...

...

...

Transfer of shares by founding shareholders during transfer restriction period as prescribed by law

0,1% of the value of transferred securities

Parties engaging in the ownership transfer

Within 05 business days after VSDC certifies the transfer of securities ownership

b

Transfer of ownership of securities centrally registered at VSDC upon approval by SSC

+ 0,1% of the value of transferred shares, fund certificates or covered warrants

...

...

...

c

Transfer of ownership of privately placed corporate bonds which have been registered at VSDC but have not yet been traded on SE

0,005% of the value of transferred bonds

d

Transfer of securities ownership due to full or partial division, consolidation or merger of enterprises; contribution of share capital to enterprises (including cases of full or partial division, consolidation or merger of enterprises approved by SSC, and contribution of share capital by organizations established abroad); establishment or increase in charter capital of private securities investment companies; increase or decrease in charter capital of private funds

...

...

...

e

Transfer of securities ownership due to disposition of collateral which is securities registered and blockaded at VSDC

+ 0,02% of the value of transferred shares, fund certificates or covered warrants

+ 0,005% of the value of transferred corporate bonds or debt instruments defined in the Law on Public Debt Management

Transferors

Within 05 business days after VSDC certifies the transfer of securities ownership

...

...

...

17.2

Donation or inheritance of securities according to the Civil Code, except donation or inheritance of securities between husband and wife, a parent and his/her natural child, an adoptive parent and his/her adopted child, a father or mother and his/her daughter or son in law, a paternal or maternal grandparent and his/her grandchild, or between siblings

+ 0,1% of the value of transferred shares, fund certificates or covered warrants

+ 0,005% of the value of transferred corporate bonds or debt instruments defined in the Law on Public Debt Management

Transferees

Within 05 business days after VSDC certifies the transfer of securities ownership

17.3

...

...

...

0,03% of the value of transferred securities

Parties engaging in the ownership transfer

Within 05 business days after VSDC certifies the transfer of securities ownership

17.4

Transfer of securities ownership in cases of exchange of ETFs or exercise of covered warrants

0,05% of the value of component securities to be exchanged, which is calculated according to the face value of ETFs, or the value of transferred underlying securities, calculated according to their face value, due to exercise of covered warrants

...

...

...

Monthly payment which must be made by the 15^th day of the following month

17.5

Transfer of share ownership between foreign investors in the event that the maximum foreign holding of that share has been reached and the price agreed upon between the parties is higher than the ceiling price of that share on the securities trading system at the time of trading 

0,1% of the value of transferred shares

Transferors

Within 05 business days after VSDC certifies the transfer of securities ownership

...

...

...

17.6

Transfer of securities ownership serving issuance or cancellation of depositary receipts in transactions between investors and overseas issuers of depositary receipts

0,05% of the value of transferred underlying securities calculated by face value

Transferor in case of transfer of securities ownership serving the issuance of depositary receipts or transferee in case of transfer of securities ownership serving the cancellation of depositary receipts

Within 05 business days after VSDC certifies the transfer of securities ownership

18

Borrowing and lending securities via VSDC’s system

...

...

...

18.1

Management of securities borrowing and lending transactions

+ 0,027% of the value of lending transaction determined at the date of conclusion of agreement on lending of shares, investment fund certificates, ETFs or covered warrants, but not lower than VND 500.000 in respect of lending of securities serving settlement purpose

+ 0,0054% of the value of corporate bond lending transaction, but not lower than VND 500.000 in respect of lending transaction serving settlement purpose

...

...

...

Lenders and borrowers paying service charges to VSDC through depository members

Monthly payment which must be made by the 15^th day of the following month

18.2

Collateral management

0,0024% of the accumulated value of collateral (cash + value of securities calculated by face value)/contract (not exceeding VND 1.600.000/contract but not lower than VND 100.000/contract)

Borrowers paying service charges to VSDC through depository members

...

...

...

19

Payment of principal, interests and repurchase amounts of government bonds, national development bonds, government-backed bonds and municipal bonds

0,01% of the bond/national development bond principal, interest or repurchase amount payable but not exceeding VND 200 million/payment of principal, interest or repurchase amount  of each bond/national development bond’s code

State Treasury; issuers of government-backed bonds as defined in  the Law on Public Debt Management; Provincial-level People’s Committees that issue municipal bonds

Monthly payment which must be made by the 15^th day of the following month

...

...

...

20

Payment of principal, interests and repurchase amounts of T-bills

0,005% of the amount of T-bills actually paid or the repurchase amounts of T-bills but not exceeding VND 100 million/ payment of principal, interest or repurchase amount of each T-bill’s  code

State Treasury

Monthly payment which must be made by the 15^th day of the following month

...

...

...

Registration of security interest for securities registered at VSDC

Applicants for registration of security interest, information about secured transaction, or copy of certificate of registration of secured transaction paying service charges to VSDC through depository members

Monthly payment which must be made by the 15^th day of the following month

21.1

Registration of security interest

...

...

...

a

Initial application for registration of secured transaction and blockade of securities

VND 80.000/application

...

...

...

Application for changes in registration of secured transaction

VND 60.000/application

c

Application for registration of notice of collateral disposition

VND 30.000/application

...

...

...

d

Application for deregistration of secured transaction

VND 20.000/application

dd

Application for issuance of copy of certificate of registration of secured transaction

...

...

...

21.2

Application for provision of information about secured transaction

VND 30.000/application

This regulation does not apply to applicants for information as prescribed in Clause 2 Article 171 of Decree No. 155/2020/ND-CP dated December 31, 2020

...

...

...

Blockade of securities at the request of investors

+ 0,1% of the value of blockaded securities which are shares, fund certificates or covered warrants, but not exceeding VND 10 million/ticker symbol

+ 0,01% of the value of blockaded securities which are corporate bonds or debt instruments as defined in the Law on Public Debt Management, but not exceeding VND 10 million/ticker symbol

Applicants for blockade of securities paying service charges to VSDC through depository members

Within 05 business days after VSDC certifies the blockade of securities

23

...

...

...

VND 20 million

Organizations accepted as clearing members by VSDC

Within 05 business days after VSDC issues certificate of clearing membership (lump-sum payment)

This service price is charged on both general clearing members and direct clearing members

24

Clearing member management

VND 20 million/ year

...

...

...

Annually

This service price is charged on both general clearing members and direct clearing members

25

Clearing service

0,018% of the value of novation transaction

Depository members accepted within 12 months from the official date of application of the central counterparty clearing mechanism/clearing members

Monthly payment which must be made by the 15^th day of the following month

...

...

...

...

...

...

B. PRICES OF SERVICES RENDERED ON DERIVATIVES MARKET

No.

NAME OF SERVICE

PRICE

PAYER

PAYMENT TIME LIMIT

SCOPE OF APPLICATION 

I

...

...

...

1

Registration as derivatives trading member

VND 20 million

Organizations accepted as derivatives trading members by SE

Within 05 business days after SE issues decision to approve derivatives trading membership (lump-sum payment) 

This service price is charged on both trading members and special trading members on derivatives market

2

Management of derivatives trading members

VND 20 million/ year

...

...

...

Annually

This service price is charged on both trading members and special trading members on derivatives market

II

PRICES OF SERVICES APPLIED IN HANOI STOCK EXCHANGE (HNX) AND HO CHI MINH STOCK EXCHANGE (HOSE)

3

Derivatives trading service

...

...

...

a

Index futures contracts

VND 2.700/ contract

Derivatives trading members

Monthly payment which must be made by the 15^th day of the following month

b

Government-bond futures contracts

VND 4.500/ contract

...

...

...

PRICES OF SERVICES APPLIED IN VIETNAM SECURITIES DEPOSITORY AND CLEARING CORPORATION (VSDC)

4

Registration as derivatives clearing member

VND 20 million

Organizations accepted as derivatives clearing members by VSDC

Within 05 business days after VSDC issues certificate of clearing membership (lump-sum payment)

This service price is charged on both general clearing members and direct clearing members

5

Management of derivatives clearing members

...

...

...

Derivatives clearing members

Annually

This service price is charged on both general clearing members and direct clearing members

6

Derivatives clearing service

VND 2.550/novation contract

Derivatives clearing members

Monthly payment which must be made by the 15^th day of the following month

This service price shall be charged after VSDC officially provides derivatives clearing and settlement services using the new securities market information technology system

...

...

...

Management of margin assets

0,0024% of the accumulated balance on the margin account (cash + value of securities calculated by face value)/ account/ month (not exceeding VND 1.600.000/ account/ month, but not lower than VND 100.000/ account/ month)

Derivatives clearing members

Monthly payment which must be made by the 15^th day of the following month

8

Post-trading error correction

VND 500.000/error

Derivatives clearing members

...

...

...

This service price shall be charged after VSDC officially provides derivatives clearing and settlement services using the new securities market information technology system

APPENDIX

GUIDELINES ON PRICES OF SECURITIES SERVICES IN THE PRICE SCHEDULE
(Enclosed with the Circular No. 101/2021/TT-BTC dated November 17, 2021 of the Minister of Finance)

A. PRICES OF SERVICES RENDERED ON UNDERLYING SECURITIES MARKET

1. Member management

Service charge payable

=

Service price

...

...

...

Charging period

 (months)

12 months

a) The service price is prescribed in Point 1 Section I Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a member of the SE and is not subjected to the cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is a new member of the SE and is not subjected to the cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve membership to the end of December of the same year.

- If an organization is currently a member of the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which its trading membership or trading activities are suspended by the SE.

- If an organization is a new member of the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve membership to the end of the month in which its trading membership or trading activities are suspended by the SE.

...

...

...

d) Refund of the collected service charge:

If a member has its membership cancelled, the SE shall refund the difference between the collected service charge in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that member.

2. Listing registration

a) The service price is prescribed in Point 2 Section II Part A of the Price Schedule.

b) In case an organization has its securities listed but then voluntarily or involuntarily delisted, the listed organization, fund management company or issuer of covered warrants cannot claim the refund of the paid listing registration charge.

3. Listing management service

a) With regard to management of listing of shares, corporate bonds, investment fund certificates and debt instruments defined in the Law on Public Debt Management:

Service charge payable

=

...

...

...

X

Charging period

 (months)

12 months

a1) Service price:

- The service price is prescribed in Point 3.1 and Point 3.2 Section II Part A of the Price Schedule corresponding with each securities type and listed value.

- If an organization has different types of securities listed on the same SE, the service price shall be calculated for each type of listed securities.

a2) Charging period:

- In case the security is currently listed and is not subject to delisting in the same year, the charging period shall be 12 months commencing from January 01 of the charging year.

...

...

...

- In case the security is listed but then delisted in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which the delisting becomes effective.

- In case the security is listed for the first time but is delisted in the same year, the charging period shall be calculated from the month after the month in which the SE issues a Decision to approve listing to the end of the month in which the delisting becomes effective.

a3) In case the listed organization or fund management company makes changes in listing resulting in change in the service charge payable (except ETFs), the securities listing management service charge payable is the sum of:

- The service charge which is calculated according to the listed securities type and previous listed value for the charging period from the beginning month of the year (or from the month after the month in which the SE issues a Decision to approve listing if the security is listed in the year) to the end of the month in which the SE issues the Decision to approve changes in listing of the same year.

- The service charge which is calculated according to the listed securities type and the new listed value for the charging period from the month after the month in which the SE issues the Decision to approve changes in listing in the year to the end of the month in which the SE issues the following Decision to approve changes in listing or to the end of December of the same year.

a4) Refund or additional collection of charge on listing management service of shares, corporate bonds, investment fund certificates and debt instruments defined in the Law on Public Debt Management:

- If the security is delisted in the year, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions provided in Point a1 and Point a2 of this Clause to the listed organization or fund management company.

- If any change in the securities listing results in increase or decrease in the service charge payable after the change in comparison to the collected service charge, the SE shall calculate and additionally collect or refund the difference to the listed organization or fund management company. 

b) With regard to management of listing of covered warrant:

...

...

...

b1) The service price is prescribed in Point 3.4 Section II Part A of the Price Schedule.

b2) Charging period:

- The charging period is calculated from the month in which the SE issues a Decision to approve listing of covered warrant to the end of the final month of the term of that covered warrant. If the covered warrant is listed for the first time in the year, the charging period of the first year is calculated from the month in which the SE issues a Decision to approve listing of covered warrant to the end of December of the same year and shall not be longer than the term of that covered warrant.

- In case a covered warrant is listed but then is delisted in the same year, the charging period shall be calculated from the month in which the SE issues a Decision to approve listing to the end of the month in which the delisting becomes effective.

b3) Refund of the charge on listing management service of covered warrants

If a covered warrant is delisted in the year, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions provided in Point b1 and Point b2 of this Clause to the listed organization.

4. Trading service

a) For trading in shares, fund certificates, corporate bonds, and debt instruments defined in the Law on Public Debt Management, and covered warrants:

Service charge payable

...

...

...

Service price

x

Total trading value of each member

Where:

- Total trading value of each member

=

Value of securities purchased

+

Value of securities sold

...

...

...

b) The service charge on a repo transaction in a debt instrument as defined in the Law on Public Debt Management shall be charged once on the first transaction (buy transaction) and not charged on the sell-back transaction.

c) The service charge on a sell/buy-back in a debt instrument as defined in the Law on Public Debt Management shall be charged once on the first transaction (sell transaction) and not charged on the buyback transaction.

d) The service charge on borrowing/lending of a debt instrument as defined in the Law on Public Debt Management shall be charged once on the value of the borrowing/lending transaction and not charged on the repayment of debt instrument borrowed/lent.

5. Online connection

Online connection service price includes initial connection service price and periodic connection maintenance service price.

a) Initial online connection

- The service price is prescribed in Point 5.1 Section II Part A of the Price Schedule.

- If the membership is granted after the consolidation, merger, full or partial division, conversion or repurchase, the price of the initial online connection service shall be calculated as follows:

+ The initial online connection service price shall be charged on the member whose operations are not based on the existing material facilities, information technology system and trading software of one of members participating in that consolidation, merger, full or partial division, conversion or repurchase.  

...

...

...

b) Periodical connection maintenance service:

Service charge payable

=

Service price

x

Charging period

 (months)

12 months

- The service price is prescribed in Point 5.2 Section II Part A of the Price Schedule.

...

...

...

+ If a member’s online trading connection is not subject to suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be 12 months commencing from January 01 of the charging year.

+ If a member’s online trading connection has been newly approved and is not subject suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the month after the month in which the SE approves online trading connection to the end of December in the same year.

+ If a member’s online trading connection is active and subject to suspension for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which the SE suspends the online connection.

+ If a member’s online trading connection has been newly approved but is subject suspension by the SE for following procedures for cancellation of its membership in the year, the charging period shall be calculated from the month after the month in which the SE approves online trading connection to the end of the month in which the SE suspends the online connection.

c) If an organization is granted membership by the SE after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for online connection, it shall pay the same periodical online connection maintenance service charge as that is incurred by a new online trading member.

d) Refund of the collected service charge:

If a member has its online connection suspended for cancellation of its membership, the SE shall refund the difference between the charge on periodical online connection maintenance service collected in the year and the actual service charge payable which is calculated adopting the instructions in Point b of this Clause to that member.

6. Terminal device user service

Service charge payable

...

...

...

Service price

x

Charging period

 (months)

12 months

a) The service price is prescribed in Point 6 Section II Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a member of the SE and is not subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or involuntary cancellation of its membership in the year, the charging period shall be 12 months from January 01 of the charging year.

- If an organization is newly granted membership by the SE and is not subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or involuntary cancellation of its trading membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve remote trading connection to the end of December of the same year.

...

...

...

- If an organization is newly granted membership by the SE but is subject to the SE’s suspension of trading membership or trading activities to serve voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve remote trading connection to the end of the month in which its trading membership or trading activities are suspended by the SE.

c) If an organization becomes a member of the SE after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration as a new member, it must pay the same terminal device user service charge as that incurred by an applicant for registration of new membership.

d) Refund of the collected service charge:

If a member has its membership cancelled, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable which is calculated adopting the formula and instructions in Point a and Point b of this Clause to that member.

7. Auction, competitive offering and book building at the SE

a) The service price is prescribed in Point 7 Section II Part A of the Price Schedule.

b) The value of shares/stakes/other securities sold out, which is employed to calculate the service charge on an auction/competitive offering/book building, includes the proceeds from shares/stakes/securities sold out by direct negotiation with investors participating in the auction (in case the SE carries out direct negotiation for selling the quantity of shares/securities that are unsold in the auction). 

c) If conditions for holding an auction/competitive offering/book building are not satisfied or the auction/competitive offering/book building is suspended at the request of the SE’s service user, the minimum service charge of VND 20 million/auction shall still be collected.

8. Depository member management

...

...

...

=

Service price

x

Charging period

 (months)

12 months

a) The service price is prescribed in Point 11 Section III Part A of the Price Schedule.

b) Charging period:

- If an organization is currently a depository member of the VSDC and is not subject to the VSDC’s revocation of Certificate of depository membership in the year, the charging period shall be 12 months commencing from January 01 of the charging year.

...

...

...

- If an organization is currently a depository member of VSDC and has its Certificate of depository membership revoked by VSDC in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to revoke Certificate of depository membership.

- If an organization is newly granted depository membership by VSDC and then has its Certificate of depository membership revoked by VSDC in the same year, the charging period shall be calculated from the month after the month in which VSDC issues a Decision to issue Certificate of depository membership to the end of the month in which VSDC issues a Decision to revoke Certificate of depository membership.

c) If an organization is granted depository membership after consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of depository membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new depository membership.

d) Refund of the collected service charge:

If a depository member has its Certificate of depository membership revoked, VSDC shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that depository member.

9. Securities registration/partial securities deregistration

a) The service price is prescribed in Point 12 Section III Part A of the Price Schedule.

b) If an issuer’s registration of securities is accepted but then such securities are subject to voluntary or compulsory deregistration, the issuer shall not be eligible for refund of securities registration service charge.

10. Securities depository service

...

...

...

=

Service price

x

ΣVi

30 days

a) The service price is prescribed in Point 13 Section III Part A of the Price Schedule.

b) ∑Vi calculation

 “Vi” is the quantity of securities deposited in the day i and is the sum of balances on all securities depository accounts serving securities brokerage and proprietary trading.

i = 1 → n is the days in a month in which deposited securities balances occur.

...

...

...

c) Exemption from securities depository service charge

Securities depository service charges in respect of shares of public companies which are not yet listed or registered for trading on SE shall be exempted.

11. Securities transfer service

a) The charge on transfer of securities between investors’ accounts opened at different depository members:

The service charge payable in the month is the sum of charges on securities transfer service in the day i.

 (i = 1 → n is the days in a month in which securities are transferred between the investor’s accounts opened at different depository members)

The charge on securities transfer service in the day i = ∑(Service price x Vj)

Where:

- The service price is prescribed in Point 14.1 Section III Part A of the Price Schedule.

...

...

...

b) The service charge on the transfer of securities for settlement purpose

The service charge payable in the month is total charge on securities transfer service for settlement in the day i (i = 1→n is the days in a month in which securities are transferred for settlement of securities selling transactions)

The charge on securities transfer service for settlement in the day i = ∑(Service price x Pj)

Where:

- The service price is prescribed in Point 14.2 Section III Part A of the Price Schedule.

- Pj is the quantity of securities of code j (j = 1→m is codes of securities transferred for settlement of securities selling transactions in the day i) transferred for settlement in the day i according to VSDC’s notice of trading result.

12. Corporate actions

a) The service price is prescribed in Point 15 Section III Part A of the Price Schedule.

b) The charge on corporate action performance service is calculated according to the number of securities holders of the issuer (regardless of whether or not the security is deposited) on the list of securities holders made by VSDC when notifying the record date for corporate actions.

...

...

...

The charge on post-trading error correction service includes the charge on post-trading error correction, the charge on handling of transactions with delayed settlement, the charge on proprietary trading error correction and the charge on cash settlement service.

a) Charge on post-trading error correction service:

Service charge = Service price x n

- The service price is prescribed in Point 16.1 Section III Part A of the Price Schedule.

- n is the number of erroneous transactions corrected by VSDC

b) Charge on handling of transactions with delayed settlement:

Service charge = Service price x n

- The service price is prescribed in Point 16.2 Section III Part A of the Price Schedule.

- n is the number of transactions for which the delayed settlement is handled by VSDC.

...

...

...

Service charge = Service price x n

- The service price is prescribed in Point 16.3 Section III Part A of the Price Schedule.

- n is the number of proprietary transactions corrected by VSDC.

d) Charge on cash settlement service

Service charge = Service price x n

- The service price is prescribed in Point 16.4 Section III Part A of the Price Schedule.

- n is the number of transactions with cash settlement handled by VSDC.

dd) In case trading errors occur in case of force majeure events such as technical problems, the charge on post-trading error correction service shall be calculated in each specific case according to instructions in Point a, Point b, Point c and Point d of this Clause provided that total charge on post-trading error correction service payable by a depository member or clearing member shall not exceed VND 100 million/ member/error. 

14. Transfer of securities ownership without using the SE’s trading system

...

...

...

=

Service price

x

Value of transferred securities

Value of transferred securities

=

Quantity of securities transferred

x

...

...

...

a) The service price is prescribed in Point 17 Section III Part A of the Price Schedule.

b) The price of securities employed to calculate the value of transferred securities shall be determined as follows:

- For securities listed or registered for trading:

+ In case of securities ownership transfer, the securities price shall be the price specified in the transfer agreement provided that it shall not be lower than the reference price announced in the day in which the transfer of securities ownership is performed by VSDC.

+ In case of donation or inheritance or where the transfer agreement is not available or does not indicate the transfer price, the securities price shall be the reference price announced in the day in which the transfer of securities ownership is performed by VSDC.

+ In case the bond's reference price is unavailable, the securities price shall be calculated according to the bond's face value.

- For securities which are not yet listed or registered for trading, the securities price shall be calculated according to the face value.

c) The transferors (specified in Point 17.1, Point 17.3 or Point 17.5 Section III Part A of the Price Schedule) or the transferees (specified in Point 17.2 Section III Part A of the Price Schedule) or investors carrying out exchanges with ETFs (buy/sell backs of ETF certificates), investors requesting the exercise of covered warrants (specified in Point 17.4 Section III Part A of the Price Schedule) or transferors of securities ownership serving issuance of depositary receipts/transferees of securities ownership serving cancellation of depositary receipts (specified in Point 17.6 Section III Part A of the Price Schedule) shall pay charges on securities ownership transfer service through depository members where depository accounts of parties engaged in the securities ownership transfer are opened in respect of deposited securities or through issuers in respect of non-deposited securities.

15. Borrowing and lending securities via VSDC’s system

...

...

...

Charge payable on securities borrowing/lending service

=

Service price

x

Value of lending transaction determined at the date of conclusion of lending agreement

Where:

The service price is prescribed in Point 18.1 Section III Part A of the Price Schedule.

The service price shall be charged once on the borrowing/lending transaction and not charged on the repayment of borrowed/lent securities.

15.2. Collateral management

...

...

...

Where:

The service price is prescribed in Point 18.2 Section III Part A of the Price Schedule.

Vi: The value of the collateral (cash and securities calculated by their face value) in the day i

i = 1 → n is the borrowing days.

16. Blockade of securities at request of investors

Charge payable on securities blockade service

=

Service price

x

...

...

...

Value of blockaded securities

=

Quantity of blockaded securities

x

V

Where:

a) The service price is prescribed in Point 22 Section III Part A of the Price Schedule.

b) V: Price of securities calculated by face value in respect of shares, bonds, fund certificates, ETFs or which is the initial issuance price in respect of covered warrants

...

...

...

Where:

a) The service price is prescribed in Point 23 Section III Part A of the Price Schedule.

b) If a clearing member has its clearing membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as clearing member shall not be refunded.

18. Clearing member management

Service charge payable

=

Service price

x

Charging period

...

...

...

12 months

a) The service price is prescribed in Point 24 Section III Part A of the Price Schedule.

b) Charging period:
- If an organization is currently a clearing member of the VSDC and is not subject to the VSDC’s revocation of Certificate of clearing membership in the year, the charging period shall be 12 months from January 01 of the charging year.

- If an organization is newly granted clearing membership by VSDC in the year and is not subject to the VSDC’s revocation of Certificate of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of December of the same year.

- If an organization is currently a clearing member of VSDC and has its Certificate of clearing membership revoked by VSDC in the year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to revoke Certificate of clearing membership.

- If an organization is newly granted clearing membership by VSDC in the year but then has its Certificate of clearing membership revoked by VSDC in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of the month in which VSDC issues a Decision to revoke Certificate of clearing membership.

c) If an organization becomes a clearing member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of clearing membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new clearing membership.

d) Refund of the collected service charge:

If a clearing member has its Certificate of clearing membership revoked, VSDC shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that clearing member.

...

...

...

Service charge payable = Service price x Total value of novation transactions of each member

Where:

- Total value of novation transactions of each member

 =

Value of securities purchased

+

Value of securities sold

- The service price is prescribed in Point 25 Section III Part A of the Price Schedule.

B. PRICES OF SERVICES RENDERED ON DERIVATIVES MARKET

...

...

...

a) The service price is prescribed in Point 1 Section I Part B of the Price Schedule.

b) If a derivatives trading member has its trading membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as derivatives trading member shall not be refunded.

2. Management of derivatives trading members

Service charge payable

 =

Service price

x

Charging period

 (months)

...

...

...

a) The service price is prescribed in Point 2 Section I Part B of the Price Schedule.

b) Charging period:

- If an organization is currently a derivatives trading member of the SE and is not subject to the cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is newly granted derivatives trading membership by the SE in the year and is not subject to the cancellation of trading membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve derivatives trading membership to the end of December of the same year.

- If an organization is currently a derivatives trading member of the SE but is subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which its trading membership or trading activities are suspended by the SE.

- If an organization is newly granted derivatives trading membership by the SE but is subject to the SE’s suspension of trading membership or trading activities for the purpose of voluntary or compulsory cancellation of membership in the same year, the charging period shall be calculated from the month after the month in which the SE issues a decision to approve derivatives trading membership to the end of the month in which its trading membership or trading activities are suspended by the SE.

c) If an organization becomes a derivatives trading member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration as a new derivatives trading member, it must pay the same service charge as that incurred by an applicant for registration of new derivatives trading membership.

d) Refund of the collected service charge:

If a derivatives trading member has its membership cancelled, the SE shall refund the difference between the service charge collected in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that member.

...

...

...

Futures trading service charge

 =

Service price

x

Total number of futures contracts of each member

Where:

- Total number of futures contracts of each member = The number of buy contracts + The number of sell contracts.

- The service price is prescribed in Point 3 Section II Part B of the Price Schedule.

4. Registration as derivatives clearing member

...

...

...

b) If a derivatives clearing member has its membership voluntarily or compulsorily cancelled, the service charge paid when following procedures for registration as derivatives clearing member shall not be refunded.

5. Management of derivatives clearing members

Service charge payable

 =

Service price

x

Charging period

 (months)

12 months

...

...

...

b) Charging period:

- If an organization is currently a derivatives clearing member of the VSDC and is not subject to the VSDC’s cancellation of membership in the year, the charging period shall be 12 months counting from January 01 of the charging year.

- If an organization is newly granted derivatives clearing membership by VSDC in the year and is not subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Decision to issue Certificate of clearing membership to the end of December of the same year.

- If an organization is currently a derivatives clearing member of VSDC but is subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the beginning month of the year to the end of the month in which VSDC issues a Decision to cancel clearing membership.

- If an organization is newly granted derivatives clearing membership by VSDC in the year but is not subject to the VSDC’s cancellation of clearing membership in the same year, the charging period shall be calculated from the month after the month in which the VSDC issues a Certificate of clearing membership to the end of the month in which VSDC issues a decision to cancel clearing membership.

c) If an organization becomes a derivatives clearing member after the consolidation, merger, full or partial division, conversion or repurchase which requires following procedures for registration of clearing membership with VSDC, it must pay the same service charge as that incurred by an applicant for registration of new clearing membership.

d) Refund of the collected service charge:

If a derivatives clearing member has its membership cancelled, VSDC shall refund the difference between the service charge paid in the year and the actual service charge payable, which is calculated adopting the formula and instructions in Point a and Point b of this Clause, to that clearing member.

6. Derivatives clearing service

...

...

...

a) The service price is prescribed in Point 6 Section III Part B of the Price Schedule.

b) ∑Vi calculation

- Vi is the number of novated contracts in the day i which is calculated by adding novated contracts on all accounts of the investor/clearing member.

i = 1 → n is the days in a month in which transactions are conducted

7. Management of margin assets

The charge on margin asset management service payable by a clearing member in a month:

P = P1 + P2

Where:

P is the charge payable on margin asset management service;

...

...

...

P2 is the charge payable on securities margin management service;

- Cash margin management:

Payer: the derivatives clearing member that has cash margin balance

The charge on cash margin management service payable by a clearing member in a month: P₁ = ΣPi

Pi = Service price x cash margin balance in the day i

Where:

Pi is the charge on margin management service in the day i

i = 1 →n is the days in a month in which cash margin balance occurs

The service price is prescribed in Point 7 Section III Part B of the Price Schedule.

...

...

...

Payer: the derivatives clearing member that has securities margin balance

The charge on securities margin management service payable by a clearing member in a month: P₂ = ΣP_i

P_i= Service price x Σ(V_j x k)

Where:

Pi is the charge on securities margin management service in the day i;

i = 1 →n is the days in a month in which securities margin balance occurs;

k is the face value of securities of ticker symbol generating balance in the day i;

V_j is total balance of securities used as margin of ticker symbol j on securities margin account opened at VSDC in the day i;

j = 1 → m is ticker symbols of securities with balances occurring in the day i;

...

...

...

8. Post-trading error correction

Service charge payable = Service price x n

- The service price is prescribed in Point 8 Section III Part B of the Price Schedule.

- n is the number of erroneous transactions corrected by VSDC.