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Finance ministry aims to soothe market's coronavirus woes
The Ministry of Finance (MoF) has stepped in to support the local stock market, which has been hard-hit by the novel coronavirus pandemic.
The MoF issued a circular guiding the reduction and exemption of 15 types of securities-related services, the ministry announced on Thursday.
The fee reductions and exemptions will last at least more than five months, starting from March 19 to the end of August 31.
Fees of nine services will be cut by 10 per cent to 50 per cent. Of them, a 10 per cent cut will be applied for fees of three services, which are trading services on the underlying market, trading services on the derivatives market and securities depository services.
Fees of two services will get 15 per cent to 20 per cent cuts, including position management services and collateral management services on the derivatives market.
A 30 per cent to 50 per cent reduction will be applied to fees of four services, which are covered warrants listings management; rights exercise services; securities transfer services; auction services and competitive offers.
The circular also stated fees of six services will be exempted, including listing registration services; securities registration; first-time online connection services; securities borrowing and lending services via the system of the Securities Depository Centre; member registration for derivatives trading; and members clearing registration.
The MoF requested all securities service-providing organisations immediately cut or exempt service fees regarding the new fee changes to support organisations and individuals affected by the pandemic.
If the COVID-19 pandemic becomes more complicated, the MoF will consider extending the fee exemptions and reductions, it said.
According to Chairman of the State Securities Commission Tran Van Dung, the move aims to stabilise investors’ psychology, soothe the market and ensure social security amidst the pandemic.
bizhub
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