This March 8 Decree applies to domestic and foreign individuals, agencies and organizations that commit violations of the law on securities and securities market which are not serious enough for penal liability examination.
This March 8 Decree applies to domestic and foreign individuals, agencies and organizations that commit violations of the law on securities and securities market which are not serious enough for penal liability examination.
Specifically, the maximum fine of VND 70 million shall be imposed on fund management companies for falsely determining the net value of securities investment funds in order to stabilize market prices of fund certificates, or using the investment funds’ capital or assets to provide loans or issuance underwriting.
A fine of between VND 10 and 20 million shall be imposed on issuing organizations, directors (general directors), chief accountants or issuance consultancy organizations that disclose untruthful information in dossiers of public offering of securities, thus affecting investors’ decision; on public companies that violate the accounting regime or fail to audit annual financial statements; and on securities practitioners for working for other organizations that have ownership relations with securities companies or fund management companies where they are working, or for opening securities trading accounts at other securities companies.
A fine of up to VND 50 million shall be imposed on issuing organizations, directors (general directors), chief accountants for deliberately disclosing untruthful information or hiding truth, or using information outside the prospectus for market probing before being allowed to offer securities to the public; or on securities practitioners who lend money or securities on clients’ accounts or use their clients’ securities to make a mortgage.
(Source: VietnamLaw)
