Authority to sanction administrative violations in the field of securities in Vietnam
Article 47 of Decree No. 156/2020/ND-CP provides for the authority to impose administrative penalties in the field of securities in Vietnam. To be specific:
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The Chief Inspector of the State Securities Commission, the Head of the specialized inspection team of the State Securities Commission in Vietnam has the authority to:
a) Issue warnings;
b) Impose fines up to 100,000,000 VND for organizations and maximum fines up to 50,000,000 VND for individuals;
c) Strip the right to use the representative office registration certificate, securities practice certificate as prescribed in Clause 3, Article 30, and Clause 3, Article 32 of this Decree;
d) Suspend securities trading as prescribed in Clause 1, Article 34 of this Decree;
dd) Apply additional penalties and remedial measures as prescribed in Clauses 2 and 3, Article 4 of this Decree.
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The Chairman of the State Securities Commission has the authority to:
a) Issue warnings;
b) Impose fines up to 10 times the unlawful gains for organizations and maximum fines up to 5 times the unlawful gains for individuals who commit violations as prescribed in Clause 1, Article 35, and Clause 1, Article 36 of this Decree;
c) Impose fines up to 3,000,000,000 VND for organizations and maximum fines up to 1,500,000,000 VND for individuals for other violations in the field of securities;
d) Suspend securities trading for a period from 01 month to 12 months; strip the right to use the representative office registration certificate, securities practice certificate for a period from 01 month to 24 months;
dd) Apply additional penalties and remedial measures as prescribed in Clauses 2 and 3, Article 4 of this Decree.
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The Chairman of the Provincial People's Committee has the authority to:
a) Issue warnings;
b) Impose fines up to 10 times the unlawful gains for organizations and maximum fines up to 5 times the unlawful gains for individuals who commit violations as prescribed in Clause 1, Article 35, and Clause 1, Article 36 of this Decree;
c) Impose fines up to 3,000,000,000 VND for organizations and maximum fines up to 1,500,000,000 VND for individuals for other violations in the field of securities;
d) Suspend securities trading for a period from 01 month to 12 months; strip the right to use the representative office registration certificate, securities practice certificate for a period from 01 month to 24 months;
dd) Apply additional penalties and remedial measures as prescribed in Clauses 2 and 3, Article 4 of this Decree.
Respectfully!
