Measures to Request Competent Authorities to Freeze Bank Accounts for Violations of Securities Laws?

Based on Clause 2 Article 308 of Decree 155/2020/ND-CP:

Measures for requesting the competent authority to freeze monetary accounts are implemented as follows:

- When there are grounds as stipulated in Clause 4 Article 306 of this Decree, the Chairman of the State Securities Commission issues a document requesting the credit institution or the competent authority at the credit institution where the subject proposed for the measure has accounts to proceed with the account freeze. The document must clearly state the following information: the grounds for application; the name and address of the subject proposed for the measure; information about the accounts proposed for freezing; the duration and starting point of the freezing measure; related organizations and individuals;

- Within 2 working days from the date of issuance, the document requesting the credit institution or the competent authority at the credit institution to freeze the account must be sent to concerned agencies, organizations, and competent individuals;

- Within 3 working days from the receipt of the document from the State Securities Commission, the credit institution or the competent authority at the credit institution must decide on the account freeze and simultaneously notify the State Securities Commission and the account holder about the freeze. In case of refusal to implement or only partially implementing the account freeze request, the credit institution or the competent authority at the credit institution must clearly state the reasons and bear responsibility for their decision;

- The freezing and unfreezing of accounts by the credit institution or the competent authority at the credit institution is conducted in accordance with the relevant legal provisions.

Sincerely!