06 acts of securities market manipulation in Vietnam from January 1, 2025

06 acts of securities market manipulation in Vietnam from January 1, 2025​ (Image from the Internet)

Law amending the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Management, Use of Public Assets Law, Tax Management Law, Personal Income Tax Law, National Reserve Law, Administrative Violations Handling Law 2024 was passed by the National Assembly of Vietnam on November 29, 2024, including amendments that introduce acts of securities market manipulation.

06 acts of securities market manipulation in Vietnam from January 1, 2025​

From January 01, 2025, securities market manipulation is the execution of one of the following acts:

(1) Using one or more trading accounts of oneself or others or colluding to continuously buy and sell securities to create artificial supply and demand;

(2) Placing buy and sell orders for the same type of securities on the same trading day or colluding to trade securities without actual transfer of ownership or ownership only circulates among members of a group to create artificial securities prices, supply, and demand;

(3) Continuously buying or selling securities with dominant volumes at market opening or closing times to manipulate securities prices;

(4) Trading securities by colluding or inducing others to continuously place buy and sell orders that significantly affect the supply and demand and price of securities, manipulating securities prices;

(5) Expressing opinions directly or indirectly through mass media about a type of security, about the securities issuing organization to influence the price of that security after performing transactions and holding a position regarding that security;

(6) Using other methods or performing other trading acts or combining with spreading false rumors, providing misleading information to the public to create artificial supply and demand, manipulating securities prices.

(Section 49 Article 4 Securities Law 2019, supplemented in the Law amending the Securities Law, Accounting Law, Independent Audit Law, State Budget Law, Management, Use of Public Assets Law, Tax Management Law, Personal Income Tax Law, National Reserve Law, Administrative Violations Handling Law 2024)

Prohibited acts in securities and securities market operations in Vietnam

According to Article 12 of the Securities Law 2019, prohibited acts in securities and securities market operations in Vietnam include:

- Directly or indirectly committing acts of fraud, deception, falsifying documents, creating false information or announcing misleading information or concealing information or omitting necessary information causing serious misunderstanding affecting the offering, listing, trading, business, securities investment, providing services regarding securities.

- Using insider information to buy or sell securities for oneself or for others; disclosing, providing insider information, or advising others to buy or sell securities based on insider information.

- Using one or more trading accounts of oneself or others or colluding to buy and sell securities to create artificial supply, demand; trading securities by colluding, inducing others to buy, sell to manipulate securities prices; combining or using other trading methods or combining with spreading false rumors, providing misleading information to the public to manipulate securities prices.

- Conducting securities business activities, providing securities services without being licensed, certified, or approved by the State Securities Commission.

- Using customers' accounts, assets without their authorization or against the law or abusing trust to misappropriate customers' assets.

- Allowing others to borrow accounts to trade securities, standing in the name of others to own securities leading to acts of manipulating securities prices.

- Organizing the securities market trading contrary to the provisions of the Securities Law 2019.

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