Vietnam: Any person commits the acts of borrowing or leasing the securities professional certificate shall be fined up to VND 75.000.000

According to Article 32 of the Decree No. 156/2020/NĐ-CP of the Vietnam’s Government, a fine ranging from VND 100.000.000 to VND 150.000.000 shall be imposed for committing one of the following violations:

- Borrowing, lending or leasing the securities professional certificate;

- Erasing or altering contents of the securities professional certificate.

Concurrently, according to Clause 3 Article 5 of the Decree No. 156/2020/NĐ-CP, the fines prescribed in Chapter II hereof are imposed upon violating organizations, except the cases in Clause 3 and Clause 4 Article 15, Clause 2 and Clause 4 Article 30, Clause 3 and Clause 5 Article 39 hereof in which the fines are imposed upon individuals. The fine imposed upon an individual shall be a half of the fine imposed upon an organization for committing the same violation.

Thus, in accordance with the above provisions, any person commits the acts of borrowing, lending or leasing the securities professional certificate shall be imposed a fine ranging from VND 50.000.000 to VND 75.000.000. Concurrently, any organization that commits the acts of borrowing, lending or leasing the securities professional certificate shall be imposed a fine ranging from VND 100.000.000 to VND 150.000.000.

Besides, a fine ranging from VND 50.000.000 to VND 70.000.000 shall be imposed for committing one of the following violations:

- Arranging persons who do not possess securities professional certificates or whose securities professional certificates have been suspended to perform operations or hold positions the holders of which are required to have securities professional certificates;

- Failing to submit reports by the prescribed deadline when detecting a certified securities professional’s commission of borrowing, lending or leasing the securities professional certificate; or erasing or altering contents of the securities professional certificate.

More details at the Decree No. 156/2020/NĐ-CP of the Vietnam’s Government, effective from January 01, 2021.               

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE