Vietnam: Delimitation of the sanction authority of administrative violations in the domain of securities

According to Article 11 of Circular No. 217/2013/TT-BTC of the Ministry of Finance of Vietnam, delimitation of the sanction authority of administrative violations in the domain of securities and securities market is prescribed as follows:

- Case of detecting administrative violations in domain of securities and securities market, the Chief Inspector of State Securities Commission shall sanction under his authority prescribed at Clause 1 Article 37 of Decree No. 108/2013/NĐ-CP of Vietnam’s Government:

+ To impose a warning;

+ To impose fines of up to VND 100,000,000 on organizations and fines of up to VND 50,000,000 on individuals maximally;

+ Applying remedial measures.

- The Chief Inspector of State Securities Commission shall sanction under his authority as prescribed above, except case where administrative violations are detected through specialized inspection activities, the head of specialized inspection team of State Securities Commission shall have sanction authority.

However, Chairperson of State Securities Commission and the Chief Inspector of State Securities Commission may assign their deputies to perform the authority to impose sanctions against administrative violations and enforce implementation of decisions on sanction against administrative violations or decide on application of remedial measures in domain of securities and securities market.

View more details at Circular No. 217/2013/TT-BTC of the Ministry of Finance of Vietnam, effective from March 01, 2014.

Thu Ba

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