Vietnam: Penalties for acts of obstructing inspection or examination in the domains of securities

According to Article 36 of Decree No. 108/2013/NĐ-CP of Vietnam’s Government, administrative penalties for acts of obstructing inspection or examination in the domains of securities and securities market are as follows:

- A fine of between VND 10,000,000 and 30,000,000 for any of the following violations:

+ Refusing to provide information, documents, and e-data; or supplying inadequate and untimely information, documents and e-data to an inspection or examination team or competent person;

+ Obstructing, causing difficulties for or shirking inspection or examination by competent persons;

+ Intentionally delaying or shirking the execution of or failing to execute administrative decisions of competent persons; failing to realize requests, abide by conclusions or execute decisions of an inspection or examination team.

- A fine of between VND 30,000,000 and 40,000,000 for any of the following violations:

+ Hiding or modifying vouchers, documents, books and e-data or altering material evidence while under inspection or examination;

+ Removing, dispersing or otherwise arbitrarily changing the sealing condition of money, securities, books, dossiers and accounting documents or other sealed material evidence and means.

Concurrently, Decree No. 108/2013/NĐ-CP also specifies additional sanctioning forms as follows:

- Suspension of securities business and service or deprivation of the right to use of securities practice certificate, for duration of 01-03 months, for violations specified above;

- Confiscation of vouchers, documents, books, and e-data for hiding or modifying vouchers, documents, books and e-data or altering material evidence while under inspection or examination.

View more details at Decree No. 108/2013/NĐ-CP of Vietnam’s Government, effective from November 15, 2013.

Ty Na

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