Vietnam: Sanctioning competence of administrative violations of the Chief Inspector of State Securities Commission

According to Decree No. 108/2013/NĐ-CP of Vietnam’s Government, sanctioning competence of administrative violations of the Chief Inspector of State Securities Commission, head of specialized inspectorate teams of State Securities Commission in the domains of securities and securities market is as follows:

1. Impose a warning;

2. Impose fines of up to VND 100,000,000 on organizations and fines of up to VND 50,000,000 on individuals maximally;

3. Apply the following remedial measures:

- Forcible recall of securities conducted sale offer, issue and returning the amounts of securities purchase to investors; forcible recall of shares issued additionally;

- Forcible return of securities, amount possessed by clients;

- Forcible cancellation of information, correction of information;

- Forcible remittance of illicit earnings from the commission of violations;

- Forcible public bid according to the registered plan;

- Forcible further purchase of the remaining shares or closed fund certificates after conducting public bid;

- Forcible abandon of the right to vote directly or through authorized representatives on the share quantity obtaining from violation;

- Forcible transfer of securities in order to reduce the holding rate in accordance with regulations;

- Forcible approval of General Meeting of Shareholders for change of purpose and plan on using capital obtaining from sale offer of securities;

- Forcible depository, separate management of assets, capital and securities; 

- Forcible provision of explanation, supply of information and figures involving audit activities.

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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