New Text Notification

Fines of 10 times of illegal revenue for stock market manipulation in Vietnam

Lê Hải

14:05, 16/02/2021

Recently, the Government of Vietnam issued Decree 156/2020/ND-CP prescribing penalties for administrative violations against regulations on securities and securities market.

According to Article 36 of Vietnam's Decree 156/2020/ND-CP, a fine of 10 times the illegal revenue but not lower than the maximum fine of 3,000,000,000 VND for organizations and 1,500,000,000 VND for organizations individuals for acts of manipulating the stock market without being criminally prosecuted.

In case there is no illegal revenue or the fine calculated according to the illegal revenue is lower than the maximum fine of 3,000,000,000 VND for organizations and 1,500,000,000 VND for individuals, the maximum fine level shall apply. maximum of 3,000,000,000 VND for organizations and 1,500,000,000 VND for this individual to sanction in Vietnam.

In addition, suspending securities business and service activities for a period of from 01 month to 03 months for securities companies, securities investment fund management companies, branches of securities companies or a foreign fund management company in Vietnam commits this violation. Simultaneously, the right to use securities practice certificates shall be revoked for a period of between 18 months and 24 months for securities practitioners.

See other fines in Vietnam's Decree 156/2020/ND-CP, effective from January 1, 2021.

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