Revised Law on Securities: Administrative violation may be fined VND 3 billion

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The draft provides that the maximum fine for administrative violation is VND 3 billion for organizations and VND 1.5 billion for individuals.

Accordingly, for the inspection and handling of violation (in Chapter IX), the draft law is supplemented with a number of regulations on competency of the State Securities Commission when conducting inspection, examination and handling violations such as requesting relevant organizations and individuals to supply information, documents for the inspections, examination and supervision.

For the fine, the draft law stipulates that the maximum fine for administrative violation is VND 3 billion for organizations and VND 1.5 billion for individuals. The maximum fine for recidivism is 2 times higher than the maximum fine for a first time violation, and violating organizations and individuals are also subject to one or several of the handling measures prescribed in the Law. The Chairman of the State Securities Commission, chief inspector, and head of specialized inspection delegations are competent to fine administrative violations in the securities field.

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In addition, the objects announcing information are supplemented in the Draft law: listing organizations, branches of foreign fund management companies in Vietnam, accredited audit organization; insiders of public companies, public funds, public securities investment companies and relevant insiders; majority shareholders or affiliated persons owning 5% or more of the voting stocks of public companies; Investors and affiliated persons owning 5% or more of their closed fund certificates; Founding shareholders during the transfer restriction period of public companies, public securities investment companies.