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Decree 36/2007/nd-Cp: About Sanctioning Administrative Violations In The Field Of Securities And Stock Market

Original Language Title: Nghị định 36/2007/NĐ-CP: Về xử phạt vi phạm hành chính trong lĩnh vực chứng khoán và thị trường chứng khoán

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Decree on sanctioning administrative violations in the field of securities and the stock market _ _ _ _ _ _ _ _ _ _ the GOVERNMENT pursuant to the law on organization of the Government of 25 December 2001;
Pursuant to the law on securities of 29 June 2006;
Basing the Ordinance handling administrative violations July 7, 2002;
Considering the recommendation of the Minister of finance DECREE: chapter I GENERAL PROVISIONS article 1. Scope 1. This Decree provisions on sanctioning administrative violations in the field of securities and stock market, sanctions, remedial measures, the level of the fine, the authority and sanction sanction procedures.
2. Administrative violations in the field of securities and stock market regulations in this Decree include: a) violated the rules of operation of securities offered for sale to the public;
b) infringe regulations on public company;
c) violates regulations on listed securities;
d) violated the rules of the market organization stock;
DD) violating regulations on stock trading activity and practice of securities;
e) infringe regulations on securities transactions;
g) violating the regulations on registration, custody, clearing and payment of securities, banking supervision;
h) infringe regulations on information disclosure;
I) infringe regulations on reporting;
k) violating the rules do hinder the Inspector.
Article 2. The object of applying individual, agency or organization in the country and abroad (hereinafter referred to as individuals, organizations) violates the provisions of the law on securities and the stock market but not yet to the level of prejudice to criminal liability, the sanctioned administrative offense under the provisions of this Decree , except in the case of international treaties to which the Socialist Republic of Vietnam is a member have other regulations shall apply under the provisions of international treaties.
Article 3. The principle of sanctioning administrative violations 1. The principle of sanctioning administrative violations in the field of securities and the stock market are made according to the provisions of article 3 of the Ordinance on handling administrative violations.
2. The organization sanctioned administrative offense of violation of his administration, after the Executive decided to sanction, sanctioned organizations determine the individual at fault causing the breach to determine administrative liability and the financial obligations of that person in accordance with the law.
Article 4. Time sanctioning administrative violations 1. Time sanctioning administrative violations in the field of securities and the stock market is two years from the date of the administrative offense was made. If the above deadlines are not sanctioned but still apply remedial measures prescribed in paragraph 3 article 7 of this Decree.
2. for individual violations of the law on securities and the stock market that prosecution, prosecution or have decided to take the case to trial under criminal proceedings, but later decided to suspend the investigation or the suspension of the case, if there are administrative violations, the sanctioned administrative offense under the provisions of this Decree. The decision suspended must simultaneously send the decision to the person who has the authority to sanction administrative violations. In this case, time sanctioning administrative violations is three months from the date of authority sanctioning administrative violations get decided to suspend and records violations.
3. Within the time limit defined in clause 1 and clause 2 of this individual, which held back the implementation of the new violations in the field of securities and stock market or willfully evading, obstructing the sanctions do not apply time limits prescribed in clause 1 and clause 2 of this Thing. Time sanctioning administrative violations are calculated from the moment made the new violation or termination acts impedes evading sanctions.
Article 5. The time limit is considered to be not yet sanctioned personal administrative violations, the organization sanctioned administrative offense, if after one year from the date of decision done executive sanction or from the date of execution without sanction decision it shall be regarded as not yet sanctioned administrative offense.
Article 6. Extenuating circumstances, aggravation when conducting sanctioning administrative violations in the field of securities and stock market, only the following details are considered extenuating and aggravating: 1. The extenuating circumstances a) the administrative violations have prevented, reduced the damage of violations caused or voluntary remedial , compensation for damage;
b administrative infringement) people have voluntarily declared, getting error;
c) violated by forcing or being physically or mentally;
d) violation due to lack of understanding;
DD) violation due to violation of others.
2. The aggravating a) organised violations;
b) violated several times or re-offending in the same field;
c) forcing people were subject to mental or physical violation;
d) taking advantage of position and powers to violate;
DD) violation in time are Executive decides to treat administrative violations;
e) continue to implement administrative violations although the authority requesting the termination of the Act;
g) after violating behavior escape, concealed violations.
Article 7. The sanctions administrative violations and remedial measures 1. For each administrative violations in the field of securities and stock market, individuals, organizations suffer a breach in two main sanctions: a) caution;
b) fine.
2. Depending on the nature and extent of the violation, individual, organization, administrative violations can also be applied to one or more additional sanctions: a) confiscating the entire proceeds from the realization of the violations that have stock and used for administrative violations;
b) suspension has a time limit or cancel the release of securities to the public, if after forty-five days didn't fix omissions, violations;
c) Stripped there is no time limit or time limit for the certificate of securities offered for sale to the public; License and operation of securities companies, fund management companies, securities investment companies to invest in securities; Registration certificate depository activity; practising certificate in securities. Within the time limit was stripped of the right to use the certificates, permits and certificates, individual securities practice, held non-conducted business activities stated in the certificate, license, certificate of practice stock.
3. In addition to the fines prescribed in clause 1 and clause 2 of this, depending on the nature and extent of the violation, personal, held in violation can be applied one or remedial measures: a) Forcing the correct observance of the provisions of the law for the administrative violations;
b) Forced cancellation, dispute the false information, not true;
c) Compel the issuer to recover the stocks were offered for sale, deposit or refund the money to buy securities for the investments within a period of thirty days from the date of being deprived of the right to use the certificate offered stock to the public.
Article 8. Apply the provisions of the law on sanctioning administrative violations in the field of The relevant administrative violations of securities and securities markets in other sectors under the current law has specific provisions penalizing level form, the sanctioning of administrative violations are made according to the regulations.
Chapter II ADMINISTRATIVE VIOLATIONS, FINES and SANCTION 1. VIOLATION of REGULATIONS on the OPERATION of SECURITIES OFFERED to the PUBLIC article 9. Sanctions for violations of regulations on the operations of securities offered to the public

1. A fine of 10 million dong to 20 million VND for the issuer, the Director or General Director, Chief Accountant and others concerned by the issuer, underwriting organizations, consulting organization released the file to register the securities offered to the public containing false information misleading, or does not have the full information required under the provisions of the law, which affects the decisions of investors.
2. A fine of from 20 million to 50 million dong VND for the issuer, the Director or General Director, Deputy Director or Deputy Director, Chief Accountant and others concerned by the issuer, underwriting organizations, consulting organization released do one of the following violations : a) intentionally published false information or conceal the truth;
b) using external information prospectus to probe the market before being allowed to perform securities offered for sale to the public;
c) stock distribution is not correct the contents of the register of securities offered for sale, the duration and the prescribed minimum volume;
d) announce the release on the mass media is not the right content and the time prescribed;
DD) Organization underwriting guarantee has made the total value of the securities exceeds the rate specified by law.
3. A fine of one percent (1%) to five percent (5%) of the total amount was mobilized against the law with respect to the issuer, the Director or General Director, Chief Accountant and others concerned by the issuer, underwriting organizations, consulting, accounting organization is approved , who signed audit reports and individual organizations confirmed the registration records of securities offered to the public have forged in the profile to register securities offered for sale to the public, causing damage to investors.
4. A fine of from one to five times the illegal revenues for issuers of securities offered to the public when no certificate of securities offered to the public.
5. additional sanctions a) suspended installments offered securities to the public within a period of forty-five days for violations of the provisions in paragraph 2 and paragraph 3 of this article;
b) revoking the certificate of securities offered to the public if the suspension after the deadline specified in point a of this paragraph that still did not fix the violation;
c) forced the cancellation of installments offered with respect to violations of paragraph 4 of this Article;
d) suspend underwriting activities within a period of forty-five days for a violation specified in point DD account 2 this;
DD) confiscated all illegal earnings of the individual, the Organization due to violations of the provisions of paragraph 3 and paragraph 4 of this Article.
6. Apply remedial measures: a) held the securities offered to the public to recall the stock was offered for sale, deposit or refund money to buy additional securities non-term deposit interest rate for the investment, if the investment required to cancel the order within thirty days , since the suspended batch offered for sale under the provisions of art. 5 of this Article;
b) held the securities offered to the public must recover the securities issued, a refund the deposit or money to buy additional securities non-term deposit interest rate for the investment in the time limit of thirty days from the date the revoked certificates of securities offered to the public or be forced to cancel the batch offered for sale under the provisions of point b and c clause 5 of this Article.
Section 2 INFRINGEMENT of RULES of PUBLIC COMPANY 10. Sanctions for violations of the regulations on public company 1. Caution for the public company for the first violation and have the extenuating circumstances the provisions in clause 1 article 6 of this Decree when there are violations of the regulations on the registration application with the State Securities Commission within a period of ninety days from the date of becoming public company according to the provisions in point c of article 25 paragraph 1 of the securities laws.
2. A fine of from 5 million to 10 million dong VND for public company performs one of the following violations: a) Not filed registration documents with the State Securities Commission within a period of ninety days from the date of becoming public company according to the provisions in point c of paragraph 1 of article 25 securities laws;
b) profile public company registered with the Securities Commission of the State have the false information or not having enough necessary information prescribed in clause 1 Article 26 of the law on securities;
c) is not registered, the centralized securities depository depository centre as defined in article 52 and article 53 of the law on securities;
d) fail to comply with the provisions of the law on management business of companies in accordance with paragraph 1 Article 28 of the securities laws.
3. A fine of 10 million dong to 20 million contract for public company performs one of the following violations: a) became a public company as defined in point c paragraph 1 article 25 of the law on securities a year but do not perform the registration filing with the State Securities Committee under the rules;
b) No disclosure of information according to the provisions of article 101 of the law on securities;
c) violated the accounting regime applicable to public company or does not perform an audit of financial statements year or do not apply the company management mode under the provisions of the law on business a year, since become public company;
d) registration, securities depository does not meet the regulations on registration, custody of securities in securities depository Center to happen to claim the ownership dispute, affecting the rights of shareholders of the company.
4. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraphs 1, 2 and 3 of this article.
Article 11. Sanctions for violations of rules on major shareholders of the public company has shares listed on the stock exchange or a Stock Exchange Center 1. A fine of 10 million dong to 20 million dong from the Organization, the individual becomes the major shareholder of the company has shares listed on the stock exchange or a Stock Exchange Center, do one of the following violations: a) organizations, individuals and groups of people involved become large shareholders of the public company has shares listed Stock or securities trading center within seven working days from the date of becoming major shareholders which do not report on the possession of large shareholders to the company, the State Securities Committee and stock trading or stock exchange where shares of the public company that is listed;
b) report on the major shareholder owning incomplete or inaccurate content as specified in paragraph 2 to article 29 of the law on securities;
c) organizations, individuals and groups of people involved is the majority shareholder of the company has shares listed on the stock exchange or securities trading centre there is a change in the number of stocks owned in excess of one percent (1%) the number of shares of the same type are circulated within seven working days from the date of the change on without filing reports additional amendments for the public company, the State Securities Committee and stock trading or securities trading center where stocks are listed;

d) members of the Board, the Board of Directors, Chief accountants, controllers of the listed companies and the relevant acts of official stock transaction companies listed within seven working days before the date of the transaction and within three working days from the date the transaction was completed that do not report to the stock exchange or securities trading center.
2. Apply remedial measures a) Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
b) Board Member, Director or Director-General, the Deputy Director or the Deputy Director, the person in charge of finance, in charge of accounting and other managers in the management of the company have earned profits from the conduct buy and sell and buy or sell the company's securities during the six months time limit from the date of purchase or sale to pay back any profits earned for the company.
Article 12. Sanctions for violations of the public company has shares listed on the stock exchange or securities trading center to buy back its own shares 1. A fine of 10 million dong to 20 million dong from for public company has shares listed on the stock exchange or a Stock Exchange Center, do one of the following violations: a) No public information about buying back its own shares within a period of seven working days before the date of implementation of the acquisition as defined in paragraph 2 of article 30 Securities law;
b) incomplete information content about the purpose of the acquisition, the number of shares to be acquired, the source of capital to acquisition and execution time prescribed or have registration and disclosure of information acquired but expiry still does not make the acquisition;
c) sold out of stocks bought before six months from the date of acquisition, except for cases permitted under the regulations of the Ministry of finance.
2. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
Section 3 VIOLATION the SECURITIES LISTING REGULATIONS of article 13. Sanctions for violations of regulations on securities listed in the stock exchange or a Stock Exchange Center 1. A fine from 20 million to 50 million dong VND for the listed organisations, the Executive Director or General Director, Deputy Director or Deputy Director, Chief Accountant and the person concerned of the listed organizations, organization listing, approved auditing organization, the signing of audit reports, organizations , personal profile listing confirmation do one of the following violations: a) the profile listed securities or securities trading center has the false information, misleading or does not have enough information as specified;
b) listed organizations release more shares but do not do the procedure of registration of additional listing or make the separation, included stocks that do not report the transaction in securities or securities trading center where stocks;
c) organization listed does not accept the rules of the time, the content and the means of disclosure of information about the listing.
2. A fine of 50 million to 70 million dong VND for the listed organisations, the Executive Director or General Director, Deputy Director or Deputy Director, Chief Accountant and the person concerned of the listed organizations, organization listing, approved auditing organization, the signing of audit reports , organizations, individuals confirm the profile listed on the fake in the profile listing, misleading.
3. the remedial measures: cancel listing for violations of the provisions in paragraph 2 of this Article.
4. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 and paragraph 2 of this Article.
Item 4 VIOLATED the RULES of the MARKET ORGANIZATION article 14 SECURITIES TRADING. Sanctions for violations of the rules of the market organization stock 1. A fine from 20 million to 50 million dong VND for the Organization, the individual held the stock market trading contrary to the provisions of paragraph 3 to article 33 of the law on securities in the case do not have revenues against the law.
2. A fine of from one to five times the illegal earnings for organizations, individuals held the stock market trading contrary to the provisions of paragraph 3 to article 33 of the law on securities in the event of illegal revenues.
3. additional sanctions: a) was forced to cancel the transaction market organisation rules of law;
b) confiscated all illegal earnings of the individual, the organisation due to the violation of the provisions in paragraph 2 of this Article.
4. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 and paragraph 2 of this Article.
Article 15. Sanctions for violations of regulations on the management of listed securities or Securities Exchange Center 1. A fine from 20 million to 50 million dong VND for securities trading, securities trading center, do one of the following violations: a) approve or cancel the listing for the record listed do not correctly regulated the conditions of capital, business results, financial capacity and the number of shareholders or holders of securities;
b) does not detect organized cases listed do not maintain full listing conditions according to the regulations; No warning, disclosure of information pursuant to the stock price on the market.
2. Apply remedial measures: Forcing the correct observance of the provisions of paragraph 4, paragraph 6 Article 37 paragraph 1 and Article 40 of the law on securities.
Article 16. Sanctions for violations of regulations on the management of the members of the stock exchange or a Stock Exchange Center 1. A fine from 20 million to 50 million dong VND for securities trading, securities trading center, do one of the following violations: a) approve or cancel the membership for non-stock company rules the conditions on which, equipped with technical facilities the number of employees to practise under the provisions of the Statute for members;
b) does not detect the case of the trading members not maintaining adequate conditions of membership or not in full compliance with the provisions on the obligations of membership as defined in paragraph 2 and paragraph 4 to article 39 of the securities laws.
2. Apply remedial measures: Forcing the correct observance of the provisions in clause 5 Article 37 and clause 2, clause 4 Article 39 of the securities laws.
Article 17. Sanctions for violations of trading rules on supervision and information disclosure of securities trading or Securities Exchange Center 1. A fine from 20 million to 50 million dong VND for securities trading, securities trading center, do one of the following violations: a) held new securities transactions, change, and apply new trading method, put into operation a new trading system when it has not been approved by the State Securities Commission;
b) timely detection of No violations of regulations or non-trading correct observance of process monitoring of trading activities in accordance to violation occurs, serious to affect impartiality, publicity and transparency of the market;

c) does not suspend, discontinue or cancel stock under the trading regulation of securities trading, securities trading center in the event of need to protect investors or not promptly put the warning signals or publish information about market fluctuations have serious influence on the stock market.
2. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
Article 18. Sanctions for violations of the regulations on the Organization of the securities at the securities company 1. A fine from 20 million to 50 million dong VND for the securities firm held stock in companies doing one of the following violations: a) Not publicly at the head office, branches and agents received the command of the content related to the trading method , place orders, margin transactions, billing time, transaction costs and other services related to securities transactions in the securities trading center; list of professional staff made the securities listed on the Stock Exchange Center is a member of the trading securities trading center;
b) Not fully accepted the obligation to report and publish information on listed securities trading at the Stock Exchange Center, according to the regulations.
2. A fine of 50 million to 70 million dong VND for the securities firm held the securities listed on the Stock Exchange Center is a member of the centre left stock with the securities regulation of securities trading centre as defined in point b of paragraph 2 Article 41 securities law.
3. additional sanctions: confiscated all illegal revenue and forced to terminate the operation held stock in the company stock.
4. Apply remedial measures: Forcing the correct observance of the provisions in the regulation of securities trading securities trading center for cases of violation of the provisions of paragraph 1 and paragraph 2 of this Article.
Section 5 VIOLATED the REGULATIONS on STOCK TRADING ACTIVITY and PRACTICE of SECURITIES article 19. Sanctions for violations of regulations on stock trading license, certificate of registration of the representative office 1. Caution with respect to securities companies, fund management companies, securities investment companies; branches of securities companies, foreign fund management companies in Vietnam do one of the following violations: a) using the name the company or branch not correctly specified in the licence;
b) No notice of the change of the headquarters.
2. A fine of from 5 million to 10 million dong VND for securities companies, fund management companies, securities investment companies; branches of securities companies, foreign fund management companies in Vietnam do one of the following violations: a) inaugural organization active when not yet fully met the conditions prescribed by law;
b) activities violating the Charter company, the Fund rules or not report the amendment, supplement the Charter.
3. A fine of 10 million dong to 20 million VND for stock certificate company, fund management companies, securities investment companies; branches of securities companies, foreign fund management companies in Vietnam do one of the following violations: a) the conduct of business activities, to provide securities services without being licensed;
b) lend, lease or transfer of a licence;
c) business activities, provides services in the field of securities for which the license is not specified or invalid license;
d) erasing, fix the license;
DD) made the change related to stock and the stock market when not yet State Securities Commission approval.
4. A fine of 10 million dong to 20 million VND for securities companies, fund management companies, securities investment made the separation, merger, split, merge, convert the company when not yet approved by the State Securities Commission.
5. A fine of 10 million dong to 20 million VND for representative offices of securities companies, fund management companies to invest in foreign securities in Vietnam directly involved in stock trading activities contrary to the provisions of the law.
6. additional sanctions: a) confiscating all illegal revenues due to violations of the rules in points a, b and c of paragraph 3 and paragraph 5 of this Article;
b) deprived of the right to use license and operation of securities companies, fund management companies, securities investment companies, branches of securities companies, foreign fund management companies in Vietnam within a period of forty-five days for a violation specified in point b of paragraph 2; the points b, c and d of paragraph 3 and paragraph 4 of this Article;
c) revoking the licenses of establishment and operation of securities companies, fund management companies, securities investment companies, branches of securities companies, foreign fund management companies in Vietnam after the deadline if deprived of the right to use the provisions of point b of this clause that still didn't fix the violation;
d) revoke the certificate of registration of the representative office of securities companies, foreign fund management companies in Vietnam for violations specified in clause 5 of this Article.
7. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraphs 2, 3, 4 and 5 of this Article.
Article 20. Sanctions for violations of regulations on the company's trading activities in securities 1. A fine of 10 million dong to 20 million dong from for securities companies perform one of the following violations: a) No organisation, set up an internal control system, risk management and monitoring, preventing conflicting interests within the company and in dealing with the relevant provisions of the law;
b) Not held separate management of each individual stock investors, separate from the money and securities of the investors with the money and securities of securities firms as prescribed;
c) No contract in writing with clients when providing services to clients; do not provide complete, truthful information to customers;
d) Doesn't make the principle of the priority of customer orders prior to the company's sales orders according to regulations; make left your investment;
DD) organization learn to gather full information on the financial situation, investment objectives, risk tolerance of clients; does the organization periodically reviews, classifying the customers about the potential risks; the recommendations, the firm's investment advice to customers is not guaranteed to match the target evaluation forms, classification of customers about the potential risks;
e) does not perform the security mode information of customers under the provisions of the law.
2. A fine of from 20 million to 50 million dong VND for securities companies perform one of the following violations: a) does not guarantee the level of capital available according to regulations;
b) investment capital contribution or participation exceeds the provisions of law;
c) do not purchase professional liability insurance for businesses trading in the stock in the company; do not quote the full protection fund set up to compensate investors for losses due to technical problems and negligence of securities company employees cause;
d) Organization kept incomplete documents; not reflect detailed, accurate transactions of customers and of the company as specified.
3. A fine of 50 million to 70 million dong VND for securities companies perform one of the following violations:

a) made the sale or for clients to sell the stock when it does not own the securities that the law has not allowed;
b) For securities lending clients to sell stocks contrary to provisions of the law;
c) For customers to borrow money to purchase securities, unless the Ministry of finance have other rules.
4. additional sanctions: a) deprived of the right to use and license the company's stock activity within thirty days for a violation specified in paragraph 2 of this Article;
b) deprived of the right to use and license the company's stock activity within forty-five days for violations of the provisions of paragraph 3 of this article;
c) confiscated illegal revenues due to violations of the provisions of paragraph 3 of this article.
5. Apply remedial measures: Forcing the correct observance of the regulations on stock trading activity for the offense specified in the paragraph 1, 2 and 3 of this article.
Article 21. Sanctions for violations of regulations on business activities of the company managing the Fund 1. A fine of 10 million dong to 20 million dong from for fund management companies to perform one of the following violations: a) No organisation, set up an internal control system, risk management and monitoring, preventing conflicting interests within the Fund management company and for the transaction of the person concerned in accordance with the law;
b) No governing separate stocks in each fund management;
c) No contract in writing with the customer investment trust;
d) does not provide complete information, honest to the client in providing services under the rules;
DD) Organization gathered full information about the financial situation of the investment partners; investment does not match the target investment already decided; provide consulting services to investment trusts do not match the rules on payment of profits, other commitments.
2. A fine of from 20 million to 50 million dong VND for fund management companies to perform one of the following violations: a) do not comply with the Charter Fund; do not implement the provisions protecting the rights of the investment;
b) do not purchase professional liability insurance for professional fund managers at the company; do not extract the reserve funds, to offset risks, compensation for investors due to technical problems or negligence of employees in fund management companies;
c) held full credentials not stored from, does not accurately reflect, details of transactions in property investment funds according to regulations.
3. A fine of 50 million to 70 million dong VND for fund management companies to perform one of the following violations: a) determine the net asset value of false securities investment funds to maintain a stable price of certificates on the market;
b) capital or assets of the investment fund of securities lending or underwriting;
c) capital and assets of this Fund to invest or buy the assets of another fund managed by themselves;
d) capital and assets of investment funds to participate in the capital contribution, holds, loans or loans for the Fund management company;
DD) use the capital and assets of investment funds to invest in the Fund's own certificate that mass or of an investment fund;
e) use capital and assets of investment funds to invest in securities of an issuer so fifteen percent of the total value of securities of the issuer;
g) use the capital and assets of the investment fund to invest too twenty percent of the total value of the Fund's assets into securities of an issuer;
h) capital and assets of investment funds to investment than ten percent of the total value of the Fund closed on the property; the Fund's capital investment opened in real estate;
I) use capital and assets of the investment fund to invest too thirty per cent of the total asset value of the Fund into the mass of companies in the same group of companies owns the relationship with each other;
k) use of capital and assets of investment funds to the lender or guarantor for any loans;
l) make the borrowers to finance the operations of the mass Foundation contravention of the law.
4. additional sanctions: a) deprived of the right to use license and operation of fund management companies within the time limit of thirty days for a violation specified in point a and point b paragraph 2 of this Article;
b) deprived of the right to use license and operation of fund management company within a period of forty-five days for violations of the provisions of paragraph 3 of this article;
c) confiscated illegal revenues due to violations of the provisions of paragraph 3 of this article.
5. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraphs 1, 2 and 3 of this article.
Article 22. Sanctions for violations of established regulations, sell fund certificates, shares of the company stock investment 1. A fine of 10 million dong to 20 million dong from for fund management companies, securities investment companies, underwriting institutions, banking supervision and the individuals concerned do one of the following violations: a) the registered establishment records, offered mass Foundation Certificate shares, securities investment companies off the public sends the State Securities Committee to have false information, misleading or not have enough important content can affect the decisions of the investment;
b) using external information prospectus to probe the market before being allowed to sell fund shares, securities investment companies to the public;
c) distribution fund, investment company shares of stock to the public before making the announced release;
d) reported selling fund shares, securities investment company is not correct the mass media as a rule, no proper content, duration and the prescribed time limit;
DD) Organization underwriting make a guarantee to the value of fund shares, securities investment companies in excess of the prescribed rates.
2. A fine of 20 million to 30 million đồng VND for fund management companies, securities investment companies, consulting organizations, and who signed the report involved drafting records established the Fund, investment company, public computer include the company's shares and the Fund managers who work in the Fund management company to make enough of the capital the Statute prescribed minimum.
3. A fine of 30 million to 50 million dong VND for fund management companies, securities investment companies, consulting organizations, and who signed the report involved drafting records established the Fund, investment company securities and selling fund shares, securities investment companies have forged in the profile.
4. A fine of 50 million to 70 million dong VND for fund management companies, securities investment companies, underwriting organizations do sell fund shares, securities investment companies to the public when not yet State Securities Commission approval.
5. additional sanctions: a) suspended installments offered Fund, investment company shares of stock to the public within a period of forty-five days for violations of the provisions of paragraph 3 of this article;
b) cancellation of waves of selling fund shares, securities investment companies to the public if the suspension after the deadline specified in point a of this paragraph that still did not fix the violation;

c) forced the cancellation of waves of selling fund shares, securities investment companies off the public for violations of the provisions of paragraph 4 of this Article;
d) seized the whole of the proceeds of unlawful organizations, individuals due to violations of the provisions of paragraph 3 and paragraph 4 of this Article.
6. Apply remedial measures: a) the Fund management companies are held to revoke certificates, securities investment companies to organize recovery stocks have offered for sale, deposit or refund the money to purchase the certificate for the investment, if the investment required to cancel the purchase within a period of fifteen days from the date of suspension of the waves of selling fund shares, securities investment companies to the public according to the provisions of art. 5 of this Article;
b) Fund management company must recover the Fund certificates securities investment company, to recover the shares were offered for sale, deposit or refund the money to buy the certificates, shares of stock for investment companies who invest in the time limit of thirty days from the day were forced to cancel the batch certificate offered mass Foundation stock securities investment company to the public in accordance with point b and point c paragraph 5 of this Article.
Article 23. Sanctions for violations of the regulation establishing the Fund members 1. A fine from 20 million to 50 million dong VND for the Fund management company and the individuals concerned do one of the following violations: a) Foundation members profile sent State Securities Committee got the false information or does not have enough content according to the rules that affect the interests of the participants had either;
b) contract management oversees the Fund assets of members between the Fund management company with the Bank improperly monitoring rules, contrary to the Charter Fund, causing damage to the capital contribution funds;
c) Not reported or not timely report on the risks of property loss, abnormal Fund have severely affected the rights of people, which established the Fund.
2. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
Article 24. Sanctions for violations of the rules of practice in securities 1. Caution with respect to securities companies, fund management companies, securities investment companies to perform one of the following violations: a) Not timely reporting the change of staff practice;
b) Not sent participants to the training legislation, trading system, new securities as specified.
2. A fine of from 5 million to 10 million dong VND for securities companies, fund management companies, securities investment companies to perform one of the following violations: a) the layout not yet practising certificate in securities made the profession which under the provisions of the law must have the certificate of practice in securities;
b) does not change or transfer for those practising certificate in securities has been the competent authority a decision revoking the certificate of practice.
3. A fine of 10 million dong to 20 million VND for securities practitioners perform one of the following violations: a) at the same time working for other organizations with ties to the company owned stock, the Fund management company, his place of employment;
b) at the same time working for securities companies, fund management companies;
c) at the same time the Director or Director General of an organization selling securities to the public or organizations listed;
d) are working in this stock company but the stock account opening in another securities firm;
DD) who have the Professional is a member of the Board, Member Board of Directors, members of the Board of control of securities companies to invest in a stock company.
4. A fine of 30 million to 50 million dong VND for securities practitioners perform one of the following violations: a) advantage, the task was assigned to lend money, stock on customer's account or using the customer's securities to pledge or use the money the stock, on account of the client when the client has not been entrusted;
b) directly or indirectly perform fraudulent, deceptive, creating false information or omission of necessary information misleading seriously affect the operation of securities offered to the public, listing, transaction, business, securities investment services, securities and stock market;
c) lend or rent professional securities;
d) erasing, professional repair stock.
5. additional sanctions: a) Stripped there is no time limit for the right to use the practice of securities for violations of the provisions of paragraph 3 and paragraph 4 of this Article;
b) confiscated all illegal earnings of securities practitioners due to violations of the provisions of paragraph 4 of this Article.
6. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraphs 1, 2, 3 and 4 of this Article.
Item 6 VIOLATING REGULATIONS on STOCK TRADING article 25. Sanctions for violations of the regulations on banning stock transactions 1. A fine of 30 million to 50 million dong VND for individuals and fines from 50 million to 70 million dong VND for the organization that the law prohibits engaging in stock transactions directly or indirectly hold or buy and sell stocks by renaming or other persons nominal loan to stock trading.
2. additional sanctions: confiscated all illegal revenue and the number of shares used to violate.
3. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of clause 2 Article 126 of the law on securities.
Article 26. Sanctions for fraud and scam in stock 1. A fine of 30 million to 50 million dong VND for individuals and fines from 50 million to 70 million dong VND for stock investment organizations perform one of the following violations: a) directly or indirectly involved in the fraudulent activities, fraud, creating false information or omission of necessary information misleading seriously affecting work action release, listing, transaction, business, securities investment and securities services;
b) directly involved in the publication of the false information to entice, instigated the purchase, sell stock or not published in time, full of information about events that occur that affect stock prices on the market.
2. additional sanctions: confiscate the entire proceeds of unlawful organization, individual stock investing due to violations of the provisions of paragraph 1 of this article.
3. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
Article 27. Sanctions for violations of the regulations on insider trading in stock 1. A fine of 30 million to 50 million dong VND for individuals and fines from 50 million to 70 million dong VND for stock investment organizations perform one of the following violations: a) used inside information to make buying, selling the company's stock, the Fund for himself or a third party;
b) disclose, provide insider information or advise third parties buying, selling stock based on inside information.
2. additional sanctions:

Confiscating the entire proceeds of unlawful organization, individual stock investing due to violations of the provisions of paragraph 1 of this article.
3. Apply remedial measures: Forcing the correct observance of the regulations on insider trading with respect to violations of the provisions of paragraph 1 of this article.
Article 28. Sanctions for behavior that manipulated the stock market 1. A fine of 30 million to 50 million dong VND for individuals and fines from 50 million to 70 million dong VND for stock investment organizations perform one of the following violations: a) collusion in securities transactions intended to create bows, fake bridge;
b) stock using the configuration forms, entice others to constantly buy, sell to manipulate stock prices;
c) combine or use other trading methods to manipulate stock prices.
2. additional sanctions: confiscate the entire proceeds of unlawful organization, individual stock investing due to violations of the provisions of paragraph 1 of this article.
3. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions of paragraph 1 of this article.
Article 29. Sanctions for violations of the regulations on public bid 1. A fine from 20 million to 50 million dong VND for the Organization, personal greetings buy shares have voting rights resulting from the possession of twenty-five percent or more of the stock of a public company or make the purchase without greetings make send registration bid publicly to State Securities Committee under the rules or make the bid publicly without written approval of the State Securities Committee.
2. A fine of 50 million to 70 million dong VND for the Organization, personal greetings buy shares have voting rights resulting from the possession of twenty-five percent or more of the stock of a public company or welcome execution audience buying that offered buy was forced to sell stocks that they own do one of the following violations here: a) directly or indirectly buy or commit to buy the number of shares being offered for purchase outside the batch bid;
b) sold or committed to sell stock that you are welcome to buy;
c) unfair treatment to those who own the same shares are offered for purchase;
d) provides information for some certain shareholders or to provide information on the number of shareholders in the same degree or not at the same time;
DD) time made a public bid does not meet the provisions of the law;
e) make bid that welcome audience bought was forced to sell securities that they own;
g) not to apply the conditions of public bid to all shareholders of the company;
h) refused to buy any stock from shareholders would follow the condition has bid publicly.
3. additional sanctions: a) the suspended batch bid publicly within a period of forty-five days for violations of the provisions of paragraph 1 and paragraph 2 of this Article;
b) cancel the batch bid publicly after the suspension period specified in point a of this paragraph that still did not fix the violation.
4. remedial measures: Forcing the correct observance of the regulations on overt bid for violations of the provisions of paragraph 1 and paragraph 2 of this Article.
Section 7 VIOLATION of REGULATIONS REGARDING registration, CUSTODY, CLEARING and PAYMENT of securities, BANKING SUPERVISION article 30. Sanctions for violations of the regulations on registration, custody, clearing and stock payment 1. A fine of 10 million dong to 20 million dong from for securities depository Center, securities depository member to perform one of the following violations: a) holding registration, custody, clearing and payments in stock when not meet the conditions of infrastructure, technical service for the registration activities , custody, clearing and payment of prescribed securities;
b) not yet build adequate operational processes and risk management for each business according to regulations;
c) Not take measures to protect the database and store the original documents on registration, custody, clearing and payment of prescribed securities.
2. A fine of from 20 million to 50 million dong VND for securities depository, depository members and staff of this organization to perform one of the following violations: a) violate conservation mode, the retention of securities; the regime of registration, custody, clearing and payment of prescribed securities cause losses to customers;
b) breach confidentiality of customer's hosting account as specified;
c) does not provide complete, timely, accurate list of owners, shareholders and the relevant documents according to the requirements of the public company.
3. A fine of 50 million to 70 million dong VND for securities depository Center, securities depository Member violated the rules of the time of payment, transfer of stock ownership, or repairs, lost, counterfeit vouchers in payment, transfer of stock ownership to cause physical damage to the client.
4. additional sanctions: a) deprived of the right to use the registered certificate of operation maximum custody ninety days for members of custody infringed the provisions of art. 2 and paragraph 3 of this article;
b) confiscated the entire proceeds of unlawful organization registration, custody, clearing, payment and securities employees of this organization because of violations of the provisions in paragraph 2 and paragraph 3 of this article.
5. Apply remedial measures: Forcing the correct observance of the provisions of the law for violations of the provisions in paragraph 2 and paragraph 3 of this article.
Article 31. Sanctions for violations of rules on banking supervision responsibilities 1. A fine of 10 million dong to 20 million dong from for bank supervision function in the condition monitoring of banks have yet to secure the facilities, technical, yet build process, risk management activities to ensure the full implementation of the obligation of the Bank custody under the provisions of the law.
2. A fine of from 20 million to 50 million dong VND for bank supervision made one of the following violations: a) carrying currency, payment and transfer of securities, money is not timely, exactly as prescribed;
b) confirmed reports the Fund assets, the property investment company securities by fund management companies, securities investment companies set up incorrectly or have discrepancies.
3. A fine of 50 million to 70 million dong VND for bank supervision made one of the following violations: a) to preserve the assets of securities investment fund or the investment company's assets left stock with the Securities Investment Fund Charter or charter company stock investment as prescribed;
b) Not preserved separate from the assets of this Fund with other funds according to provisions;
c) banking supervision, Board members, executives and employees of related monitoring bank owned, lender or borrower with fund management companies, securities investment companies and vice versa;
d) bank supervision, Board members, executives and employees of the Bank directly monitoring mission overseeing implementation of the Foundation's property buying, selling, securities investment company.
4. additional sanctions: a) deprived of the right to use the registered certificate depository activity time limit of thirty days for violations of the provisions of paragraph 3 of this article;
b) revoke the registration certificate depository if deprived of right to use after the deadline specified in point a of this paragraph that still did not fix the violation.
5. Apply remedial measures:

Forcing the correct observance of the provisions of the law for violations of the provisions of paragraphs 1, 2 and 3 of this article.
Section 8 VIOLATION of INFORMATION DISCLOSURE RULES on Article 32. Sanctions for violations of rules on disclosure of information 1. A fine of 10 million dong to 20 million dong from against the issuer, public company, listing organizations, securities companies, fund management companies, securities investment companies, stock exchange and securities trading center, do one of the following violations: a) published information but do not perform the State Securities Committee report about the information content the news was announced in accordance with the law;
b) Who published information is not authorized under the provisions of the law.
2. A fine of 20 million to 30 million đồng VND for the issuer, public company, listing organizations, securities companies, fund management companies, securities investment companies, stock exchange and securities trading center, do one of the following violations: a) holds publication information on the means of information disclosure regulations do not of the law;
b) published information is not sufficient, timely, timely in accordance with the law.
3. A fine of 30 million to 50 million dong VND for the issuer, public company, listing organizations, securities companies, fund management companies, securities investment companies, stock exchange and securities trading center, do one of the following violations: a) published information but of which contain false information , causing severe price fluctuations on the market;
b) disclose secret documents, secret data information is not published or not yet published;
c) intentionally delay the unusual disclosure as specified or information required by the State Securities Commission.
4. Apply remedial measures: forcing the executive regulations of the law on the disclosure of information with regard to cases of violation of the provisions of paragraphs 1, 2 and 3 of this article.
Item 9 in VIOLATION of REGULATIONS on Report 33. Sanctions for violations of regulations on reporting 1. Caution or a fine of from 5 million to 10 million dong VND for securities trading, securities trading centre, the central securities depository, a public company, listing organizations, securities companies, fund management companies, securities investment companies, the Bank implemented a monitoring of the following violations : a) incomplete reporting the content prescribed by law;
b) report on time in accordance with the law;
c) incorrect report form prescribed.
2. A fine of 10 million dong to 20 million VND for securities trading, securities trading centre, the central securities depository, a public company, listing organizations, securities companies, fund management companies, securities investment companies, the Bank implemented a monitoring of the following violations : a) ceased operations without reporting or reported but has not been approved by the State Securities Commission;
b) Not reported or not reported promptly in the event of abnormal events have serious impact to the financial capabilities and business operations, securities services.
3. Apply remedial measures: forcing the executive regulations of the law on the regime for the report with the violations specified in clause 1 and clause 2 of this Thing.
Section 10 VIOLATION DO IMPEDE the INSPECTION Article 34. Sanctions for acts impedes the Inspector 1. Caution with respect to the issuer, listing organizations, securities companies, fund management companies, securities investment companies, banking supervision, securities trading, securities trading centre, the central securities depository and the organizations and individuals that are related to the operation of securities and stock market behavior to delay , evade, does not provide sufficient, timely information, documents, electronic data as requested by the Corps of inspectors and inspectors.
2. A fine of from 5 million to 10 million dong VND for the issuer, listing organizations, securities companies, fund management companies, securities investment companies, banking supervision, securities trading, securities trading centre, the central securities depository and the organizations and individuals that are related to the operation of securities and stock market hinders the activity the Inspector, use violence, menace the Inspector Corps members in performing the duty Inspector.
3. A fine of 10 million dong to 20 million VND for the issuer, listing organizations, securities companies, fund management companies, securities investment companies, banking supervision, securities trading, securities trading centre, the central securities depository and the organizations and individuals that are related to the operation of securities and stock market made one the following violations: a) conceal, fix vouchers, documents, books or alter the evidence while being inspected;
b) arbitrarily removed, moved, or have other behavior altering the condition of the sealing of money, securities, books, records, accounting documents or exhibits, the media being sealed.
Chapter III JURISDICTION and PROCEDURE for SANCTIONING of ADMINISTRATIVE VIOLATIONS to article 35. The authority sanctioning administrative violations 1. The Chief Inspector of the State Securities Committee has the right to: a) caution;
b) the maximum fine up to 70 million.
2. Chairman of the State Securities Committee has the right to: a) caution;
b) the maximum fine up to 70 million;
c) for violations of the provisions of paragraph 3 and paragraph 4 article 9 and article 14 item 2 of this Decree are sanctioned according to the provisions of current legislation;
d) apply additional sanctions and remedial measures as prescribed in paragraph 2 and paragraph 3 article 7 of this Decree.
Article 36. Authorised sanctioning administrative violations in the case the authority sanctioning administrative violations specified in article 35 of this Decree, the absence is authorized to grant associate directly in writing to sanctioning administrative violations. The authorization is made under article 11 of the Ordinance on handling administrative violations and article 14 of the Decree 138/2003/ND-CP on November 14, 2003 detailing the Government's implementation of some articles of the Ordinance on handling administrative violations.
Article 37. Suspension of administrative violations When detected violations of the administrative authority sanctioning administrative violations must have text-ordered the immediate suspension of administrative violations.
Article 38. Set the minutes of administrative violations 1. After the order to suspend the administrative violation according to the procedure prescribed in article 53 of the Ordinance on handling administrative violations, who has the authority to set the minutes and proceed to sanctions; If exceeding the authority must then transfer to authority to decide sanctions under the provisions of Decree No. 81/2005/ND-CP dated 22 June 2005 by the Government on the organisation and operation of financial inspector.
2. The minutes of administrative violations are applicable to all cases of violations in the field of securities and stock market, except in the case of warnings or violations are determined from the criminal move on to handling administrative violations.

3. The minutes about sanctioning administrative violations must be established at least two copies according to the form prescribed. The minutes must be founded thereon, the offense or the representative of the organization violated registration. If there are witnesses, victims or their representatives held suffered damage, they must jointly sign the minutes. If the minutes of the sheet specified in this paragraph must sign on each record sheet. The case of the infringement, the Organization's representatives, witnesses, victims or their representatives held victims refused to sign the minutes of the founding documents must specify the reason on the minutes.
4. Minutes of finishing are delivered to organizations and individuals who violate a a; If the violations exceeded the authority sanctioning administrative violations of the established thereon, the person who created the minutes must send the minutes of the administrative violations (original) and whole document, records have discovered related to violations to the competent sanctions within three working days from the date of establishment of the minutes of administrative violations.
Article 39. The decision to sanction 1. The decision to sanction must be established at least in a prescribed form (for the sanctions warning) and established at least six copies according to the prescribed form (for shape).
2. The time limit for a decision sanctioning administrative violations is ten working days from the date of establishment of the administrative infringement thereon; with regard to the incident have more complexity, the time limit for a decision sanctioning is thirty days. The case needed more time to verify, collect evidence, then the competent person must report the heads directly by writing to please renew. The extension is written; grace period not exceeding thirty days. Too time authority sanctions cannot be a right decision to sanction; in no case shall sanction decision can still apply remedial measures prescribed in paragraph 3 article 7 of this Decree.
3. When a decision to sanction for an individual, the Organization made many administrative violations, the authority indicated a decision on sanctions. For service work that are more personal, the Organization has administrative violations are the same, but between them they have no relevance with each other in the process occurred violations, then every individual, organization sanctioned by punishment decisions. Based on the nature and extent of the violation of the individual, the organization that authorized the sanctions decided specific fines accordingly.
If the form and the level of sanction beyond the jurisdiction of the sanctions, that person must turn up violations sanctions authorized.
4. In the case of administrative violation under the jurisdiction of many sanctions, the sanctions by accepting the first made.
5. Decide on sanctions in effect since the date of signing, unless otherwise specified in the decision on the other effect.
6. The time limit for sending the decision to sanction for the Organization, individuals sanctioned and fine collection agency is three working days from the date of the decision to sanction.
Article 40. Fine procedure 1. The case of a fine must make the formalities prescribed in article 38 and article 39 of the Decree. Within ten working days from the date of the decision was given sanction, organized, sanctioned personal money to pay the fine amounts are stated in the decision to sanction the State Treasury and get receipts.
2. When a fine, level specific fines for administrative violations is the average of the frame of penalties are prescribed for the Act; If there are extenuating circumstances, the fines can be reduced but not excessive reduction of minimum fine frame; If there are aggravating the fines may be increased but do not exceed the maximum level of fine frame.
Article 41. The procedure deprived the right to use the license, certificate of practice in securities 1. Chairman of the State Securities Committee to have decision-making rights deprived of the right to use the license, certificate of practice under securities specified in point c paragraph 2 article 7 of this Decree.
2. in case of stripping the license, certificate of stock in practice decide the sanction must specify: the name; type; the number of the licence; the number of the certificate; deprived of the right to use the term of the licence, the certificate of practice stock. The case turns out decided to suspend a specific business activity, then the competent person must sanction clearly in the decision on sanctions suspended operations and the time limit for removal of that business activity.
3. When permission is granted is not the right authority or have content that is unlawful, the person who has the authority to sanction the revocation right simultaneously report to the competent State agencies licensed to know.
Article 42. The procedure of seizure of securities used to administrative violations and the revenues obtained from the implementation of the violations that had Once made the additional sanction measures as confiscating the stock number used for administrative violations and the revenues obtained from the implementation of the violations that have who has the authority to sanction established thereon confiscated under model provisions on minutes of confiscated exhibits and means of administrative violations. The minutes must be signed by the person conducting the seizure, the person sentenced, representative of the organization sanctioned or bystanders.
43 things. Procedure for suspension, cancellation of the securities offered to the public when making additional sanction measures as suspension of term or cancellation of securities offered to the public, who have the authority to sanction must specify on the decision sanctioning administrative violations.
Procedures for suspension and cancellation of securities offered to the public comply with the provisions of article 22 and Article 23 of the law on securities.
Article 44. Coercive enforcement of the decision sanctioning administrative violations 1. Personally, the organization sanctioned administrative offense which does not voluntarily accept the decision sanctioning administrative violations shall be enforced by coercive measures: a) deduct part of salary or income, deductions from your bank account;
b) levy property whose value corresponds to the number of fines for auction;
c) application of other coercive measures to carry confiscated exhibits, the means used to administrative violations, forcing restore original state has been changed due to administrative violations caused.
2. Who has the authority to sanction administrative violations specified in article 35 of this Decree has the right to make decisions and coercive has the task of organizing the coercive.
3. Individuals, organizations receive coercive decisions must strictly obey the decision.
4. The State authorities, the police forces and the people's committees of all levels are responsible for coordinating the coercive enforcement organization upon request of the authority sanctioning administrative violations stipulates in paragraph 2 of this Article.
5. Individuals, organizations coerced must bear all costs of implementation of the coercive measures.
Chapter IV monitoring, CHECKING in the HANDLING of ADMINISTRATIVE VIOLATIONS, COMPLAINTS, accusations and HANDLE BREACHES PRETENDED AUTHORITY of ADMINISTRATIVE VIOLATIONS in the FIELD of SECURITIES and STOCK MARKET Article 45. Check monitoring in sanctioning administrative violations

The Minister of finance is responsible to regularly monitor, check the sanctioning administrative violations in the field of securities and securities markets in its scope of management; timely resolution of complaints, accusations of sanctioning administrative violations related to authorized sanctions stipulated in article 35 of this Decree; handle people have wrong in sanctioning administrative violations in the scope of its management and reporting regimes about administrative violations in the field yourself in charge at the request of the competent authority.
Article 46. Complaints, claims about the decision sanctioning administrative violations and accusations of unlawful behavior authority sanctioning administrative violations 1. Personally, the organization sanctioned administrative violations in the field of securities and the stock market has the right to complain against the decision handling administrative violations to the competent State authorities. The competent State authorities have a responsibility to solve under the provisions of the law on complaints and denunciation.
The petitioner about the decision to sanction the violation of people's court administrative levels is made according to the provisions of the law on the procedure of resolving administrative cases.
In time the complainant or petitioner, personal organization, sanctioned administrative offense still had to enforce the sanction decision, when deciding to settle complaints by the competent State agencies or the verdict, the decision of the Court was in effect, the law enforcement under the complaint resolution decision of the competent State agency or by judgment the decision of the Court.
2. The report and to resolve accusations of unlawful acts in sanctioning administrative violations in the field of securities and the stock market are made according to the provisions of the law on complaints and denunciation and other legal regulations.
Chapter V ENFORCEMENT PROVISIONS Article 47. The effect of the Decree the Decree has effect after 15 days from the date The quote and replace the previous regulations on sanctioning administrative violations in the field of securities and stock market.
Article 48. Responsibilities to the Minister of finance is responsible for the instructions detailing the implementation of this Decree.
The Ministers, heads of ministerial agencies, heads of government agencies, the Chairman of the provincial people's Committee, the central cities is responsible for the implementation of this Decree.