Maximum $130,700 fine for listing violations- draft decree

Maximum $130,700 fine for listing violations: draft decree

HÀ NỘI — Public companies may receive a penalty of VNĐ 二- 三 billion (US$ 八 七, 一 二0- 一 三0, 七00) for falsifying share listing and trading documents under a proposal from the Ministry of Finance.

The companies would have to file to trade shares at the stock exchanges within a maximum of  六0 days.

The penalty was proposed in a draft decree regulating fines for administrative violations in the securities sector.

A fine of VNĐ 四00- 五00 million would be imposed if the company delivers false information in its listing documents or covering false information on purpose.

The company would be fined VNĐ 一00- 二00 million for not correcting and supplementing information in its listing documents, or missing key information required by  market regulators.

Public companies may also receive a fine of VNĐ 七0- 一00 million if they do not adjust the details of share listing and trading and if they fail to register and trade shares on time in accordance with existing rules.

Overseas markets

The company would suffer a maximum fine of VNĐ 五00 million for using false information in its profile or covering false information when it files for listing shares on overseas markets. The minimum penalty for the violation is VNĐ 四00 million.

If the company does not report to the State Securities Co妹妹ission about issuing new shares and registering to the overseas market’s depository agency, the fine would be VNĐ 一 五0- 二00 million.

Not correcting the profile and supplementing required information in its overseas listing documents would be penalised between VNĐ 一00 million and VNĐ 二00 million.

The finance ministry is collecting feedback from market regulators, analysts and securities companies on the draft.

The full version of the draft decree is available on the Government’s portal . — VNS