FAILING TO OPEN A FROZEN ACCOUNT TO RECEIVE PAYMENT FOR STOCKS SHALL BE FINED UP TO VND 200 MILLION
This highlight content is prescribed by the Government in the Decree No. 128/2021/ND-CP dated December 30, 2021, amending and supplementing a number of articles of the Government’s Decree No. 156/2020/ND-CP dated December 31, 2020, providing for the sanctioning of administrative violations in the domains of securities and securities market.
Specifically, a fine from VND 100,000,000 to VND 200,000,000 shall be imposed for any of the following acts of violation: Failing to open a frozen account to receive payments for stocks in foreign currencies at a bank or foreign bank branch permitted under the law on foreign exchange management; Failing to transfer the proceeds gained from the offering to the frozen account; Using money in the frozen account before the State Securities Commission notifies the receipt of the offering or issuance result reports in writing.
Besides, a fine from VND 100,000,000 to VND 150,000,000 shall be imposed for the act of failing to transfer the proceeds gained from the additional issuance to the frozen account at a bank or foreign bank branch; using the proceeds gained from the offering before the State Securities Commission notifies the receipt of the offering result reports in writing.
A fine from VND 50,000,000 to VND 70,000,000 shall be imposed on a public company that fails to report the maximum foreign holding rate or fails to report the change to the maximum foreign holding rate. A fine from VND 30,000,000 to VND 50,000,000 shall be imposed on a public company that fails to report the change to the maximum foreign holding rate within the prescribed time limit.
This Decree takes effect from January 01, 2022.
