Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Public companies may receive a penalty of 2-3 billion VND (87,120-130,700 USD)for falsifying share listing and trading documents under a proposal fromthe Ministry of Finance.
Thecompanies would have to file to trade shares at the stock exchanges within amaximum of 60 days.
The penaltywas proposed in a draft decree regulating fines for administrative violationsin the securities sector.
A fine of 400-500million VND would be imposed if the company delivers false information in itslisting documents or covering false information on purpose.
The companywould be fined 100-200 million VND for not correcting and supplementinginformation in its listing documents, or missing key information requiredby market regulators.
Publiccompanies may also receive a fine of 70-100 million VND if they do not adjustthe details of share listing and trading and if they fail to register and tradeshares on time in accordance with existing rules.
A company would suffer a maximum fine of 500 million VND for using false informationin its profile or covering false information when it files for listing shareson overseas markets. The minimum penalty for the violation is 400 million VND.
If thecompany does not report to the State Securities Commission about issuing newshares and registering to the overseas market’s depository agency, the finewould be 150-200 million VND.
Notcorrecting the profile and supplementing required information in its overseaslisting documents would be penalised between 100 million VND and 200 millionVND.
The financeministry is collecting feedback from market regulators, analysts and securitiescompanies on the draft.
The fullversion of the draft decree is available on the Government’s portal chinhphu.vn./.
VNA
