All public offerings of securities involving regulation breaches will be fined between VND 50 and 300 million. Specifically, a fine of between VND 150 and 200 million will be imposed on issuers, issuance underwriters and consultants, and entities certifying registration dossiers for public offering of securities containing untruthful information or covering violations in making dossiers. Failing to modify or supplement improperly made or incomplete dossiers will be fined between VND 50 and 70 million.
Under Decree No. 85/2010/ND-CP of August 2, effective on September 20, violators of regulations on administration or audit of financial statements of public companies will face a fine of VND 5-10 million and 20 million respectively.
Those failing to register for consolidated securities depository at the VSD or breaching depository regulations will also be fined VND 20 million.
Fines of between VND 150 and 200 million will be imposed for insider transactions using inside information for securities dealing or disclosure of inside information to outside traders.
Collusion in trading to create sham supply or demand or wash sale which affects securities prices will be fined up to VND 300 million.
Worthy of note, the two Stock Exchanges may be fined up to VND 90 million or 100-120 million for improper quotation of securities prices or failure to warn or promptly detect and handle violations of trading regulations, respectively.
The heaviest fine of VND 500 million will apply to fraudulent acts in securities trading, including directly or indirectly fabricating or intentionally disclosing false information to jack up stock prices or failing to disclose information which might affect stock prices.