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NEWS UPDATES Asean Affairs    12 September  2012

First Securities Company in Vietnam punished

12-Sep-2012

The State Securities Commission (SSC) recently imposed a VND250 million (US$12,000) fine on Ha Noi's Dai Nam securities company for conducting illegal securities trade activities.

SSC said Dai Nam Securities Company lended securities to its clients who then sold them to each other, violating recent securities regulations. Additionally, Dai Nam did not have the necessary permissions to engage in such trading.

The SSC's regulations state that securities and fund management companies are not allowed to sell or lend any securities when they neither own securities nor posess permission to trade.

Dai Nam, accordingly, was fined VND150 million ($7,100) for the illegal securities lending violation and VND100 million ($4,800) for trading without permission.

SSC asked depository banks who are in charge of keeping assets or securities on behalf of clients to transfer money and assets to clients' accounts immediately after transactions so as to avoid money laundering.

SCC said investors should not borrow or lend securities to avoid hidden risks such as property losses and disputes.


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