Fines re-jigged for securities breach

Thursday, May 8, 2008
Prime minister's office on May 5 announced amended ordinance of dealing with administrative violation. Accordingly, the maximum punishment on violations relating to securities, environmental protection, construction, land, banking, intellectual property, petroleum exploration and development.

Under the amended ordinance, State Securities Commission's chief has the right to impose the punishment decision of 70 million dong at most on administrative violations in fields of securities while the SSC's chair also has the right to release the maximum punishment of up to 500 million dong.

Authorities have the right to apply an administrative punishment of 1-5% of total illegal money amount on issuers.

The ordinance will be enforced from August 1, 2008.