SmartInvest Securities was fined 1.4 billion VND

ANTD.VN - SmartInvest Securities Joint Stock Company was fined 1.4 billion VND by the State Securities Commission for 9 violations.

The State Securities Commission (SSC) has just issued a decision on administrative sanctions against SmartInvest Securities Joint Stock Company (stock code: AAS).

According to the penalty decision, this securities company has 9 violations that have been handled. Of which, SmartInvest was fined 275 million VND for providing services (coordinating with credit institutions to provide services for some customers to borrow money to buy securities) without the written approval of the State Securities Commission.

SmartInvest Securities Company violated a series of regulations

The same penalty for SmartInvest is the violation of providing securities services or other services that must be reported to the State Securities Commission before implementation, but have not reported or when there is no written opinion from the State Securities Commission or no guidance from a competent state agency.

Specifically, the Company cooperated with Sao Kim Financial Investment Joint Stock Company to provide financial services to a number of customers who borrowed money to buy securities; provided services to help investors open securities trading accounts at the Company; provided services to help investors open securities trading accounts at the Company to optimize idle funds in short-term securities trading accounts to enjoy flexible interest rates (under the name of Capital Optimization Product) without reporting, without written opinions from the State Securities Commission and without guidance from competent state agencies.

The company also had to pay a fine of VND187.5 million for failing to manage customer assets separately from the securities company's assets. It was fined VND65 million for violating regulations on opening margin trading accounts.

Smart Invest was also fined VND137.5 million for violating regulations on margin trading restrictions. At some point, the company disbursed margin trading loans for a number of securities that were not on the list of securities permitted for margin trading announced by the company.

At the same time, the Company was fined VND 187.5 million for violating regulations on lending restrictions. The Company lent money to customers by making deposits to buy bonds but did not make purchases but delivered money to customers within a certain period of time as agreed and had to repay the principal and fees. The Company lent money to Sao Thang Long Investment Joint Stock Company, an organization related to a member of the Board of Directors, in advance for selling securities on December 20, 2022.

Fined VND 85 million for not keeping complete records, data, documents, and certificates related to the securities company's operations and VND 92.5 million for not ensuring the personnel structure in the internal control and internal audit departments or not ensuring the personnel structure meets the conditions...

The company failed to report information required by law with a fine of VND 92.5 million.

Thus, with 9 violations, the total amount of fine that SmartInvest Securities must pay is nearly 1.4 billion VND.

Source: https://www.anninhthudo.vn/chung-khoan-smartinvest-bi-phat-14-ty-dong-post596378.antd