ANTD.VN - The State Securities Commission issued a series of decisions to sanction fund management companies such as: Dragon Capital, Thai Duong Securities Investment Fund Management Company, and SSI Fund Management Company.
The State Securities Commission (SSC) has just issued a decision to sanction administrative violations in the field of securities and the securities market against Dragon Capital Vietnam Investment Fund Management Joint Stock Company.
Accordingly, Dragon Capital was fined VND125 million for violating regulations on restrictions on employees working at securities investment fund management companies.
Specifically, during the period from September 2022 to December 2022, securities transactions of the Company's employees were not fully reported to the internal control department before and immediately after the transaction.
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Dragon Capital was fined for administrative violations |
A few days earlier, another fund management company, Thai Duong Securities Investment Fund Management Joint Stock Company, also received a penalty decision.
This company was fined VND65 million for failing to comply with the provisions of securities law and enterprise law on governance and management of fund management companies that are not public companies and branches of foreign fund management companies in Vietnam.
Specifically, the company did not ensure that the Board of Directors (BOD) composition had at least 1/5 of the total members being independent members. Accordingly, from April 17, 2021 to September 20, 2023, the Company's BOD had 0/5 independent members; from September 20, 2023 to the time of inspection, the Company's BOD had 1/6 independent members;
In addition, during the period from April 17, 2021 to September 20, 2023, the Company's Board of Directors has not appointed members of the Audit Committee; at the time of inspection, the Company's Board of Directors has not issued the Audit Committee's Operating Regulations;
Not only that, this fund management company was also fined 20 million VND for not fully complying with legal regulations on information disclosure means (the Company's website did not display the time of information posting).
In mid-October, the State Securities Commission also issued a decision to fine SSI Fund Management Company Limited. This fund management company was fined a total of VND165 million.
Of which, a fine of VND 125 million was imposed for violating regulations on restrictions on the activities of securities investment fund management companies, related persons of securities investment fund management companies and employees working at securities investment fund management companies.
Specifically, during the period from September 2022 to December 2022, securities transactions of some of the Company's employees were not fully reported to the internal control department before and immediately after the transaction.
In addition, the company was also fined 40 million VND for arranging employees and securities practitioners to hold concurrent jobs when they are not allowed to hold concurrent jobs. The company arranged its personnel to be investment consultants; at the same time, they are members of the Company's Investment Council, participating in signing and approving investments of investment funds and trust portfolios.
In addition to fund management companies, another securities company also received a penalty decision, which is APG Securities Joint Stock Company.
This securities company was fined VND85 million for violating regulations on entrusting management of securities trading accounts of individual investors.
Specifically, the content of the Securities Trading Account Management Entrustment Contract between the Company and the investor has not specified a securities practitioner to manage the entrusted trading account.
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