At the workshop "Contributing opinions on the content of amendments and supplements to the Securities Law" held on the morning of October 8, Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission (SSC), said that after more than 3 years of implementation, the 2019 Securities Law and its detailed implementing documents have created a relatively complete and synchronous legal framework.
However, the rapid development of the market has led to a number of shortcomings and problems in the practical implementation of the law that need to be considered, promptly amended, supplemented and perfected in the Securities Law (amended), in order to promptly overcome limitations and risks in market operations.
Ms. Vu Thi Chan Phuong, Chairwoman of the State Securities Commission. (Photo: SSC)
To perfect the legal system in the securities sector, the Securities Law (amended) will have adjustments on a number of issues.
Firstly, the Securities Law (amended) will amend and supplement a number of issues related to transparency and efficiency in securities issuance and offering activities.
Second, the Securities Law (amended) will amend and supplement regulations to strengthen supervision and strictly handle fraudulent and deceptive acts in securities issuance and offering activities. Clearly define the responsibilities of relevant organizations and individuals, ensuring effective prevention and handling of violations in the stock market.
Third, the Law will amend and supplement a group of regulations to remove practical obstacles, promote the development of the stock market with the goal of upgrading the stock market. Specifically, it will complete the legal basis to implement the clearing and settlement of securities transactions on the market according to the central clearing counterparty mechanism on the Vietnamese stock market.
Overview of the Workshop. (Photo: SSC)
One of the important contents in the Securities Law (amended) is to supplement prohibited acts in securities activities.
Specifically, in Article 12, the Securities Law (amended) provides 6 acts of stock market manipulation.
Such as, using one or more of one's own or another person's trading accounts or colluding to continuously buy and sell securities to create artificial supply and demand;
Placing buy and sell orders for the same type of securities on the same trading day or colluding with each other to buy and sell securities without actually transferring ownership or ownership only circulating among group members to create fake stock prices and supply and demand;
Buying or selling securities in dominant volume at the opening or closing time of the market in order to create a new closing or opening price for that type of security in the market;
Trading securities by colluding with and enticing others to continuously place orders to buy and sell securities, greatly affecting supply and demand and securities prices, and manipulating securities prices;
Trading securities by colluding with and enticing others to continuously place orders to buy and sell securities, greatly affecting supply and demand and securities prices, and manipulating securities prices;
Trading securities by colluding with and enticing others to continuously place orders to buy and sell securities, greatly affecting supply and demand and securities prices, and manipulating securities prices;
In addition, to overcome urgent problems and shortcomings that have arisen and have been reviewed through summarizing the practical implementation of the Securities Law, ensuring effective handling of violations in the field of securities and the securities market, contributing to protecting the legitimate rights and interests of investors, ensuring healthy securities market activities, compliance with the law, strictly maintaining market discipline, adding Clause 6a after Clause 6, Article 12 in the direction of regulating that insiders of public companies, public securities investment companies, public funds and related persons of these entities shall not disclose information on the expected trading of shares and public fund certificates before trading to the State Securities Commission and the Stock Exchange in accordance with the law.
Accordingly, when determining prohibited acts, it will serve as a basis for applying strong measures to ensure security and safety of the stock market such as banning transactions for a period of 02-05 years, currently stipulated in Decree No. 155/2020/ND-CP (only applicable to prohibited acts stipulated in Article 12 of the Securities Law) and other handling tools.
Source: https://www.congluan.vn/sua-doi-luat-chung-khoan-se-xu-ly-nghiem-cac-hanh-vi-gian-lan-lua-dao-tren-thi-truong-post315798.html
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