Vietnamese
On December 19, 2023, the Minister of Finance issues the Circular No. 73/2023/TT-BTC on amending and supplementing a number of articles of the Minister’s Circular No. 117/2020/TT-BTC dated December 31, 2020, providing the method of calculating unlawful earnings and unlawful profits from violations of the law on securities and securities market.
Accordingly, illegal proceeds from performing the act of manipulating the stock market in which there is any adjustment in the stock price which is calculated as total illegal proceeds during the period preceding the time of price adjustment (the ex-rights date), and illegal proceeds in the period after the price adjustment.
Besides, unlawful profits earned from performing transactions to hide information about the true ownership of a security or more for avoidance or assist others for avoidance of disclosing information or making public bid or regulations on the foreign ownership ratio on the Vietnamese securities market specified in Clause 4 Article 34 of Decree No. 156/2020/ND-CP, amended and supplemented under Clause 28 Article 1 of the Government's Decree No. 128/2021/ND-CP dated December 30, 2021, amending and supplementing a number of articles of Decree No. 156/2020/ND-CP.
- For organizations and individuals that hide information about the true ownership of one or several securities to avoid the obligation to disclose information according to regulations or the prescribed obligation when making public bid or regulations to be complied with regarding the foreign ownership ratio on the Vietnamese securities market, unlawful profits gained by violator from committing violations shall be the entire amount of money, securities and other benefits arising from securities that conceal the true ownership.
- For organizations and individuals that hide information about the true ownership of one or several securities to avoid the obligation to disclose information according to regulations or the prescribed obligation when making public bid or regulations to be complied with regarding the foreign ownership ratio on the Vietnamese securities market, unlawful profits gained by violator from committing violations shall be the entire amount of money, securities and other benefits arising from securities that conceal the true ownership;
This Circular takes effect on May 02, 2024.
For violations occurring before the effective date of this Circular that are discovered or are in the process of being considered for decisions on sanctioning of administrative violations or considered for decisions on applying corrective measures when this Circular takes effect, the provisions of this Circular shall apply if this Circular stipulates lighter legal liability.
