Thai Duong Securities Investment Fund Management Company was fined 65 million VND

The State Securities Commission (SSC) announced that Thai Duong Securities Investment Fund Management Joint Stock Company was fined 65 million VND for failing to comply with regulations of securities law and enterprise law regarding governance and operation for fund management companies that are not public companies or branches of foreign fund management companies in Vietnam.

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Specifically, the company's Board of Directors did not ensure that at least 1/5 of its total members were independent members: from April 17, 2021 to September 20, 2023, the company's Board of Directors had 0/5 independent members; from September 20, 2023 to the time of inspection, the company's Board of Directors had 1/6 independent members; during the period from April 17, 2021 to September 20, 2023, the company's Board of Directors had not appointed members to the audit committee; at the time of inspection, the company's Board of Directors had not issued the operating regulations of the audit committee.

In addition, Thai Duong Securities Investment Fund Management Joint Stock Company was fined 20 million VND for failing to fully comply with legal regulations regarding information disclosure methods (the company's website did not display the time of information publication).

Source: https://www.congluan.vn/cong-ty-quan-ly-quy-dau-tu-chung-khoan-thai-duong-bi-phat-65-trieu-dong-post271478.html