Two more securities companies were fined hundreds of millions of dong

FPTS was fined VND177.5 million for violations of information disclosure and personnel regulations. Meanwhile, Pinetree Securities was fined VND190 million for margin trading with unauthorized securities codes.

Recently, the State Securities Commission issued a decision to impose a total fine of VND 177.5 million on FPT Securities for administrative violations in the field of securities and the securities market.

The reason is that the company did not ensure that the personnel structure met the conditions because Ms. Tran Thu Ha - a member of the internal audit department did not have a professional certificate on basic issues of securities and the securities market or a securities practice certificate, and a legal professional certificate on securities and the securities market. This violation was subject to a fine of VND 85 million.

At the same time, the company was fined VND92.5 million for failing to report information that must be reported according to the law. Specifically, FPT Securities Joint Stock Company did not report to the State Securities Commission on the business activities of the derivative securities trading organization in September 2023, the second quarter of 2024 and 2023.

Also receiving a total administrative fine of VND190 million, Pinetree Securities Joint Stock Company was fined by the State Securities Commission for violations related to margin lending activities.

Specifically, Pinetree Securities has made new loans for securities that are no longer on the list of securities allowed for margin trading and calculated these securities as real assets of customers in the margin trading account. For the violation of regulations on margin trading restrictions , the company was fined VND 125,000,000 according to the provisions of Point c, Clause 4, Article 26 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government regulating sanctions for administrative violations in the field of securities and the securities market.

At the same time, the company was fined VND 65 million according to the provisions of Point a, Clause 3, Article 42 of Decree No. 156/2020/ND-CP for the act of disclosing information not on time as prescribed by law . The reason is that on July 18, 2024, the Ho Chi Minh City Stock Exchange (HoSE) issued a notice to add securities that are not eligible for margin trading. However, on July 25, 2024, the company published a list of securities allowed for margin trading on the electronic information page. On August 30, 2024, HoSE issued Notice No. 1562/TB-SGDHCM to add securities that are not eligible for margin trading. However, on September 6, 2024, Pinetree Securities published a list of securities allowed for trading on the website.

The total fine imposed on Pinetree Securities is VND190 million. The total fine imposed on these two securities companies is VND367.5 million to VND.

Strengthening supervision, inspection and examination continues to be the task emphasized at the Conference to review the direction and operation of the first 6 months of the year and deploy tasks for the last 6 months of 2024 of the State Securities Commission . Not only administrative fines are applied, many heavier penalties have also been applied in the past time. Most recently, BOS Securities has been placed under control by the State Securities Commission due to failing to meet financial safety standards.

In September 2024, the State Securities Commission also issued a decision to suspend all operations of HVS Vietnam Securities Joint Stock Company due to failure to maintain the required facilities. In May 2024, HVS Securities Joint Stock Company was fined VND 125 million by the agency for arbitrarily changing its head office without approval from the regulatory agency. The company must pay an additional fine of VND 85 million for failing to report a solution for failing to maintain the conditions for granting a license to establish and operate a securities business.

Source: https://baodautu.vn/them-2-cong-ty-chung-khoan-bi-phat-hang-tram-trieu-dong-d227426.html