Penalties For Administrative Violations In Securities Sector

On 30 December 2021, the Government of Vietnam issued Decree 128/2021/ND-CP amending and supplementing some provisions of Decree 156/2020/ND-CP on penalising administrative violations in securities and the securities market sector (Decree 128). Decree 128 came into effect on 1 January 2022.

In this legal update, we will discuss the noteworthy takeaways from Decree 128.

1. Rule for Repeated and Simultaneous Violations

1.1 General

Decree 128 clarifies that an individual or institution that commits many violations simultaneously or repeats a violation will be penalised for each violation. Notwithstanding, if the individual or institution repeatedly commits a violation and the violations are discovered at the same time but have not yet been penalised and the statute of limitations has not expired, such individual or institution will be penalised only once for the violations, and the aggravating cir