The Ministry of Finance will strongly inspect public companies

In the coming period, the Ministry of Finance will strongly inspect public companies, prevent price manipulation and price manipulation from happening, and focus on violations of capital use, information disclosure, etc. Violations will be strictly handled.

This is information given by Mr. Nguyen Duc Chi, Deputy Minister of Finance at a press conference held by the Government Office on the afternoon of April 29.

3 layers monitoring

According to Mr. Nguyen Duc Chi, cases of law violation occurred on stock market Recently, law enforcement and management agencies are considering handling and investigating to get the final conclusion in the near future.

Meanwhile, the responsibility and organization of supervision of securities market activities are clearly defined by law.

Specifically, before 2019 according to the old Law on Securities, the supervision of the stock market was organized in two classes (class 1 is at the Stock Exchange and class 2 is the State Securities Commission). From 2019, the amended Law on Securities has added one more layer of supervision, which is supervision from the very beginning Securities Company when entering the market.

As for price manipulation in the market, recently, the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange have supervised and implemented warnings and handled violations according to the scope of their jurisdiction. permission.

Mr. Chi said, the State Securities Commission also regularly requested the 2 Stock Exchanges to strengthen the strict supervision of securities trading codes of listed organizations, which had business losses but the stock prices were low. consecutive increase.

“With transactions of unusually large volume, the State Securities Commission organized a proactive inspection to send the police to handle according to its competence cases of law violations such as the FLC case, Louis group of Tri Viet Company…,” said the head of the Ministry of Finance.

Ensure a transparent and sustainable market development

Responding to reporters’ questions about solutions to ensure the stock market develops in a transparent and sustainable manner, Mr. Nguyen Duc Chi explained: The Prime Minister has directed ministries, branches and agencies according to their respective functions. The assigned task is to proactively take measures to ensure the safety of the financial and monetary market, to prevent any incidents that affect investors’ confidence, the capital market, and the mobilization of bonds and stocks. Intentional violations will be dealt with decisively.

On the side of the Ministry of Finance, Mr. Chi emphasized the need to complete legal procedures and market organization. In particular, for the stock market, focus on improving the quality of goods, enhancing the compliance of enterprises in the market.

With the corporate bond market, the market is developed in a sustainable way, clearly separating bonds issued to the public and issuing bonds privately.

He affirmed that the Ministry of Finance had immediately reviewed the legal provisions related to the Law on Securities, the Law on Enterprises and soon reported to the Government to amend the provisions of Decree 153 on the private placement of corporate bonds. ensure that the provisions of law for the stock market and bond market are consistent with the required conditions of the market, to avoid things through which enterprises and groups of investors take advantage of violations.

In addition, many solutions have also been implemented by the Ministry of Finance, such as restructuring the stock market according to four pillars, which are strengthening the quality of securities companies, fund management companies, increasing the base of investors. investment, increase goods market quality and market structure.

According to him, market intermediaries will enhance professional ethics and service quality of service providers including securities companies, fund management companies, and independent auditing companies. ; encourage organizations providing services on the stock market to apply information technology in accordance with investors’ requirements to develop the market.

In addition, developing investors to promote the formation of investment funds, professional investment institutions, professional securities investors give priority to developing long-term investors such as investment funds, pension funds. Voluntary positions, insurance enterprises… strengthen training for individual investors to have adequate knowledge when participating in the stock market through propaganda and official information to help investors’ financial awareness private.

In particular, focusing on improving the effectiveness of supervision, attaching great importance to and strengthening the effective capacity of supervisory agencies from 3 levels: Securities company, Stock Exchange and State Securities Commission countries, expand, increase, increase the frequency of supervision, inspection and inspection, improve supervision efficiency, enforce enforcement, timely detect and limit risks in the stock market…

Regarding the corporate bond market, Mr. Chi emphasized, the ministry will supervise, check and correct mistakes, especially in the issue of information disclosure, capital use, professional securities investors, and other issues. Immediately check the financial statements of the issuer, if any errors are detected, they will be strictly handled, including irresponsible independent audit units to make mistakes in the audit of financial statements. bond issuer.

At the same time, strengthen coordination with relevant ministries, branches and agencies in the management and supervision of the stock and bond market with the money market, banking credit, insurance, and public assurance. capital market transparency, financial market stability.