Two years and 15 years of the stock manipulation case, the Securities and Exchange Commission is about to have a series of solutions to prevent it

According to statistics, in the period from 2020 to April 2022, there have been a total of 15 cases of securities market manipulation violations that have been handled by competent authorities, including: 13 cases that are not serious enough. criminal prosecution has been administratively sanctioned by the State Securities Commission with a total fine and forced to pay back illegal profits of VND 10.8 billion; 2 cases to the extent of criminal prosecution have been prosecuted by the investigative agency (the FLC stock manipulation case, the Louis Holding group manipulation case (manipulating TGG and BII). State Securities has been working closely with police agencies in verifying, investigating and handling a number of other cases with signs of manipulation.

Manipulating the stock market has a negative effect on the market, so the securities law has stipulated that this is one of the prohibited acts; at the same time, the Penal Code also stipulates this as a type of crime. Regulatory agencies have issued sanctions to deal with manipulative behavior, both administratively and criminally; constantly improve the handling sanctions by raising the fine level, developing the method of calculating illegal revenue, supplementing the criminal composition as illegal income in order to facilitate the handling of the crime of manipulation. .

In order to monitor and detect abnormal transactions, the supervision system on the stock market, the Securities Law 2019 has added a supervisory level which is a securities company, increasing to 3 levels of supervision compared to the previous 2 levels. ; At the same time, there are separate regulations on transaction supervision in the guiding circular.

During the supervision process, the management agency has regularly directed the lines to closely monitor transactions for related group codes with unusual signs, rumors, and highlights. Over the past time, management agencies and functional agencies have resolutely handled manipulation cases.

According to a representative of the State Securities Commission, in the coming time, the regulator will continue to improve the supervisory role of the supervisory lines, especially the supervision of the stock exchanges in order to promptly detect signs of abnormal transactions or violations in the market to promptly warn investors. At the same time, perform transaction inspection when there are signs of abnormality or manipulation.

In particular, the management agency will actively prevent and limit violations in the direction of researching solutions to prevent internal shareholders from trading shares without disclosing information before the transaction. technical blocking measures and consider amending relevant regulations on securities trading.

Along with that, in addition to continuing to closely coordinate with the police from the very beginning in verifying, investigating and handling manipulation cases, and handling false rumors, the management agency will review and improve regulations on operation of securities companies, improve the responsibility of securities companies in managing trading accounts, providing financial services and supervising customers’ transactions.

In fact, in the world, cases of stock manipulation also appear, even in countries with developed stock markets. Typically and most recently in Japan, on March 24, 2022, prosecutors prosecuted SMBC Nikko Securities and some employees for alleged market manipulation; at the same time, arrest the Vice President of the company. Or in South Korea, in September 2020, prosecutors of the Seoul Central District Prosecutors’ Office prosecuted a Vice Chairman of Samsung Electronics Co. Ltd., due to allegations of stock market manipulation and mistrust in the merger between Samsung C&T Corp. and Cheil Industries in 2015.

Or in the world’s leading developed stock market like the US, in 2021, the stock of video game retailer GameStop will cause a fever driven by social networks, hurting institutional investors. big position. chn

According to Anh Minh

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