Several articles of the Penal Code on taxation, finance, accounting and securities crimes will be presented for application from August 15.—Photo tapchitaichinh

(Biz Hub)—Several articles of the Penal Code on taxation, finance, accounting and securities crimes will be presented for application from August 15.

Joint Circular No 10/2013/TT-LB on June 26 from the Ministry of Justice, the Ministry of Public Security, the Supreme People's Court, the Supreme People's Procuracy and the Ministry of Finance provides specific guidelines for handling three criminal offences in securities, namely intentional disclosure of untruthful information or the concealment of facts in securities activities, the use of inside information for securities trading - and the manipulation of securities prices.

In addition to the provisions of the Law on Securities, the new regulation specifies for the first time aggravating circumstances, such as causing serious consequences with material loss of between VND1 billion (US$47,100) and under VND 3 billion to investors and causing extremely serious consequences with material loss of over VND3 billion to investors, gaining illicit profits of more than VND500 million from intentionally disclosing untruthful information or concealing facts in securities activities.

It also specifies the use of inside information for securities trading for the users themselves or for others and the disclosure of inside information or advising others to buy and sell securities based on inside information.

According to the document, large illicit profits are those worth between VND500 million and under VND1.5 billion, and very or particularly large illicit profits are those valued at more than VND1.5 billion, while causing serious consequences means causing a material loss of over VND1 billion to investors.

Those using inside information for securities trading include also financial statement auditors of public companies and funds, securities practitioners of securities companies and securities investment fund management companies.

The manipulation of securities prices is a crime causing serious consequences with material loss of between VND1 billion and under VND3 billion - or very or extremely serious consequences with material loss of more than VND3 billion to investors and gaining illicit profit of over VND500 million.

For these three crimes, penalty levels will also be based on non-material consequences, such as impacts on the implementation of State policies and laws on the securities market, investors' confidence in the securities market and equity, transparency and the safety of the securities market. — VietnamLaw/VNS