JOINT CIRCULAR No. 46/2009/TTLT-BTC-BCA GUIDING THE COORDINATION IN HANDLING VIOLATIONS OF LAWS IN THE SECURITIES AND SECURITIES MARKET SECTOR

JOINT CIRCULAR

GUIDELINES FOR COOPERATION IN HANDLING VIOLATIONS OF LAWS IN THE SECURITIES AND SECURITIES MARKET SECTORS

Pursuant to the Securities Law No. 70/2006/QH11 dated June 29, 2006;
Pursuant to the Law on Public Security No. 54/2005/QH11 dated November 29, 2005;
Pursuant to Decree No. 178/2007/NĐ-CP dated December 3, 2007 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;
Pursuant to Decree No. 36/2007/NĐ-CP dated March 8, 2007 of the Government on administrative penalties for violations in the securities and securities market sectors;

The Ministry of Finance and the Ministry of Public Security hereby jointly issue guidelines on cooperation in handling violations of laws in the securities and securities market sectors as follows:

This technical regulation sets out technical requirements, testing methods, sampling procedures; management requirements; responsibilities of organizations and individuals producing, trading, and importing cigarettes.

Thông tư này quy định chi tiết khoản 4 Điều 38 Luật Thủy sản số 18/2017/QH14 đã được sửa đổi, bổ sung tại điểm c khoản 21 Điều 14 Luật số 146/2025/QH15.

These Guidelines provide guidance on cooperation between the Ministry of Finance and the Ministry of Public Security in detecting and handling violations of laws in the securities and securities market sectors.

2. Explanation of terms

In this Circular, the following terms are understood as follows:

2.1 Causing serious consequences means causing significant damage to property and non-material consequences (adversely affecting the implementation of the Party's policies and State's policies; adversely affecting fairness, transparency, and security of the securities market) as defined in securities and securities market regulatory documents or other regulatory documents that define and guide serious consequences.

2.2 Voluntarily remedying consequences: refers to the act where the person who violates securities laws causing damage to property, economy, public order, and social stability voluntarily acknowledges responsibility and voluntarily repairs, compensates for damages, and remedies consequences which are accepted by the party suffering losses and permitted by law.

3. Principles for cooperation in handling violations of laws in the securities and securities market sectors

3.1 Within the scope of their functions, tasks, and authorities as prescribed by law, the Ministry of Finance and the Ministry of Public Security have the responsibility to closely cooperate with each other in preventive work, detection, clarification, and handling of violations of laws in the securities and securities market sectors.

3.2 When examining cases of violation of laws in the securities and securities market sectors, competent authorities must clearly determine the nature of the case as civil, economic, administrative, or criminal to correctly identify jurisdiction and apply appropriate legal provisions, avoiding unnecessary inconvenience and loss to organizations and individuals participating in the securities market.

3.3 In cases where before the criminal act is discovered, the perpetrator voluntarily and promptly compensates for damages, remedies consequences resulting from the violation of laws in the securities and securities market sectors, promptly reports the incident, and contributes effectively to the inspection and investigation of the case, striving to minimize the consequences of the criminal act to the lowest extent possible, they may also be exempted from criminal liability.

3.4 It is necessary to objectively, comprehensively, and fully assess the causes, nature, severity, and consequences of violations of laws in the securities and securities market sectors; in necessary cases, it is required to conduct expert appraisals by specialized agencies according to the provisions of law.

II. SPECIFIC GUIDELINES

1. Lead agency for coordination

The Ministry of Finance assigns the State Securities Commission, and the Ministry of Public Security assigns the Criminal Investigation Agency (Department of Economic and Administrative Crime Investigation) (hereinafter referred to as the Investigative Agency) to coordinate in implementing these Guidelines.

2. Content of cooperation in handling violations of laws in the securities and securities market sectors

2.1 Content of cooperation:

a) Timely providing each other with relevant regulatory documents and information on administrative violations and crimes in the securities and securities market sectors;

b) Cooperation in handling violations that cause serious consequences or have signs of criminal offenses.

2.2 Specific cooperative activities:

a) Transfer of files of violations with signs of criminal offenses for criminal prosecution:

- During the process of performing inspection duties or handling violations of laws, if discovering organizations or individuals committing violations with signs of criminal offenses, within five days from the date of discovery of such signs, the State Securities Commission has the responsibility to transfer the file of the violation to the competent investigative agency to request prosecution according to the provisions of criminal procedure law and the Circular No. 03/2006/TTLT-VKSNDTC-TTrCP-BCA-BQP dated May 23, 2006 of the Supreme People's Procuratorate, Government Inspectorate, Ministry of Public Security, and Ministry of National Defense on the relationship of cooperation in the detection, investigation, and handling of cases with signs of criminal offenses reported for prosecution by inspection agencies.

- For cases where an administrative penalty decision has been issued, and subsequently, it is found that the organization or individual's violation has signs of criminal offenses without exceeding the statute of limitations for criminal prosecution, then the person who issued the administrative penalty decision must revoke that decision and within three days from the date of revocation, transfer the file of the administrative violation to the competent investigative agency to request prosecution according to the provisions of law.

- The transferred file includes: A letter transferring the file to the Investigative Agency for handling; Record of the violation behavior (copy); Results of appraisal and verification (if any); Other related documents (copies). The transfer of the file must be recorded in a Record.

- Based on the file of violations with signs of criminal offenses transferred by the State Securities Commission, the Investigative Agency will examine and handle the matter and notify the State Securities Commission in writing about the decision to initiate prosecution or the decision not to initiate a criminal case. If the State Securities Commission receives a decision not to initiate a criminal case, the authority responsible for issuing administrative penalties in the securities and securities market sectors must issue a decision on administrative penalties for the violation of laws according to these Guidelines and inform the Investigative Agency about the issuance of the administrative penalty decision.

- For cases of violations where the Securities Commission has concluded that there are no signs of criminal offenses but the Investigation Agency discovers signs of criminal offenses, it is necessary to discuss with the Securities Commission before issuing a decision to initiate a criminal investigation according to the provisions of the law. The Securities Commission is responsible for providing files, documents, and information related to the inspection process and conclusions made by the Securities Commission to the Investigation Agency for the purpose of investigating and clarifying the criminal offense.

b) Transfer the violation case file to handle administrative violations according to the provisions of the law on securities and the securities market:

- In cases where the violation case file has been transferred to the Investigation Agency, but it is found that the violation does not have sufficient signs to constitute a criminal offense or has not caused serious consequences, the authorized person of the Investigation Agency must issue a decision to return the violation case file to the Securities Commission to handle administrative violations according to the provisions of the law on securities and the securities market.

The Securities Commission shall issue a penalty decision within ten days from the date of receipt of the decision to return the violation case file. In cases where additional time is needed to verify and collect evidence, the person handling the violation case may request an extension of the deadline for issuing the penalty decision according to the provisions of Decree No. 36/2007/NĐ-CP of the Government on administrative penalties in the field of securities and the securities market.

- In cases where the Investigation Agency discovers acts of violating laws in the field of securities and the securities market, but during the investigation finds that such acts do not have signs of criminal offenses, they are responsible for transferring the files and documents to the Securities Commission for administrative handling according to their authority. The Securities Commission must notify the Investigation Agency in writing about the results of the handling.

c) Cooperate in providing information on violations of laws in the field of securities and the securities market:

In cases where the Investigation Agency discovers acts of violating laws with signs of criminal offenses, it is necessary to provide information and exchange with the Securities Commission.

2.3 The cooperative activities between the Securities Commission and the Investigation Agency as stipulated in this Circular shall be evidenced in writing.

3. Violations of laws in the field of securities and the securities market requiring coordinated handling

The Securities Commission and the Investigation Agency are responsible for coordinating to discover and handle violations of laws in the field of securities and the securities market, specifically as follows:

3.1 Organizations and individuals who establish false registration files to publicly offer securities causing serious consequences.

3.2 Organizations and individuals who establish false files to list securities on the market causing serious consequences.

3.3 Organizations and individuals who organize illegal securities markets causing instability in the securities market and causing serious consequences.

3.4 Organizations and individuals who engage in securities business by taking advantage of their responsibilities and duties to use funds or securities in customer accounts without authorization from customers causing serious consequences.

3.5 Organizations and individuals who establish investment funds in securities without registering or reporting to the Securities Commission and using those funds causing serious consequences.

3.6 Violations of regulations on securities transactions causing serious consequences:

a) Organizations and individuals who provide, disclose, or use insider information to buy or sell securities or advise others to buy or sell securities causing serious consequences;

b) Organizations and individuals who commit fraudulent acts, deceive, provide false documents, forge, alter, or destroy transaction documents to defraud or entice customers to buy or sell securities causing serious consequences; forge securities, circulate counterfeit securities;

c) Organizations and individuals who commit prohibited acts to manipulate security prices, create artificial security prices, or conduct fictitious transactions causing serious consequences;

3.7 Organizations and individuals who intentionally publish false information or fabricate and disseminate false information for personal gain, affecting the securities market, disrupting the securities trading market, causing serious consequences;

3.8 Other violations of laws in the field of securities and the securities market causing serious consequences.

III. IMPLEMENTATION

1. This Circular shall take effect 45 days from the date of signature.

2. During the implementation of this Circular, if difficulties or obstacles arise, please report them promptly to the Ministry of Finance and the Ministry of Public Security for research and supplementation as appropriate.