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THE GOVERNMENT
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
17/2000/ND-CP
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Hanoi, May 26, 2000
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DECREE
ON ORGANIZATION AND OPERATION OF THE
SECURITIES INSPECTORATE
THE GOVERNMENT
Pursuant to the September 30, 1992 Law on
Organization of the Government;
Pursuant to the April 1st, 1990
Ordinance on Inspection;
At proposals of the Chairman of the
State Securities Commission, the Minister-Chairman of the Government Commission
for Organization and Personnel and the State Inspector General,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.- The securities inspectorate is the specialized
securities and securities market State inspectorate in the organizational
structure of the State Securities Commission, which has its own seal.
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Article 3.- Subject to the securities inspection are:
1. Organizations that issue securities to be
traded at the central trading markets;
2. Securities trading centers, stock exchanges;
3. Securities companies, issuance-underwriting
organizations, investment fund managing companies; organizations that conduct
the securities registration, custody and securities clearing payment;
supervisory banks;
4. Securities business practitioners;
5. Organizations and individuals involved in
securities activities and securities market.
Article 4.- Operation scope of the securities inspectorate
covers:
1. Securities issuing activities;
2. Securities transactions;
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4. Information disclosure.
Article 5.- Operations of the securities inspectorate shall
comply only with the law, and be conducted in an accurate, objective, open,
democratic and prompt manner. No agency, organization nor individual is allowed
to unlawfully interfere in operations of the securities inspectorate.
Chapter
II
TASKS, POWERS AND ORGANIZATIONAL STRUCTURE OF THE SECURITIES
INSPECTORATE
Article 6.- The securities inspectorate has the following
tasks and powers:
1. To inspect the observance of the legislation
on securities and securities market; the observance of stipulations in
securities issuance licenses, securities operation licenses and securities
business practice licenses;
2. To coordinate with the units attached to the
State Securities Commission in supervising activities related to securities
issuance, trading and transactions. To inspect organizations and/or individuals
in their securities issuance, trading and transaction in order to detect and
prevent violations. To propose the Chairman of the State Securities Commission
to take measures to ensure the enforcement of the legislation on securities and
securities market;
3. To detect, prevent and sanction
administrative violations according to its competence; to propose the competent
agencies to handle violations of the legislation on securities and securities
market;
4. To verify and make conclusions on complaints
and denunciations related to securities activities and securities market
operations, then propose the competent authorities to settle them according to
the provisions of the Law on Complaints and Denunciations. To advise and assist
the Chairman of the State Securities Commission in directing the work of
preventing and combating corruption in the securities sector;
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6. To perform tasks and exercise powers provided
for in Article 8 and Article 9 of the April 1st, 1990 Ordinance on Inspection
and other tasks assigned by the Chairman of the State Securities Commission.
Article 7.- When conducting inspections, the securities
inspectorate may:
1. Request the inspected subjects and concerned
parties to supply relevant documents and evidences and to answer questions
related to the inspected contents;
2. Make written records of inspection and
propose handling measures;
3. Apply measures to prevent and handle
administrative violations according to the provisions of law;
4. Exercise other powers according to the
provisions of the legislation on inspection.
Article 8.- When conducting inspections, the securities
inspectorate shall have to:
1. Produce inspection decisions and inspector
cards;
2. Carry out inspection activities strictly
according to the prescribed inspection order and procedures; not to cause
troubles and harassment that impede securities issuance, trading and/or
transaction activities and cause damage to the legitimate interests of
organizations and individuals involved in such securities issuance, trading and
transaction activities;
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Article 9.- The securities inspectorate shall be set up only
at the State Securities Commission. The working regulation of the securities
inspectorate shall be decided by the Chairman of the State Securities
Commission after consulting the State Inspector General and the
Minister-Chairman of the Government Commission for Organization and Personnel.
Article 10.- The securities inspectorate shall submit to the
direction by the Chairman of the State Securities Commission in the performance
of its tasks of inspecting securities activities and securities market.
Article 11.- The securities inspectorate shall be
administered by the Chief Inspector, who shall be assisted by a number of
Deputy Chief Inspectors.
The appointment and dismissal of the Chief
Inspector shall be decided by the Prime Minister at the State Securities
Commission Chairman’s proposal submitted
by the State Inspector General.
The appointment and dismissal of other posts and
securities inspectors’ ranks shall comply
with the provisions of the current legislation on inspection.
Chapter
III
TASKS AND POWERS OF THE CHIEF SECURITIES INSPECTOR AND SECURITIES
INSPECTORS
Article 12.- The chief securities inspector has the
following tasks and powers:
1. To direct and organize the performance of
tasks and exercise of powers of securities inspectors specified in Article 6 of
this Decree;
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3. To exercise other rights provided for in
Article 15 of the Ordinance on Inspection;
4. To perform other tasks assigned by the
Chairman of the State Securities Commission.
Article 13.- Securities inspectors must satisfy the criteria
set for various ranks and grades of State employees in the State inspection
service.
Article 14.- Securities inspectors, while conducting
inspections, shall have to duly perform the tasks and properly exercise the
powers prescribed in the Ordinance on Inspection and other legal documents
which contain provisions on the tasks and powers of securities inspectors.
Article 15.- Securities inspectors shall enjoy the
preferential regime and policy and be equipped with technical and professional
means according to provisions of the current law.
Chapter
IV
RELATIONSHIP BETWEEN SECURITIES INSPECTORATE AND CONCERNED AGENCIES
Article 16.- The securities inspectorate shall submit to the
direction and instruction in terms of organization and professional inspection
operations by the State Inspectorate and maintain other relations with the
State Inspectorate according to the legislation on inspection.
Article 17.- If the securities inspectorate, in the course
of inspecting securities issuance, trading and transaction activities, detects
any signs of violations of the legislations on other fields, it shall have to report
them to the inspection organizations in such fields, so that the latter can
take appropriate handling measures.
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Article 18.- The securities inspectorate shall have to
coordinate with the investigation agencies, the People’s
Procuracies and the People’s
Courts at all levels in preventing and combating crimes in the field of
securities and securities market according to the provisions of law.
In the inspection course, if it detects
crime-constituting elements related to securities and securities market
activities of organizations and individuals, the securities inspectorate shall
have to forward the dossiers thereon to the competent investigation agencies.
When they deem it necessary, investigation
agencies shall have to coordinate with the securities inspectorate in the
course of conducting the investigation into matters related to securities
activities and securities market.
Article 19.- The securities inspectorate is entitled to use
collaborators in its inspection activities according to provisions of the
current inspection legislation.
Chapter V
COMMENDATIONS, REWARDS AND HANDLING OF VIOLATIONS
Article 20.- The securities inspection personnel,
collaborators and securities inspection organizations that record achievements
in their inspection activities shall be commended and/or rewarded according to
law.
Article 21.- Securities inspectors who commit acts of
violating law provisions, neglect their responsibility in performing their
tasks or commit acts of concealing organizations and/or individuals that
violate provisions of the legislation on securities and securities market as
well as provisions of this Decree shall, depending on the seriousness of their
violations, be disciplined or examined for penal liability. If damage is
caused, they shall have to make compensations therefor according to the
provisions of law.
Chapter
VI
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Article 22.- This Decree takes effect 15 days after its
signing.
Article 23.- The Chairman of the State Securities Commission
shall guide the implementation of this Decree.
Article 24.- The ministers, the heads of the
ministerial-levels agencies, the heads of the agencies attached to the
Government and the presidents of the People’s
Committees of the provinces and centrally-run cities shall have to implement
this Decree.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Phan Van Khai