First securities trading firm suspended
First securities trading firm suspended
On October 24, the State Securities Commission (SSC) suspended the Hanoi Securities JSC (HSSC) from operations within 6 months, from October 24, 2012 to April 24, 2013.
This is the first securities trading company that is suspended and it is one of the seven securities firms under SSC’s special control.
SSC said that HSSC failed to meet the current conditions on financial safety.
In the period of suspension, HSSC must ensure the interests of its clients.
HSSC’s memberships on the HOSE and HNX floors have also been terminated, on both the listed and the UPCoM markets, since August 3.
About one week ago, some operations of the Golden Bridge Vietnam Securities Company (GBS) were temporarily suspended by the lack of money and securities.
The other six securities companies under special control include Trang An Securities (TAS); Saigon Thuong Tin Securities (SBS); Vietnam Trade and Industry Securities Company (VIG); Rubber Securities Company; Mekong Securities Company and Truong Son Securities.
Under the new regulations, from December 1, securities companies will be put under special control if they operate at lost for four consecutive months, instead of 6 months. The firms that are under special control for 12 months, instead of 18 months, will be suspended if their losses account for 50 percent of the charter capital.
The suspension will last until the companies reach liquidity ratio of over 180 percent in three consecutive months or they are merged, dissolved or go bankrupt.
vietnamnet
