The State Securities Commission (SSC) said that Thai Duong Securities Investment Fund Management Joint Stock Company was fined VND65 million for failing to comply with the provisions of securities law and enterprise law on governance and management for fund management companies that are not public companies or branches of foreign fund management companies in Vietnam.
Illustration photo.
Specifically, the Board of Directors (BOD) of the company did not ensure that at least 1/5 of the total members were independent members: from April 17, 2021 to September 20, 2023, the Board of Directors of the company had 0/5 independent members; from September 20, 2023 to the time of inspection, the Board of Directors of the company had 1/6 independent members; during the period from April 17, 2021 to September 20, 2023, the Board of Directors of the company had not appointed members of the audit committee; at the time of inspection, the Board of Directors of the company had not issued the operating regulations of the audit committee.
In addition, Thai Duong Securities Investment Fund Management Joint Stock Company was also fined VND20 million for not fully complying with legal regulations on information disclosure means (the company's website did not display the time of information posting).
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