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Submitted by ctv_en_1 on Sat, 02/24/2007 - 13:00
The government will not manage the securities market and investment in the market through administrative measures, affirmed Deputy Prime Minister Nguyen Sinh Hung at a working session with the State Securities Commission (SSC) in Hanoi on February 23.

The deputy PM stressed that although the securities market may be "hot" at present, and even faces imbalance, there will be no restrictions or closing of the market.


According to SSC chairman Vu Bang, management does not mean stopping but aims to secure a sound knowledge of the capital flows of foreign investors. He said the SSC will require foreign investors and investment funds to re-register in the coming time to publicise reporting regulations. It will also join hands with banks to keep a watch on investment sources.


Deputy PM Hung stressed the need to intensify inspections of licensed securities companies and revoke license certificates of any unqualified company.


Chairman Bang admitted that relevant management agencies had not paid sufficient attention to inspecting violations of the securities market. Inspection work was intensified in 2006, with total penalty for violations cases worth nearly VND200 million.

 

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