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The State Securities Commission (SSC) has issued a warning to investors, organizations, and individuals participating in securities market investments. The SSC said that some organizations and individuals on social platforms publish stock market analyses, use technical indicators, and issue buy, sell, or hold recommendations. The SSC noted that these entities are not licensed securities firms or asset management companies and are not authorized by the SSC to provide investment advisory services.
Under Clause 4, Article 12 of the Securities Law, engaging in securities activities or providing related services without a license is prohibited. The SSC said it recently issued administrative penalties following monitoring results, in coordination with the Cyber Security and High-Tech Crime Prevention Department.
According to the SSC, it imposed penalties on ITP Joint Stock Company for posting stock analysis reports on its website, analyzing the company’s operations, and issuing buy/sell/hold recommendations to clients. The SSC said this constitutes investment advisory activity conducted without a license.
The SSC ordered market security measures against ITP, including restrictions on securities and stock market-related activities. The SSC reiterated that entities publishing stock analyses and buy/sell/hold recommendations without a license will be strictly sanctioned under the law.
The SSC stated that ITP Joint Stock Company is headquartered at 214/47 Nguyen Oanh, Go Vap District, Ho Chi Minh City.
From 01/12/2025 to 01/04/2026, the SSC said ITP posted reports on its website analyzing the status of companies and providing buy/sell/hold recommendations to clients, which the SSC classified as investment advisory activity under Clause 32, Article 4 of the Securities Law.
The SSC said ITP was fined VND 225 million for conducting securities trading activities without a license.
In addition, the SSC stated that ITP was barred from offering or issuing securities for two years from 22/04/2026; barred from listing or trading registration for two years from 22/04/2026; barred from conducting securities and stock market services—including registration, depository, clearing, and settlement—for two years; and barred from trading securities for two years from 22/04/2026.
The SSC advised investors to exercise caution when investing based on information from online platforms or social groups and to avoid being drawn into investments based on unverified information circulated on social networks.
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