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There is a need to review the activities of securities brokers to ensure they do not provide recommendations or investment advice beyond the permitted scope. The State Securities Commission (UBCKNN) has issued a document requiring securities firms to strengthen oversight of brokers’ activities on social media.
UBCKNN said that market analysis and investment recommendations are increasingly being posted on platforms such as Facebook, Telegram, TikTok, and YouTube. It noted that many organizations and individuals frequently publish articles and videos containing market analysis, technical analysis, and opinions related to buying, selling, or holding stocks.
The regulator also cautioned against cases where posts use information about a broker’s workplace, position, or experience at a securities firm when making investment recommendations.
UBCKNN asked securities firms (CTCK) to review the activities of their staff and practitioners working at the unit, ensuring they do not carry out activities beyond what is assigned or authorized by the company. It also urged CTCKs to control brokers’ consulting and recommendation activities on social media, particularly where such content constitutes investment advice but does not comply with applicable laws or internal regulations.
UBCKNN also referenced recent penalties in the securities market, including a sanction totaling 780 million đồng against Bao Minh Securities Joint Stock Company.
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