“No admit, no deny” policy in United States’ securities law and the prospects of application in Vietnam

Abstract

: The “no admit, no deny” policy has played a core role in securities law enforcement in the United States for over 50 years, having been applied in nearly 98% cases of possible violations in the country. The policy is an important legal basis that allows the United States Securities and Exchange Commission to handle violations quickly with minimal human resources while still preventing violations and recovering illegal profits, thereby protecting the securities market and investors’ confidence. This article studies the creation and development of the “no admit, no deny” policy, as well as highlights its advantages and disadvantages when applied in the United States. From the research results, the article argues that despite its potential, policymakers in Vietnam must carefully consider the differences between the two countries in legal foundations and approaches to developing managerial human resources.