.UAT HINH Sir ' 15
CAC TOl PHAM VE CHlTNG KHOAN TRONG BO
L U A THINH Sir VIET NAM VA MOT SO KIEN NGHI
N H A MHOAN THIEN QUI DINH CUA PHAP
L U A THINH SV VE CAC TQI PHAM NAY '
PHAN ANH T U A N *
T
hj bardng chiing khodn (TTCK) Day la lin dau tien tdi pham bong ITnb vyc Id tilj mrdng tap chung cdc ngudn CK vd TTCK dugc quy djnh trong Bd lugt vdn cho dau tu vd pbdt triln kinh hinli sy. Day cimg la mpt budc tiln quan :e, do dd cd tdc ddng rit ldn din mdi trudng trpng trong vifc hodn thifn din khung phdp liu br ndi rieng vd ndn kmh tl ndi chung. ly chung dam bdo cho TTCK boat ddng mpt TTCK cdn dugc ggi Id phong vu bieu ciia cdch minh bach, hifu qua.ldn kinh te vd la mot cdng cy quan trpng 1. Toi co y cong bo thong tin sai lech
;iup Chmh phii tbyc bifn chinh sdch kinh tl hoac che giau sy that trong hoat dong /I md. Nhdm ddm bdo tbyc tbi phdp luat vl chirng khoan (Dieu 181a)
;biing khodn (CK) vd TTCK ddng thdi bdo "1. Ngudi ndo co y cdng bd thdng tin sai /f quydn lgi ciia cdc cbii the tham gia TTCK, If ch hoac che giau sy that lien quan den vifc ' ^ d nudc ta su dyng nbieu bien phdp phdp ly chao bdn, niem yet, giao djch, boat dpng kinh rong dd cd phap luat hinh sy de xii ly nhirng doanh chiing khodn, td chiic thj trudng, dang ldnh vi vi phgm phdp lugt nghiem trpng ky, luu ky, bu tru hoac thanb toan chiing rong hogt dpng CK vd TTCK. Vdi muc tidu khoan gay hau qud nghiem trpng, thi bj phat
f r y y r
la dugc ddt ra tgi Nghj quyet sd 49-NQ/TW tign tii mgt tram trieu ddng dgn nam trdm igdy 2/6/2005 cua Bd Cbinh tri vl chiln luge trieu ddng, cdi tao khdng giam giir dgn hai Z^ cdch tu phdp din ndm 2020: "Hodn thifn ndm bode phgt tu hi sdu tiidng dgn bai ndm.
;binh sdch, phdp lugt hinh sy vd dan sy pbu 2. Phgm tgi thupc mdt trong cdc birdng igp vdi nin kinh t l thi trudng dinh budng hgp sau day, tbi bi phgt hi tii mgt ndm din ca bgi cbii ngbia, xay dyng Nhd nudc phdp ndm nam:
juyln xa hgi chu ngbia Vift Nam cua nhan a) Cd td cbiic;
idn, do nhan dan, vi nhan dan;", Lugt sua b) Thu lgi bit chinb ldn;
ldi, bd sung mgt sd dilu cua Bg luat Hmh sy c) Gay bdu qud rit nghiem hpng hodc ddc ldm 1999 (cd hidu lyc hi ngdy 01/01/2010) bift nghiem hpng;
ta qui dinh 3 tgi danh mdi tt-ong lmh vyc CK d) Tdi phgm nguy bilm.
'd TTCK: tgi cdy cdng bd thdng tin sai lech 3. Ngudi phgm tdi cdn cd till bi phgt tiln logc che ddu sir that trong hogt dgng chimg tii mudi trifu ddng din mgt hdm ndm muoi hodn (Dilu 181a); tgi sit dung thdng tin ndi tncu ddng, cim ddm nhifm chiic vy, cim w de mua ban chimg khodn ( Didu 181b); bdnh nghi bode ldm cdng vifc nhit dinh hi oi thao tiing gid chimg khodn (Dilu 181c). mpt nam din ndm ndm."
* ThS, Khoa Luat Hinh su - Truomg Dai hoc Luat p. H6 Chi Minh.
16 TAP CHi KHOA HQC ftiArLiSx} '*/2m Vl khdch thi' ciia tfn phgm, toi pham xam + Chc giiu su that lign quan din vifc chj pham chl dp quan ly kinh tc nha nirdc trong bdn, niem yet, giao djch, hogt dpng kin ITnh vuc CK va TTCK. Ngoai la, toi pham doanh CK, td chiic thj trudng, dang ky, lu cdn xam pham quycn lgi va gay thict hai cho ky, bu trir bode thanh todn CK.
cho cac chii the khac tren thi tmdng. Cd y cdng bd thdng tin sai Ifch lign qua Co the thay, thong tin cd vi tri dac biet den viec ehdo bdn, niem yet, giao djch, hoi quan trpng doi vdi TTCK - bdi vi v(Vi dac dpng kinh doanh CK, td chiic thj trudnj tmng la tinh tmng gian, nha dau tu klii dau br dang ky, luu ky, bu trir bode thanh todn Cl CK khong the tmc tiep kicm tra chat lugng la vice cac cbii the cd nghTa vy cdng bd th6n hang hda nhu cac loai hang hda thong thudng lin da cd y cdng bd thdng tin khdng dung vi khac ma phai dya tren ca so thdng tin cd lien sy that so vdi thyc te cua doanh nghifp. Dan quan. Phap luat quy dinh nha dau tir cd quyen hanh vi ndy cd the dugc bieu bifn nhu: con:
dugc nhan nhirng thong tin chinh xac, kjp bo thdng tin kbdng chinh xdc, kbdng day d thdi va tmng thuc tii nhiing chii the co nghTa cdc npi dung ve vifc mua lai cd phigu, ba vu cdng bd thdng tin. Khi nhan dugc thong cd phieu quy, ve ket qud giao djch tbeo qu;
tin lien quan den CK tir nhirng chii the tren djnh; hd so niem ygt tai sd giao djch CKhoa ma nhirng thdng tin nay lai khdng diing sy tmng tdm giao djch chiing khodn cd nhirn]
that hodc da bj che giau mpt phan quan trpng thdng tin sai Ifch, gay hieu lam hodc khon]
thi kha nang nhan dien quy luat thj tmdng dii thdng tin theo qui djnh; td chiic thdng bai ciia cdc nhd dau tu da bj lam sai lech vd quyet phdt hdnh CK tren cdc phuomg tifn thon]
djnh dau tu sai lam la dieu khd tranh khdi. tin dgi chiing khdng diing ndi dung theo qw Dieu nay kbdng chi xam phgm quyen dugc djnh...
thdng tin cua cac nha ddu tu ma cdn gay ra Vide cdng bd thdng tin tren TTCK hiei cdc thiet hai ve tdi san cho hp. nay dugc tbyc bifn tbeo quy djnh tgi Thom
Hdnh vi cdng bd thdng tin sai Ifch bode br so 09/2010/TT-BTC ngdy 15/1/2010 cui che giau sy that trong hoat ddng chiing khodn Bp Tdi cbinh Hudng dan ve vifc cdng b(
cd ddi brgng tdc dpng la cdc thdng tin, sy that tiidng tin b-gn TTCK.
ve vifc chao ban, niem ygt, giao djch, boat Che giiu sy that lign quan din vifc chai ddng kinh doanh CK, td chiic thj tmdng, ban, niem yit, giao dicb, hogt ddng kinl ddng ky, luu ky, bii tru bode thanb todn CK. doanh CK, td chiic tiij mrdng, ddng ky, lui Ngudi phgm tdi thyc hifn tdi phgm thdng ky, bii tru hogc tiianb todn CK Id vifc cdc chi qua vifc tdc ddng tdi nhiing thdng tin ve sd till khdng tiidng bdo nhiing sy tiigt cin pha lifu, tinh binh tdi cbinh, quylt djnh ciia Hpi thdng bdo lien quan din hogt ddng CK. NhiiBj ddng cd ddng thdng qua phuang dn phdt bdnh sy that ndy cin dugc thdng bao ebo cdc nh CK... Cd tbl thiy ring day Id nhimg thdng tin diu tir bilt d l cdc bg dilu chinh k l bogch dai cd tbl dnh budng din gid CK bode din chilu tu cua minh. Dgng bdnh vi nay cd cdc bill hudng pbdt friln cua TTCK. bifn nhu: kbdng tiidng bdo nhimg thdng tir Ve mat khdch quan ciia tpi pham, tdi sy kifn dnh hudng tdi gid CK md khi nhitni pham bao gdm bai dgng bdnh vi sau: su kien didn ra cd till ldm cho gid CK cd th
+ Cd y cdng bd thdng tin sai Ifch lien quan tdng len hoac giam xudng (vi du nhu viS din vifc chao bdn, nigm yIt, giao djch, hogt ky kit mdt hgp ddng bode buy bd mgt ho dpng kinh doanh CK, td chiic thj hudng, ddng kinh tl, hoac vifc tdch, sdp nhgp c6n dang ky, luu ky, bu bii hodc thanb todn CK. ty ...); kbdng thyc bien cdng bd thdng ti
LUAT HINH s i r 17 theo quy djnh vl vifc chao mua cdng khai;
to cbiic, cd nhan, nhdm ngudi cd lien quan nim giir tir 5% trd len sd cd phidu cd quyen bilu quylt ciia mpt cdng ty dgi chiing thyc bien giao djch hodc khdng thyc hien giao djch nhung cd thay ddi vl sd lugng cd philu sd hiiu vugt qua 1% sd lupmg cd philu ciing logi dang luu hdnli nbung khdng bao cdo, bdo cdo kbdng diing thdi ban quy djnh cho cdng ty dgi chiing, Uy ban Chung khodn Nhd nudc vd Sd giao djch chiing khodn...
Tdi cd y cdng bd thdng tin sai Ifch hodc che giiu sy that trong hogt ddng CK la tpi pham cd cau tbdnh vat chat ndn bau qud la dau hifu bdt budc. Tdi pham dugc coi Id hodn thdnh khi ngudi phgm tdi gay hdu qud nghiem hgng.
Tuy nhidn nhu the ndo la "hdu qud nghiem trgng" tbi bidn nay chua cd vdn bdn budng dan cy the. Theo tdc gid Duong Tuydt Mien, hau qud nghidm trpng d day dugc bigu Id
"bdnh vi dd gay liing dogn TTCK bode gay
f y y
thift hgi den quyen lgi cua nhd ddu tu hodc gay thift bgi den quyen lgi cua doanh nghifp bi thdng tin sai sy that..."'
Chiing tdi cho rdng, cdch hieu "hau qud nghiem trgng" trong tdi phgm nay cua tdc gid Duong Tuygt Mign chu ydu mang tinh dinh tinh, chua mang tinb dinh lugng nen viec xdc dinh "bau qua nghiem trgng" tren thyc tl rit khd khdn vd diu hieu "hau qud nghidm hpng", tbeo chiing tdi, ciing kbdng can den miic dp "gay liing dogn TTCK"
Mdi quan bf nhan qud giiia hdnh vi khdch quan vd bau qud do bdnh vi gay ra la dau hifu bit bupe cua tdi nay. Ngudi tbyc bien bdnh vi phgm tpi chi cd the chiu trdeh nhifm binh sy vl hdnh vi ciia minh ndu co quan td tyng chiing minh dugc bau qua nghiem trgng xdy ra la kit qud tit ylu ciia bdnh vi dd.
' TS. Duang Tuylt Mien (2010), "Vl cac toi pham churng khoan trong Luat sura dii, bl sung mot s6 dilu cua Bo luat hinh sir nam 1999", Tgp chi Tda dn nhdn f/a«;s6 2nam2010,tr.l9.
Cdc dau hifu kliac thudc mat khdch quan ciia tpi pham nhu thdi gian, dja diim pham tpi... khdng phai la dau hifu djnh tpi ciia tpi
"Cd y cdng bd thdng tin sai lech hodc che diu sy that trong boat dpng chiing klioan"
Ve mat chii quan cua tpi phgm, tpi phgm dugc thyc hifn vdi ldi cd y trye tilp. Ngudi pham tdi nhgn thiic hanh vi cdng bo thdng tin sai Ifch hodc khdng cdng bd thdng tin quan trpng lien quan den chao ban, niem yet, giao djch, hogt dpng kinh doanh CK, td chiic thj tmdng, dang ky, luu ky, bu tni hodc thanb todn CK ciia minh cd thg gay hau qua nghiem trpng nbung van mong mudn tbyc hifn bdnh vi dd.
Vd chd the cda tpi phgm, bifn nay trong khoa hpc phdp ly hinh su cd 2 quan diem.
Quan diem thii nhat cho rdng: "Chu the ciia tdi phgm ndy Id ngudi cd ndng luc trach nhiem binh sy vd dat dp tudi luat djnh"^ Quan diem thii bai cho rdng chii the cua tpi pham ndy ngudi cd nghTa vu cdng bd thdng tin.
Dilu 181a) BLHS nam 1999 (dugc siia ddi, bd sung ndm 2009) kbdng de cap viec chii the ciia tgi phgm cd phdi Id cbii the dac bift bay kbdng md chi neu "ngudi ndo.. .cdng bd thdng tin" Tuy nhign xudt phdt tii thuat ngii "cdng bd thdng tin" vd cdc quy djnh cua phdp lugt ve chu thg cd nghTa vy cdng bd thdng tin thi cd thg kbdng dinh chi nhiing ngudi cd trdeh nhiem, thdm quygn cdng bd thdng tin mdi cd khd ndng phgm tgi ndy.
Phdp lugt quy djnh nghTa vy cdng bd thdng tin ciia mgt sd chii the dac biet bdi cbiic ndng, vai hd vd tam dnh budng cua cdc td cbiic, cd nhan ndy ddi vdi hogt ddng ciia TTCK. Ngudi cd nghTa vy cdng bd thdng tm ciing dugc quy dinh trong Lugt Chiing khodn, vd tbeo budng din cy tbl tgi Thdng tir so 09/2010/TT-BTC ngdy 15/10/2010 cua Bp Tdi chinh vd vifc
_ _ ^ _ - ^ — . ^ — — ^
2 Truang Dai hpc Luat Ha Noi (2009), Giao trinh Luat Hinh sir Viet Nam, Tap 2, Nxb Cong an nhan dan. Ha Noi, tr. 147.
18 TAP CHI KHOA HQC PHAP L Y SO 4/201 cdng bo thdng tin trcn TTCK, gom: cong ty
dai chiing, to chirc phat hanh thyc hien chao ban trai phicn ra cdng chiing, td chiic nicni yIt, dang ky giao dich, cong ty CK, cong ty quan ly quy, cdng ty dau tu CK, Sd giao djch chiing khoan va ngudi co lien quan. Vifc cong bd thdng tin phai do ngudi dai dien theo phap luat cua cong ty hoac ngudi dugc iiy quyen cdng bo thdng tin thyc hien. Ngudi dai dien theo phap luat cua cdng ty phai chju trach nhiem ve npi dung thdng tin do ngudi dugc uy quyen cdng bo thdng tin cdng bo (Muc 1.2.2 Thdng tu 09).
Nhu vay. ngudi dai difn theo phdp luat ciia cdng ty hoac ngudi dugc uy quyen cdng bd thdng tin, neu cd y cdng bd thdng tin sai Ifch hodc che dau sy that, thi dugc coi Id ngudi trye tigp thyc hifn tdi phgm.
2. Tpi sir dung thong tin npi bp de mua ban churng khoan (Dieu 181b)
" 1 . Ngudi ndo biet dugc thdng tin lien quan dgn cdng ty dai chiing hodc quy dgi chiing chua dugc cdng bd md ndu dugc cdng bd cd the dnh hudng ldn den gid chiing khodn cua cdng ty dgi chiing hodc quy dgi chiing dd md su dyng thdng tin ndy dg mua bdn chiing khodn hodc tiet Id, cung cap thdng tin ndy hodc tu van cho ngudi khdc mua bdn chiing khodn trgn co sd thdng tin dd thu Igi bit cbinh ldn, thi bj phgt tiln hi mpt trdm frifu dong dgn ndm trdm trifu dong, cdi tgo khdng giam giir din ba ndm bode phat th tii sdu thdng din ba nam.
2. Phgm tpi thupc mpt trong cdc tmdng hgp sau day, tbi bi phat tii tii hai ndm din bdy nam:
a) Cd td chiic;
b) Thu lgi bit cbinh rit ldn bode ddc bift ldn;
c) Gay hau qud nghigm hgng;
d) Tdi phgm nguy bilm.
3. Ngudi phgm tgi cdn cd tbl bi phgt tiln hi mudi trifu ddng din mgt tram nam muoi
trifu ddng, cim dam nhifm chiic vy, can hdnh ngbl hoac lam cdng viec nhat dinh ti mpt ndm den nam nam."
Theo qui djnh tai Dilu 181b) BLHS, chiini ta cd the hieu tpi sir dyng thdng tin npi bp di mua ban chiing khodn Id hdnh vi cua nguo biet dugc thdng tin lien quan den cdng ty da chiing hodc quy dgi chiing chua dugc conj
f t P I
bd ma neu dugc cdng bd cd thd dnh hudn^
ldn den gid CK ciia cdng ty dgi chiing hoa(
quy dgi chiing dd ma su dyng thdng tin naj de mua ban CK hodc tiet Id, cung cip thong tin ndy bode tu van cho ngudi khdc mua ban CK, tren co sd dd thu lgi bit cbinh ldn.
Ve khdch the ciia tpi pham, tdi phgm xara phgm chl dg qudn ly nhd nudc trong ITnh vuc CK vd TTCK.
Thdng qua vifc su dyng thdng tin npi bg de mua bdn CK hdnh vi nay da phd vd nguyen tdc cdng bdng tren thj tmdng, dugc ghi nhan tgi Dieu 4 Lugt chiing khodn, ddng thdi vi phgm quy dinh ciia Nhd nudc ve nhiing hanh vi bj cam trong hogt ddng CK dugc ghi nhgn tgi Dieu 9 Ludt chiing khodn. Do dd, khi thyc bifn tgi phgm ndy, ngudi phgm tdi da xam phgm che dg qudn ly kinh tg nhd nudc trong ITnh vyc CK vd TTCK.
Ben cgnh dd, bdnh vi su dyng thdng tin ngi bp dg mua bdn CK da gay thift hgi cho cdc nhd dau tu khde. Cdc nha diu tu khdc da Ud nen bat lgi hom rit nbieu so vdi nhihig ngudi ngi bg, bode cdc ehu the khdc dugc tiep cgn thdng tin ngi bg. Tu dd, khdc vdi nhiing ngudi khdng ed duge lgi the ve thdng tin nhu minh, hg bit diu tinb todn, xdc dinh phuon|
tbiic mua bode bdn CK nhu the ndo de thu dugc lgi nhugn bode hdnh nhirng khodn Id co the xdy ra. Vi vgy, hdnh vi giao dich npi b^
da phuomg hgi din quydn lgi cua cdc nhd daii khdc hen tbi birdng.
v l mqt khdch quan cda tpi pham, tf phgm bao gdm ba dgng bdnh vi sau:
+ Sii dyng thdng-tin ma minh bilt li^i quan ddn cdng ty dgi chung bode quy da
LUAT HINH Sir 19 chiing chua dugc cdng bo ma niu dugc cdng (thudng la nhirng ngudi than thilt trong gia
bd cd the anb budng ldn din gia CK ciia cdng dinh, ban be...). Mot ngudi bilt thong tin npi ty dgi chiing bode quy dgi chiing de mua bdn bp cd the tiet lp thdng tin do cho nhiing ngudi CK thu lgi bat chinh ldn; than thupc, hodc cung cip cho nhirng chu tbl + Tiet lp, cung cap thdng tin md minh biet can thdng tin dd tren thj tmdng, hoac dya lien quan den cdng ty dgi chiing hodc quy dai tren nhihig thdng tin cd dugc md tu van cho chiing chua dugc cdng bd ma niu dugc cdng ngudi khdc nen mua hoac ban mpt loai CK bd cd the dnh hudng ldn din gid CK cua cdng ndo dd thu lgi bit chinh. Vifc tiet Id, cung cip ty dai chiing bode quy dgi chiing cho ngudi thdng tin bode tu van dya tren thdng tin ndi khdc mua ban CK trgn co sd thdng tin dd thu bp phdi dan din kit qud la ngudi dugc tilt Id, lpi bat chinb ldn; cung cap, tu van tign hdnh mua ban CK thu + Tu van cho ngudi khdc mua bdn CK tren lgi bat chinh Idn. Vi neu chi dung lai d vifc CO sd thdng tin ma minh biet lign quan den cung cap, tidt Id, tu van cho bgn thii ba vd ben cdng ty dgi chiing bode quy dgi chiing chua thii ba ndy khdng tien hdnh bat ky giao djch dugc cdng bd md neu dugc cdng bd cd thg CK ndo sau kbi cd thdng tin ndi bd tbi kbdng dnh hudng ldn den gid CK ciia cdng ty dgi cdu tbdnh tpi ndy.
chiing bode quy dgi chiing thu lgi bdt chinli Hdnh vi pham tpi neu trgn ddi hdi phdi cd ldn. them diu hifu "thu lgi bit cbinh ldn" Tuy
D I cd tbl hieu rd bom bdnh vi khdch quan nhidn, cdch hieu dau hieu "thu lgi bat chinh cua tgi phgm, chiing ta cin tim bilu vl mpt sd ldn" bifn nay chua cd van bdn hudng dan chi , thugt ngii lidn quan. "Quy dgi chiing" la quy tilt.
, diu tu CK tbyc bifn ehdo bdn chiing chi quy Vd mat chu quan cua tpi phgm, loi cua Ta cdng chiing (Dilu 6 Lugt Chiing khodn). ngudi pham tpi Id cd y trye tilp. Ngudi pham ' "Cdng ty dgi chiing" la cdng ty cd phin thupc tdi bilt rd ndu thdng tin dugc cdng bd cd the ,mgt b-ong ba logi hinh sau day: a) Cdng ty da dnh hudng ldn din gid CK cua cdng ty dgi thyc bifn chao bdn cd philu ra cdng chiing; chiing bode quy dgi chiing nhung vi time lgi ,b) Cdng ty cd cd philu dugc niem yIt tgi Sd ndn vdn tbyc bifn hdnh vi ndi fren.
'giao dicb chiing khodn bode Trung tam giao Vl chd thi cua tpi phgm, dya vdo qui
^dich chiing khodn; c)^Cdng ty cd cd philu dinh tgi Dilu 181b BLHS: "Ngudi ndo bilt iduge it nhit mdt trdm nhd diu hr sd bum, dugc thdng tin lidn quan den cdng ty dgi Jdidng kl nhd diu tu CK chuyen nghifp vd cd chiing bode quy dgi chung chua dugc cdng
^vdn didu If da gdp tu mudi ty ddng Vift Nam bd...", tbi chu tbl cua tdi Id ngudi ndng lyc jtrd len (Dilu 25 Luat Chiing khodn). "Thdng frdcb nhifm binh sy, dgt dp bidi lugt djnh vd
^in npi bd" Id tiidng tin lien quan din cdng bilt dugc thdng tin ndi bg.
|ty dgi chiing hoac quy dgi chiing chua dugc Theo qui dinh tgi Didu 6 Ludt chiing pong bd, ma ndu dugc edng bd cd till anb khodn, nhihig ngudi bilt dugc tiidng tin ndi
"^^udng ldn ddn gid CK cua cdng ty dai chiing bg cd tbl Id nbung ngudi sau: "a) Tbdnh vien jjiiogc quy dgi chiing dd (Dilu 6 Lugt chiing Hdi ddng qudn b-j, Ban kilm sodt, Gidm ddc jjiodn). hodc Tdng gidm ddc, Phd Gidm ddc bode Phd Nhu vdy, tgi phgm nay dugc hilu Id dya Tdng gidm ddc ciia cdng ty dgi chiing; thdnb ''ren nhihig thdng tin ngi bd cd dugc, ngudi vien Ban dgi difn quy dgi chiing; b) Chddng
•tpilt thdng tin ngi bg mua, bdn CK cho chinh ldn cua cdng ty dgi chiing, quy dgi chiing; c)
^pinh bode mua, ban CK cho ngudi khdc Ngudi kilm todn bdo cdo tdi chinh cua cdng
20 TAP CHi KHOA HQC PHAP Lts6 4/20.
ty dai chiing, quy dai chiing; d) Ngudi khdc tiep can dugc thong tin npi bp trong cdng ty dai chiing, quy dai chiing; d) Cong ty CK, cdng ty quan ly quy dau tu CK va ngudi hanh nghe CK ciia cdng ty; c) To chiic, ca nhan cd quan he hgp tac kinh doanh, cung cap dich vy vdi cong ty dai chiing, quy dai chiing va ca nhan lam viec trong to chiic dd; g) To chiic, ca nhan tmc tiep hoac gian tiep cd dugc thong tin npi bp tir nhirng doi tugng quy djnh tgi cdc diem a, b, c, d, d va c khoan nay."
Nhu vay, ngudi biet dugc thdng tin npi bp theo qui djnh ciia Dieu 181b) BLHS va Luat chiing khoan la ngudi biet dugc thdng tin ngi bp mpt each hgp phap theo qui djnh ciia phdp luat. Tren thyc te, cd nhirng ngudi biet dugc thdng tin npi bp cd the klidng phai Id nhirng ngudi dugc qui djnli tai Dieu 6 Luat chiing khodn ma hp biet dugc thdng tin npi bp bdng cdch thu thap bat hgp phdp (chdng ban: mua thdng tin npi bp, chiem doat tdi lieu chira thdng tin npi bp, xem trdm thdng tin npi bp ...) vd hp sii dung tiidng tin dd dk mua ban CK tbi khdng the xu ly binh sy ddi vdi bp dugc, day Id dilu bat hgp ly. Cbinh vi vay, chiing tdi kiln nghj bd sung cym tir "hodc thu thap bit hgp phdp thdng tin dd" vdo Dilu 185b) BLHS.
Cung theo qui djnh tai Dilu 181b) BLHS thi hdnh vi su dyng thdng tin ngi bp dk mua bdn CK chi ciu thdnh tpi phgm kbi cd diu hifu "thu lpi bit chinb ldn" Quy djnh ndy Id hgp ly trong dilu kifn TTCK nudc ta cdn non tre vd nhiing hdnh vi nguy hilm phdi gay mgt thiet hgi ddng kl cho xa bdi thi mdi qui djnh la tpi phgm. Tuy nhign, thyc tiln hogt dpng tren TTCK cho thiy, vifc su dyng thdng tin npi bd dg mua bdn CK kbdng chi nhim tim kiem lgi nhuan ma ddi khi cdn dl frdnb bode ban che thiet hgi cho ngudi bilt thdng tin ngi bg. Chdng hgn, frong tiardng hgp cdng ty gap khd khan h-ong hogt ddng (vi du nhu vudng vao mgt vu kifn timg vl lugt phdp), nhimg ngudi ngi bg se ban cd philu cua minh tmdc khi nhiing thdng tin kip cong bd. Tit nhien.
khi doanh nghifp tiln hanh cdng bd thdng t theo luat dinh, gid CK ciia doanh nghifp j gidm. Liic ndy, nhung ngudi ngi bg da k ban CK nhd thdng tin ngi bp, nen bp trail dugc mgt klioan Id dang kl. Vdi lgi thi bii thong tin npi bp ciia Cdng ty dgi chiing ni thdng tin dd khi cdng bd cd the lam gidm gi CK mpt each nghiem trpng, chu tbl se tir mpi cdch ban thdo CK nhdm diy riii ro san ngudi khdc. Liic ndy, tuy chu tbl khdng th dugc lgi nhuan nhung rd rang da gay thift hs cho cdc nhd ddu tu khdc khdng nim bit dm thdng tin npi bp. Nguyen tdc cdng bdng, cduj khai trong boat dpng ciia TTCK bi phd vo vdi Igi the nghieng ve phia ngudi bilt dup thdng tin ngi bd.
Trgn CO sd phan tich trgn, chiing tdi di xuat bd sung tbgm cym tir "hodc gay hai qud nghiem trgng" Id ddu hifu djnh tdi ciii tdi danh nay. Dau hifu "gay hau qud nghien trpng" cd thd dugc xdc djnh dya trdn lgi icl bit hgp phdp md cbii the thyc hien tdi phan cd dugc (vi dy nhu khodn lo tbyc td hp tranl hodc bgn che dugc do biet thdng tin npi bo) thiet hgi ciia tpi phgm gay ra cho chu tbl kha(
vd cho hogt dpng cua TTCK.
Tdm lgi, chiing tdi kien nghi sua ddi khoat 1 Dieu 18 lb) qui djnh ve tpi sii dyng tiidng tin npi bd dg mua bdn chimg khodn lgi nhu sau:
"I. Ngudi ndo biet dugc thdng tin liei quan den cdng ty dgi chiing bode quy dai chiing chua dugc edng bd md niu dugc cdng
' y f
bd cd the anb hudng ldm den gid chiing khoan ciia cdng ty dgi chiing hodc quy dgi chiin|
dd hodc thu thdp bdt hap phdp thdng tin dt ma sii dyng thdng tin nay d l mua ban chiing khodn bode tilt Id, cung cip thdng tin naj hoae tu van cho ngudi khdc mua bdn chiing khodn tren co sd thdng tin dd thu lgi bii chinh ldn hoac gdy hau qud nghiem trong tiii bi phgt tiln hi mdt ti-am trieu ddng dk ndm tram trifu ddng, cai tgo kbdng giam giD din ba nam hodc phgt hi tir sdu thang dk ba nam."
LUAT h ^ . , „ ^ y
3. Toi thao tung gia chung khoan (Dieu 181c)
" 1 . Ngudi nao thuc hien mot trong cac hanh vi thao bing gia chirng khoan sau day gay bau qua nghiem trpng, thi bj phat tiln tii' mpt b-am trieu ddng din nam fram trieu dong, cai tgo khdng giam giii din ba nam hoac phat til tir sau thang din ba nam:
a) Thdng ddng de tiiyc hifn viec mua ban chiing khodn nham tao ra cung cau gia tao;
b) Giao djch chiing klioan bang hinh thirc cau kgt, ldi keo ngudi khdc lien tuc mua ban.
2. Phgm tpi thupc mpt trong cac tmdng hgp sau day, thi bj phgt hi tir hai nam din bay nam:
a) Cd td cbiic;
b) Thu lgi bat cbinh ldn;
c) Gay bau qud rat nghiem trpng hoac dac bift nghiem trpng;
d) Tdi phgm nguy biem.
3. Ngudi pham tpi cdn cd thg bj phat tien tii mudi trifu ddng den mpt tram nam muoi trifu ddng, cam ddm nhiem churc vy, cam bdnh ngbg bode ldm cdng viec nhdt djnh tir mdt ndm dgn nam ndm."
Ve khdch the cda tpi phgm, tpi thao tiing gid chiing khodn xam phgm che dp qudn ly nhd nudc trong ITnb vyc CK vd TTCK. Ngoai ra tdi phgm ndy cdn xam pham quyen va lgi ich hgp phdp cua td chiic nidm yet vd ngudi
diu nr CK.
v l mat chu quan, ldi ciia ngudi pham tdi Id ldi cd y trye tidp.
Chu thi cua tpi pham la ngudi cd ndng lyc b-ach nhiem hinh sy vd dat do bidi luat dinh.
Vd mat khdch quan cua tpi phgm, bdnh vi khdch quan cua tgi danh nay Id hdnh vi thao bing gid CK. Hanh vi ndy cd the the hifn dudi cdc binh tbiic sau: thdng ddng trong giao dicb CK nhdm tgo ra cung, ciu gid tgo;
hoac giao djch CK bdng binh thiic ciu kit, ldi keo ngudi khdc lien bJC ddt lenh mua, ban CK
21 gay anh hudng ldn din cung ciu va gia CK, thao tung gia CK;
Tren thyc te hanh vi khach quan cua tpi pham cd the gdm cac tmdng hgp sau day^:
a) Thdng ddng vdi nhau sir dung nhilu tai khoan lien Uic mua, ban CK nhdm tao ra cung, cau gia tao; b) Mpt nhdm ngudi thdng ddng vdi nliau ddt lenh mua va ban ciing loai CK trong ciing ngay giao djch hoac thdng ddng vdi nhau giao djch mua ban CK ma khdng dan den chuyen nhugng thyc sy quyen sd huu hoac quyen sd hiru chi luan chuyen giira cac thanh vien trong nhdm nham tao gia CK, cung cau gia tao; c) Thdng ddng vdi nhau lien tuc mua hoac ban CK vdi khdi lupng chi phdi vdo thdi diem md cua hoac ddng cira thj tmdng nhdm tao ra miic gia ddng cira hoac gia md cira mdi cho loai CK dd tren thj trudng; d) Giao djch CK bang hinh thiic cau ket, ldi keo ngudi khac lien tuc dat lenh mua, ban CK gay anh hudng ldn den cung cau va gia CK, thao tiing gia CK.
Tpi thao tiing gid CK la tpi pham cd cau thdnb vat chat. Tpi pham dugc coi la hoan thdnb khi ngudi pham tpi cd mpt trong cac hanh vi tren gay ra hau qua nghiem trpng.
Nhu vay, Bp luat hinh sy nam 1999 (dugc sira ddi, bd sung nam 2009) da lift ke ra hai dang hdnh vi ma cdc ddi tugng cd the thuc hien de thao tiing gid CK, tuy nhien dieu ndy se lam tao ra gidi ban ciia cau thdnb tpi pham tren. Trgn thyc te cdc ddi tupmg tbyc hien nhung bdnh vi hodc thii dogn dg thao tiing gid CK ta rat da dang vi vgy vifc quy djnh mdt ciu thdnb "ddng" vdi bai trudng hgp thyc hien banh vi neu tren la khdng phu hgp vdi thyc tiln. Vi du, trong viec thao bing gid CK cdc ddi tugng cd the thyc bifn hdnh vi sau: ty coi minh la ben giao djch duy nhat, hg mua di ban lai CK vdi nhieu tai klioan nhung khdng
3 Xem: Thong tu 37/2011/TT-BTC huang din thi hanh Nghj djnh 85/20 lO/ND-CP ngay 2/8/2010 v6 xii phat vi pham hanh chinh trong ITnh vuc CK va TTCK.
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cd sy chuyin quycn sd huu va dicu ndy cd thi phgt tidn; ddi vdi ngudi trye tilp phy trai thi gay tac dpng dew khoi lugng va gia ca hoac ngudi chju trach nhifm true tilp khact CK; muc dich ciia hp cd the la lam roi logn bj phat tii din 5 nam hoac cdi tgo lao dpng' su phan doan cua cac nha dau tu tren ca dd dc Nhu vay, xuit phdt tir thuc tiln xu ly har true lgi. Nhu vay hanh vi trcn khong the quy vi thao bing gid CK, tham khdo Bp lugt hir
\'ao mpt trong hai tmdng hgp ma luat da quy sy Cgng hda nhan dan Tmng hoa ve tpi thj djnh trong Dieu 181c) BLHS. timg gid chirng khodn, chiing tdi kien ng!
Tham khao qui djnh Bp lugt hinh sy cua nen md rpng tmdng hgp phgm tpi ciia han nudc Cpng hda nhan dan Tmng Hoa, chiing vi thao timg gid CK bang cdch them vdo cj tdi nhan thay rang hanh vi thao tiing gia CK diu hifu:
cd npi ham rpng hon so vdi hanh vi thao tiing "a) Tu minh hoac thdng ddng vdi ngui gid CK dugc qui djnh tai Dieu 181c) BLHS khdc de tbyc hifn vifc mua bdn chiing khoa Viet Nam. Cy the Dieu 182 ciia Bp lugt hinh nhdm tao ra cung ciu gia tgo;
sy ciia nudc Cpng hda nhan dan Tmng Hoa b) Ket hgp hodc su dung cdc phuang thu qui djnh nhu sau"*: khdc de thao tiing gid chimg khodn.''
" Ngudi nao thao timg gid cd giao djch Tdm lgi, chung tdi kign nghj sua d(
chiing klioan de thu lgi bat chinh bode day Tpi thao bing gid chimg khodn (Dilu 181 nii ro cho ngudi khdc, thupc mpt trong cdc BLHS) Igi nhu sau:
tmdng hop sau day, neu vdi tinh tiet nghiem "Ngudi nao thyc hifn mot bong cdc han trpng thi bj phgt tii den 5 ndm hodc cdi tgo lao vi thao bing gid chimg khodn sau day gay ha dpng vd bj phgt tien hoac chi bj phgt tidn tir 1 qua nghidm trpng, tbi bj phgt tiln tir mdt trai ddn 5 lan sd tign ldi bat cbinh: trifu ddng din ndm trdm trifu ddng, cdi ta
1. Mdt minh bode hgp siic vdi ngudi khdc kbdng giam giur din ba ndm bode phgt tii t dung lgi the tap tmng tdi chinh hodc uu the sau thdng den ba ndm:
cd pban cua minh hodc lgi dyng uu the thdng "a) Tu minh hodc thdng dong vdi ngd tin ndm dugc, lign ket bode lign tyc mua bdn, khdc dk thyc bifn vifc mua bdn chiing khoa thac tiing gid cd thj tmdng chimg khodn; nhim tgo ra cung ciu gid tgo;
2. Thdng dong vdi ngudi khdc dk tiln b) Giao djch chung khodn bdng hinh thu bdnh giai djch chirng khodn vdi nhau hodc cdu ket, ldi keo ngu&i khdc lien tuc mua bar mua bdn ma khdng nim giu chiing khodn c)Ket hgp hogc su dung cdc phuang thit vdo thdi gian, tbeo gid cd vd phuomg thirc da khdc de thao tiing gid chimg khodn."
djnh tmdc ldm dnh hudng dgn gid cd vd khdi Vifc hodn thien cdc qui dinh cua phap lui lugng giao djch chimg khodn; binh sy Viet Nam v l cdc tgi v l CK Id mpt ye 3. Tir coi minh Id ben giao dfeh duy nhdt. ciu cip thilt bit ngudn hi thyc t l hogt don ty minh mua bdn vdi minh klidng cd sy ciia TTCK Vift Nam. Xu hudng chu dgo d chuyin quyin sd hihi chimg khodn gay dnh hodn tiiifn cdc qui djnh cua phdp lugt hin hudng din gia cd bode khoi lupmg giao djch sy Vift Nam v l cdc tgi phgm v l CK, the
^cbiing khodn; chung tdi Id tilp tuc tgi phgm bda cdc hdnh' 4. Diing cdc thii dogn khdc de thao tdng xdm phgm hat hr qudn ly kinh t l frong lii gid giao dich chimg khodn. vyc CK vd TTCK cd tinh nguy bilm ddng \ Don vj, phdp nhan ndo phgm tdi ndi hen cho xa bdi, cd tinh phd biin md Luat Chiir ' Dinh Bich Ha (Djch va giai thif u), Bf luSt hinh ^om qui dinh cd the bi bmy cim trach nhif sir nuac Cong hoa nhan dan Trung Hoa (2007), Nxb hinh sy. •
Tir n h a n Hn Mni
