H O A N T H I E N P H A P L U A T B A O V E Q U Y E N L O I C U A N H A D A U TU^ T R E N T H I TRU^OfNG C H L T N G K H O A N
6 V I E T N A M H I E N N A Y
Trdn Linh Hudn*
Tom tat: Bdo v$ quyin lai cua nhd dau tu Id mdt vdn di cdp thiit bdi day Id luc lugng ddng vai tro quan trpng trong viec tao ra ddng vdn, tinh thanh khodn vd thiic day thi truang chung khodn phdt triin. Tuy nhiin, hien nay, van di bdo ve quyin lai nhd ddu tu chieng khodn chua that si^ dugc dam bdo. Bdi viet tgp trung phdn tich, danh p-d, chi ra nhimg diim hgn che, bdt cap trong quy dinh phdp ludt chung khodnye vdn de bdo vi quyen lpi nhd ddu tu, tic do dua ra mdt sd kien nghi nhdm hodn thien ve vdn de ndy.
Abstract: Protecting investors' rights is a pressing issue given the importance of this force in directing capital flows, liquidity and promoting the development of the stock market. However, the protection of securities investors' rights is not genuinely guaranteed. The article focuses on analysis and assessment to show limitations, shortcomings in securities law provisions on the protection of investors' rights, thereby it makes a number of proposals to improve this matter.
D^t van de
Thi trudng chung khodn (TTCK) phat triin ndng ddng nhu thi ndo phu thupc vdo sy tham gia cda cdc nha ddu tu (NDT).
Thdng qua cdc boat dpng mua bdn chiing khoan, NDT se giup thuc day sy phdt triin cua TTCK, mot ibi trudng cdng cd nhiiu NDT tham gia se cdng sdi dpng, hip ddn.
Ddc biet, ddi vdi cdc NDT chiing khodn chuyen nghiep, hp se ddng vai trd Id chd dya vung chdc cho TTCK trudc nhung biin dpng kmh tl, Id ddng lyc thuc ddy sy phdt triin bin vung cua TTCK Viet Nam. Vi thi, d bit ky mdt TTCK ndo, viec bdo vp NDT ludn dupe xdc dinh Id mdt trong nhiing muc tieu quan trpng vd co ban nhit cua co quan qudn ly nhd nude nhdm phdt trien TTCK dn dinh, cdng bdng vd bin vimg. Se khdng cd mpt TTCK manh khde niu nhu quyin va lpi ich hpp phdp cua NDT - nhung ngudi kien
- Trudng Dai hoc
tao nen thj trudng khdng duoc dam bdo^.
Bdi vay, viec hodn thien phdp ludt chiing khoan de gdp phan bdo ve quyen lpi eua NDT la mdt van de vd cung quan trpng vd cap thiet trong giai doan hien nay.
1. Khai quat ve thi tnrdng chirng khoan va nha dau tv tren thi trudng chung khoan
1.1. Ve thi trudng chung khodn TTCK cd tam quan trpng rdt Idn ddi vdi bat ky nen kinh te ndo, la noi rat nhay cdm vdi cac thdng tin cua nen kinh te, la noi phdt tin hieu nhanh nhdt tdi cdc nhd qudn ly, cdc thanh vien ciia thi trudng vd dac biet Id cdc NDT dl xdc dinh hudng ddu tu thich hpp^.
Trong dieu kien cua nen kinh tl hien dai.
* ThS., Khoa Luat Thuang m^i Luat Tp. Hd Chi Minh.
' Nguyen Phuong Thao, "Ca chi bdo vp NDT trin TTCK Viet Nam", Tap chi Tai chinh, ky 1, thang 03/2017
^ Ha Thi Doan Trang, "Bdo ve quyin lai cua NDT tren TTCK Viet Nam", Li4n an tien sT kinh tl. Hoc vi?c Tai chinh, tr.l.
HOAN THIEN PHAP LUAT...
TTCK dupe quan niem Id noi diin ra cac boat dpng giao dich mua ban chdng khodn trung vd dai ban. Viec mua bdn ndy dupe tien hdnh d thi trudng so cdp khi ngudi mua mua dupe chiing khodn Idn diu tii nhimg ngudi phdt hdnh, vd d nhiing thi trudng thd cap khi cd sy mua di bdn lai cdc chiing khodn da dupe phdt hanh d thi trudng so cdp. Nhu vay, xet vl mat hinh thuc, TTCK Id noi dien ra cdc boat ddng trao ddi, mua bdn, chuyen nhupng cdc loai chiing khoan, qua dd thay ddi chd the ndm giii chiing khodn; cdn xet ve mat bdn chit thi day Id qud trinh van dpng cua tu ban, chuyin tii tu ban sd hiiu sang tu ban kinh doanh. Cho nen, cd thi ndi, TTCK Id noi cdc NDT tiln hdnh ede hoat ddng mua, ban cdc loai chiing khoan, hay ndi each khdc TTCK la nai trao ddi cac nguon tdi chinh trung vd ddi ban.
Hang hda dupe mua ban, trao ddi tren TTCK la cae loai chiing khodn. Trong do, chiing khoan Id tdi san bao gdm cac loai nhu: Cd phieu, trdi phieu, chiing chi quy;
chiing quyen, chiing quyen cd ddm bdo, quyen mua cd phdn, chiing chi luu ky;
chiing khodn phdi sinh va cdc loai chiing khodn khdc do Chinh phu quy dinh^. TTCK cd nhiiu dang khde nhau tuy thudc vao cac cdn cu phdn loai. Cu the, can cii vdo sy ludn chuyen cac ngudn vdn, TTCK dupe chia thanh thi trudng so cap vd thi trudng thd cdp; can cu vdo phuong thuc td chuc giao dich, TTCK dupe chia thanh TTCK tap trung va TTCK phi tap trung; can cu vdo hdng hod tren thi trudng, TTCK dupe phdn thdnh thi trudng cd phieu, thi trudng trdi philu, thi trudng chirng chi quy... Tham gia vdo TTCK gdm nhiiu chu thi khdc nhau vd dupe chia thdiih cdc nhdm nhu nhd phat hanh, NDT, cdc td chuc kinh doanh tren
^Khoanl Digu4 Luat Chiing khoin nam 2019.
TTCK vd cdc td chuc cd lien quan den TTCK.
TTCK ddng vai trd quan trpng trong viec huy ddng vdn dau tu cho nen kinh te.
Khi cac NDT mua chung khodn do cdc cdng ty phdt hdnh, sd tien nhan rdi cua hp dupe dua vdo boat ddng sdn xuat, kinh doanh va qua dd gdp phdn md rpng sdn xuat xa hpi.
Thdng qua TTCK, Chinh phu vd chinh quyen dia phuang ciing huy ddng dupe cdc ngudn vdn cho muc dich sii dung va dau tu phat trien ha tang kinh tl, phuc vy cac nhu cdu chung cua xa hpi.
TTCK cung cdp cho cdng chiing mpt moi trudng dau tu lanh manh vdi cdc co hdi lua chpn phong phu. Cdc loai chiing khoan tren thi trudng rdt khac nhau ve tinh chdt, thdi han va dp nii ro, cho phep cdc NDT ed the lua chpn loai hdng hoa phu hpp vdi khd nang, muc tieu va sd thich cua minh. Hon nira, TTCK edn tao tinh thanh khodn cho cdc loai chung khodn, nhd cd TTCK cac NDT cd the chuyen ddi cae chiing khodn hp sd hiiu tharih tien mat hoac cdc loai chiing khodn khdc khi hp mudn.
Ben canh do, dua vdo TTCK cd the ddnh gid dupe tinh hinh boat dpng cua doanh nghiep. Thdng qua chiing khodn, boat ddng cua cdc doanh nghiep dupe phdn dnh mdt each tdng hpp va chinh xdc, giup cho viec ddnh gid vd so sdnh hoat dpng cua doanh nghiep dupe nhanh chdng va thuan tien, tu do tao ra mpt mdi trudng canh tranh lanh manh nhdm ndng cao hieu qud su dung vdn, kich thich cae doanh nghiep dp dung cdng nghe mdi, cdi tien san phdm. Ngodi ra, TTCK cdn tao mdi trudng giup Chinh phu thyc hien cac chinh sach kinh te vT md thdng qua viec su dung mdt sd chinh sach, bien phdp tdc dpng vdo TTCK nhdm diiih hudng dau tu dam bdo cho sy phat triin can ddi cua nen kinh te.
55
NHANU&c VA PHAPLUATSO 1/2020 Nhu vay, TTCK Id nai diin ra cdc hoat ddng mua, bdn, chuy§n nhupng cac loai cd phieu, trdi philu va mpt so loai gidy td cd gia tri khac nhdm myc dich kilm loi. TTCK ddng vai trd rit quan trpng trong viec thuc ddy sy phdt trien eua nen kinh tl, mang lai Ipi nhuan cao cho NDT, my nhien lai chua dyng nhieu yeu td rui ro. Chinh vi vay, TTCK ludn can phdi cd mdt he thong ludt phdp nghiem minh, mdt co che qudn ly hieu qua, mdt mdi trudng boat dpng minh b^eh va mpt sdn choi cdng bang cho cac NDT**.
1.2. Ve nhd ddu tu tren thi tru&ng chimg khodn
Ddu tu chiing khodn Id viec bd vdn ra mua bdn cdc chung khoan de kiem Idi, viec kiem Idi trong dau tu chiing khodn cd the Id thu nhap tu cd tiic, trdi tuc, nhung cung ed thi la chenh lech gid do ddu tu chiing khodn dem lai, myc tieu cua ddu tu chung khodn la nhdm kilm Idi. Dau tu chiing khodn Id mot ioai hinh dau tu tai ehinh, trong hoat ddng nay, NDT bd tiln dl mua chiing khodn (bao gdm cd phieu, trdi phieu...). Gid tri cua chiing khodn phy thupc vdo gid tri kinh te CO bdn cua cac quyen dupe bao ham trong mdi loai chiing khoan, hay phu thupc vdo nang luc tdi chinh cua nhd phdt hdnh, hoac phu thupc vdo quan he cung cdu chung khodn tren thi trudng. Ddu tu chdng khodn giup NDT cd thi thu dupe lpi nhuan tu phdn lpi tuc dupe chia vd phin tang gia chiing khoan tren thi trudng. Mat khac, NDT cd thi dupe hudng quyin qudn ly, quyin kilm sodt doanh nghiep tu viec nam giu cd philu.
Theo quy dinh tai khodn 16 DiSu 4 Ludt Chiing khoan nam 2019 (LCK 2019), NDT dupe failu la td chdc, cd nhan tham gia ddu
* Ha Thi Doan Trang, "Bdo ve quyen lai cm NDT tren TTCK Vi$t Nam", Luan an tiln sT kinh te. Hoc viec Tai chinh, tr.!.
tu tren TTCK. Nhu v^y, khi tham gia dau tu vdo TTCK, NDT chiing khodn cd thi tham gia vdi tu each Id td chiic hoac cd nhan.
Trong dd, NDT cd nhdn thudng hay su dung vdn nhan rdi tam thdi eua hp dl tham gia mua chiing khodn vdi muc dich ddu tu kiem Idi, khi cd nhu can vdn, hp dem bdn lai cdc chiing khodn da mua tren TTCK thu cdp.
Hien nay, nhdm NDT ca nhan ed xu hudng ngdy cdng gia tdng cung vdi sy tang trudng GDP d mdi quoc gia. Cdn ddi vdi NDT Id td chuc thi day thudng Id nhiing td chiic kinh doanh c6 cdc bd phan chdc nang chuyen mdn bao gdm cac chuy6n gia am hieu thi trudng vd cd dii kien thuc, sy khdn ngoan de ed the dua ra cdc quyet dinh dau tu diing ddn. Cdc NDT td chuc thudng ddng vai trd quan trpng vi khd nang tai chinh cao hon cae NDT ed nhdn va cd the mang den TTCK mdt lupng vdn Idn.
NDT tren TTCK cd rat nhieu loai, dieu nay tiiy thudc vdo cae tieu chi phdn loai khdc nhau. Can cu theo tinh chuyen nghiep cua boat ddng ddu tu, NDT dupe chia thdnh nhd ddu chuyen nghiep va NDT khdng chuyen nghiep. Can cii theo loai chiing khoan sd huu, NDT dupe phdn thdnh NDT cd philu, NDT trai phieu, NDT chdng chi quy. Can cii theo chien lupc ddu tu, NDT dupe phan thdnh nhd ddu co chiing khodn (nhd dau co hpp phap va nhd ddu co bit hpp phap) vd NDT gia tri. Can cu vao muc dich ddu tu, cd the phan NDT thdnh NDT vi muc tieu ngdn quy, NDT vi muc tieu lpi nhuan, NDT phdng ve, NDT ndm quyin kilm sodt.
Ngodi ra, cdn cd cdc hinh thuc phdn loai theo nai cu tru (NDT trong nude, NDT nude ngodi); bode phdn loai theo hinh thdc td chiic (NDT td chdc va NDT ed nhan).
Nhu vJiy, cd the ket ludn rdng, NDT chiing khoan dupe hieu la td chiic hoac cd nhan tham gia mua bdn chiing khodn tren
HOAN THI$NPHAPLU4T..
TTCK nham muc dich thu dupe nhiing quyen lpi nhat dinh (nhu quyin bieu quyet, quyen tiep can thdng tin va mdt sd lpi ich nhu cd die, chenh lech gid chiing khodn...).
NDT tren TTCK ddng vai trd rdt quan trpng ddi vdi su phat triin cda TTCK ndi rieng va sy phdt trien eua nen kinh te ndi chung.
NDT Id chu the cung cap ngudn vdn cho cdc doanh nghiep vd nen kinh te, ddng thdi phdt tin hieu tdi cdc doanh nghiep niem yet thdng qua viec mua ban vd dinh ra gia tri ed phieu dya theo cdc yeu td co bdn nhu tinh hmh tdi chinh cua doanh nghiep, mdi trudng ddu tu chiing khodn. Hon nua, cdc NDT tren TTCK edn ddng gdp rdt Idn vao viec tao tinh thanh khodn cho cdc loai chiing khoan. Chinh su tham gia mua di ban lai cdc chimg khodn cua NDT da tao ra tinh thanh khodn cho thi trudng, neu khdng cd cdc giao dich tu ede NDT thi TTCK se trd nen budn te, khdng sdi dpng vd thieu tinh thanh khodn. Ngodi ra, sy tham gia cua cdc NDT se gdp phan duy tri vd phdt trien TTCK, mdt thi trudng cdng cd nhieu NDT tham gia se cdng sdi ddng vd tdng tinh hdp ddn cua TTCK vdi cdc NDT khdc, tu dd thiic ddy thi trudng va nen kinh te phdt trien.
Tyu trung lai, NDT tren TTCK ddng vai trd rdt quan trpng trong viec huy ddng vdn, tao tinh thanh khodn, duy tri sy dn dinh va phat triin cda TTCK. Vi vay, vin dl bao ve tdi da quyen lpi ciia nha ddu tu nham thu hut hp tham gia tich eye ddu tu vao TTCK Viet Nam Id rdt quan trpng vd cdp thiet.
2. Thyc tr^ng phap luat ve bao v | quyin loi nha dau tu tren thj tnromg chung khoan
Vdi su phat trien nhanh chdng cua TTCK tai Viet Nam, vdn de bdo ve quyen Ipi NDT trong thdi gian qua ve co bdn cung da dupe quan tam va dap ting dupe yeu cau thdng qua vipe xdy dyng vd ban hdnh cdc
van bdn quy dinh phdp luat dieu chinh ve van de nay. Dac biet, mdi day nhdt trong LCK 2019 da chinh sua, bd sung va dua ra nhieu quy dinh gdp phdn bdo ve hieu qud quyin lpi cua NDT trgn TTCK tai Viet Nam. Ben canh do, cdc co quan quan ly, cdc cdng ty chiing khodn (CTCK) ciing thay ddi each nhin vd nhan thiie ve vai trd va tdm quan trpng cua NDT trong TTCK. Tuy nhien, ben canh mdt sd mat tich eye dat dupe, van de bdo ve quyin lpi NDT tren TTCK tai Viet Nam vdn edn tdn tai nhiing ban che nhat dinh. Dieu nay khdng ehi gdy dnh hudng xdu den quyen lpi cua NDT chiing khoan, ma cdn Idm mdt niem tin, gidm sy thu hiit cdc NDT, dac biet la ede NDT nude ngodi tham gia dau tu vdo thi trudng Viet Nam. Thyc te da cd nhieu vy viec xdy ra gdy dnh hudng nghiem trpng den quyen loi cua NDT chiing khodn, tieu bieu nhu viec ba ngan hang thuong mai^ bi Ngdn hang Nha nude mua lai vdi gid 0 ddng kem theo dd tat cd cdc quyen Ipi eua NDT deu chdm diit, do dd, NDT dd hi thua thiet rdt ndng khi ddu tu vdo nhung ngan hang neu tren, Ben canh do, nhieu vy viec vi pham ve vdn de giao dich khdng cdng bang trong ITnh vyc chiing khoan cdn xay ra khd thudng xuyen gdy dnh hudng nghiem trpng den quyen lpi cua NDT. Tinh trang lanh dao doanh nghi§p, ngudi cd lien quan den lanh dao doanh nghiep, cd ddng Idn giao dich cd phiSu bat minh (cham hoac khdng bdo cao CO quan qudn ly cdc hoat ddng giao dich cd phieu) van cdn chiem ty le cao^. Song song
* Ba Ngan hang gdm: Ngdn hdng xdy dung Viet Nam - VNBC, Ngdn hdng Dai Duong - Ocean Bank vd ngdn hdng Thuong mai Co phdn Ddu khi Todn cdu - Gpbank.
* Nguyen Thanh, '"Bdo cdo khong dung thai hgn thdnh vien Ban kiem sodt bi phgt 12.5 trieu ddng", https://tbck.vn/bao-cao-khong-dung-thoi-han-thanh-
NHA NUCC VA PHAP LUATSd 1/2020 vdi dd, cac hanh vi thao tung gid chiing khoan cung la mdt van de kha phuc tap vd phd bien gay dnh hudng khdng nhd din quyen lai cua NDT. Cdc van de neu tren dien ra khd phd bien da Idm suy gidm long tin cua cdc NDT khi tham gia ddu tu vao TTCK Viet Nam vi quyen lpi cua hp khdng dupe dam bdo. Thuc trang tren cd the xudt phdt tu nhiiu ly do khac nhau, trong dd phdi kl den tinh trang quy dinh phdp ludt dieu chinh vl vdn dl bdo ve NDT khi tham gia ddu tu vdo TTCK chua dupe ddm bdo, nhiiu quy dinh chua rd rdng, thieu tinh kha thi vd khdng thi dp dyng dupe tren thyc te.
Cu thi:
Thu nhdt, LCK hien hdnh va cd trong LCK 2019 vda dupe Qude hpi thdng qua chua cd quy dinh cu the ve co che xdy dyng Quy bdo ve NDT. Quy bdo ve NDT se gdp phdn rdt Idn trong viec bdo ve cdc NDT chiing khodn, ddc biet la cdc NDT nhd le trong trudng hop CTCK mdt kha nang hoan trd tai san hodc pha sdn. Quy ndy khi dupe tao lap va sir dung hpp ly se tao long tin vd sy an tam cho cdc NDT, tu do thu hut cdc chu thi nay quyet dinh tham gia dau tu vdo TTCK Viet Nam. Viec lap Quy bao ve NDT ciing la van de dupe ddng dao cac NDT
vien-ban-ldem-soat-thi-bi-phat-125-trieu-dong-3910 8.html, truy cap ngay 22/9/2019.
- Huu Hoe, "Hpc Nhdt Bdn cdch bdo ve NDT chiing khodn", https://tinnhanhchungkhoan.vn/chung-khoan /hoc-nhat-ban-cach-bao-ve-nha-dau-tu-chung-khoan- 270172.html, truy cap ngay 22/9/2019.^
- Bao An mnh thu dd, "Phgt nua ty vdn chira du sue ran de hdnh vi thao lung gid chimg khodn", https:
//anninhthudo.vn/kinh-doanh/phat-hon-nua-ty-van-c hua-du-suc-ran-de-hanh-vi-thao-tung-gia-chung-kho an/812813.antd, truy cap ngay 22/9/2019.
- Thien Huong, "Thao tiing gid co phieu, mot NDT bi phgt 550 trieu dong", https://www.nhandan.com.vn /chungkhoan/chungkhoan-thitruong/item/403 5 8802- thao-timg-gia-co-phieu-mot-nha-dau-tu-bi-phat-550- tiieu-dong.html, truy cap ngay 22/9/2019.
mong mudn, nhung chua dupe cac nha lam luat that sy quan tam.
Quy bao ve NDT mdi dupe quy dinh kha chung chung trong LCK va mdt so van bdn dudi ludt. Cy thi, tai khodn 7 Dieu 71 LCK hien hdnh quy dinh: NghTa vu ciia CTCK la mua bao hilm trdch nhiem nghi nghiep cho nghiep vu kinh doanh chdng khodn tai cdng ty hodc trich lap Quy bao ve NDT dl bdi thudng thiet hai cho NDT do sy ed ky thuat va so suit cda nhan vien trong cdng ty. Tuy nhien, quy dinh ndy lai khdng cd tmh kha thi ddi vdi cac doanh nghiep bdo hiem Viet Nam. Bdi, vi8c dua ra san phdm nay khd khd khan do thiiu co sd dii lieu de tinh toan muc dp rui ro, muc phi ddi vdi mdi nghiep vu tai CTCK. Hon niia, bao hiSm nghiep vu kinh doanh chiing khodn cd muc phi thay ddi tuy thupc vdo quy md vdn, quy md nhdn sy ciia CTCK, ban miic trach nhiem (gidi han bdi thudng khi xdy ra ton thit) nen rdt khd de cd dupe mdt quy tdc chung va mdc gid cu the de cdng ty bdo hilm cd thi chdo bdn sdn phdm bao hiem nay cho khdch hdng. Mat khac, do cac CTCK thudng cd mdt sd boat dpng kinh doanh mang tinh ty phat nen bdn than cdc cdng ty nay lo sp rang, neu mua bdo hiem, khi xdy ra tdn that, viec giam dinh boi thudng se Idm Id thdng tin boat ddng cua CTCK. Do do, van de mua bdo hilm trach nhiem nghi nghiep cho nghiep vu kinh doanh chdng khodn tai CTCK hdu nhu bi b6 quen. Ben canh do, van de trich lap Quy bdo vp NDT dl bdi thudng thiet hai cho NDT do sy CO ky thuat vd so sudt cua nhdn vien trong cdng ty cung khdng dupe ddm bao thyc hien va khdng cd tinh kha thi bdi trong sudt mdt thdi gian ddi chua cd vdn ban phdp luat ndo hudng ddn cu the, rd rang vl viec thdnh lap va su dung Quy bdo ve NDT nen cdc CTCK vin chua trien khai. Hien nay,
HOAN THIENPHAPLU4T...
trong trudng hpp xdy ra sy ed ky thuat hoac sai sdt eua nhan vien nghiep vu ddn den phdi bdi thudng thiet hai cho NDT, CTCK thudng thyc hien chuyen vdo nghipp vu tu doanh hoac trich thang vao ehi phi cda CTCK. Ngodi ra, viec dl CTCK vua Id chd the lap vd qudn ly Quy vua la ehu the su dung quy, chi trd tiln bdi thudng thiet hai cho NDT, cung vdi viec hien nay chua cd che tai du manh dp dyng khi cdc CTCK khdng trich lap Quy hoac ed tinh chdy y bdi thudng khi NDT yeu cau rat de ddn den trudng hpp CTCK chi trich quy tren gidy td md khdng thyc sy tuan thu; tu dd, ddn den he qud la quyen lpi cua NDT khdng dupe dam bdo. De khac phuc Id hdng nay, LCK 2019 vua dupe Qude hpi thdng qua da quy dinh ve viec thdnh lap va van hanh quy bu tni. Theo dd, quy bu tru la quy dupe hinh thdnh tu cac khodn ddng gdp cua thdnh vien bu trd vdi muc dich bdi thudng thiet hai va hodn tdt cdc giao dich chung khoan diing ten thdnh vien bu tru trong trudng hpp thdnh vien bu tni hoac NDT mdt khd nang thanh toan. Quy ndy se do Tdng cdng ty luu ky vd bu tni chiing khodn Viet Nam qudn ly va phai dupe tach biet vdi tai sdn cua Tdng cdng ty luu ky va bu tru chiing khodn Viet Nam^. Tuy nhien, ve ban chdt cd the thdy, quy ndy chua that su hudng den viec bdo ve hodn todn cho NDT trudc nhung nguy co rui ro cd the xdy ra. Nhu vay, chinh tu nhirng Id hdng trong quy dinh phdp luat da vd hinh trung gay anh hudng Idn tdi quyen loi cua NDT.
Trong qud trinh tien hanh xdy dyng du thdo LCK, ban soan thao da dua npi dung vl vdn de thdnh lap Quy bao ve NDT vdo trong bdn dy thdo Idn thu nhat. Tuy nhien, sau dd d nhiing dy thdo tiep theo vd den nay
^ Khoan 1, 2 Dieu 67 LCK 2019
la LCK 2019 da dupe Qude hdi thdng qua ciing khdng ghi nhdn van de ndy. Day Id mdt dieu dang tiec bdi viec quy dinh thdnh lap, van hanh va su dung Quy bao ve NDT chiing khoan vdo LCK se tao co sd phdp ly viing chdc, rd rang nham bupc cdc CTCK phdi tuan thu thyc hien de bdo ve quyen lpi cda NDT trudc nhiing nii ro khi cd cdc sy cd xay ra. Vi vay, viec nghien ciiu, xem xet de dua vdn de thanh lap Quy bdo ve NDT vdo LCK la rdt cdn thiet de gdp phdn vdo viec bao ve NDT.
Thu hai, de xdy dyng mdt TTCK cdng bang, minh bach, gidm thieu rui ro he thdng, bdo ve dupe NDT ddi hdi ngoai viec xdy dyng, hoan thien he thdng phdp ludt chiing khoan chat che, nghiem minh thi edn phai trao quyen rdng rai cho cac co quan quan ly thi trudng de phuc vu cho viec dieu tra, phdt hien va xu ly cae vi pham trong ITnh vyc chung khodn dupe kip thai, hieu qua. Tuy nhien, phdp ludt chiing khodn hien nay vdn chua that sy dap ung dupe yeu cdu ndy. Ben canh do, trong LCK 2019, mac du da dua ra ede quy dinh theo hudng tdng them mpt sd thdm quyen cho Uy ban chiing khoan Nha nude (UBCKNN), my nhien vdn chua that sy du manh de co quan ndy ed the phat huy hieu qud vai trd cua minh trong hoat dpng qudn ly, phdt hien vd xu ly cae hdnh vi vi pham trong ITnh vyc chiing khodn. Theo dd, UBCKNN chua that su cd day du cdc quyen trong viec yeu cdu cdc co quan, td chdc, cd nhan cung cap thdng tin, tdi lieu lien quan din cae doi tupng cd ddu hieu vi pham; yeu cdu cdc td chuc tin dung cung cdp thdng tin vl giao dich tdi khoan ngdn hdng cua ddi tupng cd diu hieu vi pham; quyen trieu tap td chiic, cd nhdn dd den lam viec de Idm rd hdnh vi vi pham; bode khdng cd tham quyen tham gia khdi td dieu tra ddi vdi cdc vu viec vi pham nghiem trpng trong ITnh vyc chung
NHANU&CVA PHAPLUATSO 1/2020 khoan bi truy ciiu trach nhiem hinh sy...
Didu nay ehua phii hpp vdi thdng Ip qude tl, bdi theo thdng le qude tl va nguyen tac eua Td chuc qude tl cdc Uy ban chiing khoan (IOSCO) thi cac co quan qudn ly nhd nude ve chung khoan diu cd dupe nhung quyin ban ndyl Hon nira, theo quy dinh tai Diiu 9 LCK 2019, UBCKNN van chi Id co quan tryc thupc Bd Tai chinh ddng vai trd thyc bidn chiic nang tham muu, giup Bd trudng Bp Tdi chinh qudn ly nha nude vl chung khodn va TTCK, td chuc thyc thi phdp luat ve chiing khoan vd TTCK theo phdn cdp uy quyin cua Bd trudng Bd Tai ehinh. Diiu nay it nhieu se dnh hudng din tinh ehu ddng, doe lap trong qud trinh boat ddng va qudn ly cua UBCKNN bdi suy cho cdng day ehi Id mpt co quan tryc thupc cap Bd.
Chinh nhiing van de tren ciing phdn ndo lam gidm hieu qud trong viec bdo ve quyen lpi chinh ddng cua NDT, bdi khi UBCKNN bi han che sy ty chu trong boat ddng va quyen nang trong qud trinh dieu tra, phdt hien, xd ly vi pham se ddn den cham tre trong viec phat hien, tiep nhan va xu ly cdc hdnh vi ed dau hieu sai pham, kip thdi bdo ve lpi ich cda NDT.
TTrii* ba, cdc quy dinh ve vdn de cdng bd thdng tin lien quan din TTCK vdn cdn nhiiu quy dinh chua phu hpp vdi thdng ie qude tl vd nhu ciu phat triin, hdi nhap cua TTCK Viet Nam. Viec thyc hien cdng bd thdng tin chua dupe cdc cdng ty dai chung thuc hien mot each kip thdi, minh bach.
* Ngay trong nguyen tic sd 8 cuaBd quy tie quan 1^- TTCK 2003, IOSCO cung da khing dinh: "Co quan quan ly nen c6 quyin yeu ciu cung cip cac thdng tin hoac thuc hien thanh tra hoat dpng kinh doanh bat cii khi nao tin ring diiu dd la can thiet de dam bao tuan thu tieu chuan cd lien quan. Nhung nghi ngd ve mpt hanh vi vi pham phdp lu^t khdng phai la mdt dieu kien tien quyit cSn thiit dl sir dung quyen han thanh tra cua nguoi c6 thim quyin hoac cip phep".
cdng khai va ehua nhan dupe sy quan tdm diing mue cua cac nha hoach dinh ehinh sdeh^, diiu ndy gdy anh hudng nghiem trpng din quyen Ipi cua NDT. Theo Sd Giao dich chiing khodn (GDCK) Tp. Hd Chi Minh (HOSE), trong nam 2017 cd 94 vu vi pham cdng bd thdng tin, nam 2018 la 115 vu, tang 22%, Sd GDCK Hd Ndi (HNX) cung da xu ly nhiiu vu vi pham vl cdng bd thdng tin trong nam 2018, trong do dua 86 cd philu vdo dien cdnh bdo hodc kilm soat^**
Quyin tiip can thdng tin dupe xem la mdt quyin rdt quan trpng, quyet dinh den sy thdnh bai cua NDT khi tham gia vao TTCK.
Viec cdng bd thdng tin ve cdc cdng ty dai chiing mpt cdch chinh xdc, cdng khai vd de dang tim kiem la mot trong nhirng dieu kien ddm bdo cho TTCK boat dpng minh bach vd hieu qua. Tuy nhien, tren TTCK Viet Nam, do tinh minh bach ve thdng tin cdn thap nen tiem dn nhieu nii ro cho NDT. Tren thyc te, chat lupng cdng bd thdng tin tai Viet Nam hien nay chua cao, dae biet neu so vdi chudn myc cdng bd thdng tin d cac thi trudng tdi ehinh da phdt trien. Nhung thdng tin phdi cdng bd theo quy dinh tai Viet Nam mdi chi la nhiing thdng tin co ban nhdt.
Ngay ca trong gidi han nhiing thdng tm rdt CO bdn nay thi quy dinh vl cdng bd thdng tin hien hdnh cung khdng chi rd chdt lupng
' Hien chi cd Sd Giao dich chimg khoan Ha Npi da xay dung va dua v^o ap dung "Chuong trinh cdng bd thdng tm va minh bach" nham danh gia, xIp loai vl miic dp cdng khai va minh bach thdng tin cho tit ca cac Cdng ty niem yet tai Sd Giao dich chiing khoan Ha Npi theo nhung tieu chi va sd dilm tuong ting cho tung nam va bat dau th\rc hien tu nam 2013.
'" Khdng Chiem, "Quy dinh cong bd thong tin gdc nhin cua nhirng nguoi trong cuoc", https://www.
stockbiz.vn/News/2019/4/3/709973/quy-dinh-cong-b o-thong-tin-goc-nhin-cua-nhung-nguoi-trong-cuoc.as px, truy cap ngay 22/9/2019.
MUAIS ltilt.iyi fHAfL.U/^1..
thdng tin cdng bd phdi nhu the nao. Vi thi, chat luong cdng bd thdng tin cua cdc doanh nghiep niem yit khdng ddng diu, nhiiu trudng hpp da lpi dyng cdc Id hdng phdp ly, cdng vdi viec cdc chi tdi dupe dp dung chua that sy dii manh nen da cd tinh vi pham cdc nghia vy vl cdng bd thdng tm hoac thyc bipn nhung khdng day du, minh bach'K Da phan cdc doanh nghiep len niem yIt chu yiu la dl huy ddng vdn qua TTCK, vi vay, thudng lap Id thdng tin, cdng bd thdng tin khdng chuan, hoac giau gilm thdng tin khdng tdt de true lpi, hoac chd dpi viec phdt hdnh chiing khodn thanh cdng. Nhiiu doanh nghiep dua ra con so ude tinh kit qua kinh doanh khd quan, sau do dua ra bdo cdo tai chmh ty lap vdi con sd tich eye, NDT dya tren co sd do de quyet dinh ddu tu vdo doanh nghiep, mdt sd cd ddng hien hihi quyet dinh nam giu cd phieu vi thay kit qud boat dpng cua doanh nghiep dang tdt. Tuy nhien, sau kiem todn, lpi nhuan bde hai, do bach todn khdng diing, gia cd phieu gidm, ddn den thiet hai cho NDT. Ben canh do, cac thdng tin trong ban cdo bach hien nay chua cd sy kiem sodt ddc lap tu ben thu ba, md chu yeu la doanh nghiep ty cung cap thdng tin vd don vi tu vin hd trp lap bdn cdo '' Don cu nhu Cong ty cd phan Hang tieu diing ASA la mdt trong nhung doanh nghiep vd tu phdt Id quy dinh cdng bd thdng tin dien hinh tren TTCK va den ngay 31/7/2018, cd philu ASA bi dua vao dien bi kiem soat va ban che giao dich do tiep tuc vi pham cac quy dinh ve cdng bd thdng tm va khdng khac phuc nguyen nhan dan den viec bj dua vao dien canh bao. Hoac trudng hpp cd phieu KAC cua Cdng ty cd phan Dau tu Dia de Khang An, cd phieu PNC cua Cdng ty CO phan Van hda Phuang Nam, YVC cua Cdng ty cd phin Thiit bi Y tl Viet Nhat... vin lap lai Idi vi pham cdng bd thdng tin va den nay chua co s\f cai thipn nao (Ngu6n: "Doanh nghiep vi phgm cong bo thong tin. NDT thi?t dan thi?t kep", http://www.bvsc.com.vn/News/2019611/687745/doa nh-nghiep-vi-pham-cong-bo-thong-tin-nha-dau-tu-th iet-don-thiet-kep.aspx, truy cap ngdy 22/9/2019).
bach. Dieu nay ddng nghTa, chdt lupng thdng tin ciing nhu miic dp ehinh xdc eua thdng tin phu thupc vdo doanh nghiep va dao due nghe nghiep cua don vi tu vdn. Td dd dan den khdng it trudng hpp cac thdng tin trong bdn cdo bach rdt hodn hdo, nhung thyc te thi khdng hodn todn nhu vay, thdm chi trai ngupc. Dieu ndy khiln gid cd phieu tang cao rdi gidm sau. Kit qua, nhiiu NDT chiu thiet hai vi tin tudng vdo nhiing thdng tin doanh nghiep dua ra.
Mpt van de niia la, hien nay rat nhieu CTCK cdng bd vd cung cap thdng tin ve GDCK, ve boat ddng cua cdng ty dai chung vd cdng ty niem yIt thdng qua cac bai phan tich, ddnh gia cua cae chuyen gia, cae nhd mdi gidi tren cdc website. Tuy nhien, vdn dl nay chua dupe phap ludt diiu chinh vd xem nhu mpt phuong tien cdng bd thdng tin tren thi trudng. Thdi gian qua, khoang trdng phap ly nay da tao ke hd ddn din khdng it cdc trudng hpp thdng tin vl TTCK dupe nhieu CTCK phan tich, ddnh gid vd dua ra cae khuyen nghi cho NDT mua ban chung khoan, nhung khdng du ca sd de ddm bdo tinh khach quan, cd nguy co vy Ipi dnh hudng den tinh minh bach cua thi trudng vd lpi ich eua NDT'^. Tat cd cac vdn dl tren da tac dpng tieu eye vd gay dnh hudng nghiem trpng den quyen lpi eua NDT, tuy nhien trong LCK 2019 vua dupe Qude hpi thdng qua vdn chua khdc phuc dupe van de nay.
Vi vay, cdn phdi tiep tuc xem xet, nghien ciiu, rd sodt vd dua ra cdc quy dinh cy the nham khdc phuc nhirng Id hdng nhu da phdn tich de bdo ve hieu qud quyen Ipi cua NDT.
'^ Le VQ Nam, '"Mpi so bdt cap trong cdc quy dinh phdp lugt vi cong bd thong tin cua cong ty niem yit vd kien nghi hodn thi^n", http://www.tapchicong thuong.vn/bai-viet/mot-so-bat-cap-trong-cac-quy-din h-phap-luat-ve-cong-bo-thong-tin-cua-cong-ty-niem- yet-va-kien-nghi-hoan-thien-27190.htm, truy cap ngay 22/9/2019.
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NHA mroc vA PHAPLUATSO 1/2020 Thu tu, Cdc quy dinh vl xu ly vi pham phap lugt trong ITnh vyc chdng khodn cdn nhieu bat cap, hinh thdc xd phat vd miic xu phat cdn khd nhe, ddn din khdng du sire ran de, ngan ngira cdc chii thi thyc hien hanh vi vi pham, td dd gay thiet hai vd de dpa n ^ e m trpng din Ipi ich eiia NDT. Theo dilm b khodn 3 Diiu 4 Van ban hpp nhit sd 01/VBHN-BTC cua Bd Tdi chmh ban hanh ngay 17/02/2017 vl xu phat vi pham hdnh chmh trong ITnh vyc chung khoan vd TTCK:
"Miic phgt tiin toi da trong linh vuc chung khodn vd TTCK ddi vai td chuc vi phgm la 2.000.000.000 dong vd ddi vdi cd nhdn viphgm Id 1.000.000.000 dong". Nhu vay, vdi mue phat tiln tdi da Id 2 ty ddng ddi vdi td chdc va 1 ty ddng ddi vdi cd nhdn cd hanh vi vi pham hanh chinh trong ITnh vuc chdng khodn va TTCK Id cdn thdp vd chua du sure rdn de. Dieu ndy dan den tinh trang cdc doanh nghiep khdng sp hoac thdm chi sdn sdng tdi thyc hien cdc hdnh vi vi pham nham thu lai nhiing khodn lpi bdt chmh.
Trudc thyc trang do, hien nay trong LCK 2019 da cd sy dieu chinh ve mue phat ddi vdi nhung chu the cd hdnh vi vi pham hanh chinh trong ITnh vyc chdng khoan theo hudng tdng len. Theo do, muc phat tien tdi da trong xu phat vi pham hanh ehinh ddi vdi hanh vi giao dich npi bd vd thao tung TTCK la 10 Ian khoan thu trdi phdp ludt ed dupe tir hdnh vi vi phgm'^. Trudng hpp khdng ed
" Hdnh vi giao dich npi bd va thao tiing TTCK gdm:
(i) Su dung thdng tin npi bp dl mua, ban chung khoan cho chinh minh hoac cho ngudi khac; tilt Ip, cung cip thdng tin ndi bd hoac tu van cho ngudi khac mua, ban chiing khoan tren ca sd thdng tin npi bp; (ii) Su dung mdt hoac nhieu tai khoan giao dich ciia minh ho^c ciia ngudi khac hoac thong ddng de th\rc hi?n viec mua, ban chiing khoan nhim t^o ra cung, ciu gia tao; giao dich chung khoan ban^ hinh thiic ciu kit, loi keo ngudi khac mua, ban de thao tiing gid chiing khodn; kit hpp hoac sit dyng cdc
khoan thu trdi phdp ludt hoac muc phat tinh theo khodn thu trai phap luat thdp hon miic phat tien tdi da thi dp dyng muc phat tien tdi da Id 3 ty ddi vdi td chuc vd 1.5 ty ddi vdi cd nhdn. Cdn ddi vdi cac hanh vi vi pham khdc trong ITnh vuc chiing khodn thi mdc phat tiln tdi da trong xu phat vi pham hdnh chinh Id 3 ty ddng ddi vdi td chdc va 1.5 ty ddng ddi vdi ca nhan^''.
Cd the thay ring, mac dii mue xd phat dupe quy dinh trong LCK 2019 da cd tang hon so vdi mdc bien tgi, tuy nhien theo quan diem cua tac gia, miic xu phat nay van edn thap vd chua du sue rdn de cac hanh vi vi pham cua cae ddi tupng va ehua the bao v& dupe lpi ich cua cac NDT khi tham gia vdo TTCK Viet Nam. Bdi dae thu cua cac vi pham trong ITnh vyc chiing khodn la: Gia tri cua cdc giao dich khi hi phdt hien thudng cao hon rdt nhieu so vdi cdc ITnh vyc kinh te khac nen vdi muc phat nhu quy dinh trong LCK 2019, cdc ddi tupng van san sdng vi pham va chiu phat de thu dupe mdi Ipi Idn.
Ben canh do, phap ludt chimg khodn hien nay ciing ehua quy dinh day du ve vipc khac phuc hdu qud do hdnh vi vi phgm gdy ra ddn tdi viec gidi quyet tranh chip chua trigt dl hodc keo dai. Trong khi dd, ddi vdi mpt s6 hdnh vi vi pham nhu thao tiuig thi trudng, giao dich npi bd thi viec xdc minh cdc khodn thu Idi bdt chinh ciing nhu ddi tupng bi thiet hai vd mdc dp thiet hai la rdt khd khan. Do do, vdn de bao ve quyin Ipi hpp phap cua NDT tren TTCK Viet Nam cdn rit nhieu van de phdi khac phuc.
3. Mdt s6 giai phap hoan thien phdp luat nh^m bdo vf quyen loi nha d4u tir tren thi truxmg chirng khoan
phuorng phdp giao dich khdc hoac kit hop tung tin ddn sai _s\r that, cung cip thdng tin sai lech ra cdi^
chiing de thao tung gid chiing khoan.
'''Xemtib[emkhoan3,4, 5Dilul32LCK2019.
HOAN THIENPHAPLUAT...
De bdo ve hieu qua quyin Ipi cua NDT khi tham gia vdo TTCK, tren co sd nhiing bdt cap trong quy dinh phdp ludt neu tren, tdc gid de xuat mdt sd gidi phdp sau:
Thu nhat, can phai tiep tuc nghien ciiu ghi nhdn vd dua ra quy dinh cy the ve van de xdy dyng, van hanh, su dung Quy bdo ve NDT vao LCK. Theo do, Quy bdo ve NDT ndy duoc hinh thdnh tir sy ddng gdp ciia cdc CTCK Id thanh vien eua Sd GDCK vd cdc td chirc cd giii tai sdn cua NDT, bao gdm ngdn hang vd Trung tdm luu ky chiing khodn. Ben canh ede CTCK, viec yeu cdu cdc td chuc ndm giu tdi sdn ciia NDT nhu ngan hang vd Trung tdm luu ky chiing khodn ciing phdi cd trdch nhiem ddng gdp vdo Quy bdo ve NDT Id can thiit vd ddm bdo tinh cdng bdng, bdi tien cua NDT chiing khodn dupe quan ly tach bach tai ngdn hang, cdn chiing khodn ciia NDT dupe qudn ly dpc lap bdi Trung tdm luu ky chiing khodn. Vi vay, cdc chu the nay ciing phai cd trdch nhiem trong viec ddng gdp vdo Quy bao ve NDT chiing khodn, bdi rui ro ve khd nang hodn trd iai tai sdn cho NDT khdng chi phdt sinh tu cdc CTCK, md cdn cd tu cdc ngdn hdng va Trung tdm luu ky chung khodn vdi vai trd la td chuc qudn ly tdi sdn cua NDT niu nhu cae chu the nay mat kha nang thanh todn hoac phd sdn.
Quy bdo ve NDT chiing khodn phdi do Sd GDCK qudn ly, phai dupe tach bach vdi tai sdn eua Sd GDCK vd quy ndy chi dupe dimg vao myc dich hodn trd mdt phdn cho NDT trong trudng hpp CTCK hoac cae chu thi nam giu tdi sdn cua NDT bi mat khd nang hodn d-d tai sdn hodc pha sdn. NIU ddi tupng nao ed hdnh vi cd tmh sit dyng quy cho mue dich trdi phep hoac khdng dung ban chdt cua quy thi se phai hodn trd lai cho quy vd hanh vi dd dupe xem la hdnh vi vi pham phdp luat, bi xu ly. Mat khac, phap
ludt chiing khodn cung cdn phai dua ra cac quy dinh hudng ddn cy the ve hinh thdc ddng gdp, mue ddng gdp, phuang thiic hoan trd, phuong thuc qudn ly Quy bao ve NDT de 1dm co sd phap ly vimg chdc, ro rang nham phuc vu cho viec thdnh lap, van hanh va su dung Quy bao ve NDT chiing khodn dupe kha thi vd hieu qua tren thyc tl de tu do gdp phdn bdo ve quyen Ipi ehinh ddng cda NDT.
Thu hai, can tiep tuc nghiSn cdu dua ra quy dinh theo hudng tang sy ddc lap va thdm quyen cho UBCKNN ddi vdi cdc van de lien quan den cdng tac quan ly, kiem tra, thanh tra xu ly vi pham. Theo do, UBCKNN nen tryc thupc Chmh phu thay vi tryc thudc Bp Tai ehinh nhu hien nay. Viec UBCKNN tryc thupc Chinh phu la rat cdn thiet bdi dieu ndy vua giup tdch bach giiia chirc ndng cua co quan qudn ly tdi chinh nha nude vdi chuc nang cua cac td chiic boat ddng trung gian tdi chinh, vira dam bao dupe tinh dpc lap tdi da cho co quan nay trong viec thuc hien cdc chuc ndng, nhiem vy. Khi cd vi tri ddc lap va cao ban se giup UBCKNN ehu ddng, thdng nhdt quyet dinh nhieu vdn de tryc tiep hon trong viec td chuc hoat dpng cdng nhu huy ddng va thuc day cdc ngudn lyc xa hpi; gidm khdu trung gian chi dao ve nhdn sy, ve ban hdnh cdc vdn bdn hudng dan trong van hdnh TTCK; xu ly kip thdi nhung bit dn phdt sinh, bdo ddm TTCK phdt triin Idnh manh, ndng ddng; phat huy tinh hieu qud trong qudn ly, giam sdt todn dien ddi vdi TTCK'^
Cdc quyen dupe trao cho UBCKNN nhu hien nay trong LCK 2019 Id edn it va chua that sy du siic dl thyc hien hieu qua cdc hoat
'= Bao cdo sd 3002/BC-TTK.QH ciia Tdng thu ky Qude hdi ve tdng hpp y kien ciia cdc vi dai bieu Qude hpi thdo luan ve du an LCK (sua ddi), tr.7.
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NHA NUdC VA PHAPLUATSd 1/2020 dpng quan ly ciing nhu giup phdt hien va xu ly kip thai, triet dl dupe cdc hanh vi vi pham cua cdc ddi tupng. Vi vay, viec tiip tuc nghien cdu quy dinh tang them thdm quyin cho UBCKNN la rdt quan ypng vd cdp thiit.
Dieu nay vira nang cao tinh ehu ddng, bieu qua trong cdng tdc qudn ly, gidm sat thi trudng, dae biet Id xu ly cdc tinh hudng mang tinh tinh thi cip bach vua phu hpp vdi thdng le qude te. Tuy nhien, viec tang quyen nay phdi nam trong khuon khd gidi ban phdp ludt thyc dinh, tranh trudng hpp tdng qud muc ddn din mau thudn, chdng cheo vdi cdc ludt khdc ed lien quan. Theo dd, UBCKNN se dupe quyen ehu ddng qudn ly vd gidm sdt todn dien thi trudng; quyen tiep cgn thdng tin trong cdng tdc thanh tra, kiem tra; quyen yeu cau cdc td chuc, cd nhdn, td chuc tin dung, doanh nghiep cung cap ndi dung, thdng tin lien quan de xac minh xu ly... Viec LCK ghi nhdn van de ddm bao tinh ddc lap vd tdng thdm quyen cho UBCKNN nhu da phan tich se khdng chi mang lai hieu qud trong cdng tdc qudn ly, dn dinh TTCK, ma cdn giup bdo ve kip thdi quyen lpi eua NDT khi tham gia ddu tu vdo TTCK Viet Nam. Bdi khi duoc tang tham quyen va dam bdo tinh ddc lap se giiip UBCKNN de ddng phat hien, xem xet, chd ddng dieu tra, ngan chan vd xu ly kjp thdi nhung hdnh vi vi pham cua cdc ddi tuong ed khd nang gay dnh hudng xau, xam hai den quyen va lpi ich hpp phdp eua cdc NDT chan chinh, tu do gdp phdn rdt Idn vdo viec bao ve hp.
Thu ba, tiep tuc hoan thien cac quy dinh phdp luat chimg khodn ve van de cdng bd thdng tin theo hudng khdng ehi dimg lai d viec cdng bd cdc thdng tin tdi chinh, md cdn cdng khai ca cdc thdng tin phi tdi chinh nhu dinh hudng, chien lupc kinh doanh, cdc
rui ro md doanh nghiep ddi mat. Ben canh viec quy dinh cdc thdng tin bat bupc can phdi cdng bd thi phdp luat chiing khodn can chmh thdc thira nhan gid tri phap ly cua viec cdng bd thdng tin ty nguyen ddi vdi cdc thdng tin khdng ndm trong danh mue thdng tin bat budc phdi cdng bd. Ddng thdi, phdp ludt chimg khodn ciing can phdi quy dinh rd, mac du cac thdng tin dupe cdng bd khdng phdi la thdng tin bat budc, tuy nhien vdn phdi ddm bdo tinh trung thyc, kip thdi, chinh xac, khdng dupe trdi vdi phdp ludt vd chu thS cdng bd ty nguyen phdi ty chiu trdch nhiem ve thdng tin dupe cdng bd.
Hon niia, de nham kich thich cac chu thi tich eye cung cdp cdc thdng tin ed lien quan den TTCK phuc vu cho NDT cd cai nhin toan dien va cd them thdng tin de co the dua ra nhung quyet dinh ddu tu diing dan, phap ludt chiing khodn cung cdn phdi ghi nhan co che khuyen khich nhu cdng them diem thudng khi xem xet cham diem danh gid ve quan tri cdng ty hoac danh gia ve tinh cdng khai vd minh bgch cua cdng ty niem yet. Ben canh do, LCK cdng can phai quy dinh bdt budc viec cdng bd thdng tin phai thyc hien bang cd tieng Viet Idn tieng Anh. Quy dinh nay la cdn thiit bdi hien nay TTCK Viet Nam dang trong giai doan phat trien ket ndi vdi TTCK khu vyc vd qude te, thu hiit dupe nhieu NDT nude ngodi tham gia ddu tu tai thi trudng Viet Nam. Hon niia, dieu nay cdn gdp phan ddng kl vao viec ndng cao tinh minh bach cua TTCK va ddi xu cdng bang giua NDT trong nude va NDT nude ngodi.
Mat khdc, phap ludt chung khodn cdn dua ra cac co sd phap ly ve van dl xdy dyng chi sd cdng khai va minh bach cua cdng ty niem yIt tren TTCK Viet Nam vd thira nhan
HOAN THIEN PHAP LUAT...
tinh phdp ly cda boat ddng xIp hang muc dp cdng khai hda thdng tin cua cac cdng ty niem yet'*. Theo dd, tdt ed cdc cdng ty niem yIt tai Sdn GDCK phdi tham gia thyc hien viec ddnh gid, chdm diem vd xep loai ve mue dp minh bach, cdng khai trong boat dpng cdng bd thdng tin cua cdng ty niem yet. Viec xep hang va cdng bd ket qud xep hang ve miic dp minh bach va cdng khai thdng tin cua cdng ty niem yet phdi dya tren nhiing tieu chi tuong ling vdi cac mdc diem sd nhdt dinh tren co sd tham khdo kinh nghiem ciia the gidi vd thyc tiln boat ddng cua TTCK Viet Nam, ddng thdi phdi dupe thyc hien bdi mpt td chirc doe lap hoac mpt hpi ddng dpc lap. Khi phap ludt chung khodn ghi nhan vd cy the hda dupe vdn de ndy se mang lai hieu qud rdt Idn trong viec bao ve quyen Ipi cua NDT, bdi ket qud cham diem, cdng bd xep hang ve muc dp minh bach vd cdng khai thdng tin cua cdc cdng ty niem yet se giup cho NDT cd the lya chpn phuang an ddu tu cho phu hpp tren ca sd ban ehi dupe nhiing nii ro ddng tiec cd thi xdy ra. Mat khdc, phdp ludt chiing khodn cung can quy dinh ghi nhan sy da dang cac phuang tien cdng bd thdng tin ben canh cdc trang thdng tin dien tu theo quy dinh hien hdnh de cdc NDT ed nhieu co hpi vd thudn Ipi ban trong viec tiep nhdn theo doi thdng tin vl TTCK, bdi khdng phai luc nao NDT cung ed the truy cap internet de tiip can cdc thdng tin vl TTCK ndi chung va thdng tin vl cae cdng ty niem yIt ndi rieng. Vi dy, phdp luat chumg khodn ciing cd
'* Le Vu Nam, "'Mpt sd bdt cap trong cdc quy dfnh phdp lugt ve cong bo thong tin cua cong ty niem yit vd kien nghi hodn thien", http://www.tapchicong thuong. vn/bai-viet/mot-so-bat-cap-trong-cac-quy-din h-phap-luat-ve-cong-bo-thoug-tin-cua-cong-ty-niem- yet-va-kien-nghi-hoan-thien-27190.htm, truy cap ngay 22/9/2019.
the cdng nhan cac trang mang xa hdi phd biin ed tinh kit ndi toan cau nhu facebook, zalo, viber... dl cdng bd thdng tin; hoac xem xet ehinh thdc cdng nhdn Bdn tin TTCK cung Id mpt phuong tien de cdng bd thdng tin. Ddng thdi, phdp ludt chiing khodn cung edn phai dua ra cac quy dinh dieu ehinh ddi vdi loai hinh cdng bd thdng tin thii cap dudi dang ede bai phan tich, ddnh gia ciia cdc chuyen gia, cdc nhd mdi gidi tren cac website nhu hien nay. Trong do, can quy dinh trdch nhiem ddm bao tinh khdch quan, trung thyc ve cdc ndi dung dupe phdn tich, khuyen nghi lien quan den viec mua bdn chimg khoan tren thi trudng.
Tyu trung lai, de dam bdo TTCK dupe minh bach, phdt trien, ddng thdi de tao sire hiit ddu tu ciing nhu bdo ve duoc quyen lpi hpp phdp cho cae NDT khi tham gia ddu tu vdo TTCK Viet Nam, viec hodn thien cac quy dinh phdp luat chung khodn dieu chmh ve vdn de cdng bd thdng tin nhu dd neu tren Id rdt quan trpng vd cdp thiet trong tinh hinh hien nay.
Thu tu, cdn tiep tuc nghien cixu tang muc xu phat ddi vdi cdc hdnh vi vi pham hdnh chinh trong ITnh vyc chung khodn.
Mue phat lihu quy dinh hien nay ciing nhu muc phat dupe dua ra trong LCK 2019 van cdn thip vd chua that su du sue de phdng ngda, ran de, ngan chan ede hdnh vi vi pham tu cac ddi tupng khdc nhau. Vi vay, theo tdc gid, cdn phdi dieu ehinh muc xu phat theo hudng tdng len so vdi quy dinh hien tai. Cu thi, muc phat tien tdi da trong xu phat vi pham hdnh chinh ddi vdi hanh vi giao dich ndi bd vd thao tung TTCK Id 20 lin khodn thu trdi phap ludt cd dupe tir hdnh vi vi pham. Trudng hpp khdng cd khodn thu trdi phap ludt bode muc phat tinh theo khodn thu trai phdp ludt thdp ban mue phat
65
NHA NV&C VA PHAP LUATSO 1/2020
tien tdi da thi dp dung miic phat tiln tdi da Id 10 ty ddi vdi td chuc vd 05 ty ddi vdi cd nhan. Cdn ddi vdi cdc hdnh vi vi pham khdc trong ITnh vyc chiing khodn thi muc phat tien tdi da trong xu phat vi pham hdnh chinh Id 10 ty ddng ddi vdi td chiic va 5 ty ddng ddi vdi ea nhdn, ddng thdi tang ap dyng cae che tdi xu phat bd sung.
Tdc gid cho rdng, viec dua ra mue xu phat nhu de xudt Id hodn todn phu hpp vd tgo dupe sy ran de ddi vdi cac chu thi cd y dinh vi pham, bdi tren thyc tl do lpi ich mang lai td viec thuc hien cae hdnh vi vi pham Id rat Idn, cae chu the se sdn sang chdp nhan nop phat de thyc hien hdnh vi vi pham. Do dd, de ngan ngira duoc hdnh vi vi phgm, sd tien xu phat phdi du sue tdc ddng vao hanh vi, Ipi ich kinh te cua cdc chu the.
Khi lpi ich kinh te bi tdc ddng theo hudng khdng mong mudn, cdc chu the se ty y thdc vd dieu chinh lai hdnh vi cua minh theo hudng tich eye vd ban che tdi da thyc hien nhiing hdnh vi vi pham de trdnh viec phdi ganh chiu nhung che tdi phap ly bat lpi theo quy dinh phap ludt. Hon nua, viec tang cudng muc xu phat vi phgm hanh ehinh trong ITnh vyc chdng khoan nhu tdc gid de xuit ciing hoan todn phu hpp vdi xu hudng chung cua the gidi. Vi dy dien hinh nhu d Nhat Bdn, trong qud trinh hodn thien phdp luat chimg khodn, nude ndy da tang cudng cdc quy dinh kiem sodt giao dich npi gidn, ciing nhu tdng chi tdi xd phgt, ttong thdi gian diu, muc phgt vdi hdnh vi giao dich npi gian Id 100 trieu ddng, thi nay tang len 100 ty ddng... nhd dd, tinh hmh vi pham da duac xu ly vd ngan ngira tdt ban''. Viet
Nam cd thi hpc hdi theo kinh nghiem ndy cua Nhdt Bdn trong van de dua ra miic xu phgt sao cho vua phu hpp vdi tmh hinh kinh te, xa hdi cua ddt nude, vua ddp ling dupe cdc yeu cdu phdng ngira, rdn de cae hanh vi vi pham.
v l hinh thiic xu phgt bd sung, can quy dinh tang cudng cac hinh thdc xu phat bd sung ma thi trudng qude te, trong do, ed ede thi trudng Ian can Viet Nam da dp dung hieu qud, cd tdc dyng tdt trong xd ly va phdng ngua vi pham chang ban nhu: Treo giao dich cd phieu cua cac doanh nghipp cdng bd thdng tin gian ddi, ban lanh dgo cdng ty giao dich ndi gidn; NDT thao tiing cd philu hi cdm giao dich trong mpt thai gian nhdt dinh; rut giay phep hanh nghe cua cdc chdc danh nghe nghiep tren TTCK khi hi kit ludn Id cd hanh vi thao tiing gid chiing khoan, giao dich ndi gidn, cdng bd thdng tin sai sy that, tich thu cdc khodn thu loi bat chinh...'^ Ben canh dd, phdp ludt chung khodn ciing can phdi tiep tuc nghien ciiu dua ra cae quy dinh day du, ro rang dl hudng ddn ve viec khac phuc hgu qua do hanh vi vi pham gay ra ddn tdi viec tranh chdp td cao lien quan dSn mot sd hdnh vi vi phgm nhu thao tiing thi trudng, giao dich ndi bd... Ddng thdi, ciing phai dua ra dupe cdc quy dinh hudng ddn cu thi vl viec xac minh cdc khodn thu Idi bdt chinh ciing nhu ddi tupng bi thiet hgi vd muc dp thiet hai dl tgo CO sd phdp ly vung chdc phyc vy hieu qua cho vi?c bdo ve NDT.
'^ Hiiu Hoe, "Hpc Nhdt Bdn cdch bdo vi NDT chung khodn", https://tinnhanhchungkhoan.vn/chung-khoan /hoc-nhat-ban-cach-bao-ve-nha-dau-tu-chung-khoan- 270172.html, truy cap ngay 22/9/2019.
'8 Truang Thi Thiiy Duong, "Xii ly nghiim cdc hdnh Vl viphgm tren TTCK", http://tapchitaichinh.vn/kinh- te-vi-mo/xu-ly-nghiem-cac-hanh-vi-vi-pham-tren-thi -truong-chung-khoan-302759.html, truy cap ngay 22/9/2019.
