TAP CHi LUAT HOC s o 11/2018 NGHIEN ClTV- TRAO DPI
HOAT DONG NGAN HANG NGAM TAI VIET NAM - QUY DjNH PHAP LUAT, THUC TRANG VA DE XUAT
N H A MBAG DAM AN TOAN HE THONG
NCUY6N TH! THANH TU * Tdm tdt: Hogt dgng ngdn hdng ngdm dugc hiiu la nhiing giao dich mang tinh chdt ngdn hdng do cdc dinh chi tdi chinh th\rc hien nhung chua ndm trong quy chi ngdn hdng. Ddy la hogt dgng chira dung rui ro lan, dugc coi Id nguyen nhdn cua khung hodng tdi cliinh toan cdu nam 2007 - 2008. Hogt dgng ngdn hdng ngdm da hi?n dien tgi Viet Nam dudi hogt dgng cua cac ngdn hdng thuong mgi, cong ti chimg khodn, qua hogt dgng khdc nhu hieu cdm do, hui, hg. bieu, phuang vd cdc cdng ti tdi chinh
"den ". Nhin chung. phdp lugt Vi^t Nam hien nay da ca bdn tgo lap dugc ca sa qudn li hogt dgng mang tinh chdt ngdn hdng ngam, tuy nhien, di ddm bdo an loan he thdng cdn thiet phdi ddy mgnh hieu qud dp dung phdp lugt vd ddi m&i ca chi thanh tra, kiim sodt he thdng tdi chinh ndi chung vd trong timg nhdm boat dgng ngdn hdng ngdm ndi rieng.
Tukhod: Hogt dgng ngdn hdng; ngdn hdng ngdm
Nhgn bdi: 22/6/2018 Hodn thdnh biin tdp: 24/12/2018 Duyet ddng: 03/01/2019 SHADOW BANKING ACTIVITIES IN VIETNAM - LEGAL PROVISIONS, THE CURRENT SITUATION AND RECOMMENDATIONS FOR SECURING THE SYSTEM SAFETY
Abstract: Shadow banking is understood as transactions of banking features conducted by financial institutions which have not been regulated by normal banking regulations. Shadow banking contains big risks, which was considered as a cause of the global financial crisis in the years of 2007 - 2008.
Shadow banking has existed in Viemam in the form of activities of commercial banks, securities companies or other activities such as those of pawnshops, tontine or "mutual loan club " or "common fund plan" and those of 'black' financial companies. Generally, the law of Vietnam has established a framework for controlling shadow banking, however, for further securing the system safety, it is of necessity to enhance the effectiveness of applying the law and lo reform the mechanisms for inspecting and supervsing the financial system in general and each group of shadow banking activities in particular.
Kev words: Banking activity; shadow banking
Received: Jun 22^, 2018; Editing completed: Dec 2/", 2018; Accepted for publication: Jan 3^, 2019.
T
Cr sau khung hoang tai chinh toan chx ciu, hien nay c6 khoang hon 70.000 ti USD nam 2008 - 2009 vcri sir kien quan trong tai san thi gioi dang dugc di6u khien boi cac la su sup dS Lehman Brothers, khai niem ngan hang ngim.'" Tai Viet Nam, Men chua"ngan hang ngam" (shadow banking) ngay co mgt th6ng ke chinh thiic vl cac khoan cang tra nen ph6 biln. Xet tren quy mo toto
(1). International Monetaiy Fund, 2014, "Shadow banking
• GiSng vien, T r u ^ g B?i h(ic Luat HJ NQI Around the Globe: How large, and how risky?", tr. 66, E-mail: [email protected] IMF- International Monetary Fund,' 10/2014.
86
TAP CHi LUAT HQC SO 11/2018 NGHIENCVV- TRAOBdl vay d linh vyc nay nhung theo udc tinh, cho
vay ngoai he thdng ngan hdng hay con ggi la tin dyng den dang bdng khoang 30% t i n g tin dyng do he thdng ngan hang cung cdp.^^*
1. Ngdn hang ngam va tac d§ng cua ngdn hang ngam den hp thong tai chinh
Thugt ngft "ngdn hang ngdm" (shadow banking) Idn ddu tign dugc Paul McCulley - Giam d6c ddu tu cua PIMCO (qu5> ddu tu trai phigu hang ddu t h i gidi) dua ra vao ndm 2007 tai Dign dan kinh tg cua Ngdn hang trung uong My t l chuc tai Kack Hole Wyoming.
McCulley ggi ngdn hang ngdm la "he thdng bao gdm tdt cd cdc hogt ddng vd cdng eu ddu tu lgi sudt cd dinh phi ngdn hdng su dung don bdy"P^ Hogt dgng ngan hdng ngam dugc bilt d i n nhu "hi thong tdi tra song hdnh ngoai hi thong ngdn hdng thdng thu&ng"S^^ Tuy nhign, he t h i n g ndy dua ra nhimg c6ng cy va san phdm tai ehinh eanh tranh vdi he thing ngan hang thong thudng dg tao ra sy linh boat va vdng quay nhanh hon nham luan chuygn ngudn v6n. Mac du ngdn hang ngdm mang tinh chdt gilng vdi ngan hang thuang mgi (NHTM) thdng thudng nhung chua thyc sy nam trong sy quan li, gidm sat cda cdc c a quan nha nudc. Dg de higu, hdy xem xet each vi von cua Laura E.Kodres khi de cap ngan hang ngdm: "Neu (2). Nguyin VSn Hh (chii nhifm), Hogt dgng tdi chi'nh ngdm (shadowbanking) tdc dgng cda nd den an todn h^ thdng ngdn hdng vd bi^n phdp phdng ngira, De tii nghign ciiu khoa hpc cap ng^nh, NgSn hing nhi nirdc Vi^t Nam, 2015, tr. 128.
(3). Nguyen Vin Hi (chu nhifm), tldd, tr. 18.
(4). Esther Jeffers, Dominique Plihon (University Paris 8, IDHES), What is so special about European Shadow banking^, 2017, https://www.aeaweb.org/conference/
2016/retrieve.php?pdfid=1294, truy c§p 14/12/2018.
nhu mgt thir trdng nhu mgt con vit, keu nhu mdt con vit, hoat dgng nhu mot eon vit thi dd se Id mdt con vit hoac se dugc coi Id con vit.
Nhimg mdt td chicc nhu mdt ngdn hdng, hogt ddng nhu mgt ngdn hdng lgi khdng phdi la ngdn hdng - dd la ngdn hdng ngdm ".'^'
O muc do chung nhat, Hgi dong dn dinh tai chfnh (FSB - finaeial stability Board) dua ra quan dilm v l ngdn hang ngdm "Id hi thdng trung gian tin dung bao gam cdc td chirc eiing cdc hogt dgng nam ngoai he thdng ngdn hdng thdng thu&ng",^^^ d i n g thai dua ra tigu chi nhgn dien boat dgng ngdn hang ngdm nham giup cde nudc xde dinh ro cdc trung gian tai chinh tham gia vao hogt dgng ngan hang ngdm.
Cdc tigu chi xde dinh hogt dgng ngan hang ngdm bao gdm:
1) Hogt dgng mang bdn chat tin dung;
2) N g u i n vdn huy dgng phi th6ng thudng Trong khi cdc ngdn hang thong thudng su dyng nguon v i n chu yeu la huy ddng tiln td ngudi dan, cde t6 chdc ngan hang ngdm lai ty tai trg bdng each phat hdnh m6t sd loai gidy td CO gid ngdn ban nhu thuang philu, hgp dong mua lai (repo)^''... md kh6ng duge (5). Laura E.Kedres, "What is Shadow Banking?", Finance & Development, Vol.50, No2,2013, ht5)s://www.
imf.or&'extemai/pubs/ft/fandd/2013/06/basics.htm, truy c§p 14/12/2018.
(6). Consultative Document Strengthening Oversight and Regulation of Shadow Banking, Apolicy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos, 11/2012, http://www.fsb.org/wp- content/uploads/r_121118b.pdf?page moved=l tmy c^p 14/12/2018.
(7). Hgp ding mua lai (repurchase agreement - repo)
\h nghiep vu ph4i sinh tii cdc nghifp vu cho vay c6 bao dam, bin chdt Ii giao dich di vay vi cho vay c6 ki h^n. Repo ching khodn dugrc cic c6ng ti chi'mg khoin 87
TAP CHi LUAT HQC SO 11 /2018 NGHIENCIJV- TRAOBOI buy dgng tign gdi;
3) Kh6ng dugc nhgn bdo dam thanh khodn chinh thdc tu ngu6n trdi trg cong;
4) it bi dilu tilt bdi ngdn hang nha nudc.
Cdc tieu ehi cua FSB eung duge cong nhan phi biln va trd thdnh tigu chi nhdn bigt boat dgng ngan hang ngdm tgi nhieu quoc gia.
Tyu chung lai, hogt dgng ngdn hang ngdm CO mgt so dac trung co ban khdc biet vdi hogt dgng ngdn hdng thong thudng*^* nhu sau:
Mdt la trgn phuong dien kinh te "hogt ddng ngdn hdng ngdm la hogt dong tin dung khdng dugc huang lgi tir cdc ngudn hd trg thanh khodn chinh thue cua to chirc bdo hiim tiin giri vd ngdn hdng trung uang".^^^
Dgc trung nay dugc li giai tu tinh chdt kinh tg cda hogt dgng ngan hang thong thudng, vdi vai tro la trung gian tai ehinh ludn tiem dn nguy co rui ro thanh khodn, rdi ro thanh toan. Dg bdo ve quyen lgi ngudi gui tign (thudng hudng den cong chung), hgn che rui ro thi trudng va tang cudng khd nang tin dyng, to chuc bdo hiem tign giri dugc thanh lap nhu mgt cong cu bdo ve mdt phdn bode toan bg tien gui cua he th6ng ngdn hang.
Ngodi ra, vai trd cda ngan hdng nhd nudc eiing thg hien ro thdng qua viec tham gia cdp tin dung eho cdc ngdn hang vdi vai tro la ngudi di vay cu6i ciing (late resort lender).
Bdi vdy cac ngdn hang duge xem la trung gian tin dung eo sy ddm bdo true tilp va c6ng ip dung ph6 bien tren thi tmong thong qua vifc thuc hien giao djch mua hoic bin lai chOng khoin.
(8). Hoat dpng ngan hing thong thucmg trong bii vigt dupe xem x6t li ho^t dpng dupe phap luit ghi nhan bao gom: huy dpng von, nhin tifin giii, cung iing dich vu thanh toin vi rapt s6 hoat d^ng khie.
(9). Nguyin Vin Hi (chu nhilm), tldd, tr. 19 - 20.
khai (direct and explicit offcial enhancement) tu khu vyc cong (ngdn hdng trung uong, t6 chdc bdo higm tign giii). Trong khi do, hogt dgng ngdn hdng ngdm khdng dugc dam bao bdi hai djnh che ndy.
Hai la tren phuang dien phdp li, hoat dgng ngan hdng ngam duge xem la cdc nghiep vy duge thyc hien bdi cac dinh chg phi tai chinh, ndm ngoai viec kigm soat cua ngdn hang trung uong vd chiu sy dieu ehinh quy dinh phap lugt d mue thdp ban hogt dgng ngdn hang th6ng thudng. Cy thi, hogt dgng ngan hdng thdng thudng d edc quoc gia dugc dilu chinh chdt che cda he thdng phap lugt ngan hang, ding thdi chiu sy qudn 11 true tiep va kilm sodt chat che cua ngan hang trung uong nhdm kiem soat thi trudng tign te. Hogt dong ngdn hang ngdm, trong khi do, dugc thyc hien bdi cdc t6 chuc tai chinh phi ngan hang, dinh che tai chinh khac nhu cdng ti tai chinh, e6ng ti ehdng khoan (CTCK), edc quy ddu tu vd hinh thde khde duge digu ehinh bdi cdc quy dinh lihh vuc khac nhau nhu ng§n hdng, chdng khodn, doanh nghiep... Thyc te, CO the cd mdt sd quy dinh digu chinh hogt ddng cua mgt s6 d6i tugng ngan hang hang ngam nhdt dinh nhung kh6ng cd bg luat hay van ban chinh thdc nao dieu chinh mgt each CO he th6ng. Sy can thiep cua ngdn hdng nha nude d6i vdi boat ddng ngan hang kh6ng duge quy dinh cu thg, thay vao do se tdc dgng th6ng qua sy dieu chinh chung ciia thi trudng.
Ba Id vg chu thg thyc hien: Hogt dgng ngan hang ngdm thudng dugc thyc hien bdi cac dinh che tai chinh phi ngdn hang trgn thi trudng nhu cac CTCK, cdng ti tai chinh, quj ddu ea tin dyng, quy tuong h6 tri trudng tiln
TAP CHi LUAT HQC SO 11/2018 NGHIEN CVU - TRAO BOI tg,'e6ng ti cho vay bdo dam, td chuc kinh
doanh duge ehinh phu bdo trg vd mgt s6 hogt dgng dugc thyc hien bdi chinh cac ngdn hang. Trong khi do, tu ten ggi, boat d6ng ngdn hdng dugc thyc hien chu ylu vdi edc hogt dgng ca bdn nhu huy dgng von, cdp tin dung cho thi trudng va eung ung dich vy thanh toan.
Bdn Id boat d6ng ngdn hdng ngam gan vdi tdi trg bdn bu6n trgn thj trudng tdi chinh.
Cy thg, boat dgng tai trg v6n cua ngdn hang ngdm phy thugc vdo vigc huy d6ng thdng qua phat hanh cac c6ng cy thi trudng tign tg nhu giay td co gid, repo chung khoan hodc th6ng qua phdt hdnh edng cy trung va dai ban eho cdc CTCK, cdng ti bao higm... Ddng tign trong boat dgng ngdn hang ngdm thudng dugc thuc hien vdi mgt ehuoi cac giao dich, cung vdi do la dong tien dugc ludn ehuyen qua nhieu khdu tnmg gian khdc nhau. Trong khi dd, boat dgng cua hg thdng ngan hdng chu ygu huy dgng von tu edng chung va tai trg eho hogt dgng cap tin dung theo mo hinh mpt trung gian tin dung - kgt ndi giua bgn vay vd ben cho vay.
Tinh "it rang huge phdp li" cua hogt dong ngdn hang ngdm trd thdnh mgt trong cac nhan td tao dieu kien boat dgng nay co dp hap dan nhdt dinh so vdi hogt ddng ngdn / hang th6ng thudng, hogt d§ng v6n phai tudn i theo cac quy tac khat khe, ti 1? bdo dam an [ toan hay che dg bao cao nghiem ngat.
;; Nhimg con sd hogt dgng ngan hang ngdm
•J cho thay sy phat trien manh me hogt dgng
^ nay tren thg gidi. Theo Quy tign t? qu6c tg A (IMF) nam 2014, M^ hien nay dang Id quie
•k gia CO su phat trign he thdng ngdn hang
ngam Idn nhdt vdi t6ng gia tri len den 150 ti USD, gan gap doi khdi lugng cua cdc ngdn hang ehinh thong; EU thdp ban nhung ciing khodng 60% tdng tdi sdn cua cac ngdn hang th6ng thudng; Trung Qu6c, udc tinh chiem 35 - 50% ting tai san qu6c quoc ngi (GDP).*'^*
Theo thdng kg, he thdng ngdn hang ngdm hien nay ciiigm khodng V2 he thdng ngan hang todn cdu. Su tac dgng Idn dgn ngn kinh te, kh6ng ehi d pham vi qudc gia ma phgm vi khu vyc va toan cau cua hogt dgng ngan hang ngam la het sue ro rang. Digm dang chu </ la tde dgng hogt ddng ngdn hang ngam khdng chi dugc nhin nhdn d cac tac dgng tigu cyc ma con dem lgi lgi ich nhat djnh cho nen kinh tg.
Ve lgi ich, bdi sy tham gia sdu rgng, mdc do linh hogt cua boat dgng ngdn hang ngdm trong he thong tai ehinh, ngan hang ngam da dua dgn lgi ich nhdt dinh d6i vdi ca thi trudng, nha dau tu va chu thg Hen lien quan. Uy ban chdu Au'"^ da ehi ra nhftng dnh hudng tieh cyc nay bao gIm: 1) Cung cap cac phuang thdc ddu tu cho nha ddu tu thay the viec gdi tigt kiem ngdn hang th6ng thudng;''^' 2) Phan bd ngudn lyc theo nhu (10). International Monetary Fund, 2014, "Shadow banking Around the Globe: How large, and how risky?", tr. 66, IMF- International Monetary Fund, 10/2014.
(11). Greai P^)a-- Shadow banking, Euroupen Commisstion, Bmssel, 19/3/2012.
(12). Chung khoin hoi hay chuyin hoi thinh chiing khoin theo dinh nghia cua T6 chiic hpp tic vi phit triln kinh tl - Organization for Economic Cooperation and Development - OECD dua ra nim 1995: chiing khoin hoi li vifc phit hinh cic chiing khoin c6 tinh kha mai duac dim bio khong phii bing khi ning thanh toin ciia chu thi phit hinh, mi bing cic ngu6n thu dtr kien c6 dupe tfr cic tii sin d$c bift. M§t cich 89
TAP CHI LUAT HQC SO 11/2018 NGHIENCUV- TRAOBdl cdu hieu qua ban do tinh chuygn nghiep boa
cao hon. Sy ddm bao eua tai ehinh cong ddi vdi he thing NHTM thong qua quy dinh phdp li chat che, he thing NHTM se kem linh hogt ban trong viec phuc vu mdt sd mang thi trudng nhdt dinh hoge hgn chg kha ndng cung dng dich vy hdp ddn cho khdch hang. Vi dy cdc c6ng ti tai chinh co thg tdp trung chuygn m6n trong mgt phdn mdng thi trudng ma cac NHTM chua nham dgn hoac kh6ng nham den nhu cho vay the tin dung, cho vay doanh nghigp vdi muc tin nhiem thdp; 3) Giup da dgng hod phong ngira rui ro eho he thing NHTM. Ro rdng sy t6n tai cda hoat dgng ngan hang ngam da lam cho san phdm va chu thg trong thi trudng tai chinh da dgng hon vdi eae td chuc eung ung djch vy chuygn biet, digu ndy giup ngdn hdng md rgng dugc sdn phdm, dieh vy, tang tinh thanh khodn.
Ciing vdi nhimg lgi ich nhdt dinh eua hogt dgng ngan hang ngdm, nhung rCii ro tu boat dgng nay la rat Idn. Quoc hgi My coi he th6ng ngdn hang la mgt trong nhimg nguyen nhdn ehinh ygu dan din khung hoang tdi chinh 2007 - 2009. Co thi dilm qua mgt sl digm dang chu y nhu sau:
Thu nhdt, cac hogt dgng ngdn hang ngdm ebda dyng rdi ro tai chinh tuong ty he thing NHTM, thdm chi d mdc do cao hon va lu6n tilm In nguy ca va ng. He qud nay xudt phat tu vi?c ngdn hang ngdm khdng dugc kiem sodt va quan li va dam bao tu eo quan quan de hilu chiing khoin hoi li vifc chuyen cic thi thiic tin dung thinh the thiic chting khoin, phit hinh trong c6ng chiing tao dilu kifn thuan Ipi cho viec mua bin CLia cic nhi diu tu.
li nhd nudc. Trong khi cdc NHTM dugc bao ve tranh khoi rdi ro he th6ng thi he thong ngan hang ngam hoan toan kh6ng co co chg d6. Dilu nay din din mgt thiet hgi nho cimg cd thi anh hudng xdu din khd ndng hogt dgng cua h? th6ng ngan hang ngam, ddc biet nhigu ngan hang ngdm dugc tdi trg bang ngu6n vdn ngan ban se chju riii ro rdt Idn khi khdch hang dd x6 dgn nit tign. Ben cgnh do, ngdn hdng ngdm su dung ddn bay tai chinh Idn,^'^* tinh thanh khoan cua cae edng cu tdi chinh cua ngan hang ngam phu thude nhigu vao bien dgng gid thi trudng bdi vay sy bien dgng cyc doan cda thi trudng nhu tdng trudng hay suy thoai dot bign ciing c6 thg gdy tac dgng Ign toan he thong.
Thu hai, eung vdi rui ro cho chinh cdc chu the trong he thdng ngan hang ngam, do tinh lign kgt vdi cac boat dgng NHTM dan dgn he qud khung hoang trong hoat dgng ngan hang ngam se lan truygn tdi hoat dgng cua NHTM. Cudc khung hoang tai chinh nam 2008 Id minh chung thye tien nhat cho he qua cua boat dgng ngan hang ngdm doi vdi thi trudng tai chinh toan cdu.
2. Thurc tr^ng hoat dong ngan hang ngam d Vi^t Nam
Trong vai thdp ki gan day, thi trudng tdi chinh Viet Nam da cd budc phdt trign vugt bae vl quy md thi trudng, tinh den hit nam 2017, Viet Nam ed 95 ngdn hang va chi nhdnh ngdn hang nudc ngoai, 27 tl chdc tui (13). D6n biy tii chinh li khii nifm dl chi su kit hpp giita np phai tri vi v6n chii sis hihi trong vifc di^u hinh chinh sich tii chinh doanh nghif p. Don biy tii chinh Ion khi li trpng doanh nghifp c6 li trpng np phii tri cao hon ti trpng von chii so hihi.
90
TAP CHi LUAT HQC s o 11/2018 NGHIEN Cifu - TRA O BOl dyng phi ngdn hdng,^'''^ 39 quy ddu tu, 105
CTCK (bao gdm ca cdng ti trong dien thu hii gidy phep), 47 cdng ti quan 11 quy''^\..
Mdc du chua cd mgt sd lieu chinh thuc nao vl doanh sd hogt dgng ngdn hdng ngdm tgi Viet Nam nhung ciing vdi boat ddng ngdn hang va hoat dgng tai chinh th6ng thudng, qua cde dau hieu nhdn dien boat ddng ngdn hdng ngdm eua Hgi ding dn dinh tai ehinh (FSB), khdng thg phd nhdn hogt dgng ngdn hang ngam dang tdn tgi ngay trong edc dinh chg tdi chinh vd cac hinh thdc khdc.
Mdt la hogt dgng mang tinh chdt ngdn hdng ngdm do ehinh sdch ngdn hdng thue hiin
Duge eoi la ehd thg quan trgng cda thj trudng tai ehinh, boat dgng eua cdc ngan hang ehiu sy digu chinh rdt chgt che bdi quy dinh phap ludt nhdm dam bdo an toan, ddc biet boat dgng ngdn hang thyc hien dli vdi c6ng chung. Tuy nhign, trong cac hogt dgng ngdn hang thuc hien, boat dgng huy dgng von vd eap tin dyng cua cac ngdn hang tren thi trudng lign ngan hang, boat dgng phat hanh giay td co gia vdi chu ng la cdc tnmg gian tai chinh ciing mang bigu hien mgt sd ddc trung cda boat dgng ngdn hang ngam nhu ban chap tin dung, it sy dieu chinh phap lugt, khdng nhdn bao dam thanh khoan chfnh thuc tu ngudn trdi trg cong. Xem xet bao cdo tai ehinh duge edng khai tren trang thong tin ciia mgt sl ngan hang Idn nhu Vietcombank, BIDV, Agribank... ti trgng binh qudn tign giii
va vay cac t6 chdc tin dyng khac tren tdng ng phdi trd trong khodng thdi gian td nam 2015 - 2017 dao ddng hi 15 - 20%. D6i vdi boat dgng phat hanh giay td cd gia, theo quy dinh hi?n hanh, nguon v6n huy dgng dugc td nghiep vy phdt hdnh trdi phieu kh6ng chiu sy dieu chinh cua quy dinh dy tru bat huge, ti trgng binh quan phat hdnh gidy td ed gid tren t6ng ng phai trd tai d muc thdp, nhu ngan hang Vietcombank khodng 1,5 - 2% tren ting ng phai trd cdc nam 2016 - 2017.*'^' •
Hai Id hogt dgng ngdn hang ngdm cua ede Id chirc tdi chinh phi ngdn hang bao gdm cde CTCK
Hoat d^ng ngan hang ngdm dugc thuc hien boi cac t6 chdc tai chinh phi ngdn hdng dg duge nhgn dien ban tren thi trudng tai chinh Viet Nam.
Ddu tiin, boat dgng mang tinh chdt ngan hang ngam dign hinh nhlt la boat dgng repo chdng khoan cd ki han (Repurchase Order).
La boat dgng dang dugc eae CTCK dp dung m6t each ph6 bign trong thdi gian gan ddy, repo chdng khodn dugc hilu la su dung hgp dong mua ban lai ehung khoan cd ki ban, theo d6 nha ddu tu co the ban cdc logi chdng khodn (co phieu, trai philu...) cda minh vdi cam kit mua lgi chdng trong khodng thdi gian nhdt dinh vdi gid cao hon gid ban ban ddu."^' Repo la hogt dong rdt nhay cam va
(14). Bio cio thuimg nien nim 2017, Ngan hing nhi nu6c, tr. 18.
(15). Uy ban chiing khoin nhi nudc, http://www.ssc.
gov.vn/ubck/faces/vi/vimenu/vipages_vicsdlcty/cty quanlyquy/qlqbt?_adfctrl-state=ufcsn6zla_77&_afr Loop=43117669492427794, tmy cap 14/12/2018.
(16). Bio cio tii chinh hpp nhit di kiem toin nim 2017, ngln hing Vietcombank, http://vietcombank.
com.vn/upload/2018/03/29/02.Bao%20cao%20tai%2 0chinh%20hop%20nhat%20nam%202017%20da%20 kiem%20toan.pdf?12, tmy cap 12/11/2018.
(17). Nguyen Thi Thu Vin, Trin Thj Thu Hi, "Hpp d6ng repo chiing khoin vi vi^c sua doi chl djnh hpp d6ng chuoc l^ii tii sin trong Bp luat din s^ nim 2005",
TAP CHi LUAT HQC SO 11/2018 NGHIEN CUV-TRAO Bdl rdi ro cua no khdng chi phy thugc vao "sue
khoe" cua cac doanh nghiep, kha nang tai ehinh cda nha ddu tu hay trinh dO qudn li cua CO quan cd thdm quyen ma cdn bi tdc d6ng rdt Idn td tinh hinh kinh te the gidi. Tai Viet Nam, trong nhdng nam gdn day, giao dich repo tdng trudng manh me, theo thong kg, trong cac thang dau nam 2018, ti le giao dieh repo luon d mdc gan 50% tdng gia tri giao dich todn thi trudng.^*^^
Thu hai, hogt dgng phdt hanh trai phieu.
Trong nhimg nam gdn day, khi lai suat ngdn hang kh6ng hap din, phdt hdnh trdi phigu Id mgt trong nhiing gidi phdp vg ngu6n v6n dugc CTCK thyc hien dugc cac CTCK uu tign thuc hien. Vg mat phap li, phat hanh ehdng khoan la boat dgng dugc phep thuc hien cua ede cong ti, tuy nhign ddi vdi CTCK, ro rang phdt hdnh trdi phigu doanh nghigp cho cdc cd nhdn vd to chuc kinh te ve ban chat la hinh thdc huy dgng v6n dl phyc vu chu yeu cho mye dieh thye hi?n boat dgng kinh doanh chdng khodn. Theo thing kg, tong du ng (bao gom ca du ng trdi philu va du ng khac) cua cac CTCK tinh din culi nam 2015 vd 2016 Idn lugt la 27.034 ti ding va 30.793 ti d6ng. Vdn ehu sd him ciia cde
http://wv™'.ncIp.org.vn^an_ve_du_an_luat/kinh-te- dan-su/hop-11 long-repo-chung-khoan-va-viec-sua- 11 Ioi-che-111 inh-hop-11 long-chuoc-lai-tai-san- trong-bo-luat-dan-su-2005, , tmy cap 14/12/2018 Nguyin Thi My Dung, "Nghifip vu repo tren thi truimg chiing khoin Vift Nam - Doi dilu bin luin".
Tap chingdn hdng. s6 14/2010, tr 19 - 25.
(18). So giao dich chiing khoin Hi Npi, Giao dich repo chung khodn gop phdn gia tdng thanh khodn tren thj trudng trdi phiiu Chinh phu, https://hnx.
vn/vi-vn/chi-tiet-tin-60002320-O.html, tmy cip 13/12/2018.
CTCK tinh tdi thdi dilm culi nam 2015 la 44.164 ti ding vd eudi ndm 2016 la 44.728 ti dlng.'^'* Xem xet bao eao tai chinh cua mgt sl CTCK Idn, nhu Cdng ti TNHH chung khodn Ngdn hdng thuang mgi cl phan ngogi thuong Viet Nam (VCBS) ndm 2017, du ng khodn trai phieu phat hanh bao gom trai philu Chinh phd gdn 1.000 ti dlng.*^"' CTCK Ngdn hang dau tu va phat trien Viet Nam, s6 du dau ki nam 2008 cac khoan ng lign quan phdt hdnh ehung khodn cung dgt con so gan 1 nghin ti dong (tong du ng phai tra 1.136 tiddng).^^''
Thir ba, boat dgng tin dung ddu tu bao gIm hgp ddng hgp tac kinh doanh va hogt d^ng cho vay ki quy (margin), cho vay dng trudc tign ban chung khoan.
Hgp ddng hgp tac kinh doanh do cac CTCK va Cong ti tai ehinh thye hien vdi cdc t6 chuc khdc cd the la qily ddu tu hoac cdc doanh nghiep cdn vdn ddu tu. Qua ki kgt hgp dong hgp tac kinh doanh nay, cdc CTCK va cdng ti tai ehinh thye hien cung ung v6n cho cdc doanh nghiep nay va co thu lgi c6 dinh.
Vi vay vg ban chat, ddy cimg la hogt dgng tin dung^^^' va ro rang hogt ddng tin dung (19). Ngpc Vinh, CTCK co dang la ngdn hdng ngdm, htlps://baodautu.vn/cong-ty-chung-khoan-co-dang-!a- ngan-hang-ngam-d59363.html, tmy cip 14/12/2018.
(20). Bio cio tii chinh di dugc kilm toin nim 2017, C6ng ti TNHH Chiing khoin ngin hing VCB, tr. 7, http;//www.vcbs.com.vn/vn/Communication/Reports, Iniy cap 13/12/2018.
(21). Bio cio lii chinh CTCK Ngan hing diu tu vi phit triln Vifit Nam (BSC) quy II nim 2018 di soit x^l, tr. 7, https://www.bsc.com.vn/News/NewsAttach edFiIe/623767, tmy cip 13/12/2018,
(22). Ba die tnmg co bin ciia hoEit dpng tin dyng li 1) tlnh th&i han, 2) tinh hoin tra g6m glc vi khoan 92
TAP CHI LUAT HQC SO 11/2018 NGHIENCVV- TRAOBOI nay khdng ndm dudi sy dilu chinh cda phap
lugt ngdn hang.
Nghigp vu cho vay giao dich ki quy Id viec sd dung ddn bdy tai chinh trong ddu tu chung khoan. CTCK eho phep nhd ddu tu vay tien dg mua so lugng Idn ed philu co gia tri Idn ban gia tri tai sdn rong cua nha ddu tu CO trong tdi khoan chdng khodn. Giao djch margin dugc cdc CTCK thyc hien trgn thi trudng tu kha lau nhung mdi ehinh thuc dugc ghi nhdn trong phdp ludt Viet Nam td nam 2011 vdi Quylt dinh sd 637/QD-UBCK.
Giao dieh ki quy hi|n nay duge dugc cap phep va chiu sy giam sat chat che cua Uy ban chung khoan nha nudc (Bg tai ehinh), tuy nhign bdi la boat dgng do CTCK thuc hien ngn van ndm ngoai su dieu chinh phap ludt ngdn hang va cac dinh ehe dam bao bang nguin h6 trg td Chinh phu hgn che ban.
Ngoai ra, cae cdng ti tai chinh trong viec ludn chuygn v6n eung bigu hien ciia hogt d6ng ngdn hang ngam tbdng qua hogt dgng cho thug tai ehinh may moc, the tin dyng.. .^
Cac boat dgng tin dyng ndy thudng dugc chdng khodn hoa vdi nhu cdu cua rui ro tin dung va lai suat dua ra.
Ba Id hogt dgng ngdn hdng ngdm khdc Ngoai boat dgng cdc tl chdc tai chinh noi trgn, d Vigt Nam mgt sd hogt dgng khdc cdng CO thi dugc nhdn dien Id hogt dgng ngdn hang ngdm. Hau bet cdc loai hinh nay
Ipi tiic, 3) chuyin giao gii tri.
(23). Nghi djnh so 39/2014/ND-CP vl hoai dpng cua c3ng ti tii chinh vi c6ng ti cho thuS tii chinh da cho ph^p c6ng li tii chinh dugc th\rc hifn cic hoat dpng ngin hing vl phit hinh the thi dung, huy dpng v6n ciia cic 16 chiic, bio l3nh, bao thanh toin.
deu it chiu sy kigm soat eua edc co quan chdc ndng, hogt dgng tu hgp phap dgn bdt hgp phdp. Cdc hogt dgng ndy cd thg kg den:
1) Hieu cdm dd: Hieu cam do Id boat dgng dugc phap ludt eong nhdn, la hogt dong kmh doanh dich vu cho vay tign ma ngudi vay tign phai c6 tai san hgp phdp mang den ca sd kinh doanh dich vy edm do dg cam cd.
Ciing vdi nhu cdu tdi chinh cd nhan va tinh nhanh ggn thu tyc, hogt ddng cdm d6 phat triln d hdu hit tinh thanh tren cd nudc. Theo sd ligu qudn Ii dang ki kinh doanh, ehi tinh rigng Ha Ngi ed dgn 27.000 co sd kinh doanh dich vu cam d6, Thanh pho Hd Chi Minh la 3000 ca sd. Mgt sd ca sd phat trien thanh ehuoi nhu h? thdng cam d6 F88 vdi ban 40 cda bang.*^''*
2) Hogt ddng tin dung thdng qua byi, hg, bieu, phudng: Day thudng la hinh thuc ty phat, CO quy md vdn nhd, thudng thu hut sy tham gia eua phy nft va tuang doi phd bien khdp cd nude. Hien nay, hinh thdc nay dugc quy dinh chi tigt tai Nghi dinh so 144/2006/ND-CP va gdn day nhdt Bg lugt ddn sy 2015 (Dieu 471). Theo bdo cdo cda Cue cdnh sat hinh sy (C45) cho bilt td nam 2010 den giua nam 2017 trgn phgm vi ea nudc da phat hien ban 120 vu vo ng lign quan dgn hogt d6ng tin dung khong chinh thuc, trong do chu ylu la hui, hg, bieu phudng vdi sd tign len dgn hang tram nghin ti ding, tap trung nhilu d cac thanh phi Idn nhu Ha Ngi, Thanh phi Hi Chi Minh, Hai Phong...'^^'
(24). hltps://f88.vn/Danh-sach-cua-hang tmy cap 13/12/2018.
(25). Trin Thi Quyln, "Van dl tin dung den - Mpt 93
TAP CHi LUAT HQC SO 11 /2018 NGHIEN CUV - TRAOBOI 3) "Cdng ti tdi chuih'^^' den". Theo quy
dinh ciia Lugt cae t l chuc tin dung, cdng ti tai chinh Id mgt trong edc hinh thue td chdc tin dimg pbi ngan hdng dugc cdp phep va quan li bdi Ngdn hang nhd nudc. Tuy nhign, ngoai cdc c6ng ti nay, trgn thyc te c6n ton tai nhilu cong ti tdi chinh khong dugc quan li va kh6ng dugc cdp phep, ed thg ggi Id cdng ti tdi chinh "den". Hoat dgng eua cdc t6 chdc nay thudng khdng rd rang, khdng cd dang ki kinh doanh, da phan do cd nhan hoge mdt nhom lap ngn mgt cdch tu phat. Ngu6n vdn tu edc to chuc nay co thg tu v6n ty co, v6n do vay ngan hang hoac vdn td to chuc, cd nhdn khdc. Lai sudt dp dung tgi cac t6 chuc nay thudng rat cao len dgn 40% hodc cao hon. Qua khdo sdt thdng tin thuc tg, mdt sd to chuc thyc hien hogt dgng nay ed thg kg den Finance Sport dia chi tgi Quan 1 Thanh pho Ho Chi Minh, The Bank tgi Thanh Xudn, Hd Ngi; Vay khong thg chap tai Qudn 4 Thanh ph6 H6 Chi Minh; Dieh vu eho vay tai ehinh tgi MJ Dinh, Hd N6i...
3. Danh gia ve khung phap If dieu chinh hoat dgng ngan hang ngam tai Viet Nam va de xuat nham tang cu-dng kiem soat va dam bao an toan he thong
Hoat dgng ngdn hang ngdm luon tin tgi hinh thiic giao djch din su bit hpp phip vi bien phip ph6ng ngira". Tap chi nghien cuu li ludn. nghiep vu khoa hgc, http://csnd.vn/Home/Nghien-cuu-Trao- doi/2954/Van-de-Tin-dung-den-Mot-hinh-thuc-giao- dich-dan-su-bat-hop-phap-va-bien-phap-phong-ngua, tmy cap 14/12/2018.
(26). Thuit ngft cong ti tii chinh dupe sir dung tai diy khSng d^ng nhit v6i hinh thiic cong ti tii chinh dupe quy dmh t^i Luit ngan hing. Su dung thu§t ngft
"cong ti tii chinh" nhim chi din hoat dpng c6ng ti, 16 chiic thirc hifn c6 lien quan din hoat dpng tii chinh.
song hanh cung vdi hogt dgng cua ngdn hang thong thudng tren thi trudng tai chinh vdi nhdng tac dgng tich cyc nhdt dinh bgn cgnh cdc ban chl din hoat dgng thi trudng. Bdi vdy, t6i uu boa nhftng lgi ich cda ngdn hdng ngdm ddng thdi ban chl mat tieu cyc, trdnh rui ro he th6ng tai ehinh cho ngn kinh tg la mye tigu cdn dgt tdi trong xay dyng va hoan thien phap ludt.
Thu nhdt, phap Iuat hien hanh da co ban tao Idp dugc ca sd quan li hogt ddng mang tinh chdt ngdn hang ngdm, tuy nhign can day mgnh hieu qua dp dyng phdp ludt vd d6i mdi ca chg thyc hien thanh tra, kiem soat he th6ng tai ehinh
Ddnh gid chung vg phdp ludt digu chinh thi trudng tai chinh trong do cd boat dgng ngan hang ngdm, nhin nhdn boat dgng ngan hang ngdm tu cdc chu thg thyc hien, cd thg nhgn thay, khung phdp li digu chinh hogt dgng ngan hang ngdm tai Viet Nam da tuang d6i day du vd ngay cdng duge hodn thien.
Viec ban hanh Ludt cdc to eae t l chuc tm dung (nam 1997 sda ddi bd sung nam 2003, nam 2010), Ludt ehdng khoan (nam 2006, sua d6i b6 sung ndm 2010), Lugt kinh doanh bao hiem (nam 2000 sda dli bl sung nam 2010) eung hang loat van ban hudng ddn thi hdnh va digu ehinh da tgo ca sd phap li quan li hogt dgng ngan hdng vd cac hogt dgng kinh doanh khdc cua cac dinh chl tai chinh tnmg gian trgn thi trudng. Ngodi ra, viec ban hanh Bg luat binh sy, Bg luat dan sy mdi vdi quy dinh xu phat trong linh vuc tai chinh va trong cac giao dich thuang mgi cung gop phdn tao tinh rdn de ddi vdi edc td chuc, ca nhan tham gia trong linh vyc tai ehinh. Cac
94
TAP CHi LUAT HQC SO 11/2018 NGHIEN CUV - TRA O BOI quy dinh vl dilu kien thanh lap, hogt ddng
ciia cac chd thi, gidi ban frong hogt dgng, cac bien phap phong ngda rui ro da dugc quy dinh trong Luat, ngoai ra cung dugc hudng ddn chi tigt trong van ban do ca quan chu quan ban hdnh. Ben eanh do, cdc chudn muc an toan he thong trong ITnh vye ngan hang va chung khodn da ddn dugc ap dyng nhu Basel I va II, he thing chi tigu Camels doi vdi boat dgng cae t6 chuc tin dyng va vdi thi trudng chung khoan cdc chi tieu an toan tdi chinh duge ca quan quan li nha nudc quy dinh chi tilt'^'* da tgo dugc hieu qua dong qudn li thi trudng.
Cung vdi quy djnh phap lugt, dam bao su tuan thu thyc hien, cac eo quan chu qudn dugc giao nhiem vu qudn li vd gidm sat tuan thu va dam bao an toan boat dgng trong tdng linh vye. Cy thg, linh vye tiln te la Ngdn hang nha nudc, hoat dgng kinh doanh bao higm, chimg khoan la Bd tai chinh vd Uy ban chung khodn thugc Bg tai chinh. Trong dieu hdnh, quan li hogt dgng thi trudng tdi chinh, cdc co quan da co sy ph6i hgp nhdt dinh nham muc tigu dam bao an toan he thing tai cbinh.
Tuy nhign, nhin tu thyc te thj trudng, boat dgng ngan hang ngam tai Viet Nam da va dang t6n tai, phat trign va tigm dn nguy ca riii ro cho he thong ngan hang va cd ngn kinh tg. Kiem soat chat che hogt dgng nay la muc tigu cdn ddt ra trong quan li thi trudng tai chinh. Cdng vdi vi?c xdy dyng khung phap li (27). Thong lu so 87/2017/TT-BTC quy dinh ve chi tiSu an toin tii chinh vi bi^n phip xii 11 doi vdi t6 chiic kinh doanh chiing khoan kh6ng dip ling chi tifu an toin tii chinh.
ca ban dam bdo an toan he thdng ngdn hang, hogt dgng tang cudng ca chl kilm tra, gidm sat chat che, nhdt Id trong van dg phdng ngua hogt dgng ngdn hang ngam - boat dgng vua CO lgi ich d6ng thdi cd de dog nhdt dinh dli vdi an toan tai chinh, vdi nguygn nhan dugc chi ra do ke hd cua phdp ludt hoae sy ndi long dilu tigt cua phdp luat*^^' la rdt cdn thigt. Ve vdn de nay, hien nay tai Viet Nam, mdi dinh che tai chinh trung gian dgu cd ca quan quan li va gidm sat true tilp. Cac NHTM ehiu sy qudn li vd giam sat cua ca quan thanh tra, giam sat ngan hang thugc Ngan hang nha nudc; cac CTCK chiu sy giam sdt cua Uy ban chdng khoan nhd nude va cde c6ng ti bao higm chiu sy gidm sat eua Cue quan li vd giam sdt bao hilm. Ngoai ra eon CO Uy ban gidm sdt tdi chinh qude gia dl tham mua, tu vdn cho Thd tudng Chinh phu vg viec digu phoi giam sdt thi trudng. Vdi ba ca quan gidm sat chuygn ngdnh vd mgt ca quan giam sat chung, rdt kho trdnh khoi bdt cap, han che nhdt dinh trong dieu hdnh quan li cac giao dich co tinh chdt ngdn hang ngdm.
Bdi vdy, viec ddm bao boat dgng vua tgo dugc tinh lign kit, trao ddi th6ng tin, vua tranh sy trung Idp Id rdt cdn thilt giua cde ca quan chu qudn va ca quan thanh tra, gidm sat. Dg thuc hien digu ndy, edn thilt thanh lap dan vi dgi dien va la sy kit hgp cua cac CO quan thanh tra, gidm sdt trong linh vuc tdi chinh. Kinh nghiem cua Australia trong vdn dl nay la thdnh lap Hdi ding giam sat tai chinh qu6c gia - sy kgt hgp cua bin ca quan giam sdt hien nay. Viec thdnh lap mgt ca quan chung c6 thg tao dugc lign kit chat che
(28). Nguygn Van Hi (chu nhifm), tldd, tr. 44.
95
TAP CHi LUAT HQC SO 11/2018 NGHIENCUV- TRAOBdl va hogt d6ng trao d6i thdng tm trong cdc van
dl chinh sach dli vdi linh vyc tdi chinh va cde dinh chg tdi cbinh.
Ngodi viec dli mdi mo hinh t6 chuc co quan thanh tra, gidm sat trong b? th6ng tdi chinh, cdn thiet tang cudng hieu qua hogt ddng thanh tra, gidm sat thdng qua ban hdnh cac quy dinh tang thdm quyln, trdch nhiem, ddm bao quyln lyc cua co quan gidm sat boat dgng ngdn hang. Nghign cuu ban hanh Ludt gidm sat ngan hdng cdng la giai phap ngn dugc can nhac, xem xet.
Cung vdi tang cudng hieu qua boat dgng thanh tra, gidm sat ngan hdng, cdn thiet phdi minh bach hoa hogt dgng ngan hang, tiln hanh kilm toan dgc Igp cae trung gian tai cbinh, dac biet la t l chdc tin dung va CTCK, yeu cdu cong bd thdng tin hgp li. Tigp d6, cdn thigt phdi tang cudng vai trd vd ndng lyc hogt dgng cua trung tam th6ng tin tin dyng trong viee thu thdp, xd Ii vd cung cdp thong tin tin dung, xdy dyng cdc bien phap va quy trinh nghiep vy vl chdng rda tign va tdi trg khung bd, ddng thdi co co che trao d6i th6ng tin vd phoi hgp chat che gifta thanh tra ngdn hang vd trung tdm chong rda tign.
Thu hai, trgn ca sd danh gid bdt cap cda phap luat digu chinh hoat dgng cda cdc dinh chg tdi chinh tren thi trudng, can thigt hoan thien quy dinh nhdm kigm soat va dam bao an todn he th6ng, hgn ehe nil ro tu hoat dgng mang tinh chat "ngan hang ngam"
Mgt Id doi vdi hogt dgng ngdn hang ngam tgi cac NHTM
D6i vdi boat dgng ngdn hang ndi chung, hien nay Ludt cac td chdc tin dyng da ddt ra quy dinh ve ti le bao dam an toan trong boat dgng ngdn hang, tiem can ddn vdi cdc chuan
muc thg gidi gdm gidi hgn tin dyng, ti le khd ndng chi tra, ti le cdp tin dung so vdi ngu6n vdn huy dgng... Ddi vdi hogt ddng tren thi trudng lign ngdn hang, ra ddi td nam 1992 theo Chi thi sl 07/CT-NHl cda Thing die Ngdn hang nhd nudc, quy dinh phdp lugt vg boat d6ng nay ngdy cdng dugc ca quan qudn li nha nudc xac lap day dd. Tgi Chuong IV Lugt cdc t l chuc tin dung nam 2010 quy dinh cac t l chdc tin dung dugc vay v6n lan nhau.*^^^ Tilp dd, Thdng tu sl 21/2012/TT- NHNN sua dli bd sung tai Thdng tu so 01/2013/TT-NHNN vl boat dgng cho vay, di vay; mua bdn co ki han giay td co gid gifta cdc t6 chdc tin dyng, chi nhanh ngan hang riudc ngodi nhung ngi dung dieu chinh dd xac lap cdc ngi dung cdn thiet cho giao dich gifta cdc t6 chuc tin dyng.
Do dd, ddi vdi boat dgng eua cac NHTM, viec tang cudng hieu qua thyc hien hogt dgng thanh tra, giam sat ngdn hdng la gidi phdp quan trgng vd cdn dugc quan tam hang ddu. Dg thye hien viec nay, kign nghi d6i mdi md hinh td chuc ca quan thanh tra, gidm sdt ngdn hang, xay dyng thanh tra ngan hdng thdnh ca quan gidm sdt an todn boat dgng ngdn hang theo ngdnh dgc vdi m6 hinh T6ng cue giam sdt ngdn hang thugc NHNN thuc hien nhiem vy khong ehi giam sat ma bao gom thyc hien nhiem vy xd li vi pham, xdy dung quy che an toan hogt dgng.
Tigp do, can nhanh chong ddy nhanh dp dyng cac chuan myc qudc tl vl giam sat ngdn hang (Hiep, udc vin Basel ndm 1988 - (29). Dilu 100, dilm c khoin 1 Dilu 108, khoin 3 Dilu 112, dilm b khoan 4 Dilu 118, khoin 2 Dilu 119.
96
TAP CHi LUAT HOC SO 11 /2Q18 NGHIEN CUV - TRA O BOI Basel 1) vd tung budc thuc hi?n cac nguyen
tdc, chuin myc ca bdn mdi (Basel II).
Hai la dli vdi hoat d6ng ngdn hang ngam tai edc td chuc tdi chinh phi ngdn hdng
Nhin chimg, phdp ludt quy djnh quan li boat dgng cua cdc CTCK ngay cdng dugc hoan thi^n, cdc quy dinh vl ddm bdo an toan hogt ddng, quan li nii ro vd cac quy dinh dilu chinh vl hogt ddng phdt hanh trdi philu, giao dich ki quy, repo chung khoan dugc co quan nha nudc co tham quyln hudng dan va quy dinh cu the.'^"* Dudi su dilu chinh cua phap ludt, eung vdi sy giam sat eua U^' ban chdng khoan, boat dgng cua edc CTCK da dugc dgt vao khuon khi qudn U. Tuy nhien, trgn thye tg, vdi dae digm boat dgng co rui ro cao dg chiu tae dgng tu cdc ylu t l thi trudng.
(30). Cic chi tifiu an toin von vi xu li dupe quy dinh tai Th6ng tu s6 87/2017/TT-BTC quy djnh vl chi tiSu an toin tii chinh vi bifn phip xii li d6i vdi t6 chiic kinh doanh chiing khoin kh6ng dip iing chi tieu an toin tii chinh (thay the Thdng tu s6 226/2010/
TT-BTC quy dinh chi ti6u an toin tii chinh vi bifn phip xii 11 doi v6i 16 chiic kinh doanh chiing khoin);
Ngiy 16/2/2013 Uy' ban chiing khoin ban hinh Quylt djnh so 105/QD-UBCK ban hinh Quy chl hudng din thiet lap hf thong vi th^c hifn quan tri riii ro cho CTCK, Quyet dinh s6 617/QD-UBCK ngiy 9/10/2013 ve Quy che hudng din xIp !oai CTCK theo tigu chuin CAMEL.
Giao dich kf quj dupe dilu chinh tai Quyet dinh so 87/QD-UBCK ngiy 25/01/2017 vl vifc ban hinh Quy che hudng din giao dich ki quj chimg khoin, thay thf Quylt dinh s5 637/QD-UBCK ngay 30/8/2011 vi Quylt djnh so 09/QD-UBCK ngiy 08/01/2013.
D6i vdi vifc phit hinh trii philu cic CTTK phai tuin thii cic quy dinh phip Iu$t vl phit hinh trii philu cong ti. Hoat dpng phit hinh trii philu dupe hudng dan bdi Nghi djnh s6 90/2011/ND-CP ngiy 14/10/2011 vl Phit hinh trii phieu doanh nghifp, Thong tu so 211/2012/TT-BTC ngiy 05/12/2012 hudng din Nghi dinh s6 90/2011/ND-CP ngiy 14/10/2013.
d6ng thdi ygu to "lgi nhuan" chi phoi, viee dam bdo cdc chi tigu an toan tai chinh trong qud trinh hogt dgng cua cac dinh chg tdi chinh nay ed kha nang khdng dugc ddm bdo, nhdt la ndng lyc tai chinh cac CTCK tai Viet Nam hien nay khdng cao.'^'* Nam 2011 2012 sau he qud khung hoang kinh tl toan cau, ygu kem the hien ro tren ca thi trudng tai chinh, nhigu CTCK lam vdo tinh dang kigm sodt dgc biet, dinh chi boat dgng do kh6ng ddp ung dugc chi tigu an todn tai chinh. Ca biet, mgt s6 cong ti bi nit gidy phep hogt dgng, chi cdn t6n tai phap nhdn dl xd li eae khoan ng.
Trudc thyc trang nay, tuong ty linh vyc ngdn hang, tang cudng higu qua qudn Ii va gidm sat cua co quan quan li nha nudc dli vdi thi trudng chdng khoan noi chung vd cdc CTCK vd cdc djnh chg tdi chinh khde, ding thdi nang cao hieu qua qudn It rdi ro tai chinh cdc td chiic ndy Id giai phdp hieu qud nhdt, can uu tign, ddy mgnh thuc hien. Sy tang cudng giam sdt cua ca quan quan li nham dam bdo cdc chu thi tren thi trudng, ddc biet CTCK tudn thd hogt dgng, ehi tigu an toan dugc dgt ra. Ngi dung ndy hit sue cdn thigt, bdi thuc tg cho thay hien nay, viec tudn thu va thuc hien cde quy dinh vd hudng ddn thilt lap he thong va thyc hien qudn tri rdi ro tai cdc CTCK con mang tinh hinh thuc, khong tuan thu dung quy trinh. Nhilu CTCK qua qud tinh kigm tra cho thdy roi vdo tinh trgng nii ro cao. C6ng ti thilt lap he (31). Theo Uy ban chiing khoin nhi nudc, tinh din cu6i nim 2017, chi c6 38 CTCK c6 miic von dilu !f trfn 300 ti dong, chiem 47% (Irong dd: cd 9 cong ti cd miic vdn dilu If tren 1.000 ti d6ng, ehilm 11%
trong tdng s6).
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TAP CHI LUAT HQC s o 11/2018 NGHIEN CUV - TRAOBOI thing kilm sodt ngi bd, ed quy trinh gidm sat
nii ro nhimg kh6ng dugc thyc thi nghiem tiic. Trudc thyc tg nay', cdng vdi tang cudng giam sdt boat dgng, can thigt tigp tyc nghign cuu sua d6i, b6 simg cde quy dinh phdp luat theo hudng nang eao cdc dieu kien thanh lap vd duy tri hogt ddng cua CTCK. Vdi vai trd la ddu mli qudn li va giam sdt rdi ro d6i vdi cdc CTCK, UBCKNN edn tilp riie ehi dao thu hep nghigp vu cdp phep doi vdi cac CTCK cd ndng lye tai chinh hgn che, rui ro vl an toan tai ehinh cao. Cac CTCK rai vdo tinh trgng "kigm sodt dgc biet" phdi dp dung cdc chg tdi mgnh nhu: Khong dugc vay ng, kh6ng dugc cung cap dich vy tdi chinh eho NDT... Cu6i cung, tang cudng cong tdc qudn li hogt dgng eiia CTCK, ddm bdo tinh tudn thu trong hogt dgng eua CTCK thdng qua viec tang eae chg tdi xd phat dg dd sde ran de cac trudng hgp vi phgm. Trong trudng hgp CTCK vi phgm, lam anh hudng den quygn lgi ciia nha ddu tu va TTCK, cdn xu phat nghiem theo dung quy dinh cua phap lugt.
Trong to chuc hogt ddng, cac CTCK, cong ti tai chinh can xay dyng bg phan qudn li nii ro dgc Igp vdi cac bg phan kinh doanh khac, d6ng thdi cdn thyc hien phan tach chuc ndng ban hang, chdc ndng thdm dinh, quan li rdi ro tin dung va chdc ndng qudn li ng trong boat dgng cap tin dung cho cde khdch hang, dgc biet khdch hdng thuc hien ki quy. Nghign cdu, hgc tap m6 hinh quan U rui ro tai cac CTCK va ngdn hang ddu tu (dinh chg tai chinh thyc hien hogt dgng huy dgng v6n va ddu tu ehu ygu ddu tu ddi ban vdi ti le cao ddu tu vao thi trudng chdng khoan) tai My.
Trong m6 hinh ngdn hang ddu tu tai My, to chuc hgi d6ng quan li nii ro tryc thugc hgi
dong qudn tri, thyc hien gidm sdt rdi ro eho toan edng ti. Quy dinh nay nhdm tao co chg tang bieu qua danh gid khodn tin dyng, dam bdo tinh khaeh quan trong boat dgng.
Rigng ddi vdi hogt dgng repo chung khoan, hien nay quy ehl quan li d6i vdi giao dich nay con Idng leo, hudng dan cua ca quan chu qudn chua dugc ban hanh. Trong khi dd, thyc tg cho thdy, khd nang nguon tiln dugc thdng qua repo dg tigp von cho vay va ngu phat trien cao hem se kho qudn li. Mat khac, theo quy dinh eua nhigu nudc, hogt dgng repo ehi duge thyc hien doi vdi trai phieu, trong khi do tai thi trudng chiing khoan Viet Nam dugc thyc hien ddi vdi c6 phigu, digu nay cang tigm an nguy ca nil ro.
Vi vdy, dg ban chg dnh hudng tieu cue cua boat ddng repo trong thdi gian tdi, cac co quan chdc nang can dua ra ti le ki quy cy thg d6i,vdi cac nha ddu tu, xdy dung cdc th6ng s6 ki quy cho tung trudng hgp; dinh Id bao cao vdi Uy ban chimg khoan vg cdc giao dich Repo dg cdp nhdt thdng tin thi trudng vd cd bien phdp dieu chinh khi cdn thiet.
Ba la qudn li boat ddng ngan hang ngam khdc Doi vdi hogt dgng mang tinh chat ngdn hang ngdm nhu cdm do, phudng, byi, hg va cdc hinh thue tai ehinh kh6ng hgp phap khac, do sy dieu chinh phdp ludt con hgn chg, cd boat dgng chua ed van ban qudn li, bdi vgy can thigt ra sodt, nghign cuu he thong phdp lugt hien hdnh lign quan dilu chmh, gdm phdp lugt hinh sy, dan sy , hanh chinh vg xu li hanh vi vi pham phdp lugt lign quan boat dgng tin dung; hoan thien quy dinh ve xu phat vi phgm hanh chinh trong linh vyc vay tin dung vdi nhung chl tai xd li cu thi, ro rang va nghigm khdc, trong d6 cdn
TAP CHi LUAT HQC SO 11/2018 NGHIEN CUV - TRAO BOI b6' sung hinh phat dli vdi nhom hanh vi vi
phgm lien quan den hoat dgng ngan hang ngdm, cho vay ndng lai dg co ca sd phap If xd li trong thuc tl.
1) Ddi vdi boat dgng cdm dd: Hoat ddng cam do dugc dieu chinh chinh thuc td nam 1995 bdi Nghi dinh sd 02/CP cua Chinh phu quy dinh vg hdng boa, dich vy cam kinh doanh thuang mai va hang hod, dieh vy kinh doanh thuang mgi tren thi trudng trong nude, den nay, nhigu van ban digu chinh hogt dgng nay duge ban hanh nhu Nghi dinh sl 08/2001/ND-CP quy djnh vl dilu kien anh ninh, trdt tu d6i vdi mgt so ngdnh nghe kinh doanh co digu kien, thay thg bdi Nghi dinh sl 59/2006/ND-CP (bl sung tgi Nghi djnh sl 72/2009/ND-CP) va gdn ddy la Nghi dinh sl 96/2016/ND-CP quy djnh vl dilu kien an ninh trgt tu ddi vdi m6t sd nganh nghi kinh doanh cd digu kien. Theo quy dinh hien hanh boat dgng cdm d6 chd yeu dugc quan li vl mat hdnh chinh Hen quan hogt dgng ddng ki, cdp gidy chung nhgn du dilu kien vl an ninh, trat ty (do cong an huyen, thi xa, thdnh pho thugc tinh cap).
Hogt dgng hieu cam d6 eftng nhu quy djnh vl kilm tra, gidm sat chua dugc dieu chinh cu thi do do ddn din nhigu sai pham trong hogt dgng cua dich vy tai chinh nay. Dign hinh nhdt la sai pham trong quy dinh vg ldi sudt, CO cda hang mdc lai sudt Ign den 3%
thang, tuong duang 36% nam, vugt nhilu Idn so vdi mdc gidi ban lai sudt quy dinh.
Trudc thyc trgng nay, cdn thigt ban hdnh quy dinh chi tilt vl quan li boat dgng cua hieu cam dd, trong d6 tdng cudng quy dinh vl quan li tai san, chg dg bdo cao boat dgng vg lap hgp dong, luu trft sd sach, dat ra ygu cdu
vl c6ng bd thdng tin tai chinh cda cdc hieu cam dl, Viee giao phli hgp quan li hogt dgng edm dl cho Ngan hang trung uang ciing la giai phdp can duge xem xet, day la ca chg da dugc thye hien d Philippines.
2) Dli vdi boat dgng phudng, hg, hui:
Hien nay, boat dgng phudng, hg, hyi dugc quy dinh chi tilt tgi Nghi dmh sl 144/2006/ND-CP vd gdn ddy nhdt Bg luat dan sy nam 2015 (Dilu 471). Ngodi ra cdn co mgt so vdn ban quy phgm phap ludt dieu chinh gian tigp nhu Bg lugt hinh sy vg cac tgi lam dung tin nhiem chigm doat tdi sdn... Nhin chung eae van ban phap lugt digu chinh ve hg da dap ung dugc ygu cau ve ea sd phdp li dg gidi quygt cdc quan he lien quan, gdp phdn tao hanh lang phap li an toan han cho ngudi dan dong cac giao dich vg hg; g6p phdn ban che cho vay ndng lai. Cac vdn bdn da thong nhdt vg mat phap li mgt so ngi dung nhu each tinh ldi, hoa hong, edeh thuc tinh hg, quyen va nghia vy phap li dli vdi cdc thdnh vign tham gia, gidi quyet tranh ehap, quy dinh vg chg tdi phdp li d6i trong trudng hgp vi pham nghia vu. Tuy nhign, sau hon 10 nam dp dung, cung vdi sy phdt trign cua ngn kinh tg, nhu cau cho vay, di vay bang hg, hyi ngdy eang da dang, phuc tap vd bien tudng, cac quy dinh cua Nghi dyih eiing bgc lg nhimg ban chg. Khdng it vu viec vd hg gdy hdu qua nghigm trgng cho cd nhdn, t6 chdc. Theo Vien kigm sdt nhdn ddn toi eao, kg tu khi Nghi dinh sl 144/2006/ND-CP co hi?u lyc thi hdnh dgn nay, ngdnh kigm sat da kilm sdt gidi quygt 33.809 vu viee dan sy lign quan dgn hogt ddng hg. Cdn theo Bg c6ng an (tong kit 10 nam thi hanh Nghi dinh sd 144/2006/ND-CP), td nam 2006 din nay, ca
99
TAP CHI LUAT HOC SO 11 /2018 NGHIEN CUV -TRAOBdl nude xay ra hang trdm vu vd hg Idn vdi thiet
hai Ign tdi hang ngan ti dlng.'^^*
Trudc thye trgng tren, Nha nudc can ban hdnh nghi dinh mdi thay thi Nghj dinh so 144/2006/ND-CP vdi quy dinh chi tilt, cy thg ban ve dieu kien va thyc hien giao djch nay, quy, dinh mdi nhdm tang cudng gidm sdt, dong thdi hudng dan hdnh vi cua cua ngudi tham gia hg de dam bdo an toan, chat che cho cac ben tham gia. Vi dy b6 sung nhigu digu kien tham gia hg ciia chu hg, thdnh vign; thgm quy dinh vg gidy bign nhgn;
bo sung quy dinh xac djnh thd tu linh hg bdng hinh thdc bigu quygt, binh chgn, dac biet quy djnh ve muc lai sudt, each tinh lai suat thay vi dan chieu dgn B6 ludt ddn sy./.
TAI LIEU THAM KHAO 1. Consultative Document Strengthening
Oversight and Regulation of Shadow Banking, Apolicy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos, 11/2012, http://www.
fsb.org/wp-content/uploads/r_121118b.
pdf?page_moved= 1
2. Nguygn Thi My Dung, "Nghiep vy repo trgn thi trudng ehdng khoan Viet Nam - Doi digu ban ludn". Tap chi ngdn hdng, sl 14/2010.
3. Green Paper - Shadow banking, Euroupen (jDmmisstion, BrusseL, 19/3/2012, International Monetary Fund, 2014, "Shadow banking Around the Globe: How large, and how risky?"
(32). Quang Chung, Se siia quy dfnh vi hui. ho...
https://www.thesaigontimes.vn/159979/Se-sua-quy- dinh-ve-hui-ho%E2%80%A6.html, tmy cap 13/12/2018.
4. Nguyen Van Ha (ehu nhiem), "Hoat dgng tai chinh ngam (shadowbanking) tdc ddng cua no den an toan he thing ngdn hang va bien phap phong ngua, ^h tai nghign cdu khoa hgc cap nganh, Ngdn hang Nhd nudc, 11/2015.
5. hitemational Monetary Fund, 2014,
"Shadow banking Around the Globe: How large, and how risky?", IMF- Intemational Monetary Fund, 10/2014.
6. Laura E.Kedres, "What is Shadow Banking'/", Finance & Development, Vol.50, No.2, 2013, https://www.imf.org/extemal/pubs/
ft/fandd/2013/06/basics.htEn 7. Trdn Thi Quygn, "Vdn dg tin dyng den -
Mgt hinh thdc giao dich dan sy bat hgp phdp va bien phdp phdng ngija", Tgp chi nghien ciru li ludn, nghiep vu khoa hgc, http://csnd.vn/Home/Nghien-cuu-Trao- doi/2954/Van-de-Tin-dung-den-Mot- hinh-thuc-giao-dieh-dan-su-bat-hop- phap-va-bien-phap-phong-ngua 8. Sd giao dich chdng khodn Ha Ngi, Giao
dich repo chung khodn gdp phdn gia tdng thanh khodn trin thi truong trdi phieu Chinh phu, https://hnx.vn/vi-vn/chi-tiet-tin-600
02320-O.html
9. Nguyin Thi Thu Vdn, Trdn Thj Thu Ha,
"Hgp ddng repo chdng khodn va vi?c sda doi che djnh hgp ddng chugc lgi tai san trong Bg luat ddn sy nam 2005", http://www.
nclp.org. vn/ban_ve_du_an_luat/kinh-te-dan- su/hop-11 long-repo-chimg-khoan-va-viec- sua-11 Ioi-che-11 linh-hop-11 long-ehuoc- lai-tai-san-trong-bo-luat-dan-su-2005 10. Nggc Vinh, CTCK cd dang Id ngdn hdng
ngdm, https://baodautu.vn/cong-ty-chung- khoan-co-dang-la-ngan-hang-ngam-d59 363.hdnl
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