PHAP LUAT VE KIEM SOAT HANH VI StT DUNG
THONG TIN N Q I B Q t>t MUA BAN C H I T N G KHOANOf VIET NAM HIEN NAY
Vien The Giang Tom tat: Trong bdi viit. tdc gid ddnh gid he thong phdp ludt ve kiem sodt hdnh vi sic dung thong tin npi bo de mua bdn chicng khodn, lam ro nhieng kit qud dat dupe, nhung tdn tgi, hgn che trong cdc quy dinh hiin hdnh, tic do kien nghi cdc gidi phdp nhdm hodn thien cdc quy dinh phdp ludt vi npi dung ndy.
Abstract: This article make assessment relating to laws and regulations on controlling the use of inside information to trade securities to highlight their advantages and shortcomings. It then makes proposals to improve these laws and regulations.
1. Banh gia tdng quan phap ludt ve kiim soat hanh vi su* dung thdng tin noi bp dl mua bdn chung khoan d Viet Nam hien nay
1,1. Nhiing kit qud dat duac Phap ludt ve kiem sodt hdnh vi su dung th6ng tin npi bg de mua ban chiing khoan dupe quy dinh d nhiSu van bdn phdp ludt khdc nhau: Ludt Chung khodn 2006 (siia dii 2010) quy dinh vi thong tin npi bp vd ngudi biit thdng tin npi bp; Nghi dinh 58/2012/ND-CP hudng ddn thi hanh mdt s6 diiu cua Ludt sira doi, bo sung mot s6 dieu ciia Ludt Chiing khodn ndm 2010 da cy the hoa nhiiu quy dinh lien quan den hanh vi sir dyng thong tin noi bg de mua bdn chiing khodn; Nghi dJnh 85/2010/ND-CP vi xir phat vi pham hanh chinh trong ITnh vyc chiing khoan vd thi trudng chiing khodn (TTCK) quy dinh vi bien phdp xir ly vi pham hdnh ehinh d6i vdi hdnh vi su dung thong tin noi bp de mua ban chiing khodn;
Diiu 181b Bd ludt Hinh su ndm 1999 (sira dii, bi sung ndm 2009) xac dinh hdnh vi sir dung thong tin npi bp de mua ban chiing
khodn Id mot tdi phgm hinh su... Tir cdc quy dinh trong cac van bdn phdp luat neu tren, chiing ta co the ddnh gid nhirng ket qud dat dugc trong viec kiem sodt hdnh vi sd dung thong tin noi bg de mua ban chimg khodn d cac khia canh sau ddy:
Thir nhdt, ve phuang phdp tiep cgn, phdp luat Viet Nam quy dinh ve thong tin noi bp theo hudng "ngan cdn", nghia la phdp luat tiip can dudi goc do cdc hdnh vi bi cim, cdn dupe ngan chan de tao lap m6i trudng kinh doanh chiing khoan cdng bang, minh bach, cdng khai. Cu the, theo quy dinh cua phdp ludt, giao dich npi bd la hdnh vi su dung thong tin ndi b6 dS mua, bdn chiing khodn cho chinh minh hodc cho ben thii ba;
do Id hdnh vi v6 tinh hay c6 y tiet 16, cung cip thong tin npi bp hoac tu van cho ngudi khac mua, ban chiing khodn tren co sd thdng tin npi bp'. Cac giao dich npi bg thupc loai cac giao dich bi cam.
' ThS., Khoa Luat, Dai hQC Hu6.
' Khoan 3 Dieu 9 Lu?it Chiing khoan va khoan 1 Diau 70 Nghi dinh 58/2012/ND-CP ngay 20/07/2012 cua Chinh phCi quy dmh chi tiet va huong din thi hanh mpt s6 6\ku ciia LuSt Chiing khoan va Luat sira d6i, bo sung mot so dieu cua Luat Chung khoan
NHA NUOC VA PHAPLUATSO 11/2014 Chiing tdi cho rang, cdch tiep can cua phdp ludt hien hdnh ve kiem sodt hdnh vi su dung thdng tin ndi bd de mua, ban chung khoan Id hodn toan hgp ly, bdi le, viec su dung thong tin ndi bp de giao dich chiing khodn la hanh vi lam dyng thi trudng 1dm tin hai d6n tinh miiih bach cua thi trudng, gay thiet hai cho nhd ddu tu tren hai khia canh: i) Neu eac thdng tin noi bg hi lam dyng se dnh hudng den cac quyet dinh ddu tu cua nhd ddu tu, cd nghia Id hg tudc doat CO hgi dugc biet cdc thong tin md le ra hg phdi dugc biet mgt each ddy du, chinh xdc, cong khai, minh bach vd diing thdi diem; ii) Nha ddu tu phai d6i dien vdi rui ro cho cdc khoan muc dau tu, mat niSm tin d thi trudng, thiet hai ve vat chdt, vd bdn chit cua vdn de la cac quyen vd loi ich hgp phap ciia hp bi xam hai. Do vdy, viec kiim soat hdnh vi sii dung thong tin npi bp di mua bdn chiing khodn la bp phdn quan trpng ciia phdp luat ve chiing khodn va TTCK, ding thdi cung tao tien di cho thi trudng boat dpng minh bach vd cd hieu qud.
Thir hai, phdp ludt Viet Nam dd xdc dinh the ndo Id th6ng tin npi bp.
Theo quy dinh ciia Ludt Chung khoan 2006, Thong tin npi bp Id thong tin lien quan din cong ty dgi chung hogc quy dgi chung chua duoc cong bd md niu dupe cong bd cd the dnh hu&ng Ian din gid chicng khodn cua cong ty dgi chiing hodc quy dgi chiing dd^. Tren co sd quy dinh nay, chiing ta co the nhdn biet cdc dau hieu cua thong tin npi bp nhu sau:
- Day Id cae thong tin chua dugc c6ng bo mpt cdch chinh thuc, nghia Id cac th6ng tin con dang dugc "bi mat", mang tinh "npi bp" md cdng chiing chua dugc tiip can.
- Khoan 32 Difiu 6 Luat Chung khoan 2006.
- Day la cdc thong tin Hen quan den cdng ty dai chiing ho?c quy dai chiing.
Thuat ngir "lien quan" d ddy dugc hieu la bat ky thong tin gi co lien he vdi cdng ty dai chiing hodc quy dai chiing. Nhu vay, pham vi cua thdng tin ndi bd dugc hieu theo nghia rpng bao g6m tit cd cdc thdng tin lien quan den t6 chdc va boat d6ng ciia c6ng ty dai chiing hoac quy dai chiing.
- Ve muc dp ph6 bien: thdng tin npi bg la dang thdng tin chua dugc cdng bi, chi mpt vai ngudi biet, nhihig ngudi biet dupe thong tin nay cd the do vi tri cua hg tai cong ty dai chiing hodc cd moi quan he lam an vdi cong ty hodc nhiing thong tin ndy hi ro ri ra ben ngoai.
- Ve gid tri va miic d6 dnh hudng ciia th6ng tin npi bd: khi dugc cdng bd la "dnh hu&ng nghiem trpng din gid chicng khodn", nghia Id cac thdng tin nay cd the mang lai Igi nhuan hoac trdnh nii ro, thua 16 cho ngudi sd hiiu chiing khoan. Do gid tri cua th6ng tin npi bp nhu vay nSn khi nghien ciiu ve th6ng tin noi bp cdn phan biet th6ng tin npi bd vdi tin ddn.
Anh hudng nghiem trpng din gid chiing khoan d ddy phdi hiiu theo ca nghia tich cue (gia chung khodn tang cao dot biin) va nghia tieu eye (gia chdng khodn cua cong ty bi giam xuing trong cdc phien giao dich tren thi trudng). Phdp ludt Viet Nam khong quy dinh miic do dnh hudng nghiem trgng Id thi ndo, no hodn toan phy thupc vdo phdn ling ciia thi trudng, do dd, to chiie niem yit phai tinh toan miic dp phan ung cua nhd diu tu d6i vdi timg thdng tin.
Thiir ba, phap lu^t hiSn hdnh quy dinh cy thi vi ngudi biit th6ng tin ndi bd.
Luat Chimg khoan ndm 2006 (sda dii 2010) quy dinh nhimg ngudi sau day biit dugc thdng tin ndi bd cua cong ty dai chung
PHAP LUAT VEKliMSOAT..
hodc quy dai chung: ngudi quan ly, dieu hdnh cdng ty, nhiing ngudi c6 lien quan true tiip tdi c6ng ty vd co kha nang tiip can dupe thdng tin npi bp nhu: ngudi kiem todn bdo cdo tai chinh cua c6ng ty dai chiing, quy dai chung; cong ty chiing khoan, c6ng ty qudn ly quy diu tu chung khodn vd ngudi hdnh nghe chiing khoan ciia cdng ty; td chiic, ca nhan co quan he hgp tdc kinh doanh, cung cap dich vy vdi c6ng ty dai chiing, quy dai chiing vd ca nhan lam viec trong td chuc do. Ngoai ra, to chdc, cd nhan true tiep hoac gidn tiep co dugc thdng tin n6i bp tir nhung d6i tugng quy dinh tai cdc diem a, b, c, d, d vd e khodn 33 Dieu 6 Luat Chiing khodn 2006 ciing dugc coi la ngudi CO dugc thong tin npi bp^.
Vdi quy dinh ve ngudi biet dugc th6ng tin npi bp, phdp luat da "khoanh vung" vd xdc dinh nhihig th6ng tin ndo Id thong tin npi bp, tao co sd cho co quan nhd nude co thdm quyen, thi trudng, nha ddu tu gidm sdt ngudi biet thdng tin npi bp de hp khong sir dung hoac tiet 16 th6ng tin dnh hudng den viec ra quyet dinh dau tu cua cac nha ddu tu tren thi trudng.
Thu tu, phdp ludt ve kiem sodt hdnh vi sii dyng thong tin npi bp de mua, ban chiing khoan da quy dinh cu the hinh thiic, bien phdp xir ly dii vdi hdnhvi su dung th6ng tin npi bp de mua, ban chung khodn. Theo quy dinh tai khoan 1 Dieu 126 Ludt Chung khodn 2006 thi: "Ngu&i biit ro thong tin noi bp hodc ngu&i co thong tin npi bp niu mua.
bdn chung khodn. tiet 16 thong tin ndy hodc di nghi nguoi khdc mua, bdn chung khodn thi bi phgt tien. tich thu cdc khodn thu trdi phdp ludt hogc bi truy cicu trdch nhiem hinh su theo quy dinh ciia phdp ludt". Nhu vay.
ngudi su dyng th6ng tin ndi b6 de mua, bdn chiing khoan se bi xii ly hanh chinh hoac truy Cliu trdch nhi^m hinh su. Cu the:
- Xii phat vi pham hdnh chinh doi vdi hdnh vi su dung thdng tin npi bp de mua, ban chiing khodn. Theo d6, td chiic, cd nhdn se bi phat tiin tir 150.000.000 ddng din 200.000.000 ddng va bi tich thu todn b6 khodn thu trdi phdp ludt do thyc hien hdnh vi su dung thong tin npi bg de mua, bdn chung khodn. Khodn thu trai phap luat la khoan Igi nhuan phdt sinh tir viec thyc hi6n hanh vi giao dich n6i b6 hoac thao tiing gid chiing khoan sau khi trir di cac khoan thue, phi phdi nop. Trudng hpp m6t ngudi diing nhieu tdi khoan de giao dich n6i b6 hodc thao tiing gid chiing khodn thi khodn thu trdi phdp ludt dugc tinh tren t6ng cdc tdi khodn dupe su dung de giao dich npi bg ho^c thao tiing gid chiing khodn. Va trudng hpp mot nhdm ngudi thdng d6ng, cdu ket giao dich npi bp hoac thao tiing gia chiing khodn thi khodn thu trai phdp ludt dugc tinh trSn timg tdi khodn dugc su dung de giao dich noi bg hoac thao tiing gid chiing khodn .
- Xu ly hinh sy doi vdi hdnh vi sir dung th6ng tin noi bg de mua, ban chung khodn.
Theo quy dinh tai Dieu 18lb Bg ludt Hinh sy siia d6i, tgi sir dung th6ng tin npi bp de mua bdn chiing khodn dugc hiSu la hdnh vi CO y cua ngudi biet dupe thong tin lien quan den cdng ty dai chiing hoac quy dai chiing chua dugc cdng bd va sir dung th6ng tin ndy de mua, ban chiing khodn, hoac tiet 16, cung cap th6ng tin ndy, hodc tu van cho ngudi khdc mua, bdn chiing khodn tren co sd
' Khoan 33 Dieu 6 Luat Chiing khoSn 2006.
" Khoan 2 Di6u 13 Thong tu s6 37/2011/TT-BTC ciia Bp Tai chinh hucmg din thi hiinh mpt sd diiu cua Nghi dinh s6 85/20I0/ND-CP ng^y 02/8/2010 cua Chinh phii ve xii phat vi pham hanh chinh trong ITnh vuc chimg khoan va thi truong chung khoin.
NHA NU'dC VA PHAPLUATSO 11/2014 th6ng tin npi bp ma minh biet. Tpi pham nay xam pham den trat ty, tinh minh bach cua cac giao dich mua, bdn chiing khoan tren TTCK, dnh hudng din gid chiing khoan dang giao dich ciia cong ty dai chiing hoac quy dai chiing. D6i tugng xam pham cua tpi pham nay lien quan din c6ng ty dai chiing hodc quy dai chung^
1.2. Nhihig bit cgp, hgn chi trong cdc quy dinh phdp ludt vi kiim sodt hdnh vi su dung thong tin noi bp de mua bdn chung khodn
Mpt Id, Ludt Chiing khoan nam 2006 (siia dii nam 2010) va Ludt siia dii, b6 sung mpt s6 diiu cua Bp luat Hinh su nam 2009 diu su dung tieu ehi "cd thi dnh huong l&n din gid chicng khodn" lam cdn cii di danh gid mpt hdnh vi co phdi la hdnh vi sir dung thong tin noi bp de mua ban chiing khoan hay kh6ng. Tuy nhien, theo quan diim eiia chiing toi, vi6c "co anh hudng din gia chiing khodn" can phai xem la hdu qud cua hanh vi sir dung thfing tin n6i bg de mua bdn chung khodn. Bdi le, neu hanh vi su dyng thdng tin npi bp de mua ban chung khodn nhung kh6ng 1dm dnh hudng Idn den gia chiing khodn thi co bi xir ly khong?
Th6ng tu lien tich s6 10/20I3/TTLT- BTP - BCA - TANDTC - VKSNDTC - BTC ngdy 26/6/2013 eua Bp Tu phdp, Bp C6ng an, Toa dn nhan dan t6i cao, Vien kiem sdt nhdn ddn toi cao, Bp Tdi chinh Hudng din dp dung mpt s6 dieu cua Bg ludt Hinh sy ve cdc tgi pham trong ITnh vyc thue, tdi chinh - ke toan vd chiing khoan, khi hudng din Dieu 181b ve tpi su dung thdng tin npi bp
di mua ban chiing khoan,mgt sd tinh tiet Id yiu t6 dinh tdi hoac dinh khung hinh phat ciing kh6ng co quy dinh cu thi ve dnh hudng Idn/anh hudng nghiem trgng den gid chiing khodn ma chi quy dinh :
- Thu Igi bit chinh Idn la thu dugc mgt khodn Igi cd tri gid tir 500 tri$u ding din dudi 1,5 ty ddng tir vi§c thyc hien hdnh vi pham tgi neu tren;
- Thu Igi bit chinh rit Idn hodc dac bi6t Idn la thu dugc mdt khoan Igi co gid tri tir 1,5 ty ddng trd len tir viec thuc hien hanh vi pham tdi neu tren;
- Gay hdu qua nghiSm trpng la trudng hgp gdy thiet hai vi vdt chat cho nhd ddu tu vdi s6 tiin tir 01 ty d6ng trd len.
Ngoai viec gay hau qua Id thiSt hai ve vat chit, hdnh vi pham tgi cdn co the gay ra cdc hdu qua phi vdt chit nhu: gay anh hudng din viec thyc hi^n chinh sach, phdp luat cda Nhd nude ve thi trudng chiing khodn; 1dm mat niem tin cua nhd dau tu vdo thi trudng chiing khodn; 1dm dnh hudng d6n sy c6ng bdng, tinh minh bach, cdng khai vd an todn cua thi trudng chiing khoan.Trong cdc trudng hop do phai tiiy vao timg trudng hpp cy the de danh gid miic dp hau qud do tpi pham gdy ra thu6c loai ndo: nghiem trpng, rat nghiem trpng hay dac biSt nghiSm trpng.
Cae quy dinh ve miic dp dnh hudng tdi gia chiing khodn khi sir dung thong tin npi bg de mua bdn chiing khodn bdn thdn no dd la khai niem ma h6, kho xdc dinh, trong khi Bg ludt Hinh su su dyng tir "cd thi" lai cho
Xem thSm: Vien The Giang, T6i sir dyng th6ng tin n^i bp de mua, bdn chiing khoan theo quy dinh cua Bp luSt Hinh su sira doi. Tap chi Toa ^n nhan dan s6 18, thang 9 nam 2012.
* Dieu 5 Thong tu lien tich s6 I0/20I3/TTLT-BTP- BCA-TANDTC-VKSNDTC-BTC ngSy 26/6/2013 cua Bp Tu phSp, Bo C6ng an, T6a An nhSn dan tii cao, Vien kiim s4t nhan dan t6i cao, B§ T^i chinh Hu6ng dan dp dyng m6t so di6u cila B^ luSt Hinh si;
vi cSc t0i pham trong ITnh vyc thug, tai chinh - kS todn v^ chiing khodn.
PHAPLUjiT VE KIEM SOAT..
phep chiing ta hieu, td chuc phdt hanh hoac Uy ban Chung khodn nhd nude hoac co quan canh sat dieu tra phdi Id ngudi dua ra ket luan "co the" la nhu the ndo; neu ket ludn "co the" dd khong xay ra nhung lam dnh hudng nghiem trpng den gid ehiing khoan thi trdch nhiem thupc ve ai?
Hai la, d Vi§t Nam hien nay tdn tai hai loai cong ty dai chiing la c6ng ty dai chiing niem yet vd c6ng ty dai chiing chua niem yet va t6n tai hai thi trudng giao dich chiing khodn Id thi trudng giao dich chiing khoan tap trurig - thi trudng giao dich chiing khodn dii dieu kien niem yet' vd thi trudng giao dich chiing khoan cua cong ty dai chiing chua du dieu kien niem yet . Ngoai ra, theo phap ludt chiing khodn Viet Nam hien hanh, khi trd thdnh cdng ty dai chiing, cdc c6ng ty phdi CO nghia vu: i) Cdng bd thdng tin theo quy dinh ciia phap ludt ve cdng b6 th6ng tin tren thi trudng chiing khoan^; ii) Tudn thu cdc nguyen tdc qudn tri c6ng ty theo quy dinh; iii) Thuc hien dang ky, luu ky chiing khodn tap tnmg tai Trung tdm luu ky chiing khoan theo quy dinh tai Di§u 52 vd Dieu 53 ciia Ludt Chiing khodn ma khdng phan biet nghia vu cua cdng ty dai chiing niem yet vd c6ng ty dai chiing chua niem yet.
Nhu vay, chung ta cd the nhan thay bat cap Idn nhdt ciia phap luat hien hdnh Id chua Idm ro su biin dpng ve gid chiing khodn khi sii dyng th6ng tin npi bp de mua bdn chiing
^ Xem cy th£ cac quy dinh ve thj tru&ng giao dich chCmg khodn tir Dieu 33 6&n Dieu 41 Luat Chiing khoan 2006 (sua d6i 2010).
^ Xem them: Quy^t djnh s6 108/2008/QD-BTC ng^y 20/11/2008 ciia Bp Tdi chinh vS vi?c ban hanh Quy che t^ chiic va quan ly giao dich chiing khodn c6ng ty dai chiing chua nifim ySt tai Sd Giao dich chiing khoan Hd Npi.
' Xem cy the tai: Thong tu s6 52/2012/TT-BTC ciia Bo T4i chfnh ngdy 05/04/2012 hu6ng ddn ve vifc c6ng b6 th6ng tin tren thj truong chiing khodn.
khoan d6i vdi timg loai thi trudng ndo, bdi le, cd hai thi trudng tren deu thyc hien cac giao dich chiing khodn vd gid chiing khodn cua cd hai thi trudng deu bien dpng theo dien bien eua thi trudng. Tuy nhien, thyc te miic d6 dnh hudng do viec sir dyng thong tin npi bg de mua ban chimg khoan ciia thi trudng giao dich chung khodn cua cdng ty dai chiing chua niem yet se nho hon thi trudng chiing khoan niem yfit.
Ba la, Phdp luat ve kiem sodt hdnh vi su dung thdng tin noi bg de mua ban chiing khodn vdn chua du siic kiem sodt, ngdn chan cdc hdnh vi nay tren thi trudng, "mac dii giao dich npi gidn duac thuc hien mpt cdch thd sa. chua phuc tgp, thuang dua trin viic co tinh Igm dung nhimg thdng tin tot hodc xdu ve hogt dpng vd tinh hinh tdi chinh cua cong ty. Nguon thong tin thu&ng xudt phdt tie nhieng cdn bp cao cdp nhdt ciia cong ty. Boi tupng thuc hien giao dich noi gidn thuang Id co dong npi bp, co dong Ion hogc nhdn viin ciia cong ty dgi chiing. Viic giao dich ciia nhieng doi tupng nay hdu nhu cong khai, it duoc che gidu cho thdy muc dp nhdn thuc cua cdc cong ty dgi chiing thi tru&ng vi giao dich npi gidn vdphdp ludt vi chung khodn cdn thap" . Dieu nay duoc the hien tren cac khia canh sau day:
- Mac dii tir nam 2010 den nay, binh qudn m6i nam Uy ban Chiing khodn nha nude phai ban hanh hang tram quyet dinh xii phat cdc vi pham hdnh chinh tren TTCK, nhung cdcvi phammd Uy ban Chirng khoan nha nude phdt hi^n mdi tap trung ve che dp bao cao, c6ng bo thong tm cua c6ng ty dai chiing, cong ty niem yet; vi
Kieu Hihi Thifn va Duong Thj Phupng, Phdt hien va XLT ly nhftng hdnh vi lam dyng thi trucmg chiing khoan, T?p chi NghiSn ciiu Kinh ti s6 395, thdng 3 nam 2011, tr.26, 27.
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NHA NlfCfC VA PHAP LU^TSO 11/2014 pham vi bao cao giao dich c6 phieu cua c6 d6ng npi bp, c6 dong Idn; hdnh vi thao tung c6 phiiu; boat dpng khdng diing ndi dung quy dinh trong gidy phep... Cac hanh vi nhu thao tung gia cd phieu; "ndi gidn"... dd trd thdnh hien tugng phd biin nhung chua hi phat hien vd xu iy kip thdi
- Vi bien phdp xir ly ngudi vi pham giao dich npi gidn, hien nay chii yiu la xii phat hdnh chinh, chua cd vu xd 1^ hinh su nao ki tir ngdy Ludt sira d6i, b6 sung mot s6 diiu ciia Bg ludt Hinh su co hieu luc. Theo quy dinh ciia phdp ludt hien hanh, miic xir phat ddi vdi hdnh vi sd dung th6ng tin noi bp di thuc hien mua, ban chiing khoan cho' chinh minh hoac ben thii ba; tiit 16, cung cdp th6ng tin npi bp hodc tu van cho ben thii ba mua, bdn chiing khodn trSn co sd th6ng tin npi bg la tir 150.000.000 ding din 200.000.000 ding. Ngoai ra, ngudi vi pham con bi tich thu todn bg khoan thu trai phap luat do thyc hi^n hanh vi vi pham'^. Dieu do CO nghia Id, cdc bien phap ngan ngua hanh vi sir dung thdng tin n6i bd de mua, bdn chiing khoan kh6ng du siic ran de.
- Phdp ludt hien hdnh khong cho phep Uy ban Chiing khodn nha nude thyc hien cdc boat ddng lien quan den dieu tra hdnh vi vi pham phdp ludt, nhdt la viec thu thap cac thong tin lien quan tdi thong tin ca nhan, thong tin ve tai khoan giao dich'^ tai ngan
" Mai Ka (2014), Cdt cdn b?nh "nhan thuSc" tren san chiing khoan, <http.//cafef.vn/thi-truon^-chun^- khoan/cat'benh-nhon-thuoc-tren-san-chung-khoan- 20N0223l330473335ca31.chn>. truy cap ngay 23/02/2014.
'^ Diau 26 Nghi dinh 85/2010/ND-CP ngdy 02/8/2010 ciia Chinh phii ve xu ph^t vi pham hdnh chinh trong ITnh vuc chiing khodn vd thi truimg chiing khoan.
'^ Xem thgm: Dik 2 Quyet dinh 112/2009/QD-TTg ngay 11/09/2009 quy dinh chuc ndng, nhiem vu,
bdng do nguyen tdc bdo mat th6ng tin khdch hang. Ngoai ra, cdc c6ng ty dai chiing c6 tru sd trdi diu khdp cd nude, cdc hdnh vi sii dung th6ng tin ndi bg di mua bdn chiing khodn do ngudi biit dugc th6ng tin noi bp thyc hiSn nen viec phdt hien, ngan chan kip thdi gap nhieu khd khan.
2. lVI$t s6 kiin nghi
Chiin luge phat triin TTCK Viet Nam giai doan 2011 - 2020 dugc Thu tudng Chinh phii ban hdnh theo Quyit dinh si 252/QD-TTg ngdy 01/03/2012 dd xac dinh quan diim phdt triin TTCK la: "Nhd nuoc thuc hiin qudn ly bdng cong cu phdp ludt, cd cdc chinh sdeh ho trp', tgo diiu kiin di thi tru&ng chicng khodn phdt trien on dinh, virng chdc", vdi muc tieu tdng qudt Id "tdng cu&ng ndng luc qudn ly, gidm sdt vd cuong chi thuc thi, bdo ve Ipi ich cua nhd ddu tu vd long tin ciia thi truong", vd myc ti6u cy thi di qudn ly tdt TTCK la: "Tdng cu&ng ndng luc qudn ly, gidm sdt, thanh tra vd cuong che thicc thi cua ca quan qudn ly nhd nuac tren ca s& cho phep Uy ban Chicng khodn nhd nu&c co du quyen l^c di thuc thi tot cdc chuc ndng qudn ly, gidm sdt, thanh tra vd cu&ng chi thuc thf\ Nhu vdy, hudng tdi van hanh TTCK minh bach, cdng bdng thi viec kiem sodt hanh vi sit dung th6ng tin noi bg dS mua bdn chiing khodn la cdn thiet nhung van dugc coi la nhiem vy khd khan nhat. Bdi le :
TTCK Viet Nam cdn nhiiu khiim khuyit, xu hudng diu tu theo ddm d6ng, mang tinh ngan han, chyp gidt van la xu hudng diu tu chii yiu. Day Id ke hd dk bgn tpi pham Igi dung thyc hien hdnh vi p h ^
quy^n han va co cdu to chiic ciia Oy ban Chimg khodn nhd nuac true thuOc Bp Tai chinh.
76
PHAPLU4T VE KIEM SOAT..
tgi, nhdt la tgi sii dung th6ng tin npi bp de mua bdn chung khodn.
- Mdc dp minh bach tren TTCK Viet Nam chua ddp ling dugc yeu eau xdy dyng va van hdnh TTCK theo quy ludt cua thi trudng.
- Nhiing quy tac phdp ly lam nen tang cho viec quan tn cong ty da dugc ban hanh, song tren thyc te, ngudi quan tri cong ty thudng Igi dyng vi tri quan ly ciia minh de true Igi. Van de dao due cua ngudi quan tri, ranh gidi giiia dao ddc vd van de vi pham phdp ludt ciia ngudi qudn tri la rdt mong manh, dieu nay se la luc cdn d6i vdi viec bdo ddm nghia vu trung thdnh, t6n trgng Igi ich c6ng ty cua ngudi qudn tri.
- Kien thiic ve chung khodn va TTCK cua c6ng chiing ddu tu Viet Nam vdn con khiem t6n. O nude ta, hon 80% la nha dau tu ca nhan, ma hd ve ludt''*. Do do, xuit hien xu hudng mdt s6 d6i tugng la nhan vien moi gidi, ke toan, qudn tri tin hgc vd nhdn vien nhap lenh cdu ket vdi nhau su dung nghiep vu ban kh6ng, mugn tam chiing khodn, thdm chi mugn tdi khodn chii ddu tu md tai c6ng ty minh de true Igi. Co doi tugng tryc tiep hodc gidn tiep thyc hifn cac hdnh vi gian Ian, lira ddo, tao dung thong tin sai su that hoac bd sot th6ng tin can thiSt, gdy hieu nham nghiem trpng lam anh hudng den boat dpng chao ban chiing khoan ra c6ng chiing, niem yet, giao dich, kinh doanh, ddu tu chiing khodn, dich vy ve chiing khodn va TTCK. Hodc mpt sd nhdn vi6n ciia cac c6ng ty chiing khoan Igi dung qud trinh nhdp l$nh dS sot lenh, mat lenh, sira doi lenh ciia cdc nha ddu tu nho le lam
Igi cho mpt d6i tugng "triim" diing phia sau chi phdi.
- Hien nay, tpi pham vd vi pham tren TTCK vdn dien bien phirc tap, nhiing vi pham bac ty vdn da vd co nguy co cao xdy ra, trong khi viec kiem tra, xir ly cua cdc co quan chiic ndng con chua thyc sy dat hieu qua. Mac du miic phat xu phat hdnh chinh tdi da da len din 500.000.000 trieu d6ng/hanh vi vdi cdng ty chiing khodn vi pham nhung vdn chua du siic rdn de.
Nhdm ndng cao hieu qud kiem sodt hdnh vi su dung th6ng tin ndi bg de mua ban chiing khodn d Viet Nam hien nay, chiing toi kien nghi mpt so gidi phdp co ban sau ddy:
Mpt Id, bo cum tu "cd thi dnh hu&ng l&n din gid chung khodn" trong Ludt Chiing khoan ndm 2006 (sira dii ndm 2010) lam ranh gidi phan biet hanh vi su dung th6ng tin npi bp de mua bdn chiing khodn Id hdnh vi vi pham hdnh chinh hay la tpi pham hinh sy. Ludt sira d6i, b6 sung mpt sd diiu cua Bp luat Hinh su ndm 2009 quy dinh npi dung "cd thi dnh hu&ng l&n den gid chung khodn" nhu la tinh tiit dinh t6i khi xur ly hinh su d6i vdi tgi sii dyng thdng tin noi bp de mua ban chiing khodn, vi ddy la tgi cd cdu thdnh vdt chat'^ la hudng di dung. Bdi le, ve ban chdt, hdnh vi sir dung th6ng tin npi bg de mua ban chirng khodn la hanh vi tieu cue, cd dnh hudng Idn den viec tao lap m6i trudng kinh doanh chiing khodn c6ng bang, minh bach, cdng khai. Ddy Id npi dung do Luat Chiing khodn quy dinh'^. De bao dam cho quy dinh cam ndy co hieu qua thi hanh vi sir dung thdng tin n6i bg de mua bdn chiing khodn phdi bi xu ly theo quy
" Cong cu bao v§ nha dau tu chiing khodri vdn c6n r6i, http://cafef.vn/20I00902092946506CA3I/cong-
cu-bao-ve-nha-dau-tu-chung-khoan-van-con-roi.chn Xem: Dieu 181 b Bp luat Hinh sy sua doi 2009.
* Xem: khodn 3 Diiu 9 Lu^t Chirng khodn ndm 2006.
77
NHA NU'dC VA PHAP LU^TSO 11/2014 dinh cua phdp ludt . Ddi chieu quy dinh cua Luat Chung khoan ve th6ng tin noi bg va quy dinh vi xii phat hanh chinh trong ITnh vyc chung khodn cho thiy, khi xir ly hdnh vi sir dung thdng tui ndi bg de mua bdn chiing khoan, ca quan xu ly khdng cdn thiit phdi chirng minh muc dp anh hudng Idn din gia chiing khoan. Nhu vdy, khi xii ly hdnh vi su dung th6ng tin npi bp de mua bdn chiing khodn, neu Uy ban Chiing khodn nhd nude xet thay hanh vi ndy dnh hudng Idn din gid chiing khodn thi se chuyen giao h6 so cho CO quan dieu tra tien hanh khdi td vu dn hinh sy, eon neu Uy ban Chiing khodn nhd nude ddnh gid hanh vi nay kh6ng anh hudng Idn den gid chiing khoan thi ra quyit dinh xu phat hdnh chinh theo thdm quyen. Tuy nhien, de trdnh bo lot tpi pham bode truy cihi trdch nhiem hinh sy hdnh vi su dung th6ng tin npi bg mgt cdch khong can thiet thi Uy ban Chiing khodn nha nude va CO quan dieu tra co the phoi hgp bdn bac thong nhdt phuong dn xii ly phu hgp vdi ddc thii cua timg vy viec.
Hai Id, tang tham quyen cho Uy ban Chiing khodn nha nude trong phdt hien vd xii ly hdnh vi su dung thdng tin npi bp di mua bdn chiing khoan. Cdc nghien cihi gin ddy lien quan den hieu qua qudn ly, giam sat, xii ly vi pham tren TTCK Viet Nam diu cho rdng, can md rpng tham quyin hoac vi tri phdp ly ciia Cly ban Chung khoan nhd nudc'^ vi nhirng han chi vi thdm quyin Xem Dilu 26 Nghj dinh 85/2010/ND-CP ngdy 02 thdng 8 ndm 2010 ciia Chinh phu ve xii phat vi pham hdnh chinh trong ITnh virc chiing khoan va thj tru6ng chiing khodn.
'* Xem them: Vien The Giang, Hodn thifn phdp Iu$t qudn ly nhd nude vS chimg khodn vd thi truimg chiing khodn. Tap chi Nghien ciiu Lap phdp, so I5(247)/thdng 8/2013, tr.53-59.
- Vien The Giang (2014), Phap luat ve gidm sdt thj truimg chirng khodn or Viet Nam, thyc trang vd
dugc coi la nguyen nhdn cua tinh trang kh6ng xir 1^ hodc xu ly khong kip thdi cdc vi pham phap ludt tren thi trudrig chirng khodn'^. Theo chiing t6i, m6 hinh t6 chirc Oy ban Chiing khoan nha nude nen quay lai vdi m6 hinh Uy ban Chung khoan Nhd nude true thu6c Chinh phii vdi tinh chat Id mpt co quan ngang bp cua Chinh phu nhu trudc day.
Dong thdi, vdi viec tai lap md hinh Uy ban Chiing khodn nha nude true thupc Chinh phu, cdn bd sung them quyen dieu tra, quyin sii dung cac bien phap khdn cdp tam thdi de CO the thu thap nhanh nhdt nhiing ddu hieu vi pham phdp luat lam co sd cho viec chiing minh ddu hieu tpi pham neu cd.
Ba Id, Ludt Xir ly vi pham hanh chinh ndm 2012 quy dinh miic phat tien trong xir ph^t vi pham hanh chinh ttr 50.000 dong din 1.000.000.000 d6ng d6i vdi cd nhdn, tir 100.000 ddng din 2.000.000.000 ddng dii vdi t6 chiic , nhung Ludt ciing bo ngo khd ndng cho phep miic phat toi da theo quy dinh cua phdp ludt chuyen nganh doi vdi cac ITnh vuc: thue; do luong; sd hiru tri tue;
an toan thuc phdm; chat lugng sdn pham, hdng hoa; chiing khodn^'. Diiu do co nghTa la, ddi vdi ITnh vyc chiing khodn, Ludt
phuong hu6ng hodn thiSn, Tgp chi Nhd nude va Phdp ludt sh 1 (309)/2014, tr.46-56,84.
" Xem them: Nh$t Nam (2012), Cdn trao dii quy^n cho Uy ban Chiing khodn Nhd nu6c, Bdi phong vin Lu^t su Trinh Vdn Quyit, < httpV/vneconomv.
vn/201203140 75341399P0C7/can-trao-du-guyen- luc-cho-uy-ban-chung-khoan.htm >, truy cdp ngdy 14/03/2012.
- Mai Ka (2014), Cdt cdn bSnh "nhfm thu6c" tren sdn chiing khodn, <http://cafefvn/thi-tnjnng-chung- khoan/cat-benh-nhon-thuoa-tren-san-c.hun^-khoan- 201402231330473335ca31.chn> truy cdp ngdy 23/02/2014.
^° Khodn I Dieu 23 Ludt Xii ly vi phm hanh chinh ndm 2012.
^' Khoan 3 D i k 24 Ludt Xir ly vi phm hdnh chinh ndm 2012.
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PHAP LU4T VE KIEM SOAT...
Chung khodn cd thi quy dinh miic xu phat t6i da d6i vdi cd nhdn su dyng thdng tin ndi bg de mua ban chiing khoan la 1.000.000.000 ding dii vdi cd nhan, 2.000.000.000 ding ddi vdi t6 chirc. Tu quy dinh ciia Luat Xir ly vi pham hdnh chinh ndm 2012, de bdo ddm tinh ran de d6i vdi hanh vi sii dung thdng tin noi bg de mua bdn chiing khodn, chung t6i kien nghi:
Trudc mat, siia d6i Nghi dinh 85/2010/ND-CP vi xu phat vi pham hdnh chinh trong ITnh vyc chirng khodn vd TTCK la 1.000.000.000 ding d6i vdi cd nhan, 2.000.000.000 ddng d6i vdi t6 chiic.
- Khi sira doi, b6 sung todn dien Luat Chiing khoan 2006, Lu$t Chiing khodn siia dii phdi phan hda timg hanh vi sii dung th6ng tin npi bp de dp dung bien phdp xd phat phu hgp vdi tinh chat, miic dp eiia timg hdnh vi cu the.
- NghiSn ciiu xay dyng co che dp dung miic phat dya tr^n so Igi nhuan thu dugc tir hanh vi sii dyng th6ng tin npi bp. Theo do, cdc quy dinh vS xir phat vi pham hanh chinh d6i vdi hdnh vi sii dung th6ng tin noi bg c6 thS dn dinh miic xii ph^t cu the hodc gdp 5 din 10 lin sd Igi nhuan thu dugc. Ngoai ra, cdn dp dung them bien phdp xu phat bd sung la cdm thyc hien giao dich chiing khodn hoac dam nhiem chirc vu ngudi qudn tri di^u hdnh cdng ty tu 6 thdng den I nam.
- Xay dyng co che dp dung che tdi d6i vdi ngudi sir dung th6ng tin ndi bp de mua ban chimg khodn theo hudng: neu ngudi sii dung thdng tin npi bg Id ngudi qudn tri, dieu hdnh c6ng ty vd "Cd nhdn vd to chuc khong phdi Id ngu&i dieng ddu cong ty vd ndm dup'c thong tin npi bp cua cong ty trong qud trinh hogt dpng chuyin mon hodc dam nhdn
chiec vu vd sir dung cdc thong tin do" se bi dp dung bien phap xu ly nang hon so vdi cac chii the khdc .
Bon Id, tang cudng cdc thiet che bao ddm kiem soat cd hieu qua hanh vi su dung th6ng tin ndi bp de mua bdn chiing khodn.
Cu the:
- Day manh tuyen truyen, phd bien phap ludt ve sii dyng th6ng tin noi bp vd nhiing hau qud ciia no cho c6 d6ng, nha ddu tu vd nhirng ngudi biet thong tin npi bp nhdm ndng cao nhdn thiic ciia hp nhu Id gidi phdp lau ddi, CO hieu qud de ngan c h ^ tinh trang nay tren TTCK Viet Nam.
- Tang cudng vai trd gidm sat cua Hiep hpi cac nha ddu tu tai chinh d6i vdi viec sir dung th6ng tin ndi bp de mua ban chiing khodn qua viec cdnh bdo cho hpi vien nhung bieu bien ciia giao dich co dau hieu su dung thong tin npi bp; 1dm dai dien cho nhd ddu tu de yeu cdu b6i thudng thiet hai do hdnh vi sd dung th6ng tin npi bp gay ra...
- Xdy dung co che phoi hpp giiia Uy ban Chung khodn nhd nude vd co quan dieu tra trong phdt hien, xir ly hanh vi sir dung thong tin npi bp de mua ban chiing khodn diing vdi tinh chat vd hdu qud cua hdnh vi.
- Nghien ciiu xay dyng Bp quy tic dao due quan tri ap dung d6i vdi cac cong ty dai chiing; xay dyng tieu chi xdc dinh nghTa vu trung thdnh vdi cdng ty cua ngudi qudn tri, dieu hdnh cdng ty.
Tpi sii dung thong tin n5i bp de mua bdn chiing khodn trong phap luat Phap, Tdi lieu tham khdo do Nhd Phdp ludt Viet-Phdp long hop vd lu^c dich, http://www.archives-mdvforg/down load .html.
^' Day Id each thuc ma Phdp dang su dung. Xin xem cu the tai: Tpi sir dung thSng tin npi bp de mua bdn chirng khodn trong phdp ludt Phdp, Tdi li^u tham khdo do Nhd Phdp ludt Viet-Phdp tdng h^p vd luge dich, http://www.archives-mdvf.org/download.html.
