TAP CHi LUAT HQC SO 5/2019 NGHIENCUV- TRAOBdl
CAC TIEl CHI XAC D p HANH VI
CHAO BAN CO PHIEU RA CONG CHUNG THEO PHAP LUAT VIET NAM
TRANTHIANTU^*
Tim lit: Nha ddu tif khong xdc dinh, so lugng nhd dm tu Id nhiing tieu chi quan trgng bgc nhdt di ddnh gid mgt dgt chao ban co phieu Id rieng le hay chao bdn ra cong chung. Tuy nhiin, cdc quy ' dinh lien quan den hai tiiii chi ndy trong Ludt chung khodn Vi4t Nam hi?n ngy vSi con tdn tgi mgt so bdt c^p.- Tit goc dg phdp li, bdi viit tap trung phdn tich cdc tiiu chi xdc dinh hdnh vi chdo bdn cd phiiu rg, cong chiing, kiin nghi gidi phdp hodn thien quy dinh phdp lugt Vi^t Nam vi vdn di nay.
• Tir khod: Chdo bdn; cophiiu; cong chiing; tiiu chi xdc dinh; hdnh vi
Nhgn bdi: 10/8/2018 Hodn thdnhbiin tgp: 18/7/2019 Duy?tdang: 3in/2019, CRITERIA FOR A PUBLIC OFFERING OF SECURITIES UNDER THE LAW OF VIETNAM Abstract: Undefined investor and the number of investors are the most important criteria for classifying a securities issue as a private placement or as a public offering of securities. However, some inadequacies of the provisons of the Securities Law of Vietnam on the above mentioned criteria still remain. From the legal perspective, the paper focuses on ananalysis of criteria for a public offering of securities and offers proposalsfor itnproving the law of Vietnam in this regard.
Kevwords: Offering; securities; public; criterion
Received: Aug Iff, 2018; Editing completed: July i«*, 2019; Acceptedforpublication: My 31", 2019
H
ien nay, Luit chiing khoan h i u h i t e i c iiudc tren thfl gidi d i u s u dung phuong thiic md t i d l dinh nglua h i n h vi chio ban chiiiig khoin ra edng cluing, trong dd ehu yeu dua v i o c i c tidu chi so lugng nha d i u tu, tinh xac dinh cda d i i tugng kdu ggi gdp v i n va phuong thfle thyc hign c h i o b i n . D i l u 10 Luit chiing khoin Trung Qudc n i m 2005, siia d i i , bd sung mdt sd dilu nam 2014 (sau diy ggi l i Luit ehdng k h o i n Trung Q u i c ) quy dinh: "Phdt hdrih chimg khodn cdng khaP^* NCS. Hgc vi|n.Vga Phip, O^i hQC Khoa h^c vk KI thu^t B3c Kioh, Tmng Qu6c
E-maih [email protected] (1). Luat chiing khodn Trung Qu6c'sii dung thu^t ngtt
"phit hSnh chung khoin cdng khai" (&fFSff iiE#)
la viec phdt hdnh chung khodn theo nigt trong cdc phuang thuc sou: (1) Phdt hdnh cho nhd ddu tu khong xdc dinh; (2) Phdt hdnh cho liiy ki tir hai trdm nha ddu tu \dc dinh trd len; (3) Cdc hinh thuc phdt hdnh chiing khodn khdc do phdp lugt quy dinh.
Cdc trucrng hgp khong phdi phdt hdnh chimg khodn cong khai thi khong dugc phep qudng cdo, thong bdo va sir dung cdc phucmg thiic chdo mdi cong khai khdc",
de chi hanh vi chio b ^ chiing kho4n ra c6ng chiing, phan biet v(5ri "phdt hinh chiing khoAn phi cong khai"
fl[;&JfStfiiE#) ai chi hinh vi chio bin chiing khoSn rieng le. Xem: LuSt chiing khofin TiungQu6c nam 2005 (siia doi nSm 2014): http;//www.npc.gov.
cn/npc/lJzt/rlyw/2015-04/23/content_1934291.htm, ttuy cap 03/7/2019. -
9 3
TAP CHi LUAT HOC SO 5/2019 NGHI&NCirU- TRAOBdl Luit chiing khoan My nim 1933 (sau diy
gpi la Luit chdng khoin My) khflng cd dieu khoan cu the dinh nghia boat dgng chio ban chiing khoin ra cdng chiing. Tuy nhien, khoin 2 Chuong 4 Luit niy quy dinh'Tiec phdt, hgnh chimg khodn khdng de cap tdi chdo hdn ra cong chimg thi dugc mien trie dp dvng cdc quy dinh tgi Chucmg 5". Trong do, Chuong 5 ehi racac hinh vi bj cim trpng mdt dgt phit hanh chiing khoin mi bin.ding.
ki chio ban khdng cd hi^u lire, ehu ylii de • cip viec su dyng cie phuong tidn thdng tin dgi chdng de thong bio va tien hanh chao ban chdng khoan. Sau dd, Uy ban'Chdng khoan va Hoi doai My (SEC) lin lugt vio cic nam 1974,1982 vi 1990 da ban hanh ba van bin gdm' Rule 146 vi Regulation D va Rule 144A quy dinh vl nhihig trudng hgp duge coi li chao bin ridng le.*^' Hogt dgng, chao ban chiing khoin ra cdng ehiing qua dp dugc mfl ta mdt each gian tilp. Dilu 7 Luit chiing khoan Dii Loan nam 1989 sua dfli, bl sung mdt sfl dilu nim 2013 lgi giai thich thugt ngfl "keu gpi cfl phin"''' nhu sau:
"Khdi nifm kiu ggi c6 phan trong Lugt ndy dugc hiiu Id hdnh vi ciia ngucri sdng lgp cong ti tgi then diim trudc klii thdnh. lap
(2). CQng v6i quy dinh co sd tai khoin 2 Chuong 4 Li4t chiing khoan My, nhttng trudng hijrp chao ban chiing khoan phu hgp vdi quy dinh tai Rule 146, Regulation D va Rule 144A deu dugrc coi la chao ban rigng le. Xem: Luat chiing khoin MJ nam 1933, ittp://www.iioc88.com/p-94359020783 .html, tmy cjp 03/7/2019.
(3): Luat chUng khoan Dai Loan s i dung thuat ngtt
"k«u gpi CO phan" (Sft) dicM hinh vi chio ban chiing khoin ra cdng chiing. Xem: Lujt chiing khoin Dii Uan nam 1989, s t e d i i nim 2013, http://www,110.
com/&gui/lawJ6008.htm], truy cap 03/7/2019.
hoic ciia ti chiic phdt hdnh trudc khi phdt hdnh chimg khodn, cong khai chdo mdi cac ddi tugng khdng xdc dinh mua cd phiiu hogc trdi phieu cua cong ti". Khoin 12 Dieu 6 Luit chiing khoan Viet Nam nam 2006, sua ddi, bd sung mflt sd dilu man 2010 (sau diy ggi la Lugt chdng khoin) quy dinh: "Chdo bdn chiing khodn ra cong chiing Id viec chap bdn chiing khodn theo mgt trong cdc phuang thiic sau:.a) Thdng qua phucmg tiin thong tin dgi ChUng,-kicd Internet; b) Chdo bdn chieng khodn cho tic mgt trdm nhd ddu tu tra len, khdng ki nhd ddu iu chiing khodn chuyen nghifp; c) Chdo bdn cho mgt so lugng nhd ddu tu khdng xdc dinh".
Tfl nhflng quy dinh ciia luit chiing khoin nl|t si nude iieu trSn trong dd cd Viet Nani, cd the.tliay, nhi diu tu cd phii la doi tugng xic dinh (hay dinh danh). hay,khflng vi sfl lugng nhi diu tu xic dinh li hai tieu chi CO bin dl danh gii mgt dgt chao bin cd philu li ridng le hay chao ban ra cflng ehiing.
Tuy nhidn, Luit ehiing khoan Viet Nam .eung nhu cic vin bin cd ,lien quan khic lgi chua dua ra tieu chuin dinh nghia khii nidm "nhi diu tu khflng xac dinh", ddng thdi tidu chi vl so lugng nhi diu tu quy dinh trong Luit ciing edn tin tai indt si dilm chua hgp.li.
1. iTu, nhBgre diim cua phirffng thiie chio bin cl philu ra cong chiing va chio ban cl philu ridng le
Ddi vdi mgt nin kinh tl hien dgi, chio ban cfl philu l i kdnh huy dflng hieu qua cic nguin vlii trung han vi dii hgn trong xa hoi dl phuc vy cho myc tieu diu tu phat triln.
Chio bin cl philu duge hilu la hinh vi; cda
TAP CHI LUATHQC SO 5/2019 NGHIENCW- TRAODOI t6 chiic phat hdnh khi ddp iing cdc dilu ki^n
ludt dinh, can ci5r vao nhu cdu huy dpng v6n thuc t6, dua h/Sn cac quy dinh ve trinh tir; thii tuc phdp li de tiin hanh chdo m6i, phdt hanh vdphdn phfii c6 philu. Kh6ng giong ngu6n v6n vay tit cdc t6 chuc tin dung, viec chdo ban c6 pHeu chi ldm tdng quyen loi cua ngucd 5cf huu chumg khoan chii khong lam tang trdi quyen, nha dau tu khong the tu^' ^ nit von, do d6 khdng lam gia tang dp lire trd ng; giam chi s6 rui ro cho doanh nghiep.
D\ra vdo tiSu chi doi tupng nhd diu tir, chdo ban' c6 phieu dugfC phan chia thdnh hai phuong thiic Id chao ban ra cong chiing vd chdo bdn rieng le. M5i phuang thiic deu co nhung irii, nhugc di6m ri6ng, ph£i hop voi nhu cdu vd dac diem cOa tCmg t6 chiic phat hanh.
Khodn 12a Dieu 6 Lu$t chiing Idiodn quy dinh: "Chdo ban chung Idiodn riing le Id vi$c td chuc chdo ban chung khodn cho dudi mgt tram nhd ddu tu, khong ke nhd ddu tu ch^g khgdn chuyen nghiep vd khong sd dung phuang tien thdng tin dgi chung hodc Internet". Trong phdn Ion truong hop khi nhu c4u ye v6n khdng Ion nhung lai gap kho khan trong vi6c tiep cgn khodn vay tir ngan hdng hodc chua ddp iing cac diiu kien ludt dinh dh chdo bdn co phieu ra c6ng chiing thi doanh nghifp se tiin hdnh chao bdn co phieu rieng \h. Doi tuong huiSmg toi chii yiu cua dgt phdt hanh la nha ddu tu chiing khodn chuyen nghiep, cdc cong ti co tiim luc tdi cMnh Idn manh va c6 quan he mdt thiSt v6i ti chiic phdt hdnh hoac nhan vien npi bp cua cQng ti cung nhihig ngu6i c6 Hen quan.
Phucmg thiic chao bdn ndy c6 iihung uu diem noi b^t nhu sau:
Mgt Id trinh tu, thu tuc tiin hanh don gidn, linh hosit, thai gian cua dot phdt> hdnh ngdn giiip doanh nghifp c6 the nhanh'ch6ng huy dpng von, hanh bi bo 15 co hpi kinh doanh. Vi dy, nSu phat hanh chiing khoan rieng le, cac doanh nghifp a Mj se duac mien tru ddng ki phdt hdnh.''*' Tai Australia, hong trudng hpfp phdt hanh co phiiu cho du6i 20 nhd ddu tu hodc ting gid tri dot phdt hdnh khdng vupt qud 2 trieu do la My thi doanh nghifp khSng cdn tien hdnh thii tuc ddng ki.*^' d Viet Nam, thoi gian thdm dinh hi so chdo bdn chiing khoan ra cong chiing Id 30 ngay, trong khi d6 thcri gian tham dinh b6 hi sa chao ban rieng le chi bdng mpt nua;
Hai Id chi phi phat^ hdnh thip do khong phat sinh cdc thu tuc bdo Idnh phat hdnh, doanh' nghiep cung khong cdn trien khai cac hoat dfing truyin thong de dua tin ve dot chdo bdn co phieu;
Ba la giiip doanh nghiep giu dugc bi mat kinh doanh. Diim c khoan 2 Dieu 10a Ludt chiing khodn neu r6, trong truang hpp c6ng h dai chiing tiin hdnh chao bdn chiing khodn rieng le thi "cdn xdc dinh ro ddi tugng, sd lugng nhd ddu tu". Co the thdy dgt chao ban ci phiiu rieng le co pham vi nho, doi tugng nhan mua ci phiiu thudng Id nhiing ngudi c6 kinh nghif m ddu tu hoac c6 iien quan den
(4). Tham khdo khoan 2 Chuang 4 LuSt chtrng khoan MJ, ngu6n: http,://www.dpc88.com/p-94359020783.htnil, truy cap 03/7/2019.
( 5 ) . Tham khSo khoSn 1 Dilu 708 LuSt c6ng ti Australia n5m 2001, ngu6n: fattps://www.docin.com/
p-986390540.html, truy cSp 03/7/2019.
95
TAP CHl LUAT HOC SO 5/2019 NGHIEN CUV - TRA O DOI to chiic phdt hdnh, do do hp dl dang tiip cdn
dugc vdi cac thfing tin lien quan den co phieu, vi vdy Ludt chiing khoan khong dua ra quy dinh ve nghia vy cong bo th6ng tin d6i vdi doanh nghifp;
Bdn Id pham vi chdo bdn dudi m6t tram nhd dhx tu giup doanh nghifp tranh dugc tinh trang phan tan quyen sd hihi;
Ndm la dii tugng nhdn. mua trong dgt chao ban ci phiiu rieng le thudng Id nhirng nhd ddu tu chiing khoan chuySn nghiep hodc cdng ti doi t ^ , ddy dupe coi la nhung co ddng chiin luac, cd kiin thiic vi ddu tu, ndm trong tay cong nghf, cd kinh nghiem qudn tri cimg nhiiu mii quan hf Idm an tren thi trudng, diiu nay mang lai rat nhieu lpi the, hS trg qua hinh phat triin cia doanh nghifp;
Sdu /a,hong mpt si trudng hpp, thdng qua vif c phdt hdnh co phiiu cho cong ti dii t ^ , doanh nghiep duy tri va cung cd dugc cac quan he hpp tac ddu tu, kinh doanh;
Bdy la chdo ban ci phiiu rieng le cd the ldm gia tang gid hi npi tai cua doanh nghifp.
Niu dgt phat hdnh mang lai kit qua khd quan, thu hiit dugc nhieu nhd ddu tu chuyen nghifp vd cac cdng ti Idn, doanh nghiep cd thi nang cao dupe uy tin trSn thi trudng, tu dd di dang thu hiit sir chii y Ciia nhiiu nhd ddu tu; giiip ddy nhanh tic dp tang trudng.
M?t khac, niu nhin tii gdc dp cua nha ddu tu chimg khodn, khoan tien nhan roi cdng vdi nhu cdu dau tu mao hiem mang 1^
lgi nhuan cao dat ra yeu cdu xuat hien mot phuang thiic ddu tu nhanh gpn, tieh lgi, nhiiu uu dai.. Khi dd, chdo ban ci phiiu rieng le tf'd thdnh kenh dku tu hap din ddnh
cho nhfing dii tupng nha ddu tu kiiu -nay.
Bdi trdn th\rc ti, gid cd phiiu chdo bdn rtSng le thudng thap, hon gia cd phiiu giao dich tren thi trudng thii c ^ . Thgm chi, cd nhiing cdng ti s6 dua ra su ddm bao vi gia cd phieu khdng thap hon mgt miic gia da dugc xdc dinh trudc trong mpt thdi Id nhdt, dinh, neu trong khodng thdi gian nay gid ci phiiu xuingthip hon miic gid dd djnh thi cdng ti se cd phuang dn di bii ddp. thiet hm cho iihd ddu tu. Nhihig chinh sdch uu dai ndy khdng chi kich thich ddu tu,,giiip doanh nghifp tdp hgp dupe, ngudn vdn raa cdn thu hiit dugc nhiiu nhd dau tu chiin lupc phvic vii cho muc tiSu phdt trien dai han,
Tuy nhien, ben cgnh nhihig uu diem neu tren thi chdo bdn ci phiiu rieng le cimg cd mpt si diim han chi, cu the la: Vi quy md ciia dgt phdt hanh tuong ddi nhd ndn so tidn huy dpng dupe thudng khong Idn, hdn niia vifc chuydn nhugng cd phdn, teai phieu chuyin doi chdo ban rieng le bi han chi thdi gian tii tiiiiu ke tii ngdy hodn thanh dpt chad bdn (thudng la 6 thdng, 12 thdng ho^ic 36 thdng tu5' theo quy dinh cua Ludt chiing khodn mii quic gia), diiu nay din din tinh te^g ci phiiu (dac' biet Id ci phiiu phdt hdnh Ian diu cua cdc doanh nghifp la cdng ti trdch nMem hiiu han' muin chuyin dii thanh cdng ti ci phan) se bi ban chi tinh tharih khoan teong m^t thdi gian tucmg dii ddi, tii do lam gia tang rui ro, din din tdm li e ngai cua cdc nhd ddu hi; Them vdo do, phucmg thiic phat hdnh'nay cd thi gay ra nhihig tin h^ nhat dinh cho, c6 ddng hifn hihi, bdi nhu d^ phdn tich, d tedn, gia chdo .bdn ci phiiu
TAP CHi LUAT HQC SO 5/2019 NGHIENCW- TRAOBOI tiSng le thu&ng dirge chiet khiu so vcri gii
pao djch trfln thi trutag thft cip, do do cic nhi diu tu nhin mua trong truong hgp niy 00 thi mua dugc cl philu vcri mile gii uu dai nhung lai hhin'khoan tien cfl tftc tuong duong v6i CO dflngcii, dieu do se tgo ra tam If so bi vithi^tthfti cho nhiing co dong niy.
Ngoai la, trong ngan ban vifle chio bin rieng le se ngay lip tftc lam tang so vfln dieu le cua doanh nghiep, trong khi lgi nhuin chua kip tang tuong ftng, do dfl co thi lam giim lgi nhuan sau thiil tren moi cl philii (ehi si EPS). Culi ciing, chio ban co phieu rieng le CO Ihi din toi tinh trang "lim loang" quyen kilm soit cflng ti cua cic cfl dong Idn, giy anh huong din quyin lgi v i vi tri cua nhung CO dflng niy. Di kem Vcri do, co ciu eo dflng Ion biin dflng sS keo theo su thay dii vl quyin quin li, dilu hanh cflng ti, co dflng Ion mcri xuit hien cfl thi dua ra nhimg yflu cau sira dii chien luge phit trien ban dau eua doanh nghiflp.
Trong truang hgp cin huy dgng hguon vin Ion, cic doanh nghiep dip ftng yflu ciu luat dinh se xein x6t phuang in chio bin co philu ra cflng chftng. Bac dilm dfli tugng cua phucmg thftc phit hanh niy la nhung nhi diu tu khflng xic dinh hoac tft mgt trim nhi diu tu xac dinh tra Ifln, cho thiy pham vi anh hucmg cua dgt chio ban la rit rflng, do do cin eo' Syr giim sat vi quan li chat che tft phia Nha nude. So voi chio binriflng le, chio ban cl philu ra cflng chftng co nhieu uu dilm nfli bit,thu hut su lua chgn cua cic tfl chuc phat hinh, c\i the:
- Dgt phat hinh hu6ng tgi nhi diu tu
dai chung, khflng hgn chi'sfl lugng, do do CO the huy dgng dugc nguin vin Xim, phu hgp v6i nhftng t l chftc cin nhilu von vi mdng muon phit hanh nhilu cl philu de marflngquymfl;
- Phgm vi phat hinh rflng rii giup ngan chan dugc hinh vi diu ca cfl philu vi thao tftng gii;
- Phat hanh cl philu ra cong chftng li dilu kien tifln quylt de doanh nghiep co the niflm yit tai s6 giao dieh chftftg khoin, boi Ie muln niem yet cflng khai thi trudc hit doanh nghiep phii li cflng ti dai chung. Viee niflm yIt tren sd giao dich se lim ning cao uy tin vi danh tiing cfta doanh nghiep, ciing nhu lim tang tinh thanh khoan cho CO phieu cflng ti. .
Tuy nhien, chio ban cfl philu,ra cflng ehung cftng tfln tai mgt sfl diflm hgn-che khiln t l chftc phit hanh ngin nggi khi lira chgn phuong thftc niy nhu:
- Quy trinh tiln hanh chao bin eo phieu phftc tgp, thdi gian chd dgi Uy ban Chftng khoan Nha nude thim dinh hi so vi cip phep phit hinh tugng dfli dai. Hon nttg, dfli vol nhung quic gia ip dmg mfl hinh quan li theo chit lugng nhu Viet Nam, dl dugc cip phep chio ban ra cflng chftng, t l chftc phit hinh phii dip ftng cic dilu kien vc vfln dilu le tfli thilu, vl doi ngii quin 11, phuang an sft dung vfln huy dflng, hoat dgng sin xuat kinh doanh Uen tyc cd lai trong mflt khoing thdi gian nhit dinh... Duong nhifln khong. phii doanh nghiep nio cung dap ung dugc het nhiing yeu eiu kbit khe niy;
- Phucmg thftc chio ban cfl philu ra cong chftng ylu ciu t l chfte phat hinh phii cflng b l diy du, trung thuc cac thflng tin lien quan 97
TAP CHI LUAT HOC SO 5/2019 NGHIENCUV- TRAODOI ddn doanh nghiep theo quy diiih phap'luat
nhu hoat ddng sdn xudt kinh doanh, tdi san, 'tinh hinh tdi chinh... Trong si dd cd khdng it thdng tin md doanh nghidp khdng mong muon phai cdng bd rdng rai;
- Chi phi di tiin hanh mpt dgt chdo ban ci phiiu ra cdng chiing la khdng he nhd, bdi phuang thiic ndy tieu tdn cac khoan chi phi truyin thdng, quang cdo va chi phi bdo lanh phdt hanh... Niu kit qua ciia dpt phat hdnh khdng dupe nhu du kiin ban dau thi chi phi thuc hien chdo ban cd the cdn cao hon sd tien thu dugc, dan din viec doanh nghiep khdng dat dupe muc tieu huy ddng von.
Dii tugng cua dpt chao bdn cd phieu cdng khai la nhiing nha ddu tu dai chiing, hp gap nhiiu khd khan teong vifc tiip cdn va phdn tich thdng tin cda doanh nghifp phat hanh, lai Id dii tupng yiu thi vi nang luc tai chinh, vi vdy luat chdng khodn cua hdu hit cdc nude tedn thi gidi diu dua ra nhihig quy dinh hit siic nghiem ng|t vi thii tuc phdt hanh va vdn di cdng b i thdng tin. Bat ki dot chao bdn ci phieu nao hudng tdi nhung ddi tupng Id nhd ddu tu khdng xac dinh thi trudc hit, t i chiic phdt hdnh can ldm thu tuc xm cdp phep (ddi vdi md hinh quan li theo chat lugng) hoac dang ki (dii vdi md hinh quan ii cdrig bd thdng tm), dh co quan quan li nha nude vi chiing khoan ndm dugc thdng tin dot chdo bdn nhdm cd nhiing bif n phdp can thif p hif u qua, giup han chi tii da cdc rui ro cd thi xay ra. Ddng thdi, doanh nghifp ciing phdi chip hdnh nghia vu cdng bd thdng tin day dii. Diiu ndy Id phu hgp vdi nguyen tac do Ti chiic cdc uy ban chiing khodn quic te
(IOSCO) ban hdnh: "Td chirc phdt hdnh cdn cdng bd ddy du, chinh xdc vd kip thdi cdc ket qud tdi chinh vd cdc thong tin khdc co tdm quan trgng ddi v&i quyit dinh ddu tu chiing khodn cua nhd ddu tu". Trong moi dpt chdo bdn cd phieu ra cdng chiing, ludn tdn tai tinh ttang bdt dii xiing vi thdng tin giGa cac nha ddu tu vdi nhau va giiia nha dau tu vdi ngudi qudn li doanh nghiep. Trong khi do, nhd dau tu vi CO bdn chi can cii vdo nhihig thdng tin do t i chiic phdt hdnh cung cdp de dua ra quyit dinh dau tu. Bdi vay, niu teong qud trinh chdo ban cd phieu, td chiic phdt hdnh thiiu minh bach, c i tinh che gidu thdng tin bdt lgi, thii phdng nhung thdng tin cd lpi hoac dua ra thdng tin sai Ifch thi sg true tiip anh hudng din lpi ich cua nhd dau tu, tii do tdc dpng tidu cue din sir dn dinh, tinh cong bdng, cdng khai ciia thi trudng chiing khodn, nhdt la dii vdi mgt thi teudng cdn non tee nhu Viet Nam. Ro rang khdng Ihi chi trdng chd vao ^ thiic tu gidc cua doanh nghiep teong vdn di minh bach thdng tm, vi vay su can thiep cua co quan cdng quyen ciing cac che tai dugc quy dinh teong Ludt chiing khoan va cac.van bdn lien quan la dieu het siic cdn thiet, nhara dam bdo viec td chiic phdt hanh budc phdi thuc hien nghidm chinh trdch lihiem cdng bd day du, trung thuc cac thdng tin lien quan den dot chdo ban.
2. Nhihig bat cap trong tieu chi xac dinh hanh vi chao ban co phieu ra cong chung theo quy djnh ciia Luat chung khoan
Nhu da de cap d teen, ddi vdi hai tidu chi vi dii tupng vd sd lupng nha ddu tu de xac dinh mpt dpt chdo ban cd phiiu la chdo bdn
TAP CHl LUAT HQC SO 5/2019 NGHIEN CW - TRAO DOI ra cdng chiing hay chdo bdn ridng le dugc
quy dinh teong Lu^t chiing khoan Vift Nam hien nay van cdn ton tai mdt si diim bat C£ip, d|t ra ydu cau can nhanh chdng tiin hanh sura dii vd hoan thif n.
2.1. Vi tieu chi ddi tugng nhd dau tu Diem c khodn 12 Diiu 6 Luat chiing khodn quy dinh, trong trudng hpp td chiic phdt hdnh
"chdo bdn cho mgt so lugng nhd dau tu idiong xdc dinh " thi dot phdt hdnh dugc xem la chdo b ^ ra cdng chiing. Cd the thdy, ddi tugng nha ddu tu khdng xdc dinh la dac tnmg co ban, cung Id ddu hifu diu tidn vd quan tepng nhit de nhan biet hdnh vi chdo bdn co phiiu ra cdng chiing. Vifc dua ra tieu chi teen nhdm muc tidu bdo vd quyen lpi cua cac nha dau tu nhd le, han chi dupe rui ro, giiip thi tnrdng chiing khodn phdt tridn dn dinh.
Tuy nhidn, dieu khoan nay I^i tdn tai hai vdn de bat hpp Ii:
Thu nhdt, cdch quy dinh "chdo bdn cho mQt sd lugng nhd ddu tu khdng xdc dinh"
nhu hifn nay cd thi tdn tal hai xu hudng li gidi: Cdch hiiu thii nhat thuat ngu "khdng xac dinh" diing di bd nghia cho cum tii "mgt sd lugng", tiic quy dinh nay dugc hieu la
"chao ban cho rapt sd lupng khdng cu the, khdng gidi han cdc nha ddu tu". Ndi each khdc, d ddy sd lupng nhd dau tu la bit ki, ddi tupng nha ddu tu la khdng xac dinh. Vay thi quy dinh ndy da bao hdm cd trudng hpp
"chdo bdn chung khodn cho tit mgt trdm nhd ddu tu trd lin, khong ki nhd ddu tu chiing khodn chuyen nghiep", ma niu nhu vay thi vifc phdn chia them ddu hifu si lugng nha dku hr Id khdng cd y nghia. Do dd, each hieu
ndy chua hop H. Cdch hieu thii hai, thuat ngG "khdng xdc dinh" dupe diing di lam ro cho ddi tugng "nhd ddu tu", hudng gidi thich ndy ddng nhdt vdi quy dinh teong luat chdng khodn cua cdc nude. "Nha ddu tu khdng xdc dinh" Id nhiing nha ddu tu nhd le can dupe Ludt chiing khoan bdo ve dac bift.
Khi dii tupng cua dpt phdt hdnh Id nhung nha ddu tu khdng xdc dinh thi khdng cdn xem xet den yen to si lupng md sd ducmg nhidn dp dung cac quy dinh ve chdo bdn cd phieu ra cdng chung. Vi vay, de dam bao tinh chinh xac va khoa hpc, thdng nhat trong each hiiu Ludt, diem c khodn 12 Dieu 6 Ludt chiing khodn nen siia ddi thdnh "chdo ban cho nhd dau tu khdng xdc dinh" vd bd di ciira tu "mpt si lupng".
Thit hai, Ludt chiing khodn Vift Nara va cdc van ban hudng dan thi hdnh hien nay chi dua ra cdc dinh nghia ve "nha dau tu chiing khoan chuydn nghiep", "ngudi biet thdng tin npi bd", "ngudi cd lien quan",^^' ma chua dua ra tieu chi di phdn bift ddi tugng '"nhd dau tu xac dinh" vdi "nha ddu tu khdng xdc dinh".
Ndu chi hiiu dcm gian "khdng xdc dinh" la hudng tdi mpi thanh phan trong xa hdi, phdt hanh rgng rai, khdng nhdm vao ddi tugng nao cu the thi se chua ddy du vd chudn xdc.
Kinh nghiem lap phdp va thuc tien van hdnh thi trudng chiing khodn cac qudc gia teen the gidi ehi ra rdng, nang luc vd kinh nghifra ddu tu, kha nang ndm bdt va xii Ii thong tin lien quan den cd phieu, radi lien he vdi td chiic phat hdnh vd miic dp gdnh chiu rdi ro
(6). Cdc khoan 11,33, 34 DiSu 6 LuSt chiing khodn.
99
TAP CHl LUAT HOC SO 5/2019 NGHIEN CUV - TRA O DOI cda nha dau tu la nhiing tieu chi ca bdn de
nhdn biet ddi tupng "nhd ddu tu xdc dinh".
Ld qudc gia cd thi trudng chdng khoan ldu ddi va phdt triin bac nhdt tren thi gidi, M5' tii rat sdm dd lua chpn dp dung md hinh cdng bd thdng tin day du dd qudn II hoat ddng chdo ban chiumg khoan ra cdng chiing.
Theo dd, de tien hdnh mgt dgt chdo ban chiing khoan ra cdng chiing, td chdc phdt hanhchi vide dang ki vd cung cip ddy du cac tai lif u lien quan tdi dpt chao bdn cho U;^
ban chiing khoan va hdi doai My, het thdi h^in quy dinh, neu SEC khdng dua ra bat ki y kidn phdn dii ndp vi bd ho so tiu td chdc phat hdijh cd the tu ddng tidn hdnh chdo ban chiing khoan, Ciing .nhu nhieu nude khdc teen thi gidi. My d^t ra nhiing tidu chi dd xdc dinh, bdn chdt cua mpt dgt chdo bdn, chiing khoan la rieng Id hay chao ban ra cdng chiing, teong dd cd tidu chi ve tinh xdc dinh cua ddi tupng tham gia dau tu.
Dii vdi tieu chi ndy, bp Quy tac Regulation D nam 1982'^' cua nude ndy cd di c?ip khai nidm "accredited investors" (nhd
^ u tu dupe cdng nhdn) vd "non-accredited investors" (nhd diu tu chua dugc cdng nh&i).^^' SEC dp dung ba tieu chudn chfnh dh
(7). Regulation D do 6 quy tSc chfnh hap thanh, quy djnh vl 3 tnrimg hop mien trir thuc hifn nghTa vu dang kf, trong d6 quy tSc 501 dSn 503 gfim cdc dilu khodn djnh nghTa v4 gidi flifch lien quan den miln trii th\rc hi?n nghia vy dSng kf, quy t5c 504,505 qi^ dinh ve tnrimg hgp phdt hdnh quy m5 nh6, quy t3c'506 n6i v^ phdt hdnh rifing Id.
(8). Regulation D quy dinh neu doi tuong cua chdo bdn riSrig le Id "accredited investors" dugc dinh nghia 6 quy tdc 506 till kh6ng han che so luong. Ngu Id
"non-accredited investors" du^c dinh nghia a quy tdc 501 thi khong dugc vugt qud 35 nguoi, cho dii d6 la
xem xet, mdt- nha, ddu. tu cd phdi. la
"accredited investois" hay khdng, bao gdm:
1) Tidu chuan v i kinh nghifm ddu tu: gdrn nhd ddu tu to chiic vg. nhd ddu tu ed nhan md cdng ti theo Dao ludt c i vdn diu tu ndm 1940 (Investenent Advisers Act); 2) Tidu chudn vi mdi lidn hf vdi td chiic phdt hanh:
bao gdm thdnh vien hpi ddng quan tri, qudn 11 c ^ cao cda td chiic phdt hanh vd nhung ngudi cd quan he hop tdc, kinh doanh vdi cac dii higng ndu tedn; 3) Tieu chudn vi tdi sdn (lien quan din khd ndng chiu rtii ro ciia nhd dau tu) gdm: td chdc cd ting tdi sdp vugt qud 5 trieu dd la M% cd nhan QO tai san rieng hoac tai sdn chimg hgp nhdt vdi, vg (chdng) vupt qua 1 trif u dd, nlia dau tu cd nhan teong hai ndm gdn phat cd thu nh$p rieng vupt qua 2OO.00O ddihoac,thu, nhdp chung vdi vg (chdng) vupt qud 300,000 dd hoac cd du bdo thu nhgp teong ndm ddng tin cdy dat dugc raiic tuong duong.
Viet Nara cd the thara khao kinh nghifm lap phdp cua My nhdm lam rd hon nhdm dii tupng "nhd ddu, tu khdng xac dinh" trong Lu$t chiing khodn, theo hudng phdn lo^
"nha ddu tu khpng xdc dinh" bao gdra nhihig ngudi khdng thudp mpt teong ba nhdra sau:
Nhom thit nhdt la nhd ddu tu chdng khoan chuyen nghifp, dupe lidt kd tai khodn
II Diiu 6 Luat chihig Idiodn. Dac diim cua nhdra ddi tugng nay la cdkinh nghifm vd kiin thuc vd ddu tu, kha nang ndra bit va nhiing "non-accredited investors" ma to chiic phdt hanh tmijc khi chdo bdn chiing khodn c<5 II do chfnh ddng da tin tuong rdng, nhOng nhd dAu tu ndy c6 dii kinh nghidm vd kiln thiic ve kinh doanh de ddnh ^d gid tri vd miic dg mao hilni ciia khodn d^u tir.
TAP CHl LUAT HQC SO 5/2019 NGHIENCfJV- TRAODOI phan tich thdng tin n^i^y ben, chinh xac.
Ngodi ra, dpi vdi .nha.diu tu ,ld cdng ti bdo hiim, cdi^ ti ,quan Ii .qu^... thi lai cd dac thii dau tu dai, han, hp ehu yeu mua teai phiiu doanh nghifp ho|c mua cp phieu di ndm giu:
lau dai, nh§n cd tdc, thay yi myc dich kinh doanh teen thi .trudng thd pdp;
, Nhdm thu hai la nhiing ngudi biit thdng tin ndi bp vd r ^ d i cd lidn quan din nhdn vien trong cdng ti, bao gdm cdc dii tugng dupe quy dinh tai cdc khodn 33 vd 34 Diiu 6 Ludt chiing khodn. DSic diem cda nhdm nay Id cd lgi the ve viec n ^ bdt sdm thdng tin lien quan din t i chiic phat hanh, dgc bift Id cdc thdng ,tin ndi bp, nia teen thi.trudng chiing khoan tM thdng,tin cd dnh hudng rat Idn den sir thdnh b ^ cua cdc quyit dinh dau tu;
Nhdm thii ba Id nhihig nhd diu tu cd tiim luc tai chinh viing manh, ddc diim cua nhom ndy la kha n ^ chip nhdn rqi ro vd ling .phd vdi cac bien dpng tedn thi trudng.
Hp cd thi Id nha diu tu td.chiic cimg cd thi Id nha dau tu cd nhan: Dii vdi nhdm nay, Ludt chiing khoan Vift Nam chua cd quy dinh diiu chinh. Luat chiing khodn cd thi quy dinh theo hudng ydu eau nha ddu tu thuc hifn nghia vu chiing minh tai chinh, chdng to tdi.sdn rdng Idn gip bao nhieu Idn ting gia tri cua cdc khodn diu tu (gdm nhfing khoan dd dau tu vd khodn dang cd du dinh gdp vdn vdo t i chiic phdt hanh).
Tdm lai, nhiing nhd diu tu khdng thudc ba nhdra ki teen (nhd ddu tu khdng.xac dinh) Id dii tupng cdn dupe phdp luat can thif p, ho trg, nhdm han; che"i:ui ro ttong diu tu, tao dimg niem tin cho cdng chdng vao thi tiirdng
chiing.khoan, gdp,phan ddm bdo cho thi trudng v^n.hdnh i n dinh, tednhddgc cdc dot khung hodng.
2.2. Ve tieu chi so lugngnhd,ddu tu Trdn Ihi hrudng chdng khodn, nhd ddu tu Id ddi tugng trudc hit cdn dugc bdo vd. Tuy nhien, ra\ic tieu cdt loi bao vf nha ddu tu khdng thi tach rdi myc tieu phat triin ndn kinh ti, hd teg hoat d0ng cda doanh nghiep.
Bdi vdy, nhiem vu cua Ludt chiing khoan la duy tri tedt tu. i n diidi tren thi trudng, ddm bdo su cdn bdng quyin Ipi gi&a nha ddu tu va cdc doanh nghidp. Dii vdi hogt ddng chdo bdn CO phiiu, khi hudng din nhdng ddi tupng xdc dinh, dot phat hanh thudng cd quy md nhd,, giiia t i chdc phat hdnh vd nhd ddu tu cd mii lien he nhdt dinh, cho phep nhd ddu tu ndm tuong dii rd ,vi ,tinh hinh hogt dpng cua td chiic dd, vi vdy doanh nghiep dugc phep dp dung eac quy dinh ve chao bdn chdng khodn rieng le di tidt kifra chi phi, gidm thiiu thii tyc, rut ngdn thdi gian chd dpi cip phep phdt hdnh. Tuy nhien, khi so lupng nhd ddu tu xac dinh dat din nguong ndo dd thi hdnh vi cMo ban lgi phdi dupe coi chdo ban ra cdng chdng. Ddi vdi tnrdng hgp ndy, Ludt chung khodn quy dinh: "... Chao bdn chung khodn cho tu mgt trdm nha ddu tu trd len, khdng ke.nhg ddu tu chdng khgdn cAi<ven ngAiep ".'^'Cdch quy dinh ndy da bdc Id nhiing diira bit hpp II. Cu the, ndy xera xet ding thdi diim c vd b khoan 12.Dieu 6 Lugt chdng khoan, khi dot phdt hanh hudng din dii tupng nha diu tu khdng xac dinh thi
(9). Dilm b khodn 12 Dieu 6 LuSt chiing khodn.
TAP CHI LUAT HOC SO 5/2019 NGHIENCVV- TRAODOI cdn cu vdo diem c duong nhien cdn dp dung
cdc quy dinh ve chao ban chiing khoan ra cdng chiing. Vdy thi quy dinh chao ban cho
"tir mdt team nhd diu tu ted Idn" tgi diim b chac chan cdn phai hieu Id "nha dau tu xac dinh", vi chi cin teong si cac ddi tugng md td chdc phdt hanh kdu gpi gdp vdn xuit hifn rapt hay mdt vdi nha dau tu khdng xdc dinh thi ngay Idp tdc phai dp dung quy dinh tai diim c diiu khodn ndi tedn. The nhung, Ludt chiing khodn hifn nay lgi quy dinh di kem vdi tidu chi chdo bdn cho "td rapt teara nha dau tu ted len", bd sung cym td "khdng kd nha dau tu; chiing khoan chuyen nghidp" - dii tupng vdn da thudc nhdm nha diu tu xae dinh. Ddy ro rang la su luan quan, thieu tinh logic. Do dd, Ludt chdng khodn chi cdn quy dinh "chdo bdn cho tii mdt teara nha dau tu ted Idn" vd bd di cym "khdng kd nhd dau tu chdng khoan chuyen nghidp".
Vdn di cdn bdn tiip theo la cdch tinh sd lugng nhd diu tu xdc dinh teong dpt chdo bdn chiing khoan ra cdng chiing. Diiu 10 Ludt chiing khodn Trung Quic quy dinh, niu dgt phdt hdnh hudng tdi ting "liiy ki" td 200 nhd ddu tu xdc dinh ted len thi dupe coi Id phdt hdnh ra cdng chdng.'"" Trudc het cin khdng dinh lgi "nhd dau tu xac dinh" trong quy dinh ndy da bao gdm cdc nha ddu tu chiing khoan chuydn nghifp. Ke den, thuat ngii si lupng "liiy ke" d day duoc hieu la, dinh radc hai teara nhd ddu tu dupe tinh cdng ddn tu cd cdc dpt phdt hdnh trude dd vdi dot
phdt hanh hidn tgi. Quy dinh ndy nhdm myc dich ngdn ngua td chdc phdt hanh thdng qua nhieu lan khdc nhau chdo bdn cho tedn hai tram nha diu tu xdc dinh di lin trdnh cac quy dinh vd xin cdp phep hoac cdng bi thdng tin va gidm thieu dupe chi phi phdt hanh. Chieu theo dd, neu dot chao bdn chiing khoan hudng tdi doi tugng xdc djnh, bat lugn Id phdt hanh qua bao nhidu Idn, neu tdng cdng si lupng nha ddu tu logi ndy vugt qud 200 ngudi thi se dp dung quy dinh dieu chinh chdo bdn ra cdng chiing. Khi xdt din tidu chi sd luong nhd dau tu, Vift Nam cd thi hpc hdi kinh nghidm cdng ddn sd nhd ddu tu xdc dinh td tit cd cdc dot phdt hanh cda Trung Qudc. Qua do cd the trdnh tinh teang "cd trudng hgp doanh nghiep dd Idch ludt bdng cdch chdt nhd cdc dgt phdt hdnh thdnh cdc dgt phdt hdnh riing le hogc ban ddu chi phdn phdi cho dudi mot trdm c6 dong di khong phdi tudn thu qity dinh cua Lugt chung khodn nhung sau do cho phep chuyin nhugng (chf Id hinh thuc, khdng phdi chimin nhugng thi^c su), sd co ddng vdn Id trin mat trdm nguai".^^^^
Ngom ra, thuc te cdn tdn tai tinh tegng t i chuc phdt hdnh lgi dung hinh thdc uy thdc diu tu de khdng thuc hien cac nghia vu khi chao bdn cd phidu ra cdng chdng. Vi du, mdt nhdm "nha diu tu xac dinh" (nhdm cd ddng cua cdng ti, nhdm "ngudi cd lidn quan"...)'^^^
khdng true tiip dung danh nghia ca nhdn dh
(10). Dilu 10 Ludt chung khodn Trung Qu6c. N^on:
http://www.npc.gov.cn/npc/lf2t/rIyvi'/2015-04/23/cont ent_l 934291.htm, truy cdp 03/7/2019.
(11). U Thi Thu Thuy, "Nhiing bit c|p cua Luat chiing khodn vd kien nghj gidi phdp hodn thifn", Tgp chi khoa hgc Dai hgc quic gia Ha Ngi, Lugt hgc, 26/2010, tr. 173.
(12). Khodn 34 Dilu 6 Ludt chiing khodn.
TAP CHI LUATHOC SO 5/2019 NGHIEN CW - TRAO DOl ddng ki danh sdch cd ddng md cung uy thdc
cho mpt ngudi ddng ki, teong trudng hgp niu cdc ben Ididng ty nguydn cdng khai tiidng tin thi lifu quy dinh ve sd lugng nhd diu tu cd thuc su khd thi bdi ngudi hudng lgi radi chinh la cd ddng thuc su cua cdng ti. Bdng cdch ndy, td chdc phat hdnh cd thi ttanh dugc quy dinh, ve si lupng "nhd ddu tu xdc dinh" vd thyc hidn chao bdn rieng le. Vi vgy, CO quan qudn H ve chao bdn cd phieu cdn phdi truy ciiu den cimg ngudi thyc su hudng lpi tu quyit dinh ddu tu, thay vi chi xet din sd lupng nhd ddu tu teen danh nghia. Xudt phat tir nhiing thuc tegng do ma rapt sd hpc gid cho ring, vifc phdn dinh chdo ban la cdng khai hay rieng le can dya vdo yiu t i tinh xac dinh cda ddi tupng dupe chdo mdi, chii fchdng nen dp dyng mdt cdch may radc tieu chi sd lupng nha dau tu. Nhu hai hpc gia Luong Tuong Lien va Duong Duong nhdn dinh, "khdng nin di cap so lugng nhd ddu tu, VI viic dua ra dinh mite sd lugng ro rdng khdng cd ddy dii ca sa li lugn vd hodn todn cd thi biin ddng theo iinh kinh thuc te cua thi trudng chimg khodn a mdi thdi fci";''^' Hay hgc gid Chu Bii Binh ciing cd chung quan diim, "xem xet mgt d0 chdo bdn chimg khodn Id cdng khai hay phi cdng khai cdn phv thugc vdo viic nhd ddu tu cd ndm dugc day du thdng tin liin quan den chinig khodn vd dgt chdo bdn hay khdng, chu khdng a sd lugng nhd ddu tu. Niu nhd ddu tu khdng cd day du thong tin, td chuc phdt
hdnh tiin hdnh cdng khai, minh bgch cdc thong tin ndy thi do la chdo bdn cdng
^ ^ y » (14) j j ^ ^ ^ ^^^ gj^ j ^ ^ j ^ g ^ j ^ ^^^ ^ ^ g ^
"cd ngudi cho rdng viec ddt ra tiiu chi sd lugng nhd ddu tu xdc dinh di ddnh gig dgt chdo bdn chimg khodn Id cdng khai hay ndi bo la dieu hit sue cdn thiet, nhimg vi cdn cu khoa hgc di dua ra djnh mice sd lugng nhd ddu tu thi lgi bi nhd Idpphdp bd ngd ".''^'
3. Kien nghi hoan thien tiSu chi xac dinh hanh vi "chao bdn cd phiiu ra cdng chung" theo phap ludt Vift Nam hifn nay
Tren thuc td, cdc doanh nghiep Viet Nam hien nay dang ed xu hudng tang cudng huy dpng vdn thdng qua kdnh phdt hdnh ci phidu rieng le va de dat hon khi chdo bdn cd phieu ra cdng chdng. Cu thd, niu nhu nam 2012 phdt hanh cd phieu ra cdng chiing chiem ti tepng Idn (dat 9.658 ti ddng tuong duong 53,2% tdng gia hi phdt hanh), ti trgng phdt hanh rieng le nhd (dgt 8.120 ti ddng tuong duong 44,7% ting gid tti phdt hdrih) thi den ndm 2013, ti ttgng phat hanh ed phieu rieng le tang nhanh vd dat 38.184 ti ddng (tuong duong 67,04% ting gid tri phdt hdnh), teong khi phat hdnh cd phieu ra cdng ehung chi dat 14.361 ti ddng (tuang duong 25,2% tdng gid tri phat hanh). Va tinh den 06 thang ddu nam 2014, CO cau cd phieu phat hdnh dang cd sy
(13). Luang Tuong Lien, Duong Duong, "iiE#i>?f S f T l ^ ^ ; ^ N ^ f f ^ " (Nghign cCru mft so v k Sk vl khdi ni^m chdo bdn chiing khodn c6ng khai). Tap chi
"ti:^kJS" (Kinhti-Lugt), s&6l20l3,tr.9\.
(14). Chu B6i Binh, " i i E # ^ ^ ? f S f i ^ $ ^ l " l ® ^ i ^ "
(Thdo luan mgt s6 vin dl vl chdo ban chiing khodn c6ng khai), mtmi^;t^^M^ (Tap chi khoa hgc Truang Dgi hgc Ham Ttiu Ho Bic), kl 5, quyin 23/2010, tr. 98.
(15). Md Kieu Tri, "iJE#i^?f:^fi^—#[email protected]^AZ;
W^^" (V tuong vd xung dot ISp phdp khi dinh righTa chdo bdn chiing khodn cong khai), ^{t^^ {Tap c/iiA/n/i/e'd'MOwgi^oi), ki4, quyenha, 2008, tr. 137.
103
TAP CHl LUAT HQC SO 5/2019 NGHIENCOV- TRAOBOI chenh lech nghiSng ve ph4t hanh'c6 phiiu
ri6ng le viA ti 1? la 46,7% - 19,04% t6ng gid tri phat hanh.'"' Bdy khdng phM la tin hieu lac quan d6i vdi mot nSn kinh te, bcri le chao bin c6 phiiu rieng IS bi han che ve khoang thin gian giiia cdc dot phdt hanh it nhat la sdu thdng, hon niia diiu ndy con anh huong din chiic nang huy dong va phan bo ngufln ' vdn trong xa hOi cua thi truing chiSng khoan.
Vi v|y, di bdo vi quyin lgi ciia nha dau tu ciing nhu giup cdc doaiih nghiep khong bi bo la ca hpi k6u gpi nguon v6n tir c5ng chiing, Viet Nam cdn khdn truong xem xet lai cdc tieu chi xdc dinh hoat dtog chao bdn co phiiu ra cong chiing di c6 nhiing dieil chinh phil hgp. Co nhu v$y mdri kich thich dugc svr phat triin vd lam phong phil nguin sdn pham tren thi tniimg chiing khodn.
Nha lam lu|lt Viet Nam cdn sotm bi sung v5n bdn huong d ^ di ldm can cii nhan dien doi tugng "nhd diu tu khdng xdc dinh", nhdm tao thuan lgi cho viec phan dinh dgt chao ban chiing khodn noi chung vd chao ban c6 phiiu n6i ri6ng Id cong khai hay rieng le. Ngoii ra, doi voi tiSu chi s6 lugng nha ddu tu, Lujt chiing khodii ciing cdn co iihung thay dSi di ddm bdo tinh logic va chjt che.
Tit nhiSng phdn tich va danh gid neu trSn, tac gid kien nghi sua dii, bi' sung m8t s6 n5i dung tai khodn 12 Bieu 6 Lu$t chtag khoan nhu sau; "Chdo bdn chiing khodn ra c5ng chung la viec chdo bdn chiing khodn iheo mgt trong cac phuomg thiic sau day: a) Thong qua
(16). M?iih HOu, "'CSn hieu dilng vl bin OAx c4a host dOng chio bin chiing khoin riSngle", http://tcdcpl.
inoj.gov.vii/qt/tintuc/Pages/thi-hanh-phap-luat.aspx?
ItemID=4l6, truy cjp 03/7/2019.
phuong tien thdng tin dai chiing, ki cd Intemet;
b) Chao bdn chiing khodn cho tir m^t tram nhd dilu tu xdc dinh trd len, cOng ddn tbr ca cdc dgt chdo bdn tnidc do; c) Chdo bdn cho nhd daii tu khdng xac dinh".-
ViSc sita dii nay la phu hgp v6i thdng le quic t i ve chiing khodn va thi trudng chiing khodii, giilp Ludt chiing khoari' Vift Nam tiin gfln hom vdi cdc nude khdc trto the gidi, tit dd gdp phdn thiic day qtid trinh qudc te hod thi trudmg chiing khodn Viet Nam.
TAI Ll£U THAM KHAO 1. Chu Bii Btoh, ' • i J E » ^ i f ? F » T ^ T r s i S
ffi\f" (Thdo luan mdt si vdndi ve chdo bdn chiing khoan cdng khai), UHtMS
;fC^^JM (Tgp chi khoa hgc Trudng Bgi hoc Hdm Thu HS Bdc), ki. 5, quyin 2 3 / 2 0 1 0 . , , •:• ; 2. Manh Hihi, "Cdn hiiu ,dilng vi ban chdt
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