QUYEN QUAN LY VA QUYEN GIAM SAT QUY DAU T U CHlfNG KHOAN
• N G U Y I N TH! HONG PHLfCiC
TOM TAT:
Quy dau trfehdng khoan (QDTCK), Cdng ty quan ly quy (CTQLQ) va Ngan hang giam sat (NHGS) la cac kh^i niem mdi tren thi tru'dng chdng khoan Viet Nam. QDTCK la loai hinh cd cd cau to chu'c va hoat ddng kha dae thii. Do dd, de bao ve quyen Idi cua nha dau tif (NDT) tham gia vao QDTCK, phap luat giao chdc nang quan ly va chu'c nang giam sat QDTCK cho cac chu the' ddc ISp. Bai vie't phan tich ve ban cha't QDTCK, quyln quan ly ciia CTQLQ va quyin giam sat cua NHGS trong mdi quan he vdi QDTCK, difa ra cdc kien nghi hoan thien phap luat, giup cho nhifng NDT cd du'dc cd che' bao dam an toan cac khoan tien dau td cua minh, tranh tinh trang thong dong, mdc ngoac gay thiet hai cho NDT ciia cac chu the' difdc trao quyen.
Tiif khoa: Quy d^u tu chilng khoan, quan 1^ quy dau td chitng khoan, giam sat quy dau tif chiJng khoan.
1. D§t van d^
Lich sii hinh thanh Quy dau tuxua't phat tif cudc Cachmang cdng nghiep tai Anh vao the'ky 19 da tao ra mot lifdng tien khdng \6 sS'n sang de' dau tif.
Theo quy luSt, khi cung tien qua Idn lam cho lai suS't tren thi tru'dng giam xud'ng Trong khi do, cae nddc tai chau Au luc dia. Nam My, Bac My lai dang thie'u tien tram trpng. De' thu hut dau tif, cac nifdc nay da phat hanh trai pbie'u vdi lai suat cao, hap dan so vdi ty Id lai suat thap d Anh lam cho cac nha dau tif bat dau quan tam tdi cae cd hdi kmh doanh d nu'dc ngoai. Mac du hda hen thu difdc Idi nhuan cao nhu'ng cac nha dau tif lai gap phai nhiing kho khan dang ke trong vide nghidn edu va thifc hien dau tif tai nddc ngoai. Cud'i cung, vide huy
ddng vd'n va quan ly vd'n da dddc trao vao tay cac chuydn gia dau tif nhSm giam td'i da rui ro va tang td'i da hieu qua kinh td'. Day la nguon gd'c cho viec dinh hinh cd che' td chdc va boat dong cua cac Quy dau tif. dam bao tach bach giila quyen cua chu sd hiXu, quyen quan ly va quyen giam sat.
2. Ban chat Quy dau ttf chifng khoan Theo tif did'n Banking and Informationtics thi Quy dau tdlamptdinhchd'tai chinh trung gian phi ngan hang thu hdi tien nhan rdi ti:f nhi^u ngu6n khac nhau de' dau tif vao cae loai tai san nhif ed pbie'u, trai pbie'u va tien td. Tat ca cac khoan dau tu nay deu dddc quan ly chuyen nghidp, chiit che bdi CTQLQ, NHGS va cd quan tham quy^n khac [3], QDTCK thuc chat la mdt tap hdp vdn do to
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chdc va ca nhSn gdp lai de dddc quan ly, nham tang cifdng tinh chuyen nghiep trong hoat ddng dau tif chdng khoan v& td'i da boa Idi nhuan cho nhiing ngifdi tham gia [4]. Dddi gdc dd kinh td', QDTCK difdc xem xet dddi hinh thdc la mdt khoan tien, khoan vd'n.
Nhif vay, Quy dau tu' difdc x§y difng dda tren hoc thuyd't quan he dai dien hay quan he iiy thac.
Uy thac, ndi mdt each ddn gian nhS't, la mdt sU dan xe'p difdc luat thufa nhan theo do mdt chu the (ngu'di difdc uy thac) nam giif tai san vi Idi ich ciia chu the khac (ngudi thu hifdng) [5]. Ly thuyd't dai dien nghien cdu md'i quan he giifa bdn liy quyen va bdn difdc uy quyen, "md'i quan he uy quyen - dai dien nhif la mot hdp dong theo dd mot hay nhieu ngifdi (ngddi chii) thud mdt ngifdi khac (ngifdi dieu hanh) thay mat hp thi/c hien mdt so' dich vu va difdc phep dda ra nhiing quye't dinh hen quan" [6]. Theo do, Quy diu tu boat dpng theocd che'gom 3 thanh ph^n: Ngu'di dau td gop vd'n hinh thanh quy; Cdng ty quan ly quy dieu hanh quy;
Ngan hang giam sat bao quan tai san va giam sat hoat dpng ciia quy.
Khoan 27 Dieu 6 Luat ChiJng khoan 2006, Quy dau tif chdng khoan la quy hinh thanh tiT vd'n gdp cuanhadau tif vdi muc dich kie'm Idi nhuan tiy vide dau tif vao chl?ng khoan hoac cac dang tai san dau tif khac, ke ca bat dpng san, trong dd nha dau tif khdng cd quyen kiem soat hang ngay dd'i vdi vide raquye'tdinhdau tif ciia quy. Theo khai niem nay thi mot trong nhu'ng dac die'm phap ly cua QDTCK la nha dau td tham gia vao QDTCK khdng cd quyen kiem so^t hoat dpng hang ngay dd'i vdi viec ra quyd't dinh dau td ciia quy, CJIC quy dinh ve QDTCK theo Luat Chdng khoan 2006 da chi rd cac chu thd' tham gia vao QDTCK bao gom:
CTQLQ thanh lap QDTCK (Dieu 83), Nha dau tif cd c^c quyen va nghia vu khi tham gia vao QDTCK (Dieu 84) va Ngan hang giam sat (Dieu 98). Mdi chii the cd chdc nang va vai trd dae trdng rieng. Dd'i chid'u quy dinh vd dieu kien de' mdt td chdc difdc cdng nhan la phap nhan tai khoan I Dieu 74 Bp luat Dan sU 2015, thi QDTCK khdng cd tai san ddc lap va khdng nhan danh minh tham gia quan he phap luSt mdt each ddc lap. Do do,
QDTCK tai Viet Nam khdng cd td each phap nhan.
Hoat ddng quan ly QDTCK do CTQLQ thLfc hien.
Dong thdi, de' bao dam td'i da Idi ich hdp phap cua NDT con cd mdt chu th^ ddc ISp giam sat hoat ddng cua CTQLQ - do la NHGS.
3. Quyen quan ly, quyen giam sat quy dau ti^
chihig khoan theo phap luat Vi^t Nam 3.1. Quyen quan ly quy dau tUchvlng khoan Cdng ty quan ly quy dUdc id' chdc dudi hinh thdc cdng ty trach nhiem hiJu ban hoac cdng ty co phan theo quy dinh ciia Luat Doanh nghiep.
CTQLQ thUc hien nghidp vu kinh doanh sau: quan ly quy dau tu'chu'ng khoan, quan ly danh muc dau tu chdng khoan, tif van dau tu" chdng khoan (Luat Chdng khoan 2006). Sau khi Luat Chdng khoan dUde sila ddi, bd sung nam 2010, nham tie'p tuc hoan thidn he thd'ng van ban phap iuat dieu chinh ve QDTCK dap iJng ydu clu cua thifc ddn, Bp Tai chinh ban hanh Thdng tu' so' 212/2012/TT-BTC ngay 05/12/2012 ve thanh lap, to chdc va hoat ddng cdng ty quan ly quy. Theo dd, Cdng ty quan ly quy la doanh nghiep hoat ddng kinh doanh chdng khoan, cung ca'p dich vu quan iy QDTCK, quan ly danh muc dau tif chdng khoan va td van dau tif chdng khoan. Nhu vay, quan ly QDTCK la nghidp vu kinh doanh chinh ciia CTQLQ. Ndi dung quyen quan ly QDTCK cua CTQLQ the hien:
Quyen thanh lap cac loai hinh QDTCK:
QDTCK bao gom quy dai chiing va quy thanh vien. Viec thanh lap va chao ban chdng chi quy ra cdng chiing ciia quy dai chung do CTQLQ thUc hien va phai dang ky vdi UBCKNN; Vide thanh lap quy thanh vien do CTQLQ thifc hidn va phai bao cao vdi UBCKNN.
Quyen lidn quan de'n td chdc quan tn cua QDTCK: CTQLQ trieu tap hpp Dai hoi NDT (bao gom tat ca cae NDT, la cd quan quye't dinh cao nha't cua QDTCK), Chu'dng trinh va ndi dung hpp Dai hdi NDT difdc CTQLQ xay di/ng theo quy dinh phap luat ve doanh nghidp. Khi giai thd' QDTCK, CTQLQ ciing NHGS hoan tat viec thanh ly tai san quy va phan chia tai san quy.
Quyen lien quan de'n hoat ddng dau tif ciia QDTCK: NDT ^ ngifdi sd hiJu QDTCK, khdng cd quyen kiem soat hang ngay dd'i vdi viec ra quye't
dinh dau tdcua quy. CTQLQ xac dinh muc tieu boat dpng, ITnh vifc dau tif, trifc tid'p quan ly va sii dung nguon vd'n ciia quy dd' dau td vao chiing khoan hoac cac dang tai sandau tif khac, keca bat ddng san. Ben canh do, CTQLQ con cd mdt so' quy^n khac nhif: chi dinh thanh vien quan ly quy theo nhu'ng tieu chuan ma phap luat quy dmh de trife tie'p dieu hanh hoat ddng quy, xac dinh gia tn tai san rdng ciia QDTCK, xac dinh Idi nhuan va phan phd'i Idi nhuan, cdng bo thdng dn ve giao dich ciia quy.
Cd the khang dmh, ly do ton tai ciia CTQLQ chu ye'u la boat ddng quan ly QDTCK de' thu Idi nhuan. Do do, quyen cua CTQLQ dd't vdi QDTCK rat rpng, tiif phat hanh chdng chi quy huy ddng vd'n thanh lap quy tdi qua trinh td chdc vii boat ddng cua QDTCK. Bdn canh do, CTQLQ con cd quyen difdc hu'dng cac khoan phi quan ly va nhifng khoan thu khac theo thoa thuan vdi NDT. Phi quan ly la khoan chi tif ngu6n vd'n ciia quy, khoan thu khac cd thd' la tijr tien thifdng cho boat ddng quan ly quy cd hieu qua ciia CTQLQ dUdc xac dinh theo dieu Id va hdp ddng quan ly QDTCK.
3.2. Quyen giam sat guy dau tUchiing khoan Ngan hang giam sat la ngan hang thddng mai CO Giay chdng nhan dang ky hoat ddng lifu ky chdng khoan cd chdc nang thifc hidn cac dich vu lifu ky va giam sat viec quan ly quy dai chung.
NHGS CO trach nhiem chinh la bao quan cac tai san ciia quy, kid'm tra, giam sat boat ddng quan ly quy ciia CTQLQ, dam bao hoat ddng ciia cdng ty phil hdp vdi Dieu Id quy. Md'i quan he giiJa NHGS vdi CTQLQ lien quan de'n vide thifc hidn chdc nang giam sat QDTCK difdc quy dinh tai Dieu 98 Luat Chiing khoan 2006. Cd the' khai quat ndi dung quyen giam sat cua NHGS theo hai nhdm sau:
Quyen bao quan cac tai san ciia QDTCK:
NHGS thdc hien Idu ky tai sSn cua quy dai chiing;
quan ly tach biet tai san ciia quy dai chung va cac tai san khac ciia NHGS; Thifc hien boat ddng thu, chi, thanh toan va chuye'n giao tien, chd'ng khoan lidn quan dd'n boat ddng cua quy dai chung theo yeu cau hdp phap ciia CTQLQ; Xac nhan bao cao do CTQLQ lap cd lidn quan de'n quy dai chung;
Bao cao Uy ban Chdng khoan Nha nddc khi phat
hien CTQLQ va td chdc, ca nhan cd lien quan vi pham phap luat hoac Di^u Id QDTCK; Dinh k^
cung CTQLQ dd'i chid'u sd kd' toan, bao cao tai chinh va boat ddng giao dich cua quy dai chung.
Dd'i tifdng kinh doanh eua ngan hang thu'dng mai la tiin te. Bang nghidp vu chuyen mdn va cd sd vat cha't cua ngan hang thifdng mai, NHGS cd dii dieu kien dd' thdc thi quyen bao quan tai san cua QDTCK mot each chuyen nghiep.
Quyen kiem tra, giam sat hoat ddng quan ly QDTCK: NHGS giam sat de bao dam CTQLQ quan ly quy dai chung tuan thii quy dinh phap luSt vaDieu le QDTCK; giam sat vide tuSn thu ehd'dd bao cao va cdng bd' thdng tin ciia CTQLQ. Viec lap lai thuat ngiJ "giam sat" trong npi dung quyen giam sat lam cho quyen cua NHGS van con mang tinh chung chung, kho thifc thi.
Tom lai, cd chd' tach bach giiia quyen quan ly QDTCK va quyen nam giiJ tai san, giam sat boat ddng quan ly QDTCK difdc hau hd't c^c quo'e gia ghi nhan trong phap luat ve chdng khoan. Hoat ddng quan ly QDTCK dddc NDT uy thac cho CTQLQ NHGS thay mat NDT tien hanh giam sat boat dpng CTQLQ lien quan de'n QDTCK. Viec thifc thi mdi quyen nang ddi hoi CTQLQ va NHGS phai dap dng yeu cau ve chuyen mdn nghidp vu do phap luat quy dinh. Bdn canh dd, de dam bao tinh ddc lap Luat Chdng khoan 2006 con quy dinh han che ve tidu chuan nhifsau: NHGS, thanh vidn Hdi dong quan tri, ngu'di dieu hanh va nhan vien trifc tid'p cua NHGS lam nhidm vu gidm sat hoat ddng quy dai chung va bao quan tai san quy cua NHGS khdng dUdc la ngifdi cd lien quan hoac ed quan he sd hifu, vay hoac cho vay vdi CTQLQ va ngddc lai (Khoan 1 Dieu 99).
Theo bao cao cdng tac chi dao dieu hanh 6 thang dau nam 2018, Uy ban chdng khoan Nha nifdc (UBCKNN) da cap phep thanh lap 04 quy mdi. Tinh dd'n thang 5/2018, thi trddng cd 39 QDTCK dang hoat ddng (trong dd cd 30 quy dai chung va 09 quy thanh vidn), 45 CTQLQ boat ddng binh thu'dng, 04 CTQLQ thude dien tai cafu triic va 12 NHGS [7]. Cdng ty trach nhiem hSu han mot thanh vien quan ly quy Ngan hang thUdng mai cd phan (NHTMCP) Cdng Thudnp
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Viet Nam (Vietmbank Capital) cd vd'n dieu le Idn nha't Viet Nam 950 ty ddng, do NHTMCP Cdng thifdng Viet Nam (Vietinbank) sd hdu 100%, quan ly cac QDTCK: Quy dau td Kham pha gia tri ngSn hang Cdng thddng Viet Nam (VTBF), Quy dau tif trai phie'u Ngan hang Cong thddng Viet Nam (VTBF), Quy dau tdtrai phid'u doanh nghidp (CBIF), Quy tai cd cau doanh nghiep (DAF). Ngan hang thu'dng mai thdc hien giam sat viec quan ly cac QDTCK tren la NHTMCP D^u td va Phat trien Viet Nam - chi nhanh Ha Thanh. Hay Cong ty Lien doanh Quan ly Quy dau tif chdng khoan Vietcombank (VCBF) la Cdng ty lien doanh gitia NHTMCP Ngoai thifdng Viet Nam (Vietcombank) va Tap doan D^u td da qud'c gia Franklin Templeton Investments (FTI). Dd'n ngay 30/6/2018, VCBF quan ly Quy Dau tif can b^ng chie'n lUdc VCBF (VCBF - TBF), Quy Dau td Cd' phid'u hang dau VCBF (VCBF - BCF) va quan ly tdng tai san hdn 3.236 ty dong. Ngan hang giam sat cho hai QDTCK nay la Standard Chartered Bank. Ben canh dd, Vietinbank va Vietcombank deu la ngan hang thifdng mai cd chdc nang thifc hien cac dich vu lifu k^' va giam sat vide quan ly quy dai chung. DSy lai la cac ngan hang cd quan he t&i chinh vdi Viednbak Capital va VCBF. Nhu vay, tinh ddc lap giifa quyen quan ly va quyen giam sat QDTCK it nhieu bi anh hudng. Bdi vi muc tidu boat ddng cua CTQLQ va NHGS deu la kinh doanh vi Idi nhuan.
4. Mpt s6' kien nghi va ket luan
Tam ly ciia NDT hidn nay van thich dau tu rieng le. Do dd, dd' thu hut NDT tham gia dau tu tap the thdng qua QDTCK can phai coed chd'dam bao quyen Idi NDT, han chd' dd'n mdc tha'p nha't riii ro gap phai. Phap iuat Viet Nam ve QDTCK difdc xay difng theo hifdng bao ve td't nha't cho
quyen Idi ciia NDT thdng qua vide giao quyen cho cac chu the ddc lap trong vide quan ly va giam sat QDTCK. Tuy nhidn, phap luat van con mdt so'ton tai va can phai dddc hoan thien nhif sau:
Thd' nha't, ve quyen kid'm tra, giam sat boat ddng quan ly QDTCK. Nhu da phan tich, quy dinh ve quyen giam sat hoat ddng quan ly QDTCK ciia NHGS con mang tinh chung chung. Trong khi nghiep vu chinh eua NHGS (ngan hang thddng mai) la hoat ddng ngan hang, khdng phai la hoat dpng giam sat. Do do, phap luSt e^n quy dinh cu the hdn ndi dung hoat ddng giam sat de' NHGS d l dang thdc thi quyen han cua minh.
Thii hai, tie'p tuc hoan thien cae tidu chuS'n vd CTQLQ va NHGS. Tieu chuan trd thanh CTQLQ va NHGS anh hu'dng dd'n tinh ddc lap trong boat ddng quan ly, hoat ddng giam sat QDTCK. Mac dil phap luat da cd quy dinh vd cac han che' cua CTQLQ, han che' cua NHGS. Tuy nhidn, trdn' thifc te' cac chu thd nay van cd md'i quan he tai chinh vdi nhau nen de dan dd'n dnh trang mdc ngoac vu Idi gay thiet hai cho NDT.
Thii ba, can cd quy dinh de dam bao tinh ddc ISp cua CTQLQ va NHGS khi ma phap luat ve QDTCK khdng cam CTQLQ dddc quan ly nhieu QDTCK khac nhau, NHGS dddc giam sat nhidu QDTCK khac nhau.
An toan va hieu qua la dac tinh thu hiit NDT tham gia dau td vao QDTCK. Trong do, chu the quan ly va chu the giam sat QDTCK difdc to chdc theo hudng tach bach, doe lap ve pham vi quy^n va trach nhidm la mdt trong nhiing yd'u to' the hidn dac tinh nay. Do do, phap luat dieu chinh vd QDTCK can difdc hoan thten kip thdi nhifng diem con han chd'la bao dam phap ly can thid't de NDT cd the kiem soat dddc qua trinh hoat ddng cua QDTCK, gdp phan phat trien md hinh dau tif tap the nay tren thi trifdng chdng khoan Viet Nam •
TAX LIEU THAM KHAO:
i. Luat Chifng khoan 2006, dmc sHa doi bo sung nam 2010.
2. Thong lU so 212/2012/TT-BTC cua Bo Tai chinh ngay 05/12/2012 ve thanh lap. to chiic va hoat dong cong ty quan ly quy.
3. Trdn Thi Thiiy Link (2011), Quy dau tU chiing khoan tren thi trudng chiing khoan Viet Nam, NXB Lao dong Xa ho i, trang 5.
4. Nguyin Thu Thuy (2011), Phat trien cac quy ddu tu chiing khoan d Viet Nam hien nay, Luan dn Tie'n sy kinh te- Dgi hoc ThUcfng mai Hd Noi, trang 9.
5. Uy ban Chiing khoan nha nUdc - Trung tam Nghien ciiu khoa hoc va dao tao chiing khoan (2009), Gido trinh nhiing vd'n de ca bdn ve chiing khodn vd thi trudng chiing khoan, NXB Vdn hoa - Thong tin Hd Noi, trang 304.
6. Le Net, Kinh le'lual, NXB Tri thiic 2006.
7. Website: www.ssc.gov.vn Ngay nhSn hai: 1/8/2018
Ngay phan bidn danh gia va si^a chfl'a: 11/8/2018 Ngay chap nhan dang bai: 21/8/2018 Thong tin tdc_gid:
ThS. NGUYEN THI HONG PHlTCfC NCS. Hpc Vien Khoa hoc Xa hoi
Giang vien D^i hoc Thu D^u Mdt, Binh Difdng
RIGHTS OF MANAGEMENT AND SUPERVISORY OVER THE SECURITIES INVESTMENT FUND
• MA. NGUYEN THI HONG PHUOC Post Graduate Student of A c a d e m y of Social Sciences
Lecturer of Thu Dau Mot University, Binh Duong
ABSTRACT:
Securities investment fund, fund management company and supervisory bank are new concepts in Viemamese securities market. The securities investment fund is characterized by their distinctive organizational structures and operations. Therefore, to protect investors interests when joining secunties investment funds, the legal system assigns the functions of management and supervisor over securities investment funds to independent entities. This article analyzes the nature of the securities investment fund, the management right of fund management company and the supervisory authority of the supervisory bank in relation to the securities investment fund. The article also makes suggestions to improve related laws and provides investors a mechanism to safeguard their investments, avoiding empowered entities wrongdoings.
Keywords: Securities investment fund, securities investment fund management, securities investment fund supervision.
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