.JournalofScience- 2016 Voi 10(2). 75-79 ParlB: Political Sciences, Economics andLaw
Tap chi Khoa hoc Tru'dng Dai hoc An Giang ISSN 0866 - 8086
BAN VE K H A I N I E M B A O L A N H P H A T H A N H CHU*NG KHOAN
NgiQ^ Kim Nam', Doin Tfaanfa Vii^
^Trudng Cao ddng Cdng dntang TP.HCM
^So 20, Tdng Nhan Phu, Phudc Long B, Qugn 9 Titdng lin chung:
Ngdy tihgn bai. 21/10/15 N^y nhgn ket qud binh duyet:
02/03/16
Ng^ chdp nhgn ddng: 06/16 Tide:
A discussion on the concept of sec^rfSes issuance guarantee Tie khda:
Bdo ldnh, phdt hdnh chung khodn
Keywords:
Guarantee, securities underwriting
A B S T R A C T
Understanding accurately the concept of securities issuance guarantee would help the guarantor not only to distinguish the concept of civil obligations' guarantee, but also lo be insight into the application of secunties issuance guarantee. As a result, people can urulerstand the basic characteristics of the securities issuance guarantee and its contracts. Moreover, in terms of the discussion, it is clearly seen diat die regulatiims, procedures, and conditions issued by the securities issuance guarantee sectors are stricter compared with the other guarantees in civil or commerce sectors. In particular, die guarantees in this situation could be individuals and fallowed by requirements are essential for these individuals due to die securities legislation.
T6MTAT
Viec hieu ddng vd ro ve khdi ni?m bdo ldnh phdt hdnh chung khodn /didng chi cd y nghia trong viec phdn biet vdi Ididi niem bdo ldnh ve nghia vu ddn su md cdn CO y nghia trong vi^c dp dung bdo lanh phdt hdnh chung khodn doi vdi chu the bdo ldnh. Tir do, thay dugc nhiing dgc trung ccr bdn cua bdo lanh phdt hdnh chiing khodn vd hgp ddng dich vy bdo ldnh phdt hdnh chiing khodn. Han the nOa. thdng qua viec bdn ve ididi niem bdo ldnh phdt hdnh chung khodn de thdy rdng dan vi thyrc hien bdo lanh phdt hdnh chimg Idiodn dugc phdp lugt chimg khodn ddt ra nhdng quy dinh ve dieu kien bdo lanh Id nghiem khac hon so vdi cdc logi bdo ldnh khde d ddn su hoac thuang mgi. Dgc biet, thdy dugc viec nen bo sung chu the bdo lanh Id cd nhdn vd quy dinh dieu kien doi vdi chu die dd Id dieu c&ilhietvd cdp bdch cda phdp lugt ve chung khodn.
Ke tir khi tfai tradng cfaung khoin dupc hinh flianfa, trong giao luu thuang mgi bit diu xuat hien thuit ngu mdi cd Uen quan den bao lanfa (BL) dd li thuat ngu "bdo ldnh phdt hdnh chiing khodn"(BLPHCK). Mac du cung cd bin chit Ii hanfa vi phip luit nhung vdi tinfa cfait li fainfa vi kinh doanh tren thi tracmg cfaung kfaoan (TTCK), nfn kfaii niem BLPHCK cin dupc phan ticfa, tim hieu d nfaung gdc dp kfaic nhau nfaam pfain biet vdi BL dupc quy dinh d din luit.
Trong ngon ngu thdng tfaucmg, BL dupc hieu la viec mpt ngudi cam ket vdi ngudi kfaic se nhan lay ttach nfaiem ve minfa de thye faifn cdng viee nfalt dinfa, tren co sd dd tiiy tfaupe vio tfada tfauin Clia ben nfaan BL vdi ben BL de ben BL nfagn faogc kfadng nfaan tien tku lao BL. Tuy nhien, dlu l i kfaoa fapc phip Iy, nhung BL tfaeo Luat Chiing khoin cdn cd diem khac bift so vdi BL tfaeo Luat Din sy. Trong kfai do, tfaeo ly lugn vl pfaip luit thi
Joumal ofScience-2016. Vol 10(2). 75-79 quy dinh luat rifng khdng dupc ttai vdi luat chung dd li din lugt (civil law).
Dilu 6 Luat siia dli bo sung mpt so dieu cua Luat Chiing khoan 2006 tiii kfaai niem BLPHCK duac ghi nhan: "BLPHCK la viic td chuc BL phdt hdnh cam kit vdi td chdc phdt hdnh thuc hiin cdc thu tuc trudc khi chdo bdn chung khodn, nhdn mua mot phdn hay todn bd chdng Idiodn cua td chdc phdt hdnh di bdn lgi, hodc mua s6 chdng khodn con lgi chua dugc phdn phdi hit cua td chdc phdt hdnh. hodc hd ti-a td chdc phdt hdnh trong viic phdn phdi chdng khodn ra cdng chdng". Quy dinh nay cfao tfaay, BLPHCK l i quyin ciia cfau tiie BL. Vi tiitii tir thdi diim BL chi cd faai cfaii tfal cjiinfa l i bfn BL vi ben nhin BL.
Trong kfai do, Dilu 361 Bp Luat Dan sy nam 2005 (BLDS 2005) cung nhu Dieu 367 BLDS dy tiiao 2015 CO hifu luc n g ^ 01 thing 01 nim 2017 quy dinh: "BL Id viic ngudi thd ba (sau ddy ggi Id bin BL) cam kit vdt bin co quyin (sau ddy ggi Id bin nhdn BL) sS thttc hiin nghia vu thay cho bin cd nghfa vu (scm ddy duoc ggi Id ben dugc BL), niu khi din thdi hgn md bin dugc BL khong thuc hien hodc thuc hien khong dung nghia vu. Cdc ben cung CO the thoa thudn vi viic bin BL chi phdi thuc hiin nghta vu khi bin dugc BL khdng cd khd ndng thuc hiin nghia vu ciia minh ". Vdi quy dinfa dd, BL dupe faieu l i bifn phap bao dam tfauc faien nghTa vy din su, frong do ngudi thir ba diing tai san thupc quyen sd hihi cita minfa de bio dam Ifayc faifn nghTa vu dan sy ciia ngudi khac chii khdng phai l i bao dam thuc faifn ngfaia vy cfainh cfaii sd fauu tai san nhu cac chl dinh bio dim khac. Vi v ^ , frong bifn pfaap BL ben bao dam khong pfaii la bfn ed nghTa vy dupc bio dam, ddng tiicri kfaong chi co faai cfaii till chmh la ben co quyen vi ben co nghTa vu mi cd it nhit ba chu tfae do la: Ben BL, ben nfagn BL va ben cd ngfaia vu (Hoing The Lien, 2009).
So sanfa khai niem vl BLPHCK duoc quy dinh tai kfaoan 22 Dilu 6 Luat siia doi, b l sung mpt sd dilu luit ciia Luit Chiing khoan 2006 duoc Qudc hpi Khda 12 ngiy 14 tiiang 11 nam 2010 tiiong
Part B: Political Sciences, Economics andLaw qua so vdi khii nifm v l BL dupc quy dinh tai Dilu 361 BLDS 2005, fliilt nghi kfai faiiu, pfain tiefa kfaai luf m BLPHCK can Iim rd mdt sd npi dung CO bin sau:
1. B^C TRUNG CO B A N CUA BAO LANH PHAT H A N H CHlfNG K H O A N BLPHCK bao gid eung dupe thyc hien bdi nhiiiig td cfaiic efauyen ngfaifp la cdng ty chiing khoan (CTCK) faogc to cfaiic kfaac dupc pfaep cung ling dicfa vy BLPHCK, Tren nguyen tic, cic cfaii thi n ^ pfaii dupc cap g i ^ pfaep faogt ddng BLPHCK vi pfaii tien hinh dang ky kinh doanfa vdi co quan cd tfaim quyen ve faogt ddng BLPHCK. D ^ chinfa l i diim khic bift so vdi quy dinfa ve BL tfaeo din luat cfau yeu dat ra Ii ngfaTa vy dan su ve tai sin ciia ngudi BL va ngudi BL kfadng nfait tfailt pfaii cd giiy phep hoat dpng BL ciia co quan cd tfaim quyen.
BLPHCK khdng pfaai l i cam ket bio dam tiiyc faien ngfaia vy din su nfau dinfa ngfaTa tgi Dieu 361 BLDS 2005 ma tiiyc ehit cfai la cam kit bio dim tfayc faifn quyen pfaat fainfa cfaung khoin cua td chiic phit hinh. Cd the khang dinfa nfau vgy vi, doi tupng cua fainfa vi BLPHCK ra cdng cfaung ehinfa l i vifc pfait fainfa cfaung kfaoan ra cdng cfaiing ciia to cfaiic pfait faanfa v i von di ve bin efaat, viec phat hinfa cfaiing kfaoan ra cdng cfaung ehi la quyen chii kfadng pfaai l i nghTa vu tii san ciia to efaiic phit fainfa can phii thyc hien doi vdi ngudi thu ba. Ndi cicfa kfaic, do khdng phii l i fainfa Ihuc bio dim nghTa vy dan su nen BLPHCK khong cd cau true ehu the nhu quan hf bio lanfa thyc hien nghTa vy din sy. Die diem nay cho pfaep phan bift BLPHCK vdi cae hmh tiuic BL kfaac cd tinfa efaat nhu l i cam ket bao dam nghTa vu dinsy.
BLPHCK l i dieh vu tiiuong mai, theo dd ben BLPHCK cam ket tfaye faifn mpt faoic mpt so cong viec cfao to cfaiic phit hanh ehung kfaoan de nfagn tien tfau lao dicfa vy tfaeo tfada tfauin.
Tuy cd ciing tinfa efaat l i dicfa vy thuong mgi gidng nfau BL ngan faing nfaimg boat dpng
Joumal ofScience - 2016, Voi 10 (2). 75- 79 BLPHCK khac vdi faogt <^ng BL ngin faing d cfad BLPHCK khdng phii la cam kit bio dim tfayc faien ngfaia vu din sy, trong kfai BL ngin hing viia l i Ioai fainh dicfa vy tfaucmg mai nhung ddng tfadi cung Ii hinh tfaiic bio d ^ ngfaTa vy din su.
Nfau vay, vl bin chat p h ^ ly, BLPHCK tiiuc efaat li fainfa vi cung iing dicfa vy cd tinh cfafit thuang mai de kiem ldi cfaii kfadng pfaii la hinh vi bio dim nghTa vy din su gidng nfau vifc cam co, till cfaip, fa^ ky cupc, dit cpc tfaeo quy dinh tgi cac dilu tir 318 din 373 cua BLDS 2005. Ndi cich khac, BLPHCK tiie hien cpiyfn cua chii tfal BL facm la nghTa vy nfau BL dupc quy dinfa d Lugt Dinsy.
2. H<;P DdNG DJCH VV B A O LANH P H A T HANH CHtTNG K H O A N . Trong qui trinfa tic ngfaifp kmfa doanh, td cfaiie BLPHCK nfalt tfaiet phii ky ket fapp ding dicfa vu vdi to cfaiic phit hanh de lim co sd p h ^ ly cfao viec tfayc faien dicfa \M. BLPHCK. Kfai do, fapp ddng dicfa vy BLPHCK dupc xem nfau la cdng cu pfa^ ly de tfayc faien ngfaifp vy BLPHCK. "Hap ddng dich vu BLPHCK dugc hiiu Id su thda thudn bdng vdn bdn giua to chdc BL phdt hdnh chung khodn vdi td chttc phdt hdnh chiing khodn, theo dd bin cung ung dich vu cam kit thuc hiin cdc thii tuc trudc khi chdo hdn chiing Idiodn, nhgn mua mdt phdn hay todn hd chiing Idiodn ciia td chuc phdt hdnh di bdn lgi hodc mua sd chiing khodn con lgi chua bdn hit hodc hd trg td chdc phdt hdnh trong viic phdn phdi chimg khodn ra cdng chdng" (Pfagm Tfai Giang Tfau, 2008, frang 314).
Nhu VE^, fapp ddng dicfa vu BLPHCK thuc chit l i fapp dong dicfa vu tiiucmg mgi. V i fapp ddng n£^
cd ddi tupng l i cdng viec ma ben cung ung dicfa vu cam ket tfauc hien efao ben su dung cfacfa vy de dupc nhan tien cdng dich vy l i phi BLPHCK.
Cdng viec nay cd diem die thu la gin vdi viec su dyng cac kT tiiuat nghiep vy kinfa doanfa cua td cfaiic BLPHCK v i cfai cd nhung to cfaiic nghe
Part B: Political Sciences, Economics andLaw ngfaifp efauyen mdn nfau CTCK mdi cd khi ning tiiyc hifn. Cdn ddi vdi kfaoin pfai dicfa vy BLPHCK, do cd bin chit l i tien eong faay gia ca Clia dich v^ tiiucmg mai nen khoin pfai nay thucmg pfain infa cic cfai pfai mi cac ben eung iing dicfa vy da bd ra dl (ien fainfa dicfa vu v i dim bio cd lai fapply.
Dilu 632 BLDS 2005 quy dinfa: "Viic BL phdi dttgc lap thdnh vdn bdn. co thi lap thdnh vdn bdn rieng hodc ghi trong hgp ddng chinh. Trong tntdng hap ph^ ludt co quy dinh thi vdn bdn BL phdi dugc cdng chimg hodc chung thuc'\ Dieu n ^ , dong ng^a vdi vifc khdng nfait tfaiet BL din sy phii dupc 1 ^ thinfa van ban (fapp dong) rifng.
Hon the nua, day khdng pfaii l i BL dieh vy tfauong mgi nen kfadng nfait fluet dgt ra van dl pfai giua ben BL v i ben nfaan BL. Ndi c:icfa kfaic, dcm tfauan nd cfai la bien phap bio dim thyc faifn hpp ddng din sy.
Thdng tfaudng, df pfait fainfa ehiing khoan ra cdng chung, to cfaiic pfaat faanfa can pfaii dupc sy BL pfait fainfa. Neu sd lupng pfaat faanh kfadng ldn tiu efai can cd mdt to ehiic BL pfait faanfa. Neu do l i mdt edng ty 1cm v i sd lupng cfaung kfaoin pfaat faanh vupt qui kfaa nang cua mpt to cfaiic BL tfai can pfaii cd mpt to fapp BL pfaat faanfa, bao gdm mdt hoac mpt sd td efaire BL chfnh v i mdt sd td cfaiic BL phit hanfa tfainfa vien. Cac td cfaiic BL phit hinh dupe faudng mpt kfaoin pfai BL nfaat dinfa tren so tien tfau dupe tii dpt pfait faanh. Pfai BL cao fa^
tfaap la tuy tfaude vao tinh chit cua dot phit fainfa Odn hay nhd, tfauin lpi fa^ kfad kfaan).
Ddi vdi trii pfaieu, pfai BL pfau tiiupc vao lai suit frii phieu (ISi suit ttii phieu tfa^ tfai pfai BL pfait faanh cao va ngupe lgi), Trong kfai do, BL theo qay dinfa Luat Din su, kfadng dit ra van dl ve phi cao faav' tbap ma efaii yeu li su tfada tfauan eua eac ben. Han nira, BL frong dan sy mang tinfa bao dim cao faay t h ^ cdn gan hen vdi yeu to nhin than.
3. CHU THE THVC HIEN BAO L A N H PHAT HANH C H U N G K H O A N
Joumal ofScience-2016 Vol 10(2). 75-79 Theo Luat Chiing kfaoan vi cac van bin hudng dSn tfayc hien cua Bp Tii chmh (2007) tili 'Td chdc BL phdt hdnh Id cdng ty chiing Idiodn dugc phip hogt ddng BLPHCK vd ngdn hdng thuong mgi dugc tjy bm Chimg khodn Nhd nudc chdp thudn BL phdt hdnh trdi phiiu theo diiu kiin do Bg Tdi chinh quy dinh".
Xet thfiy, faoat ddng BLPHCK cd bin chit l i dicfa vy tfauong mai nen cbu the tien fainfa faogt ddng nay thudng thda man mpt so dieu kifn theo quy dinfa cua pfai^ lugt, cy thi Ii CTCK vi ngin faing thuang mai duoc Uy ban Chiing khoin Nfaa nudc cfa^ thugn BL phat faanfa theo dieu kien do Bp Tii chinh quy dinfa. Viec quy dinfa cac dieu kien n ^ giiip ca quan cd tiiam quyen Idem soat tot faon ddi vdi hoat dfng kinh doanh chiing khoan va thdng qua do nfaam bio vf qiQ'^i Ipi cfao cae cfau tfae tham gia thi tmdng nfau cac nfaa diu tu, eic to efaiie pfait fainh cfaiing kfaoin. Vi vay, BLPHCK pfaai cd g i ^ phep thanfa 1 ^ vi faoat dpng kinfa doanfa cfaiing kfaoan. Va cd ngudi dgi difn fapp pfaip du nang lyc vi tham quyen dl xic lgp giao dicfa BLPHCK. Ngoii dilu kifn cd tinh chat nguyen tic n ^ , Kfaoin 2 Dilu 60 Lugt Cfaung khoan nam 2006 edn quy dinfa CTCK efai dupe phep fliyc hifn ngfaifp vy BL pfait hanfa kfai tiiye faifn nghifp vy ty doanh cfaiing khoan. Quy dinh nay cd the xem nfau la dilu kifn bat bupc, du la kfadng ehinh thiic, dli vdi chii tfae muon tien fainfa nghifp vy BLPHCK fr6n TTCK.
Theo quy dinfa tgi kfaoin 14 Dieu 6 Luat Cfaung kfaoan nam 2006 tiu don vi tiiye faifn BLPHCK chi cd hai don vi l i CTCK va ngan faing fliuong mgi. Nfau viy, don vi tfaye hien BL d liiih vyc cfaung khoin la hep faon so vdi BL dan sy fajy tiiuong mai Hon till nua, p h ^ lugt vl chiing khoan cung quy dinfa dilu kifn BL doi vdi don vi nhan BL, cu till nhu sau:
Dli vdi CTCK Chi dupe phep tiiyc faien nghifp vy BLPHCK kfai tiiyc hien nghifp vy ty doanh cfaiing khoin, v6n phap dinfa dl tiiyc faifn ngfaiep vy ty doanfa cfaiing kfaoin la 100 ty Viet Nam ding, nghiep vy BLPHCK li 156 ty Vift Nam
PartB: Political Sciences, Economics andLaw ding. CTCK kfadng vi pfaam p h ^ lugt chung khoan ttong 6 tfaing Uen tyc Uen trudc tfadi diem BL. Va cd ty If vdn kha dyng trfn no dieu ehinh tren 6% ttong 3 tfaang Uen trudc thdi diem nhan BLPHCK. Dgc biet, tong gii tti BLPHCK khdng dupc Idn hon 50% von cfaii sd fauu cua td chiic BLPHCK vio tfadi diem cuoi quy gan nfalt tinh din ngiy ky fapp dong BLPHCK, trir tradng faop BLPH cd pfaieu, trai phieu duoc Chinh pfau BL.
Doi vdi ngan hing thuong mai: Chi dupc BLPH frii philu, khdng dupc BLPH co pfaieu, cfaung cfai quy dlu tu. Day l i diim kfaic bift so vdi CTCK Hon the nua, ngan faing tfauong mgi muon thyc faifn BLPH ttai pfailu vdi so lupng toi da bao nhifu v i tong so tien (dupc tinfa tten co sd so lupng ttii phieu) pfaii dupe Uy ban Chiing khoan Nhfi nudc cfao pfaep kfai hpi du cae dieu kifn tiieo quy dinfa cua Bp Tai efainfa.
Hon thi nua, cic tmdng fapp BLPHCK cfaua nifm yit, nfait l i BLPH frong eic dpt IPO (lln dau phit hanfa cfaiing kfaoan ra cdng cfaiing) co the gap nii ro hon. Bdi tfayc tl, cic doanh ngfaiep mong muon bin faet eo pfain nfaung fap kfaong biet lam tfal nao bin hit dupc. Trong khi dd, faau nhu cic CTCK khdng diing ra thyc faien BL. Bdi le, fap kfadng cfai lo nggi cic cfaiing kfaoin khdng dii sue h ^ dan thu hiit nfaa dau tu ma cx>n kfadng cd nfailu von dl BL hrong cic dpt phat fainfa niy (Trang Ninh, 2015). Tuy nfaien, cic CTCK cd till sir dung pfauong tfaiic Uen kit BL, ttong dd mpt tfaanh vifn frong nhdm l i ngin hing tfauong mai, nguon von Idn cua ngin faing se dam bao vifc BL se tfaanfa c;dng. Nfaung cac ngin faing lgi kfadng mgn mi tiiln kfaai, dgc bift la tii ngi^
01/2/2015 khi Thdng hi sl 36/20I4/TT- NHNN cua Ngin hang nfai nude vl gidi faan dau tu CO pfaieu ciia cic ngan faing fliuong mai da cd faifu Iyc. Dilu nay da lim cfao TTCK kfadng cdn sdi ddng, h ^ din, fagn cfai IPO ciia mpt so CTCK.
Cd tfae ndi, Luat Cfaiing kfaoin dgt ra yeu eau doi vdi cfaii till BLPHCK ngfaiem kfalc faon, nhiiu
Joumal OfScience-2016. Voi 10(2). 75-79 dieu kifn hon so vdi Lufit Din sy. Vi tat nfaien efaii tfae BL d day pfaii li to cfauc cfaii kfadng tfal l i c i to chiic Ian ci nhan nfau ttong LuiU Dan sy.
Song, tfaeo ciuan diem eua mdt so nhi ngfaien ciiu thi can md rpng don vi thye hifn BLPHCK, cd the bd sung fliem chii till thyc faien BLPHCK l i ca nfaan faanfa ngfae bio lanh phit fainfa efaiing kfaoan.
Ngoai ra, nen bo sung them eic fainh flnic BL nhu BL tat c i faogc kfadng faoic l i BL co glng toi da, BL CO gang tdi tfailu, BL tfaeo pfauang tfaiie dy phdng de pfau hpp vdi mdt so nudc tren thi gidi cung nhu pfau fapp tfadng If cpilc tl.
Thdng qua vife tim hiiu khii niem BLPHCK, so sanfa mpt so diem kfaic biet vdi Lugt Dan sy, thiit ngfai, tfayc cfait kfaii nifm BLPHCK tfaeo quy dinfa Lugt Cfaung kfaoan kfadng frii vdi quy dinfa cua '.ufit cfaung li din luat, nd phii hpp vdi die tnmg cua TTCK. Tuy nfaien, can xem xet d nfailu kfaia egnfa Idiic nfaau de ed tfaf "md rpng" kfaii niem BLPHCK. Vi van de dit ra kfai nghifn ciru BLPHCK la can xem xet mot sd ndi dung ve dac trung CO biu eua BLPHCK, fapp dong dich vy BLPHCK ciing nfau cfaii till tiiyc faifn BLPHCK dupc quy dinfa d kfaii niem BLPHCK tfaeo Luat Cfaung kfaoan faien fainfa. Hon tfae niia, ngfaien ciiu nay pfain nio gdp pfaan vio viec faoan tfaifn "khii nifm bio lanh" va mdt so quy dinh cd Uen quan dfn BL d van bin faudng din thi hanfa BLDS dy tfaio 2015. Vi faifn n ^ , ve co bin dy thio 2015 cd nfaieu dllm mdi dang kl song cfaua tap tiimg sua ddi nfaieu vl van dl BL
ParlB: Political Sciences. Economics andLaw T A I L i f u THAM K H A O
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Nfaa xufit ban Cfaiitii tri Quoc gia
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