60 ?i£liien ciiu • '1 rao ddi
THI TRUCiNG CfltJNG KHOAN 6 Nt/dC TA
y v ' ^ ' f* '
- MOT SO KIEN NGHI Xl/ LY VI PHAM PHAP LUAT TRONG LINH Vl/C NAY
Phan Anh Tui'no
T
hi trfldng ehflng k h o i n (TTCK) la thi trfldng t a p trung cIc ngudn vdn cho dau tfl va p h a t trien k i n h te, do dd cd t i e dgng r a t ldn den mdi trfldng dau tfl ndi rieng va n e n kinh te ndi chung. TTCK cdn dflgc ggi la phong vu bieu eua n e n k i n h te va la mgt cdng cu quan t r g n g gidp Chinh phu thfle hien chinh s i c h k i n h te vi md. Theo De a n p h a t t r i e n TTCK Viet N a m giai doan 2011 2020 da dflgc Uy ban Chflng khoan (CK) xay diing va t r i n h Bg T i i(*) ThS. Luat hoc, TrUdng Dai hoc Luat Tp.
Hd Chi Minh
'*' Hoang Xuan, So bg chien lugc phdt trien thi trUdng chdng khodn 2011-2020, ngudn: bttp://
vneconomy.vn/20110317103730854p0c7/so- bo-chien-luoc-phat-trien-thi-truong-chung- khoan-20112020.btm
chinh, t r i n h Thu tfldng C h i n h phu phe duyet thi: "Chien IflOe p h a t t r i e n TTCK giai doan s a p tdi se hfldng tdi muc tieu:
t a n g quy mo, cung cd tfnh t h a n h khoan eho TTCK, pha'n dau dfla tdng g i i tri vdn h o i t h i trfldng cd phieu d a t tfl 70%
den 100% GDP vao n a m 2020, t a n g tfnh hieu qua eho t h i trfldng t r e n cO sd tai cau true td chfle TTCK, h i e n dai hoa cO sd ha t a n g , chuyen n g h i e p hoa viec td chflc va van h a n h h a t a n g cdng nghe thdng tin, n a n g cao sdc c a n h t r a n h cua cac dinh che t r u n g gian t h i trfldng, cac td chflc phu trd t h i trfldng va cua TTCK Viet Nam, tang cfldng n a n g life quan ly, g i i m sat, thanh tra, xd ly vi p h a m , cung cd long tin cua n h a dau tfl... "'i'
Nhflng t h a n h tflu cua TTCK la rat quan t r g n g t r o n g qua t r i n h p h i t trien k i n h te nflde ta, tuy n h i e n TTCK Viet
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Nam neu so s a n h vdi cae nflde p h a t trien khac t r e n the' gidi t h i v i n nhd be, d dang so khai, la linh vfle d i u tfl h e t sflc nhay cam, rui ro cao va de p h a t sinh tieu cflc, cd the a n h hfldng xau den n e n kinh td eung nhfl xa hgi. N h a m d i m b i o thfle thi p h i p luat ve CK va TTCK, ddng thdi b i o ve quyen lgi cua cIc ehu the t h a m gia TTCK, nflde t a sfl dung nhieu bi§n phap p h a p lualt, trong dd cd phap luat hinh sd de xfl ly dd'i vdi nhflng h a n h vi vi p h a m p h a p luat nghiem trgng trong boat dgng CK va TTCK. Trong pham vi bai viet nay, chdng tdi chi t a p trung dfla ra mgt so' kien nghi ve phap luat hinh sfl n h i m h o a n t h i e n p h a p luat ve bao ve boat dgng CK va TTCK nflde ta.
Vdi muc tieu da dflgc d a t ra tai Nghi quyet sd 49-NQ/TW ngay 02/06/2005 cua Bg Chinh tri ve ehien Iflge Cai each tfl phap ddn n a m 2020: Hoan thien ehinh saeh, phap luat h i n h sfl va dan sfl phd hgp vdi n e n kinh te thi trfldng dinh hfldng XHCN, xay difng N h a nflde phap quyen XHCN Viet Nam eua n h a n dan, do n h a n dan, vi n h a n dan; Luat Sda ddi, bd sung mdt so dieu cua Bg luat Hinh sfl nam 1999 (ed hieu life tfl ngay 01/01/2010) da qui dinh 3 tgi d a n h mdi trong linh vfle CK va TTCK: Tgi cd y cong bo thong tin sai lech hodc che ddu sU that trong hogt dgng CK (Dieu 181a); Tgi sU dung thong tin ngi bg di mua bdn CK (Dieu 181b); Tgi thao tung gid CK (Dieu 181c).
Day la l l n d i u tien tdi p h a m trong linh vfle CK v l TTCK dflOc quy dinh trong Bg luat Hinh sfl v l nd la mgt bflde tien quan trgng trong vi§e h o i n thien dan khung phap ly chung dam bao cho TTCK boat dgng mdt c i c h minh bach, hieu qua. Ba loai tdi nay cung la ba h a n h vi phd bien
'" DCSVN, Vdn kien Dai hdi dgi bieu todn qude Un thu XI, Nxb CTQG,HN. 2011 tr. 212
va gay thiet h a i nhieu nha't tren thfle te trong thdi gian qua. Tuy nhien, theo chung tdi, day chi I I giai doan d i u trong q u i trinh tgi p h a m hda e l e h a n h vi xam pham t r a t td quan ly kinh te trong linh vfle CK va TTCK, dap flng yeu eau cap thiet xfl ly bang h i n h sfl ddi vdi ele b a n h vi nguy hiem dang ke trong giai doan hien nay d nflde ta. Cung vdi sfl phat trien ngay cang md rgng ve qui md eua TTCK nflde ta, neu chi dflng lai d viec quy dinh 3 tdi danh de xfl ly hinh sfl trong llnh vfle CK va TTCK la ehfla du, vi eac h a n h vi xam pham t r a t tfl quan ly kinh te trong linh vfle CK va TTCK ngay cang gia t a n g ve so lflong va ca ve tfnh chat nguy hiem cho xa hgi. Do dd, viec xem xet, can n h i c tiep tue tgi pham hda va qui dinh vao trong Bd luat Hinh sfl cae h a n h vi xam pham t r a t tfl quan ly kinh te trong linh vfle CK va TTCK la mgt yeu ciu cap thiet. Dieu nay hoan toan phd hgp vdi quan diem eua Dang ta dflgc ghi n h a n trong Van kien Dai hgi dai bieu toan qude lan thfl XI:
"Hoan thien the ehe bao dam phat trien lanh manh TTCK, t a n g tfnh minh bach eua thi trfldng; chdng eac giao dich phi phap, cae h a n h vi rda tien, n h i i u loan thi trfldng, lam cho thi trfldng nay ngay cang ddng vai trd quan trgng trong huy dgng vd'n eho d i u tfl p h a t trien"'"
Qua nghien cflu thfle t i i n xfl ly h a n h chinh va hinh sfl eac b a n h vi vi pham phap luat ve CK, TTCK thdi gian qua va phap luat hinh sfl cua mgt so nflde tren the gidi, chung tdi kien nghi sfla ddi, bd sung vao trong Bg luat Hinh sd nam
1999 c a c t o i p h a m v e CK nhfl sau:
1) Bd sung vdo trong Bg tudt Hinh stt toi gid mao ho scf ddng ky chdo bdn CK ra cong chiing hodc ho sd niem yet CK
TTCK la ngi d i i n ra cac boat dgng
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giao dich, mua b a n e l e loai CK trung va dai h a n . Vdi tfl each la mgt loai thi trfldng, TTCK ddi hoi h a n g hda CK p h a i d i p dng yeu eiu chat Iflgng theo tieu ehuan eua TTCK: CK dflgc tao r a va p h a t h a n h phai la t h a t , k h d n g dflgc gia mao va dap dng qui dinh cua p h a p luat. H a n h vi tao ra CK g i i mao la h a n h vi gia mao hd so d a n g ky chao ban CK r a cdng chdng hoae hd so niem yet CK. H i n h vi nay cd tfnh nguy hiem cao eho xa hgi, ed the gay t h i e t h a i nghiem trgng eho e l e n h i d i u tfl hoae sfl dn dinh, l a n h m a n h eua TTCK.
Tuy nhien, nghien cflu cIc qui
dinh cua Bg luat Hinh sfl hien h i n h cho thay, ehfla cd qui dinh xd ly h i n h sfl ve h a n h vi neu t r e n . Do vay, chung tdi kien nghi tgi p h a m hoa h a n h vi g i i mao hd so dang ky chao b i n CK ra cdng chdng, hd so niem yet CK, quy dinh t h a n h mgt tgi pham cu the trong Bg luat Hinh sfl.
Trong trfldng hgp nay cd the quy dinh nhfl sau: Ngfldi nao ed h a n h vi gia mao hd so khi ddng ky chdo bdn CK ra cong chung hodc ho so niem yet CK gdy hdu qud nghiem trgng thi bi phat tien tU...
den..., cdi tgo khong giam giU tU... den...
hodc phat tu tU... den
2) Bd sung vdo trong Bo ludt Hinh sit toi sdi dung trdi phep tdi khodn cua ngitdi khde trong hoat dong CK
Dieu 71 Luat Chflng k h o a n quy dinh ve nghia vu eua cdng ty CK, t a i khoan 2 cd neu: Quan ly tach biet CK eua tflng n h i d i u tfl, t i e h biet tien v l CK eua n h i d i u tfl vdi tien v l CK cua cdng ty CK;
k h o i n 3 Dieu 81 cung k h a n g dinh: Ngfldi h a n h nghe CK k h d n g dflgc sd dung tien, CK t r e n t i i khoan cua k h i c h h a n g khi khdng dflgc k h i c h h i n g uy thae.
TTCK toan ch9u A ddng triTfrt d6'c do tin x^u tir Nh^t Anh: ST
The nhflng t r e n thfle t e , hien tflgng sfl dung t r a i p h e p t a i s a n cua khaeh h a n g khi ehfla ed sfl uy quyen cua hg de giao dich true lgi ea n h a n t a i e l e cdng ty CK dang la vi p h a m k h a phd bien hien nay. Xet ve thfle chat, day la hanh vi xam p h a m den quyen sfl dung eua chii sd hdu CK. H i n h vi n a y la h a n h vi vi p h a m m a n g t i n h dac thu trong linh viic CK, triic tiep vi p h a m quy dinh eda Luat CK hien h a n h ve t r a c h n h i e m v l nghia vu eua cdng ty CK, ngfldi h i n h nghe CK, gay nguy h i e m eao cho xa hdi. Tuy nhien, trong Bg luat H i n h sfl n a m 1999 (dflgc sfla ddi, bd sung n a m 2009) ehifa cd mgt tgi p h a m ve CK nao quy dinh ve v a n de n i y . Do dd, t i e g i i de nghi bo sung "Tgi sfl dung t r a i p h e p tai khoan cua ngfldi k h a c trong hogt dgng CK" de nhanh chong xd ly kip thoi neu co phdt sinh h i n h vi n i y , gay hau qua nghiem t r g n g t r e n thfle t e . Chu t h e eua b i n h vi nay ehi ed t h e I I ngfldi cd t r i e h nhiem quan ly t i i k h o a n eua k h a e h h a n g trong cIc cdng ty CK. Vi chi nhflng ngfldi nay mdi ed co hgi v l dieu kien sd dung tai k h o i n cua k h i c h h a n g m a k h d n g can lenh ddng y cua k h a e h h a n g . Viee xiJf
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ly h a n h vi n a y p h a i nghiem k h i e , song phai dam bao phu hgp.
Vi vay, chung tdi kien nghi bd sung vao Bg luat Hinh sfl Toi sit dung trdi phep tdi khodn cua ngitdi khde trong
hoat dgng CK vdi qui dinh: "NgUdi ndo CO trdch nhiem qudn ly tdi khodn cua khdch hdng vd sd dung tdi khodn dd khi chUa diigc khdch hdng dy thde, md gid tri tdi sdn bi sd dung trdi phep tii ndm mUai trieu dong trd len gdy hdu qud nghiem trgng hodc dd bi. xd phat ve hdnh chinh ve hdnh vi ndy, hodc dd bi ket dn ve tgi ndy chiia dugc xoa dn tich md con vi phgm..."
3) Md rong pham vi xd ly hinh sit cua toi svC dung thong tin noi bo de mua bdn CK (Dieu 181b Bo ludt Hinh syt)
Khoan 1 Dieu 181b Bg luat Hinh sfl qui dinh ve tgi sfl dung thdng tin ngi bg de mua ban CK nhfl sau:
" 1 . Ngfldi nao biet dflgc thdng tin lien quan den cdng ty dai chdng hoae quy dai chung ehfla dflgc cdng bd' ma neu dflgc cdng bd cd the a n h hfldng ldn ddn gia CK eua cdng ty dai chdng hoae quy dai chung dd m l sfl dung thdng tin nay de mua b a n CK hoae tiet Id, cung cap thdng tin n a y hoae tfl van cho ngfldi khac mua b a n CK t r e n eo sd thdng tin dd thu lgi b a t chinh ldn, t h i bi p h a t tien tfl mgt t r a m trieu ddng den n a m t r a m trieu ddng, e i i tao k h d n g giam gifl den ba n a m hoae p h a t tu tfl sau t h a n g den ba nam"
Theo qui dinh tai Dieu 181b Bg luat Hinh sfl thi chu t h e cua tgi la ngfldi n a n g life t r i e h n h i e m h i n h sfl, d a t do tudi luat dinh va biet dflgc t h d n g tin ngi bg.
Theo qui dinh t a i Dieu 6 Luat Chflng k h o i n , nhflng ngfldi biet dflgc thdng tin ngi bg ed the la nhflng ngfldi sau: a) T h a n h vien Hgi ddng quan tri, Ban kiem s o i t , Giam dde hoae Tdng giam dd'c.
Phd Giam dd'c hoae Phd Tong giam dde cua cdng ty dai chdng; t h a n h vien Ban dai dien quy dai chdng; b) Cd ddng ldn cua cdng ty dai chdng, quy dai chung;
e) Ngfldi kiem toan bao cao tai chinh cua cdng ty dai chdng, quy dai chdng;
d) Ngfldi khac tiep can dflgc thdng tin ngi bg trong cdng ty dai chdng, quy dai chung; d) Cdng ty CK, cdng ty quan ly quy d i u tfl CK va ngfldi h a n h nghe CK cua cdng ty; e) Td chdc, ca n h a n cd quan he hgp tac kinh doanh, cung cap dich vu vdi cdng ty dai chdng, quy dai chdng va e l n h a n lam viec trong td chflc dd; g) To chfle, ca n h a n triic tiep hoae gian tiep cd dflgc thdng tin ngi bg td nhflng dd'i tflgng quy dinh tai cac diem a, b, e, d, d va e khoan nay"
Nhfl vay, ngfldi biet dflgc thdng tin ngi bg theo qui dinh cua Dieu 181b Bg luat Hinh sfl va Luat Chflng khoan la ngfldi biet dflgc thdng tin ngi bg mgt each hgp phap theo qui dinh eua phap luat. Tuy nhien, t r e n thfle td cd nhflng trfldng hgp ngfldi biet dflgc thdng tin ngi bp cd the khdng phai la do nhflng ngfldi dflpc qui dinh tai Dieu 6 Luat Chflng khoan eung cap ma biet dflgc thdng tin ngi bg bang each thu t h a p bat hgp phap (chang ban:
mua thdng tin ngi bd, chiem doat tai lieu chda thdng tin ngi bg, xem trdm thong tin ngi bg ...) va sd dung thdng tin do dd mua ban CK thi khdng the xd ly hinh sfl dd'i vdi hg dflgc, day la dieu bat hgp ly. Chinh vi vay, chdng tdi, kien nghi bd sung cum tfl "hoae thu t h a p bat hgp phap thdng tin dd" vao trong ca'u t h a n h cua Dieu 181b Bg luat Hinh sfl.
Cung theo qui dinh tai Dieu 181b Bg luat Hinh sfl thi h a n h vi sfl dung thdng tin ngi bd de mua ban CK chi cau t h a n h tgi pham khi ed dau hieu ''thu lgi bdt chinh ldn", quy dinh n i y I I hgp ly trong dieu kien TTCK nflde ta cdn non tre va nhflng
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h a n h vi nguy h i e m p h i i gay mdt t h i e t h a i d i n g ke cho xa hgi t h i mdi qui dinh I I tgi p h a m . Tuy n h i e n , thfle t i i n b o a t dgng t r e n TTCK eho tha'y, viee sfl dung thdng tin ngi bg de mua b a n CK.. khdng ehi n h i m tim kiem lgi n h u a n m a ddi khi cdn de t r a n h hoae b a n ehe t h i e t hai eho ngfldi biet thdng tin ngi bg. C h a n g b a n , trong trfldng hgp cdng ty gap khd k h a n trong boat dgng (vf du nhfl vfldng vao mgt vu kien tung ve luat p h i p ) , nhflng ngfldi ndi bg se b a n cd phieu eua m i n h trflde khi nhflng t h d n g tin kip cdng bd'. Ta't nhien, khi doanh nghiep tien h a n h cdng bd thdng tin theo luat dinh, g i i CK cua doanh nghiep se giam. Luc n i y , nhflng ngfldi ngi bd da kip b i n CK nhd thdng tin ngi bd, n e n hg t r a n h dflgc mgt khoan Id d i n g ke. Vdi lgi t h e biet thdng tin ngi bg cua Cdng ty dai chung m l t h d n g tin dd khi cdng bd ed t h e lam g i i m g i i CK mgt each nghiem trgng, chu t h e se tim mgi each b a n thao CK n h a m day rui ro sang ngfldi khac. Trong trfldng hgp nay, tuy chu the khdng thu dflgc lgi n h u a n nhflng rd r a n g da gay t h i e t h a i cho eac n h a d i u tfl khac do k h d n g n a m b a t dflgc thdng tin ngi bg. Nguyen t i c cdng b i n g , cdng khai trong hoat ddng cua TTCK bi p h i vd, vdi lgi the nghieng ve phfa ngfldi biet dflgc thdng tin ngi bg.
Vdi CO sd p h a n tfch t r e n , chung tdi de xua't bd sung t h e m cum tfl "hodc gdy hdu qud nghiem trgng" la da'u hieu dinh tgi cua tgi danh nay. Da'u hieu "gay hau q u i nghiem trgng" co thi dUgc xde dinh diia tren lgi ieh b i t hgp p h a p m a ehu t h e thfle hien tgi p h a m ed dflgc (vi du nhfl khoan Id thfle te hg t r a n h hoae h a n ehe dflgc do biet thdng tin ngi bg), t h i e t h a i cua tgi p h a m gay r a eho chu t h e k h a c v l cho hoat dgng cua TTCK.
Tdm lai, chdng tdi kien nghi sfla ddi khoan 1 Dieu 181b qui dinh ve tgi sfl
dung t h d n g tin ndi bg de mua b i n CK lai nhfl sau:
1. Ngfldi n i o biet dflgc t h d n g t i n lien quan den cdng ty dai chdng.hoae quy dai chung ehfla dflgc cdng bd m a neu dflgc cdng bd' ed t h e I n h hfldng ldn den gia CK cua cdng ty dai chung hoae quy dai chung dd hoae thu t h a p b a t hgp phap t h d n g tin dd m a sfl dung t h d n g tin nay de mua b a n CK hoae t i e t Id, eung cap thdng tin n a y hoae tfl v a n cho ngfldi k h i e mua b a n CK t r e n eo sd t h d n g tin- dd thu lgi b a t ehinh ldn hoae gay h a u q u i nghiem trgng, t h i bi p h a t t i e n tfl m d t t r a m trieu ddng de'n n a m t r a m trieu ddng, c i i tao khdng giam gifl den ba n a m hoae p h a t tu tfl sau t h i n g den ba n a m "
4) Md rong pham vi xit ly hinh sil cua toi thao tung gid CK (Dieu 181c Bo ludt Hinh stt):
Khoan 1 Dieu 181c Bg luat Hinh sii qui dinh ve tgi thao t u n g gia CK nhfl sau:
"Ngfldi nao thiie h i e n mgt trong cac h a n h vi thao t u n g g i i CK sau day gay hau q u i nghiem trgng, t h i bi p h a t tien td mgt t r a m trieu ddng den n a m t r a m trieu ddng, cai tao k h d n g giam gifl den ba nam hoae p h a t tu tfl s i u t h i n g den ba nam:
a) Thdng ddng de thfle hien viee mua b i n CK n h i m tao r a eung eau gia tao;
b) Giao dich CK b a n g h i n h thfle cau kdt, ldi keo ngfldi k h I c lien tue mua bin:"
Nhfl vay, theo qui dinh cua Bg luat Hinh sfl, chu t h e tgi p h a m p h a i "thdng ddng", "ca'u ket", "ldi keo" vdi ngfldi khac thao t u n g g i i CK t h i mdi cd t h e bi xfl ly h i n h sfl. Tuy n h i e n , t r e n thfle te h a n h vi thao t u n g g i i CK cd t h e dflgc thiic hien bdi mgt ea n h a n chfl k h d n g n h a t thiet phai lien k e t vdi nhieu ngfldi. Chang b a n , trong viee thao t u n g gia CK ehu the vi p h a m cd t h e thfle h i e n h a n h vi tfl minh mua di b i n lai CK vdi nhieu t i i khoan nhimg khdng ed sfl chuyen quyen sd hflu
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va dieu nay cd t h e gay t i c ddng den khdi Iflgng va gia c l CK; muc dich cua hg ed the la lam rdi loan sfl p h a n doan eua eac n h a dau tfl qua dd de true lgi. Nhfl vay, h a n h vi t r e n k h d n g the quy vao mgt trong h a i trfldng h g p ma luat da quy dinh trong Dieu 181c Bg luat Hinh sfl.
Tham khao qui dinh Bg luat Hinh sfl cua Trung Qud'c ve tgi thao tung g i i CK, chung tdi n h a n tha'y r a n g , h i n h vi thao tdng g i i CK trong Bg luat Hinh sfl n i y ed ngi h i m r g n g hon so vdi h a n h vi thao tdng g i i CK dflgc qui dinh t a i Dieu 181c Bg luat Hinh sfl Viet Nam. Cu the Dieu 182 cua Bg luat H i n h sfl eua Trung Qude qui dinh ve tgi thao t u n g g i i CK nhfl sau:
"Ngfldi nao thao tung gia ea giao dich CK de thu lgi b a t ehinh hoae day rui ro eho ngfldi khac, thude mdt trong eae trfldng hgp sau day, neu vdi tinh tiet nghiem trgng thi bi p h a t tu den 5 nam hoae cai tao Iao dgng va bi p h a t tien hoae chi bi p h a t tien tfl 1 den 5 l l n sd tien ldi b a t chinh:
1. Mgt m i n h hoae hgp sflc vdi ngfldi k h i e dung lgi the t a p trung t a i chfnh hoae flu the cd p h a n eua minh hoae lgi dung flu the t h d n g tin n i m dflgc, lien ket hoae lien tue mua ban, thao tdng gia ea thi trfldng CK;
2. Thdng ddng vdi ngfldi khac de tien h a n h giao dich CK vdi nhau hoae mua ban ma khdng n i m gifl CK vao thdi gian, theo gia ca va phflong thfle da dinh trflde lam a n h hfldng den gia c l va khdi Iflgng giao dich CK;
3. Tfl coi m i n h I I ben giao dich duy nha't, tfl m i n h mua b i n vdi minh khdng cd sd chuyen quyen sd hflu CK gay I n h hfldng den gia ca hoae khdi Iflgng giao dich CK;
4. Dung eae thu doan khac de thao tung gia giao dich CK.
Don vi, p h a p n h a n nao p h a m tgi ndi t r e n thi p h a t tien; ddi vdi ngfldi trfle tiep
phu t r i e h hoae ngfldi chiu trach nhiem trfle tiep khac thi bi p h a t td den 5 nam hoae e i i tao Iao dgng"'^'.
Nhfl vay, xuat p h a t tfl thfle t i i n xd ly h a n h vi thao tdng gia CK, tham k h i o Bg luat hinh sfl cua Trung Qude ve tgi thao tdng gia CK, chung tdi kien nghi nen md rgng trfldng hgp p h a m tpi cua h a n h vi thao tung g i i CK b i n g cich them v i o cac da'u hieu:
"a) Tfl minh hoae thdng ddng vdi ngfldi khac de thfle hien viec mua ban CK n h a m tao ra cung eau gia tao;
c) Ket hgp hoae sfl dung cae phflong thfle k h i e de thao tung gia CK"
Tdm lai, chung tdi kien nghi sfla ddi Tgi thao tung g i i CK (Dieu 181e Bg luat Hinh sfl) lai nhfl sau:
"Ngfldi nao thfle hien mgt trong cac h a n h vi thao tdng gia CK sau day gay hau qua nghiem trgng, thi bi p h a t tien tfl mgt t r a m trieu ddng den nam tram trieu ddng, cai tao khong giam gifl den ba nam hoae phat tu tfl sau t h a n g den ba nam:
a) Tfl minh hoae thdng ddng vdi ngfldi khac de thfle hien viee mua ban CK n h i m tao ra eung ciu gia tao;
b) Giao dich CK b i n g hinh thfle eau ket, ldi keo ngfldi khac lien tue mua ban;
c) Kdt hgp hoae sfl dung eac phflong thfle khac de thao tdng gia CK"
Chdng tdi hy vgng, nhflng kien nghi hoan thien phap luat hinh sfl neu tren se bao ve mgt each ed higu qua hon TTCK Viet Nam, gdp p h i n thuc day sfl phat trien cua TTCK n h a n h hon, dn dinh vflng chic, II kenh huy ddng vdn quan trgng cho n e n kinh te qude dan, tflng bflde dfla TTCK Viet Nam hgi nhap vdi TTCK thg gidi.a
'^' Bg ludt Hinh sU nUdc Cgng hoa nhdn ddn Trung Hoa (do Dinh Bieh Ha dich va gidri thi?u), Nxb Tu phap, HN. 2007
Khoa hpc Chfnh trj - Sd 04/2011
