LUAT
THlTC TRANG PHAP LUAT VE TO CHlfC VA HOAT DONG CUA CONG TY DAU TlJ CHlfNG KHOAN Of VIET NAM HIEN NAY
• N G U Y I N TH! HONG PHUdC
TOM TAT:
Cong ty dau tiT chiJng khoSn (CTDTCK) la loai Mnh doanh nghiep dac thu, du'dc quy dinh Ian dau tien trong Luat ChiJng khoin 2006. Nghi dinh so 14/2007/ND-CP ngay 19/01/2007 hu'dng dan thi hanh mot s6'dilu cfiaLuatChTJng khoan, Nghi dinh s6'58 (thay the Nghi dinh so 14), Nghi dinh so 60 va Thong tif so' 227 da tao ISp difdc khuon khd phap ly dieu chinh qua trinh th^nh lap, t6' chUc va hoat d6ng vl CTDTCK. Ban chat cua CTDTCK la quy dau td chiing khoan (QDTCK) difcfc td chii'c du'di hinh thiJc c6ng ty cd phan (mo hinh QDTCK dang phap nhan). Theo s6' lieu thS'ng kg cua Uy ban Chd'ng kholn Nha nu'dc, tinh den thang 5/2018, tren thi tru'dng chiJng kho^n c6 39 QDTCK dang hoat d6ng, trong do co 30 quy dai chung, 09 quy thanh vien vS chu'a c3'p phep thanh ISp CTDTCK n^o [10]. Dilu nay dat ra va'nde la tmh hieu qua cua phSplu^tvJi ho^n thien phap luSt. B^i viS't phan tich, danh gia nhiJng diem con han che, bat c | p trong Ihifc trang phap Iuat ve td chiJc vk hoat dong cua CTDTCK, du'a ra cac kien nghi hoan thien gop ph^n lam tang tinh kha thi cua phap luat d Viet Nam hien nay.
Ttf khoa: D^u tif chd'ng khoin, cong ty dau tif chd'ng khoan, quy dau tif chtfng khoan dang phap nhan.
1. Khai quat c6ng ty dau tif chifng khoan Phap luat cac nu'dc thu'dng phan chia QDTCK thanh ba dang mo hinh sau: Quy dau lu' mo hinh tin thac, Quy d^u tifmo hinh hdp dong, Quy dau lu' mo hinh phap nhan (loai hinh cong ty cd phan hoac hdp danh hiJu han) [5]. Day la each phan loai theo tidu chi cd ca'u td chu'c va hoat dong hay tieu chi tu' each phap ly, Dieu nay cd nghTa rang, viec lifa chpn mo hinh cd lien quan den c^ch thu'c td chd'c va hoat dpng cua QDTCK. Mot sd dac diem sau rut ra du'dc lii cac dang mo hinh:
Mot la, Quy mo hinh tin thac xua't hien trifdc va du'dc su' dung phd bie'n d cac thi trifdng chd'ng
khoan dang phat tnen. Trong mot nu'dc, thifdng ciing t6n tai dang Quy mo hinh phap nhan vdi quy mo hinh dang tin thac hoac vdi quy mo hinh dang hdp ddng.
Hai la, c6 sd hien di6n cua chu thd dac biet tham gia trong qua trinh quan ly QDTCK - do la Cong ty quan ly quy (CTQLQ). Va dil 6 mo hinh nao, QDTCK khong dam nhan vi^c mua ban chd'ng chi quy hay cd phie'u trifc tie'p tdi cdng chung, chd'c nang nay do CTQLQ thifc hien.
Ba la, cac quyen cua nha dau tif (NDT) tham gia vao tifng mo hinh khac nhau.
Bdn Id, ban chat mdi quan he va cd sd phap ly
lien quan d6'n qud trinh hinh thanh QDTCK theo mo hinh khac nhau se khac nhau: Mo hinh tin thac va hop ddng (quan he uy thac, hdp dong, chiJng chi quy); Mo hinh cong ty (quan he sd hu'u, cd phie'u).
Hien nay, Quy dau tu" tap the dang phap nhan la dang phd bid'n nhS't tren thd' gidi. Luat Cong tyDlutu'cuaHoa Ky ban hanh tif nam 1940 quy dinh vl pham vi, tinh chat hoat dpng, nghTa vu phaply cuacaccdng ty dau tu'va difdc chia thanh hai loai chinh la Quy tin thac dau Xd ddn vi va Cdng ty dau tif cd quan ly. Quy la cong ty cd phan cd dac diem: Cd tif each phap nhan; NDT la cd dong cua cong ty; Cd hdi ddng quan tri do cac cd dong cua quy bau ra; Hoi ddng quan tri cua quy la ngifdi ddng vai trd quye't dinh dau tif, con CTQLQ chi la ngifdi thifc hien dau tif; vai trd cua ngan hang tham gia la giif va tie'n hanh giao nhan chiJng khoan cua quy [6].
Tai Viet Nam, QDTCK vk CTDTCK la hai hinh thiJc dau tif tap the, vdi hoat dpng kinh doanh chinh la dau tif chd'ng khoan thu Idi nhuan.
QDTCK chinh thiJc du'dc phap luat Viet Nam thijfa nhan ke tif Nghi dinh sd 48/1998/ND-CP ngay 26/7/1998 cua Chinh phu ve chd'ng khoan va thi trifdng chd'ng khoan, la loai hinh QDTCK dang hdp ddng khong cd tif each phap nhan. Luat Chiang khoan 2006 hoan thien quy dinh vl QDTCK va quy dinh mdi vl CTDTCK, la QDTCK du'dc td chu'c difdi hinh thd'c cdng ty cd ph^n (CTCP) theo quy dinh cua Luat Doanh nghiep. cd tu' each phap nhan (Dilu 110 LDN). Theo do, QDTCK la quy hinh thanh tie vdn gdp eua nha da u tu' vdi muc dich kiem Idi nhu^n tH viec dau tif vao chd'ng khoan hoac cac dang tai san dau tu" khac, kd ca bat dpng san, trong do nh£l dau tu'khdng cd quyen kidm soat hang ngay dd'i vdi viec ra quyet dinh dau tif cua quy (Kho^n 27 Dilu 6). Tuy nhien, Luat Chd'ng khoan (LCK) khdng difa ra khai niem ve CTDTCK. Do do, cd y kie'n de xua't can du'a them khai niem vl CTDTCK vao phan giai thich ttf ngiJ tai Dieu 6 LCK [7]. Theo tac gia, CTDTCK la QDTCK difdc td chd'c du'di hinh thu'c CTCP ndn phai mang dly du cac dau hieu phap ly cua QDTCK. Khai niem ve QDTCK theo LCK chu'a bao quat he't cac dang md hinh td chd'c va hoat ddng tai Vidt Nam. Bdi vi, mdt trong cac dau hieu phap ly cua QDTCK la "nha d^u tif khdng cd
quydn kidm sodt hang ngay ddi vdi viec ra quyet dinh dau tu-cua quy". Dilu nay khdng bad quat quyen cd ddng eua CTDTCK (md hinh QDTCK dang phap nhan).
2. Danh gia thiTc trang pliap lugt Vi^t Nam v l td chtfc va hogt ddng ciia cdng ty d^u ttf cho'ng khoan
Theo LCK, CTDTCK du'dc td chlic dUdi hinh thu'c cdng ty cd phan theo quy dinh cua Luat Doanh nghiep (LDN) de dau tif chd'ng khoan. Nghi dinh sd 58 giai thich, CTDTCK la QDTCK difdc td chu'c du'di hinh thu'c cdng ty cd phan va gom hai loai: CTDTCK rieng 1^ va CTDTCK dai chung;
CTDTCK dai chiing phdi uy thac vdn cho CTQLQ, CTDTCK rieng le du'dc tif quan ly vdn d^u tif hoac uy thac vdn cho CTQLQ quan ly. Thdng ttf sd 227 quy dinh chi tiet ve vide thanh lap, to chtfc hoat ddng va qudn ly CTDTCK. Do do, phdp luat ve td chtfc va hoat ddng cua CTDTCK dtfdc hieu la tdng the cdc quy pham phdp luat dieu chinh cdc quan hd xa hdi phdt sinh trong qud trinh thanh ISp CTDTCK, td chd'c quan tn CTDTCK va hoat ddng CTDTCK nham bao ve NDT.
La mdt bp phan cua phap luat chtfng khodn, phdp Iuat ve td chd'c va boat ddng cua CTDTCK dam bao cd sd phap 1^' da dang hda NDT, phdt tridn hd thd'ng NDT co td chtfc, gdp phan tao lap khuon khd phdp ly cd hieu Itfc cao, tiing btfdc phij hdp vdi thdng Id qud'c te' dieu chinh v l chtfng khoan va thi trtfdng chtfng khoan. Tuy nhidn, tren thi trtfdng chtfng khodn Viet Nam hien nay chu ye'u van la NDT ca nhan, NDT cd td chtfc (QDTCK) chtfa nhieu va CTDTCK chtfa dtfdc thanh lap. NhiJng han che'ke tren co nguydn nhan la do khung phdp ly dieu chinh v l QDTCK noi chung va CTDTCK ndi rieng con bat c3p, thieu dong bd, dien hinh la:
Thd nhdt, stf khdng thd'ng nhat gitfa LCK va cac van ban htfdng din thi hanh v l dieu kidn dtfdc cS^p gia'y phep thanh lap va boat ddng cua CTDTCK dai chung. Dong thdi, Nghi dinh sd 58 dtfa ra dieu kien thanh lap qua khat khe, lam giam tinh thu hut cdc NDT tham gia thanh lap CTDTCK.
Quy dinh ve dieu kien dtfdc cap giS'y phep thanh lap vS hoat ddng cua CTDTCK dai chung chtfa CO stf thd'ng nhat giffa LCK va Nghi dinh sd
LUAT
58: Dieu 96 LCK quy dinh didu kien cap gia'y phep thanh lap va hoat dpng dd'i vdi CTDTCK cd uy thdc vdn la chi can dap tfng mdt dieu kien ve vdn phdp dinh la 50 t^ ddng Viet Nam. Trong khi do, khoan 1 Dilu 79 Nghi dinh sd 58 htfdng din LCK lai quy dinh dilu kien cap gia'y phep thanh lap va hoat dpng eua CTDTCK dai chung bao gom; a) Cd vdn thtfc gdp td'i thieu la 50 ty ddng Viet Nam; b) Cd tdi thieu 100 cd ddng, khdng ke cd ddng la NDT chtfng khoan chuyen nghiep; c) Do mdt CTQLQ quan Iy: d) Tai san dtfdc liAi ky tai Ngan hang gidm sdt (NHGS); d) Td'i thilu hai phln ba (2/3) sd' thanh vien HDQT phai ddc lap vdi CTQLQ, NHGS theo quy dinh.
Ne'u nhtf can dap tfng 5 dilu kien theo khoan 1 Dieu 79 Nghi dinh sd 58 de dtfdc cap Gia'y phep thanh l§p va hoat ddng CTDTCK dai chung, thi dilu kien cap giay phep thanh lap va hoat ddng CTDTCK rieng le uy thdc quan ly cung ttfdng ttf, cd diem khac la d so' Itfdng c6 ddng: Cd td'i da la 99 cd ddng, khdng tinh NDT chtfng khoan chuyen nghidp. Trong do, cd mot cd ddng la td chtfc phai gop tdi thieu la 3 ty ddng Viet Nam va cd ddng cd nhan phai gdp tdi thidu 1 ty dong Viet Nam (khoan 1 Dieu 87).
Cac quy dinh ve dieu kien thanh ISp CTDTCK qud khat khe, khdng chi dilu kidn vl vd'n ma con dieu kidn v l sd' Itfdng NDT va ttf each NDT: CTDTCK dai chung phai cd td'i thieu 100 cd ddng, khdng ke cd ddng la NDT chtfng khoan chuydn nghiep; CTDTCK ridng le uy thdc quan ly cd td'i da la 99 cd ddng, khdng tinh NDT chtfng khodn chuydn nghidp, mdi cd ddng la td chtfc phai gdp td'i thieu 03 ty ddng Viet Nam, cd ddng ca nhan phai gdp td'i thieu la 01 ty ddng Viet Nam. Day la khd khan cho vide hinh thanh CTDTCK trdn thtfc te.
Thd hai, phdp luSt ve td chtfc quan tri CTDTCK theo quy dinh cua phap luat chtfng khodn chtfa ddng bp vdi phdp luSt doanh nghidp.
CTDTCK dtfdc td chtfc dtfdi hinh thtfc CTCP theo quy dinh cua Luat Doanh nghidp. Dilu 134 LDN quy dinh vl cd ca'u td chtfc quan ly CTCP.
Theo dd, CTCP cd quyIn Itfa chpn td chtfc quan ly va hoat ddng theo mdt trong hai md hinh sau dSy, trtf trtfdng hdp phdp luit v l chtfng khodn cd quy
dinh khac: a) Dai hdi ddng cd ddng (DHDCD), Hdi ddng quan tri (HDQT), Ban kidm soat va Giam dd'c hoac Tdng giam ddc. Trtfdng hdp CTCP cd dtfdi 11 cd ddng va cac cd ddng la td chtfc sd htfu 50%
tdng sd' cd phln ciia cdng ty thi khdng bat bupc phai cd Ban kiem sokv,^) DHDCD, HDQT va Giam dd'c hoac Tong giam ddc. Trtfdng hdp nay, it nhat 20% sd thanh vidn HDQT phai la th^nh vien ddc lap va cd Ban kidm soat ndi bp trtfc thude HDQT. Cac thanh vien ddc lap thtfc hien chtfc nang gidm sat va to chtfc thtfc Men kidm sodt dd'i vdi vide quan ly dilu hanh cdng ty.
Nhtf vay, LDN quy dinh tfu tidn dp dung phdp luSt vl chtfng khodn cho loai hinh CTCP hoat dpng trong ITnh vtfc chtfng khodn, trong dd cd CTDTCK.
Trong khi dd, LCK quy dmh td chtfc quan tri cua CTDTCK bao gdm: DHDCD, HDQT, Gidm dd'c hoac Tdng giam dd'c. Quy dinh nay cua LCK dtfdc xay du'ng tren cd sd phii hdp vdi quy dinh tai Dieu 95 Luat Doanh nghidp 2005 vl cd ca'u td chtfc quan ly cua CTCP. Hien nay, LuSt Doanh nghiep 2005 da dtfdc su'a ddi va LDN cho phep CTCP cd quyen Itfa chpn md hinh td chtfc qudn tri. Do do, phdp luat chtfng khodn can dtfdc s^a ddi cho phu hdp dd dam bao quyen Idi cua NDT.
Thdba, cd che'hoat dpng va han chd hoat ddng eiia CTDTCK cung phai tuan thii cdc quy dinh ra't khat khe.
Ban chat CTDTCK la QDTCK dtfdc td chtfc dtfdi hinh thtfc CTCP. Do do, cd chd' hoat dpng cua CTDTCK gidng nhtf QDTCK, la cd stf tdch bach giffa quyIn quan ly va quyen giam sat.
Ngan h^ng gidm sdt Id ngSn hdng thtfdng mai ed Gia'y chtfng nhan dang ky hoat ddng lifu ky chtfng khodn cd chtfc nang thtfc hien cdc dich vu Itfu ky va giam sat vide quan ly quy dai chdng, CTDTCK (khoan 1 Dilu 98 LCK). Vd CTQLQ thtfc hien cdc nghiep vu kinh doanh sau: quan ly QDTCK, quan ly danh muc dau ttf chtfng khoan, ttf va'n dau ttf chtfng khodn (Khoan 1 Dilu 61 LCK). Theo quy dinh nay thi quan ly QDTCK la nghidp vu kinh doanh chinh cua CTQLQ va khdng cd quy dinh lien quan de'n quyen quan ly ddi vdi CTDTCK. Day la thieu sdt can phai dtfdc khac phuc trong quy dinh ve chtfc nang ciia CTQLQ Tuy nhien, tim hieu phdp luat dieu chinh ve td chtfc va hoat ddng ciia CTDTCK cho
tha'y, CTQLQ cd quyen dtfng ra thanh lap CTDTCK (thtfc hien thii tuc chao ban cd phie'u va thu tuc dang ky thanh lap CTDTCK); CTQLQ tridu tap hpp DHDCD ciia CTDTCK. Rieng dd'i vdi quyIn lien quan dd'n boat ddng dau ttf, CTQLQ khdng cd quyIn trtfc tie'p quye't dinh, chi thtfc hien vide quan ly vd'n dd'i vdi CTDTCK.
Trong qua trinh hoat ddng, CTDTCK phai tuan thii cac quy dinh vl han che' dau ttf nhtf quy dai chung (diem a khoan 2 Dieu 97 LCK), cdc ndi dung lien quan den dinh gia tai san va che' do bao cdo, cdc nghTa vu ciia cdng ty dai chung. Mdt sd' han che' khde ddi vdi CTDTCK nhtf: khdng dtfdc thanh lap chi nhdnh, van phdng dai dien;
CTDTCK liy thac vd'n khdng dtfdc tuydn dung nhan stf; chi phdt hanh mot loai cd phie'u va khdng cd nghTa vu mua lai cd phid'u da phdt hanh (Dilu 3 Thdng ttf sd 227).
Nhin chung, cac quy dinh cua phdp luat vd Id chtfc va boat ddng ciia CTDTCK the hien cdch tid'p can thSn trong eua Nha ntfde ta khi quy dinh dang md hinh QDTCK mdi va muc dich nham bao vd quydn Idi cho NDT, The' nhtfng, dieu nay lai lam cho NDT gap khd khan khi Itfa chpn md hinh kinh doanh. Dtfdi gdc dp kinh doanh, NDT cd khuynh htfdng chpn thanh lap doanh nghiep boat ddng theo LDN hdn la thanh lap CTDTCK vi phai tuan ihii cac quy djnh khdt khe cua LCK. Ben canh dd, van tdn tai tren thtfc te doanh nghiep thanh lap, hoat ddng theo quy dinh phdp luat doanh nghiep nhtfng tie'n hanh cdc nghiep vu ttfdng ttf CTDTCK.
Nhtf vu. Passion Investmet (PI) cd Idch luat? - la tidu de bai vid't phan anh vide PI gidi thieu dtfdc thanh lap nam 2015 bdi mot nhdm chuyen gia dau ttf vdi hang chuc nam kinh nghidm trong nganh quan ly quy dau ttf; dtfa ra bieu dd hieu qua d^u ttf, bdo cao hieu qua dau ttf, bao cdo danh muc dau ttf de keugpi NDT dau ttf vao san pham ciia cdng ty.
PI khdng phai la CTDTCK, md la cdng ty cd phan
hoat ddng theo Ludt Doanh nghiep, dtfdc Sd Ke' hoach vd Dau ttf TP. Ha Ndi ca'p phep de boat dpng dIu ttf chtfng khodn [9].
3. Kie'n nghi hoan thidn phap Iu3t v l td chtfc va boat ddng cua cdng ty dIu ttf chd'ng khoan
Nghi quye't sd 57/2018/QH14 ngay 08/6/2018 v l Chtfdng trinh xay dtfng Luat, Phdp lenh nam 2019, dilu chinh chtfdng trinh xdy dtfng Luat, Phdp lenh nam 2018, theodd Ludt Chtfng khodn sijfa ddi se dtfdc trinh Qud'c hpi thdng qua tai ky hpp thtf 8.
Mot sd' kie'n nghi sau ddy gdp phan hoan thien phap luat vd td chtfc va boat ddng ciia CTDTCK trong Luat Chtfng khoan su'a ddi:
Mot la, su'a ddi khai niem QDTCK trong Ludt Chtfng khodn su'a ddi, ddm bao tinh khdi quat cao cho cac dang md hinh td chtfc va boat ddng dang tdn tai tai Vidt Nam.
Hai la, ve cac dieu kien thanh Idp dn dtfdc rd sodt trdn cd sd dam bao tinh thu hut cdc NDT tham gia vao CTDTCK.
Ba id, rd sodt, sufa ddi cdc quy dinh trong Luat Chtfng khodn su'a doi va cac vdn ban quy pham phdp luat dilu chinh vd td chtfc va boat dpng cua QDTCK dam bao tinh ddng bd, thdng nhd't vdi LDN, ddc biet la van d l to chtfc qudn tri ciia CTDTCK.
Bdn Id, hodn thien cdc quy dinh v l CTQLQ, trong dd bd sung chtfc ndng qudn ly CTDTCK.
Ly thuyet ve doanh nghidp ddt ra yeu cau Id vtfa lam giam chi phi giao dich cho cac ben vifa trdnh xung dot Idi ich mdi thu hdt dtfdc cac bdn tham gia vdo vide thdnh lap doanh nghiep [8]. Do dd, phdp luat dieu chinh ve td chtfc vd boat dpng eua CTDTCK phai htfdng tdi viec dam bao Idi ich cho cae bdn tham gia, ddng bd vdi cdc ITnh vtfc phdp luat khde mdi thu hut dtfdc NDT thanh Idp CTDTCK, tang tinh khd thi cua phap ludt, gdp phan vao stf phdt trien chung cua thi ttfdng chtfng khoan tai Viet Nam •
TAI L i f u THAM KHAO:
1. Luat Chiing khodn 2006, dUOc svCa ddi bo sung ndm 2010 (LCK).
2. Ludt Doanh nghiep 2014 (LDN).
3. Nghi dinh sd58/2012/ND-CP ngdy 20/7/2012 quy dinh chi tiet vd hudng ddn thi hdnh mot sd'diiu eda Luat Chiing khodn vd Luat Sda ddi, bd sung mdt sd dieu cua Ludt Chdng khodn (Nghi dinh sd 58); Nghi dinh sd 60/2015/ND-CP ngdy 26/6/2015 sda ddi, bd sung mdt sddiiu cua Nghi dinh sd58 (Nghi dinh sd60).
LUAT
4. Thdng tusd227/20I2/TT-BTC cua Bd Tdi chinh ngdy 27/12/2012 ve tlidnh lap. td chUc hoat dong vd qudn ly cong Ty ddu tu chdng khodn (Thong tusd227).
5. Uy ban Chdng khodn Nhd nude - Trung tdm Nghien edu khoa hoc vd Ddo tao chdng khodn (2009), Phdp ludt ve chdng khodn vd thi trudng chdng khodn, NXB Thdng ke Hd Ndi, trang 247.
6. Trdn Thi Thdy Linh (2011), Quy Dau tU chdng khodn tren thi trudng chdng khodn Viet Nam, Nxb Lao dong Xd hoi, trang 16.7. Nguyin Hong Nhung (2009). Phdp ludt ve Cdng ty ddu tUchdng khodn d Viet Nam, Luan vdn thac sy Ludt Kinh te • Khoa Ludt, Dai hoc Qudc gia Hd Not.
8. Le Net, Kinh telual, Nxb Tri Thdc 2006, trang 143.
9. https://tinnhanhchungkhoan.vn/doanh-nghiep/passion-investment-co-lach-luat-235715.html 10. Website: www.ssc.gov.vn
Ngay nh^n bai: 15/8/2018
Ngay phan bi#n danh gia va su^a chffa: 25/8/2018 Ngay cha'p nh^n dang bai: 3/9/2018
Thong tin tdc gid:
ThS. NGUYEN THI HONG PHlTCfC NCS. Hpc Vidn Khoa hpc Xa hoi
Giang vidn Dai hoc Thu D i u Mdt, Binh Dtfdng
CURRENT LEGAL EFFECTIVENESS OF LAWS RELATED TO INVESTMENT SECURITIES COMPANIES IN VIETNAM
• 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:
Investment securities companies are specific enterprises which are regulated for the first time in the Law on Securities 2006. Decree No. 14 dated 19/01/2007, guiding to implement some articles of the Law on Securities, Decree No. 58 that replaces Decree No. 14, Decree No. 60 and Circular No. 227 has created the legal framework for managing the process of estabUshment, organization and operation of the investment securities companies. The nature of an investment securities company is an investment securities fund which is organized under the form of a joint stock company (securities investment fund as a legal entity). According to statistics of the State Securities Commission of Vietnam, there had been 39 investment securities funds operating on the stock market, including 30 mutual funds and nine private funds and there had been no investment securitiescompany, up to May 2018. It raises an issue of the effectiveness and the improvement of the legal system. This paper analyzes and evaluates the limitations and inadequacies of laws related to the organization and operation of investment securities companies, and propose solutions to improve the legal effectiveness of laws.
Keywords: Investment securities, investment securities companies, investment securities funds in the form of legal entities.
