Tp ch Khoa hc HQGHN, Kinh t - Lut 24 (2008) 18-29

Qu trnh xy dng v hon thin khun kh php l v chng khon v th trng chng khon Vit Nam
L Th Thu Thy**
Khoa Lut, i hc Quc gia H Ni, 144 Xun Thu, Cu Giy, H Ni, Vit Nam
Nhn ngy 12 thng 01 nm 2008

Tm tt. Th trng chng khon (TTCK) chnh thc, cng khai Vit Nam hot ng cho n thi im hin nay c gn 8 nm. Tuy nhin, TTCK Vit Nam khc vi TTCK cc nc, c sinh si, ny n trong nhng iu kin rt c bit, l mt h thng php lut tng i s iu chnh v t chc v hot ng ca TTCK. iu ny th hin s quan tm st sao ca ng v Nh nc ta v loi th trng ti chnh c bit ny v cng khng nh quan im: mun c mt TTCK pht trin phi c mt h thng lut php y v n nh. Bi vit trnh by v s cn thit cng nh nhng c trng c bn ca vic xy dng v hon thin php lut v TTCK Vit Nam.

1. Dn nhp* TTCK trn th gii ra i cch y hng trm nm (t th k XV) Ty u, n th k XVIII th pht trin mnh Anh, H Lan, c, M. Cho n nay, sau hn 5 th k ra i, tn ti v pht trin, TTCK t thn khng nh l mt b phn cu thnh khng th thiu ca nn kinh t th trng, l n by kch thch u t v s tng trng kinh t. Vit Nam TTCK chnh thc ra i tng i mun - ngy 20/7/2000 bng vic khai trng Trung tm giao dch chng khon Thnh ph H Ch Minh. Khc vi TTCK mt s nc trn th gii ( M, Anh), TTCK Vit Nam c sinh si,

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* T: 84-4-7548516
E-mail: lethuthuy70@yahoo.com

ny n trong nhng iu kin rt c bit, l mt h thng php lut tng i s iu chnh v t chc v hot ng ca TTCK. Xut pht t Ngh nh 75/1996/NCP v t chc v hot ng ca U Ban chng khon Nh nc (UBCKNN), Ngh nh 48/1998/N-CP v chng khon v TTCK, Ngh nh 144/2003/N-CP v chng khon v TTCK (thay th Ngh nh 48) v hin nay l Lut Chng khon nm 2006 n hng lot cc vn bn hng dn thi hnh v chng khon, TTCK - l c s php l vng chc cho s vn hnh v pht trin TTCK Vit Nam. iu ny th hin s quan tm st sao ca ng v Nh nc ta v loi th trng ti chnh c bit ny v cng khng nh quan im: mun c mt TTCK pht trin phi c mt h thng lut php y v n nh. Trong phm vi bi vit xin c
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lun bn v s cn thit cng nh nhng c trng c bn ca vic xy dng v hon thin php lut v TTCK Vit Nam. 2. S cn thit phi xy dng v hon thin php lut v th trng chng khon C th ni, TTCK khng th vn hnh v pht trin mnh nu khng c mt khun kh php l cn thit cho t chc v hot ng ca TTCK. Trong vic nh gi tm quan trng ca cc yu t nh hng n s pht trin ca TTCK, th yu t u tin l mi trng php l, yu t th hai l hng ho trn th trng v tip theo na l tnh hnh chnh tr v s hiu bit ca cng chng v chng khon [1]. Thng thng, TTCK mi nc c bc pht trin t thp n cao, t qui m nh n qui m va v ln, do vy lut php cng phi thay i ph hp vi tin trnh pht trin ca TTCK. C nhng nc ban hnh vn bn php lut bao trm ln cc lnh vc ca TTCK l Lut chng khon nh Thi Lan, Nht Bn, Hn Quc... Ngc li, c nhng nc ban hnh vn bn php lut n hnh iu chnh mt lnh vc nht nh ca TTCK nh Lut v giao dch chng khon, Lut v bo v quyn li ca nh u t chng khon (nh M, Trung Quc...), hoc c nc xy dng Lut cng ty iu chnh c lnh vc TTCK (nh Anh, c...). Mc d cc nc c nhng c th nht nh trong vic xy dng khun kh php l v TTCK nhng cn thy rng php lut v TTCK khng ny sinh t h v. Ci ngun ca s ra i cc vn bn ny l xut pht t vai tr ca chng khon, TTCK v vai tr ca php lut i vi TTCK i vi s pht trin ca nn kinh t cng nh nhu cu qun l nh nc i vi th trng ny. Vai tr ca TTCK: Hin nay chng ta khng th ph nhn vai tr ca th trng

chng khon i vi s pht trin ca nn kinh t mi quc gia. TTCK phn nh r nt nht cc qui lut ca nn kinh t th trng. TTCK c v nh chic nhit k o nhit ca nn kinh t. S tng trng ca nn kinh t c nh gi qua ch s gi chng khon ca TTCK. Lch s pht trin nn kinh t th trng cc quc gia pht trin khng nh TTCK ngy cng c vai tr quan trng trong qu trnh vn hnh nn kinh t mi quc gia cng nh trong h thng kinh t ton cu. i vi Vit Nam, hi nhp kinh t quc t trong lnh vc ti chnh, to cc tin kinh t quan trng, a t nc ta n nm 2020 c bn l mt nc cng nghip nh i hi ng VIII ra th vic xy dng, pht trin v hon thin th trng ti chnh (trong c TTCK) l ht sc cn thit. TTCK l knh huy ng vn trung v di hn hu hiu cho cc doanh nghip: Doanh nghip l u tu ca nn kinh t, quyt nh ti s thnh vng ca mt quc gia. Doanh nghip c tn ti, pht trin, kinh doanh c hiu qu th mi c tin np thu vo ngn sch nh nc, p ng cc nhu cu chi tiu ngy cng gia tng ca Nh nc. Nhng tn ti doanh nghip cn vn. T lu, cc nh doanh nghip ln ca th gii khng nh: khng th trin khai cc d n tin b khoa hc k thut vo sn xut, nu khng tp hp c nhng ngun vn khng l m ngi tp hp c ton quyn s dng cho nhng mc tiu trung v di hn. TTCK c vai tr , ci m ngnh ngn hng vi phng thc kinh doanh n chc khng th lm c [2]. TTCK l ni thu ht mnh m cc ngun vn nhn ri vo u t sn xut kinh doanh, thu ht vn u t nc ngoi to thnh ngun vn khng l ti tr cho nn kinh t m cc nh ch ti chnh khc khng lm c. Thng qua cc cng c c phiu, tri phiu, cc loi chng khon khc, TTCK

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cho php cc doanh nghip, cc t chc tn dng, k c Chnh ph, chnh quyn a phng huy ng ti a ngun vn nhn ri trong x hi, a vo u t pht trin. Vit Nam, trong mt thi gian kh di, k t khi c Lut u t nc ngoi (nm 1986), chng ta ch yu ch trng ti vic thu ht ngun vn nc ngoi m gn nh lng qun ngun vn trong nc. iu ny cng hon ton d hiu, bi l di gc no vic huy ng vn trong nc cn kh hn huy ng vn t nc ngoi v chng ta cn thiu mt h thng c s h tng v ti chnh tp trung chuyn ti cc ng vn nm phn tn, ri rc trong cng chng n nhng doanh nghip cn vn. khc phc nhc im ny th vic xy dng v pht trin TTCK l mt trong cc tin to c s h tng . TTCK ra i mt mt to c hi cho cc doanh nghip la chn hnh thc huy ng vn, khng ch ph thuc vo knh ngn hng vi nhng th tc, trnh t cho vay rm r, vi nhng iu kin qu ngt ngho nh yu cu bt buc phi c ti sn bo m. Mt khc, TTCK gip cho Chnh ph v cc doanh nghip huy ng c ngun vn di hn ti a phc v cho mc tiu pht trin kinh t v sn xut. TTCK cng vi h thng ngn hng s to nn h thng ti chnh mnh, cung cp cc ngun vn trung v di hn cho nn kinh t, phc v cng cuc xy dng, i mi t nc v hi nhp kinh t quc t. Thng qua TTCK ngun vn v tn t nc ngoi cng c huy ng mt cch ti a, xut pht t c im ca th trng ny l vn ti chnh to thnh nhng dng chy t do, dng vn ny s t ng chy vo nhng vng trng nhng th trng tim nng. TTCK khuyn kh ch ngi dn tit kim u t vo sn xut kinh doanh: Vi vic mua bn chng khon d dng trn TTCK (theo nguyn tc ai c tin c th mua), ngun tin

tm thi nhn ri trong dn c c s dng mt cch linh hot, to ra li nhun, trnh tnh trng vn cht. TTCK c coi l chic cu ni v hnh gia ngi c vn v ngi thiu vn, l knh iu ho cc ngun vn t ni tha vn n ni thiu vn, gii quyt linh hot nhu cu v vn gia cc vng kinh t, cc thnh phn kinh t. TTCK to iu kin cho doanh nghip s dng vn c hiu qu hn, m bo cho cc doanh nghip hot ng theo ng trt t ca lut php: TTCK kch thch cc doanh nghip lm n ng hong hn, hiu qu hn. Tm l ca nh u t ai cng bit l ch c nhu cu mua chng khon ca cc doanh nghip lm n c li. TTCK buc cc doanh nghip phi cng khai thng tin thng xuyn, tc thi, thng tin theo yu cu ca U Ban chng khon Nh nc (UBCKNN). C th ni, TTCK l th trng thng tin. Thng qua cc thng tin ny, nh u t c th nh gi kh nng ti chnh, hot ng kinh doanh v trin vng ca doanh nghip la chn u t. V vy, mun tn ti c khng c cch no khc l doanh nghip phi lm sao s dng ng vn c hiu qu nht. Thm vo , TTCK cng l cng c nh gi doanh nghip. Thng qua din bin gi c phiu, tri phiu ca doanh nghip trn th trng, nh u t bit c kh nng kinh doanh ca doanh nghip. Gi chng khon tng biu hin doanh nghip pht hnh chng khon lm n hiu qu, ngc li gi chng khon gim chng t vic kinh doanh ca doanh nghip khng tt, nu doanh nghip khng thay i chin lc kinh doanh th c th dn ti hu qu ph sn. Hay ni cch khc, nh u t c th kim sot cng ty mt cch d dng qua cc c quan qun l ca cng ty v nhn bit c kh nng hot ng ca cng ty thng qua TTCK.

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Vai tr ca php lut i vi s pht trin ca TTCK: Ngy nay chng ta khng th ph nhn c vai tr, nhng u im ca TTCK, tuy nhin mi mt vn u c tnh hai mt ca n. TTCK cng vy. Bn cnh nhng mt tch cc, TTCK cng c nhng mt tiu cc, thng c bc l r nt cc quc gia c TTCK mi ni, php lut iu chnh th trng cha hon thin, cn lng lo. Cc hin tng tiu cc d ny sinh trn TTCK nh mua bn ni gin, hnh vi lng on th trng, thao tng gi chng khon, thng tin sai s tht, c th gy thit hi cho nh u t, khng m bo c quyn v li ch hp php ca cc ch th tham gia TTCK. Thm vo , TTCK l mt loi th trng hng ho c bit, hot ng rt nhy cm, c s tham gia ca nhiu ch th khc nhau, i din cho nhng nhm quyn li khc nhau (quyn li ca nh u t, ca ch th pht hnh, nim yt, ch th kinh doanh chng khon). dung ho c li ch ca nhng ch th ny l iu khng n gin. Thin chc ca php lut l phi iu chnh cc quan h trn th trng sao cho m bo c cc quyn v li ch hp php ca h, c bit l vn bo v quyn li ca nh u t, to s minh bch trong hot ng mua, bn chng khon, s cnh tranh lnh mnh trong hot ng kinh doanh chng khon ca cc cng ty chng khon, trong hot ng pht hnh v nim yt chng khon ca cc t chc nim yt, trn c s to cho s pht trin ca TTCK. Chnh v vy, Nh nc phi ban hnh h thng php lut ng b iu chnh cc hot ng trn TTCK, nhm hn ch cc hin tng tiu cc ny sinh trn th trng ny v bo v quyn v li ch hp php ca nh u t. iu ny cng ph hp vi mc tiu qun l TTCK do IOSCO (t chc quc t cc U ban chng khon) khuyn ngh l bo v nh u t.

Ngoi ra, vic xy dng v hon thin php lut v chng khon cng xut pht t kinh nghim pht trin TTCK cc nc trn th gii. Lch s pht trin TTCK trn th gii cho thy TTCK phi tr gi kh t khi n pht trin mt cch t pht, thiu vng s bo m bng cc bin php php l. Hay ni cch khc, lut php l mt cng c rt hu hiu c th quyt nh ti s pht trin ca th trng chng khon mi nc. Trong giai on u hnh thnh v pht trin th trng chng khon trn th gii vng bng s iu chnh ca php lut cng nh cc c quan qun l nh nc v chng khon v th trng chng khon. Th trng hnh thnh mt cch t pht v c qun l bi cc t chc t qun nh Hip hi cc nh kinh doanh chng khon... Bn cnh nhng u im, thun li nht nh, hnh thc qun l ny cng cha ng nhng ri ro ln cho ngi u t v l mt trong cc nguyn nhn lm cho TTCK hot ng khng cng bng, dn n cc cuc khng hong trn th trng ti chnh [in hnh l cuc khng hong ti chnh (trong c khng hong TTCK) nm 1929 - 1933]. Cc t chc t qun ch quan tm ti quyn li ca cc thnh vin thuc t chc mnh m khng quan tm hoc trong nhng trng hp nht nh xm phm n quyn v li ch hp php ca cc t chc, c nhn khc. Chnh v vy, gim thiu ri ro c th xy ra, bo v quyn v li ch hp php ca tt c cc ch th tham gia trn th trng chng khon (c bit ch th l ngi u t), cc nc c th trng chng khon ban hnh cc vn bn php lut iu chnh TTCK v thit lp c quan qun l, gim st ca Nh nc i vi th trng ny(1). Hay ni cch khc, kinh nghim t cc cuc khng hong TTCK nhng

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V d, M sau s kin "ngy th 3 en ti" (28/10/1929), Quc hi M ban hnh Lut chng khon nm 1933 v Lut giao dch chng khon nm 1934.

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nm u th k XX khng nh: Khng th c mt TTCK pht trin khi cha c lut php, d l mt h thng php lut n gin. Bn cnh , cng cn nhn mnh rng, nhu cu hon thin khun kh php l v TTCK Vit Nam c l gii bi nhng hn ch ca h thng php lut hin hnh v chng khon v th trng chng khon. Xut pht t thc tin hot ng ca TTCK Vit Nam trong 7 nm qua, i hi phi sm hon thin cc qui nh php lut v vn ny cho ph hp vi s pht trin ca nn kinh t Vit Nam v theo xu hng hi nhp kinh t quc t v thng l quc t. Va ri chng ta ban hnh Lut chng khon. Lut chng khon ra i m bo tnh tng th, tnh n nh trong cc qui nh lin quan n chng khon v TTCK, b sung cc qui nh cn thiu, khc phc nhng qui nh bt cp, km hm s pht trin ca TTCK. S pht trin ca TTCK gn lin vi nhu cu v kh nng ca nn kinh t v c ch kinh t. Vic t chc ra mt TTCK khng kh, ci kh l duy tr c n hot ng u n, lnh mnh, c hiu qu v ngy cng pht trin. Mt TTCK ch c th pht trin lnh mnh khi n c hot ng trong mt mi trng php l, kinh t, ti chnh ph hp. iu ny i hi phi tng bc hon thin php lut v TTCK. Nhng c trng c bn ca qu trnh xy dng v hon thin php lut v TTCK Vit Nam. TTCK Vit Nam chnh thc ra i vo nm 2000, tuy nhin t nm 1992, mt bn n thit lp Trung tm giao dch chng khon Thnh ph H Ch Minh c U ban Nhn dn Thnh ph H Ch Minh trnh ln Ngn hng Nh nc. Mc d khng c chp thun nhng y c coi l xut pht im cho c qu trnh nghin cu ca cc c quan Trung ng v TTCK v ban hnh php lut iu chnh hot ng ca

th trng ny. Nu xem xt mt cch h thng cc vn bn php lut v TTCK th c th nhn thy bao gm rt nhiu loi khc nhau nhm iu chnh cc quan h gin tip hoc trc tip lin quan n t chc v hot ng ca TTCK, th hin cc lnh vc: php lut v doanh nghip, php lut v hp ng, php lut v gii quyt tranh chp, php lut v t chc v hot ng ca TTCK, v c quan qun l Nh nc i vi TTCK, v pht hnh, v nim yt, giao dch, kinh doanh chng khon, v cng ty chng khon, v a v php l ca nh u t chng khon. Trong xu th hi nhp v ton cu ho hin nay, php lut trong mi lnh vc u c nhng sa i nht nh ph hp vi thng l quc t. Vit Nam gn y ban hnh nhiu o lut (nh Lut Doanh nghip, B Lut Dn s, Lut u t, B Lut T tng dn s, Lut cnh tranh, Lut ph sn), to ra mt sn chi bnh ng cho cc loi hnh doanh nghip, to tin php l vng chc cho cc th trng pht trin (trong c TTCK). i vi lnh vc ti chnh, TTCK kinh nghim cc nc pht trin cho thy s qun l, tc ng ca Nh nc l khng th thiu c i vi s hnh thnh v pht trin ca TTCK. N c ngha quan trng, c tnh cht nh hng cho s vn hnh v pht trin TTCK giai on sau ny. Do vy, hu ht cc nc, trong c Vit Nam thnh lp c quan qun l chuyn trong lnh vc chng khon v TTCK. Tuy nhin, Vit Nam c mt c th l ngay t nm 1996, khi cha c TTCK chnh thc tp trung ra i, c UBCKNN thnh lp theo Ngh nh 75/CP ngy 28/11/1996. iu ny khng nh s quan tm tch cc t pha Nh nc i vi loi th trng hng ho c bit ny, ng thi to c s php l cho s ra i TTCK Vit Nam. Theo Ngh nh ny, UBCKNN l c quan m bo cho TTCK hot ng tun

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th php lut, hiu qu, cng bng, cng khai, hn ch tnh trng la o, cc hnh vi tiu cc ny sinh trn th trng, bo v quyn li chnh ng ca nh u t. Mc d chc nng, nhim v, quyn hn ca UBCKNN ch c th hin tm Ngh nh, song v tr php l ca n c khng nh l mt c quan thuc Chnh ph, c nhiu thm quyn, trong c thm quyn ban hnh vn bn qui phm php lut. Tuy nhin, theo Ngh nh 66/2004/N-CP ngy 19/02/2004 ca Chnh ph v vic chuyn UBCKNN vo B ti chnh th y Ban chng khon (UBCK) khng cn thm quyn ny na, nhng vn c quyn cp php, thu hi cc loi giy php v pht hnh, kinh doanh chng khon. Tip theo Ngh nh 75/CP l Ngh nh 48/1998/N-CP v chng khon v TTCK. TTCK Vit Nam t tiu chun ca TTCK quc t, c kh nng thu ht vn u t nc ngoi, yu cu vn bn php lut iu chnh v t chc v hot ng ca TTCK phi c ban hnh bi o lut. Tuy nhin, trong giai on u pht trin ca th trng ( Vit Nam lc ny mi c TTCK t do, phi tp trung, TTCK trao tay) y l mt vn nan gii m Vit Nam cha th lm c. Chng ta cha c thc t v hot ng ca TTCK, cha c nhng chuyn gia gii v chng khon, ngi dn Vit Nam lc cng rt t hiu v TTCK, Quc hi cng cha c c s thng qua Lut chng khon. Do vy, vn bn php lut c gi tr php l cao nht iu chnh trc tip, tng th v TTCK trong thi k u c ban hnh di dng Ngh nh l hp l. C th ni, Ngh nh s 48/1998/N-CP l vn bn php lut cao nht cho hot ng ca TTCK Vit Nam, nhng sau bc l nhiu hn ch: * Th nht, v phm vi iu chnh: mi ch quy nh v th trng giao dch tp trung; cha c s phn nh r trch nhim v phm vi kim tra, gim st gia UBCKNN

v Trung tm giao dch chng khon (TTGDCK), do vy, trong hot ng gim st cc cng ty nim yt s khng trnh khi c s chng cho; cc quy nh v giao dch trn TTGDCK khng bao hm y cc nguyn tc c bn ca hot ng giao dch chng khon. C ch thc hin giao dch cc loi chng khon phi sinh cn cha c qui nh hay ni cch khc, php lut v vn ny cn ang b b ng, gy kh khn cho cc c ng v t chc pht hnh khi c nhu cu mua bn, chuyn nhng cng c ti chnh ny. * Th hai, cc qui nh ca php lut v iu kin pht hnh, iu kin nim yt chng khon cha c s tch bch, r rng. * Th ba, gia php lut v doanh nghip v php lut v chng khon cn c s cha thng nht, ng b trong vic qui nh v trnh t, th tc, quyn v ngha v gia cng ty c phn v c ng hin hu trong vic chuyn nhng c phn. Mt khc, c phiu c quy nh trong cc vn bn ny c ni dung cng khng ging nhau(2). Do gy kh khn cho doanh nghip v ngi u t trong vic thc hin cc giao dch v chng khon, c bit l trn th trng th cp. * Th t, cc qui nh v cng b thng tin trn TTGDCK cha c r rng, c th. Php lut cha xc nh cc thng tin no doanh nghip bt buc phi cng b, thng tin no c quyn gi kn. Mt khc, trch nhim cng b thng tin l thuc v t chc pht hnh trc tip hay giao cho TTGDCK cng b? Mt vn na l cc thng tin

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Chng hn cc ni dung sau ca c phiu c ghi trong Lut Doanh ngip nhng li khng c ghi trong Ngh nh s 48/1998/N-CP: Tm tt v th tc chuyn nhng c phn; Ch k mu ca ngi i din theo php lut v du ca cng ty; S ng k ti s ng k c ng; S lng c phn, loi c phn.

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c c quan qun l nh nc cho php cng b, vy trc khi doanh nghip chnh thc a bn cng b thng tin ra cng chng th doanh nghip c cn phi xc nhn li ca cc c quan trn khng? ... Tt c cc vn trn cha c php lut qui nh mt cch rch ri, gy kh khn cho cc doanh nghip cng nh kh nng tip cn ca nh u t. Ngoi ra, php lut qui nh cc t chc nim yt, cng ty qun l qu, TTGDCK khng c cung cp thng tin sai s tht, cn ngha v, trch nhim v hnh thc x pht i vi vic cng b thng tin sai s tht v khng kp thi th li cha c cc qui nh r. * Th nm, theo Ngh nh 48/1998/NCP th nhng t chc, c nhn c vi phm s b x pht hnh chnh hoc truy cu trch nhim hnh s theo quy nh ca php lut. Nhng khi dn chiu cc vn bn php lut c lin quan li khng thy c bin php x l vi phm v ti phm trong lnh vc chng khon (v d nh B Lut hnh s, Php lnh X pht vi phm hnh chnh...). * Th su, php lut v chng khon v TTCK cha qui nh r thi im hnh thnh, chm dt quyn s hu chng khon v cc quyn c lin quan n chng khon, trong khi vic hon tt cc th tc mua bn chng khon khng c thc hin ngay m phi sau thi gian nht nh k t ngy khp lnh (T+3). * Th by, cc qui nh php lut cha to c ch php l chit khu, ti chit khu tri phiu Chnh ph (tr tn phiu kho bc) ti Ngn hng Nh nc Vit Nam, t chc tn dng, chnh v vy th trng tri phiu Chnh ph hu nh cha hot ng trong thi gian ny trn TTGDCK Thnh ph H Ch Minh. * Th tm: iu 29 - Ngh nh s 48/1998/N-CP, quy nh: cc t chc tn dng, cng ty bo him mun tham gia kinh

doanh chng khon phi thnh lp cc cng ty chng khon c lp v cng ty ny c UBCKNN cp giy php thnh lp. Tuy nhin, Lut cc t chc tn dng nm 1997 li cha c qui nh cho php cc t chc tn dng c quyn (gin tip) kinh doanh chng khon. S khng ng b ny phn no gy kh khn, cn tr hot ng ca cc t chc tn dng mun tham gia kinh doanh chng khon. Xut pht t nhng hn ch, bt cp ch yu nu trn ca Ngh nh 48/1998/N-CP nn Ngh nh 144/2003/N-CP ngy 28/11/2003 v chng khon v th trng chng khon c ban hnh (thay th Ngh nh 48/1998/N-CP ngy 11/8/1998). So vi Ngh nh 48, Ngh nh 144 c phm vi iu chnh tng i rng (lin quan n s m rng phm vi qun l i vi hot ng pht hnh chng khon ra cng chng; qui nh th tc ng k pht hnh chng khon ra cng chng thay cho c ch cp php pht hnh; phn nh r iu kin nim yt v iu kin pht hnh chng khon; ni lng iu kin nim yt chng khon to iu kin cho cc doanh nghip Nh nc sau khi c phn ho c th nim yt chng khon ngay; qui nh b sung i tng phi cng b thng tin l cng ty chng khon (bn cnh cc i tng l t chc nim yt, cng ty qun l qu, v TTGDCK); b sung thm loi hnh Qu u t chng khon bng vn gp ca cc thnh vin; c th ho cc hnh vi b cm trn TTCK). Vic ban hnh Ngh nh 144 nh du mt bc quan trng trong qu trnh hon thin khung php l cho hot ng ca TTCK Vit Nam, l c s php l quan trng bo m cho th trng hot ng an ton, cng bng, hiu qu, bo v quyn li nh u t. Tuy nhin, do s pht trin ca nn kinh t ni chung v TTCK Vit Nam ni

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ring v ph hp vi nh hng chin lc pht trin TTCK n nm 2010 th vic ban hnh Ngh nh 144 v sau l hng lot cc vn bn hng dn thi hnh cng cha to ra c mi trng php l y , ng b v n nh iu chnh mi hot ng trn TTCK. Theo quan im ca chng ti, th Vit Nam vo thi im cui nm 2003 ch nn ban hnh Ngh nh sa i, b sung Ngh nh 48 l va v nm 2006 s ban hnh Lut chng khon. Bi l, hiu lc php l ca cc vn bn di lut (Ngh nh) khng cao, kh gii quyt trit nhng mu thun, xung t vi cc vn bn php lut khc c lin quan. Thm vo , vn pht hnh v kinh doanh chng khon l nhng hot ng c lin quan n rt nhiu lnh vc ca i sng kinh t, x hi thuc i tng iu chnh ca nhiu ngnh lut khc nhau. Do , khung php lut v chng khon v TTCK bao gm nhng b phn cu thnh thuc nhiu lnh vc php lut c c trng v c ch iu chnh khc nhau, trong c nhng qui nh ca c php lut dn s (lin quan n vic chuyn quyn s hu chng khon), php lut hnh chnh, hnh s (lin quan n vic x pht vi phm php lut v chng khon v TTCK). Do vy, mt vn bn php lut mc Ngh nh d chi tit n u chc chn cng kh c th iu chnh c ht cc quan h lin quan trong lnh vc TTCK. Thc tin hot ng ca TTCK sau 7 nm (t nm 2000 - n 2006) cho thy quy m TTCK Vit Nam cn nh, cha tr thnh mt knh huy ng vn di hn c hiu qu cho u t pht trin. Tham gia th trng ch yu l cc nh u t nh l, thiu vng cc nh u t chuyn nghip, cc cng ty ln, cc nh u t c t chc nh qu u t, cng ty u t chng khon... nn nh hng n tnh n nh ca th trng. Cho n thng 12/2005, tng gi tr vn ha TTCK

t 6,9% GDP, trong th trng c phiu t gn 1% GDP, th trng tri phiu t 5,9% GDP. S lng cc cng ty chng khon (CtyCK) tham gia hot ng trn th trng cn t, tim lc ti chnh hn ch, trnh ca nhn vin tc nghip cha mang tnh chuyn nghip. TTCK hot ng khng minh bch, mua bn chng khon thng qua cc thng tin ni gin cn nhiu, nguyn tc cng khai cha c tun th mt cch trit (V d trng hp ca Canfoco - Cng ty c phn (CtyCP) hp H Long khng cng b thng tin tc thi v vic gian ln hon thu VAT, nh hng ti quyn li ca Nh u t). Nhng hn ch ca TTCK ni trn l do nhiu nguyn nhn khc nhau, c nhng nguyn nhn thuc v mi trng kinh doanh ni chung, song cng c nhng nguyn nhn thuc v th ch hot ng ca TTCK, trong khun kh php l l mt yu t c bit quan trng. Cho n cui nm 2006, vn bn php l cao nht v chng khon v TTCK l Ngh nh s 144/2003/N-CP ca Chnh ph ). Sau 6 nm vn hnh cho thy, h thng vn bn php lut v chng khon v TTCK bc l nhiu hn ch, cha y v thiu ng b. Ngh nh 144 mi ch iu chnh hot ng pht hnh chng khon ra cng chng ca cc CtyCP, khng iu chnh vic pht hnh c phiu ca cc doanh nghip nh nc c phn ha, vic pht hnh chng khon ca cc t chc tn dng, cc doanh nghip c vn u t nc ngoi (TNN) chuyn i thnh CtyCP. iu ny lm hn ch vic pht trin th trng s cp, ng thi to ra s bt bnh ng gia cc loi hnh doanh nghip trong vic pht hnh chng khon ra cng chng. Ngh nh 144 ch iu chnh hot ng ca TTGDCK tp trung (cc TTGDCK),

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khng iu chnh hot ng giao dch chng khon phi tp trung. iu ny lm hn ch vic pht trin th trng th cp. Mt khc, cc hot ng giao dch chng khon ang din ra kh si ng trn th trng t do m khng c s qun l ca Nh nc. Do vy, khc phc nhng bt cp ca Ngh nh 144 v iu chnh ton din hot ng ca TTCK, cng nh tham gia WTO, Lut Chng khon c ban hnh vo nm 2006, c hiu lc t 1/1/2007. Lut Chng khon to lp khun kh php l cao cho hot ng ca TTCK, loi b nhng mu thun, xung t vi cc vn bn php lut khc c lin quan nhm hon thin m hnh hot ng ca th trng v thc y TTCK pht trin. Lut Chng khon c phm vi iu chnh rng hn c v th trng pht hnh cng nh th trng giao dch, ng thi iu chnh hot ng ca cc thnh vin th trng nhm to ra mt khun kh php l y , ng b, to iu kin cho th trng pht trin nhanh v n nh, bo v li ch hp php ca cc t chc, c nhn khi tham gia kinh doanh, u t vo TTCK. V th trng pht hnh: Ngoi tr vic cho bn tri phiu chnh ph, cho bn tri phiu ca cc t chc ti chnh quc t c Chnh ph Vit Nam chp thun, cho bn c phiu ra cng chng ca cc doanh nghip nh nc chuyn i thnh CtyCP, cc t chc c iu kin pht hnh chng khon ra cng chng phi ng k vi UBCKNN v phi tun th cc quy nh v vic cho bn chng khon ra cng chng. Quy nh ny s to iu kin cho cc doanh nghip trong vic huy ng vn trn TTCK ng thi cng to ra nhng chun mc cn thit v cht lng cc chng khon khi pht hnh trn TTCK. V TTGDCK: Nu nh Ngh nh 144 ch quy nh v TTGDCK tp trung th Lut

Chng khon m rng phm vi th trng, bao gm TTCK tp trung v TTCK phi tp trung, theo s Giao dch Chng khon (SGDCK), TTGDCK, cc CtyCK c cp giy php c t chc th trng giao dch chng khon. iu ny s to iu kin pht trin th trng giao dch chng khon c t chc ng thi thu hp th trng t do, nng cao tnh thng nht v m bo nguyn tc c bn ca TTCK. V cc loi hnh kinh doanh dch v chng khon, Lut Chng khon bao trm cc hot ng kinh doanh, dch v chng khon nh: mi gii, t doanh, bo lnh pht hnh, qun l qu u t chng khon, qun l danh mc u t, lu k chng khon Theo , quyn v ngha v ca cc t chc kinh doanh chng khon ny c quy nh r rng, to iu kin cho cc t chc trung gian trn TTCK c c hi pht trin v chnh h s l ngi xy dng v pht trin TTCK. Lut Chng khon to c s php lut y tng cng cng tc qun l th trng nhm bo v quyn v li ch hp php ca nh u t v cc t chc tham gia th trng; to c s php l gim st, cng ch thc thi, m bo cc doanh nghip tham gia trn th trng phi hot ng cng khai, minh bch, t gp phn lm minh bch ha nn kinh t. Theo Ngh nh 144, TTGDCK tp trung c t chc di hnh thc TTGDCK. TTGDCK l n v s nghip c thu, trc thuc UBCKNN, kinh ph hot ng ca TTGDCK do ngn sch nh nc cp. Do vy, tnh c lp ca TTGDCK khng cao, c bit l cng tc qun tr iu hnh cn mang tnh hnh chnh, thm quyn v gim st cc hot ng giao dch trn Trung tm cn hn ch. i vi vn gim st v x l vi phm, Ngh nh 144 khng bao trm ht cc hnh

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vi vi phm v cha xc nh r nguyn tc x pht cng nh thm quyn x pht vi phm trong hot ng chng khon v TTCK. Hn ch ny c nh hng n s cng khai, minh bch ca khun kh php l trn c phng din qun l nh nc cng nh bo v li ch ca nh u t. Lut Chng khon xc nh r nhng nguyn tc hot ng ca TTCK, xc nh cc hnh vi b cm nh gian ln v la o, giao dch ni gin thao tng th trng. Cc nguyn tc v cc hnh vi b cm ny da trn c s kinh nghim ca cc nc c hot ng TTCK. Bn cnh Lut quy nh r rng v quyn v ngha v ca cc t chc, c nhn bn ngoi, quy nh v hn ch phng nga xung t li ch, vn thanh tra, x l vi phm kh r rng. Lut Chng khon xc nh c quan trc tip qun l TTCK l UBCKNN v c mt iu ring quy nh v nhim v, quyn hn ca c quan ny. Ngoi cc chc nng nhim v ca UBCKNN nh hin nay, Lut cp n chc nng iu tra ca UBCKNN trong vic thu thp cc chng c kt lun v vic vi phm v chng khon v TTCK, ng thi quy nh v thanh tra x l vi phm. Thanh tra chng khon l thanh tra chuyn ngnh thuc b my ca UBCK, thanh tra c thm quyn x pht vi phm hnh chnh trong lnh vc chng khon. Ngoi vai tr ca c quan qun l nh nc, Lut Chng khon cao vai tr ca cc t chc t qun nh S Giao dch chng khon (SGDCK), TTGDCK. Theo , SGDCK, TTGDCK l cc n v t chc c lp c ngha v, quyn hn ring, c t chc b my cng nh iu l hot ng ring, nhm pht huy vai tr ca t chc t qun theo thng l quc t. SGDCK, TTGDCK c quyn ban hnh cc quy ch hot ng ca mnh sau khi c c quan c thm quyn ph chun, ng thi c vai tr gim st cc

thnh vin, gim st cc hot ng giao dch trn SGDCK, TTGDCK theo m hnh h thng gim st 2 cp (cp s v cp UBCK) nh cc nc khc. Thm vo , bo v quyn v li ch hp php ca cc nh u t, ng thi m bo cho th trng hot ng cng khai minh bch, Lut Chng khon c nhng quy nh c th v ngha v bo co v cng b thng tin ca cng ty i chng. Cc cng ty i chng c ngha v phi thc hin cng b thng tin y , kp thi, chnh xc ti cc cp qun l v ra cng chng u t theo cc loi hnh nh cng b thng tin nh k, cng b thng tin bt thng v cng b thng tin theo yu cu. Ngoi ra, Lut Chng khon c xy dng ph hp vi lut php, thng l quc t nhm to iu kin cho TTCK Vit Nam c kh nng hi nhp vi cc th trng vn quc t v khu vc, c bit l p ng c l trnh thc hin cc cam kt trong Hip nh Thng mi Vit Nam - Hoa K v gia nhp T chc thng mi th gii. iu ny c th hin nhng quy nh v i tng p dng trong Lut l khng c s phn bit i x gia cc nh u t l cc t chc, c nhn trong nc v nc ngoi tham gia u t v hot ng trn TTCK Vit Nam. Tuy nhin, Lut c quy nh trng hp iu c quc t m Vit Nam l thnh vin c quy nh khc vi quy nh ca Lut th p dng iu c quc t . Chnh ph quy nh c th v thc hin iu c quc t ph hp vi l trnh hi nhp v cam kt quc t. T nhng phn tch trn c th thy, php lut v TTCK Vit Nam lun trong qu trnh hon thin v hin nay khun kh php l cho s vn hnh v pht trin TTCK l tng i y , ng b. C th ni, Lut Chng khon ra i s gp phn hon chnh th ch v kinh t th trng Vit

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Nam, qun trit tinh thn i mi ca ng v Nh nc c th hin r nt trong Ngh Quyt i hi ng cng sn Vit Nam ln th X. Ngoi vic ban hnh Lut Chng khon, cc vn bn hng dn thi hnh cng ra i (c bit l Ngh nh 14/2007/NCP ngy 19/1/2007 qui nh chi tit thi hnh mt s iu ca Lut Chng khon) to khung php l ng b thc thi Lut Chng khon. iu ny ht sc quan trng v s to ra mt mi trng php lut n nh cho cc nh u t. Tuy nhin, mc d h thng vn bn php lut c nhng hng dn c th nhng vn cha bao qut c cc vn ny sinh trn TTCK nh cm c chng khon, repo, ti khon u thc u t; tnh cng khai, minh bch ca TTCK thng qua cng b thng tin c nng cao, song cht lng, ni dung, thi hn cng b cha p ng cho yu cu qun l v cung cp thng tin cho th trng, h thng c s h tng ca cc sn giao dch chng khon cn km cht lng, dn n hin tng sp sn, nh hng nghim trng ti quyn v li ch ca nh u t chng khon; TTCK t do hot ng nhiu khi li hp dn v si ng hn c TTCK chnh thc, tp trung nhng lut php iu chnh cn chung chung, do vy dn n tnh trng qun l th trng lng lo, th trng hot ng thiu tnh cng khai, tim n ri ro ln, c th gy nhng bin ng ln n TTCK chnh thc, cng khai v ton b h thng ti chnh. TTCK pht trin mt cch n nh v bn vng, cn tip tc hon thin c s php l cho th trng theo hng ngy cng tip cn cc tiu chun ca t chc ti chnh quc t, c bit cn qun trit cc nguyn tc qun l th

trng m IOSCO khuyn ngh, ng thi phi ph hp vi tnh hnh v c im Vit Nam trong xu hng pht trin v hi nhp. Bn cnh cn c cc bin php kim sot lm pht hp l, c s phi hp ng b gia cc c quan qun l nh nc trong lnh vc ti chnh, xy dng c ch t gi hi oi linh hot theo tn hiu th trng, tng cng tnh cng khai, minh bch ca doanh nghip theo thng l quc t, xy dng v pht trin h thng cc nh u t c t chc nh qu u t, t chc kinh doanh bo him, ngn hng, cng ty u t chng khon, pht trin cc sn phm lin kt gia bo him, ngn hng, chng khon, xy dng cc tiu ch qun tr ri ro hp l nhm lun chuyn v thu ht vn u t t knh ngn hng, bo him sang TTCK v ngc li, nhm qun l v kim sot ri ro hot ng ca cc t chc ny thng qua TTCK. Tuy nhin, php lut v TTCK i vo cuc sng th i hi khng ch n thun hon thin cc vn v mt php l, m cn nht thit phi nng cao nhn thc ca ngi dn v chng khon v TTCK v gy dng nim tin ca h i vi TTCK. C nh vy mi nng cao tnh hiu qu ca h thng php lut ni chung v php lut v TTCK ni ring. Ti liu tham kho
[1] Xem kt qu tng hp D n: iu tra, nh gi iu kin t chc v vn hnh TTCK Vit Nam - Giai on II, Tp ch Chng khon 4, (2002) 15. [2] TTCK v cng ty c phn, Vin Nghin cu khoa hc th trng gi c, H Ni, 1989.

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The procedure of building and perfecting legal frame on Securities and Securities market in Vietnam
Le Thi Thu Thuy
Faculty of Law, Vietnam National University, Hanoi, 144 Xuan Thuy, Cau Giay, Hanoi, Vietnam The Securities market has operated and become accessible in Vietnam since 8 years ago. However, the Securities market in Vietnam is different from its in other countries, which is developed in a very special conditions. Its structure and operation are stipulated by a relatively grandiose legal system. This fact gives the signal that the Communist Party and the Government pay high attention on such kind of special finance market and confirms the idea that it is neccessary to have a stable and sufficient legal system in order to have a developed Securities market. This article presents on the neccecity as well as main different points of building and perfecting legal frame on the Securities market in Vietnam