UY BAN CHUNG KHOAN NHA Nuoe DE TAl NGHIEN cOU KHOA HQC CAP eo

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CAe GIAI PHAP HOAN THIEN

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HE THONG GIAM sAT TAl TRUNG TAM

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GIAO DICH CHaNG KHoAN TP. HCM

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MA so. UB-04.04

Ddn vi chu tri: Trung tam Giao dich Chung khoan Tp. HiS Chi Minh

Chu nhiem de tiJi: cil nhan Tran Tuan Anh

ThU' ky de tai: cli nhan Pham Cong Khoa Hlldng

TP. HO cHi MINH - NAM 2004

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CHU NHI~M es TAl: ell NHAN TRAN TUAN ANH

THU KY f)E TAl: eli NHAN PHAM CONG KHOA HUaNG

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DE TAl NGHIEN cuu KHOA HQC DlJQC HoAN THANH val 51)'

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THAM GIA CUA CAC CQN.G lAC VIEN:

- PHAM CONG KHOA HUONG

- LEVU NAM

- LE NH! NANG

- LE THI TUYET HANG

- vO THI CHAN PHUONG

DANHM\JC KY mtu cAc CHUVlETTAT

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1. Thi tnrong chung khoan Viet nam

2. Trung tam giao dich chirng khoan

TTCKVN TTGDCK

3. Trung tam Giao dich Chung khoan Thanh ph6Hd Chi Minh TTGDHCM

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4. U y ban Chung khoan Nha nude UBCKNN
. 5. C6ng ty chting khoan CTCK
6. T6 chile phat hanh TCPH
7. sa giao dich chung khoan SGDCK
8. Td chile niern ye't TCNY
9. Thanh vien 100 ky TVLK
10. Trung Him 100 ky TTLK
l l.Bao lanh phat ha nh BLPH Ml}C LQC

MO DAU 1

I. Tinh cap thiet, y nghia khoa hqCV3 thuc ti~n cua de tai 1

II. M\lC tieu nghien coo, phuong phap nghien cdu 2

III. Ket cau cua de tai 3

Chuang /: TONG QUAN vB H~ m6NG GrAM SAT .4

I. T6ng quan ve he thong giam sat. .4

I 1 Kh .. · . A Jt he th"- . .. 't 4

. ar mem ve ~ ong gram sa ..

I 2 V . tr' h'~ - ~ hA thK 't 5

. at 0, C uc nang cua e ong gJam sa ..

1.3 Nguyen uie hoat dong ella h¢ thong giam sat 6

1.4 D6i nrong, pham vi va n¢i dung hoat dong giam sat 10

1.4.1 D6i urong cua hoat dong giam sat.. l0

1.4.2 Pham vi va noi dung ella h¢ thong giam sat tren thi tl1100g

chtmg khoan tap trung 12

1.5 Phan loai hoat dong giam sat 14

I.5.1 Giarn sat hoat dong giao dich chrrng khoan 14

I.5.2 Giam sat hoat dong cua coag ty cluing khoan thanh vien va

cac thanh vien hru ky 15

1.5.3 Giam sat hoat dong cua t6 clnrc niem yet. 16

1.5.4 Giam sat hoat dong e6ng b6 thong tin ciia t6 chtrc niem yet., 16

1.6 Moi quan he cua he thong giam sat voi cac he thong hru ky - dang ky - thanh toan bu trir chimg khoan, he thong giao dich va h~ thong

cong b6' thong tin 17

1.6.1 M6i quan he voi h¢ thong hru ky - dang ky - thanh toan bu

tIit chUng khoan 17

1.6.2 M6i quan he voi h~ thong cong b6 thong tin , 18

1.6.3 M6i quan h~ voihe thong giao dich 18

I. 7 M6i quan h~ giil'a eo quan true tiep giam sat thi tnrong voi cac co

quan khac co lien quan 19

II. He thong giam sat ciia m¢t sO' SCi giao dich clnrng khoan ruroc ngoai 20

11.1 Hoa Ky - 20

11.2 Si.:1 giao dich chtrng khoan Dlrc 23

11.3 SCi giao dich chimg khoan Nh~t 26

11.4 Sb giao dich chimg khoan Trung q uoc 28

II.S So sanh gitra cac roo hinh 30

II. 5.1 Mo hinh T rung Qu6c 30

11.5.2 M6 hlnh My 32

III. Bai hoc kinh nghiem doi voi V iet N am 34

Ill.1 Moi quan ·h~ giii'a cac co quan, t6 clnrc trong h~ thong giam sat. 34

III.2 Giarn sat, cUOng che thirc thi va tuan thll thanh vien 35

111.3 Theo d6i giao dich 35

III.4 Quy dinh ve niem yet 36

ilL5 Cong 1>6 thong tin lien tuc doi nrong niem yet., 36

Ill.6 Hlnh thtic ky luat va phat cong ty niern yet, Ban giam doc 37

III. 7 Di~u kien gia nh~p th~ tnrong cua cong ty chtmg khoan va t6 chtrc

trung gian khac '" 37

IIL8 Hanh vi kinh doanh ciia t6 chitc trung gian 38

Ill.9 S\l' tuan thu, quy dinh va tieu chuan v~ hanh vi kinh doanh cua t6

chirc trung gian '" 38

IlL 1 0 Hinh thirc ky lu~t va phat cong ty thanh vien, Ban giam doc 39

IlL!! Chtrc nang, nhiem V1:l va quyen han giam sat tai SGDCK 40

III. 12 Uu ngu6n lire cho h~ thong giam sat va can bang cua trinh d¢

? hat tn''? tho t- ... -» ..., 't 40

eua p a en ! u uong va gram sa ..

III. 13 Moi quan h~ giam sat xuyen bien gioi vdi thi tn.cang khac .41

III. 14 Trinh d¢ cong nghe .42

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Chuang II: THl)C TR~NG He THONG GIAM SAT T ~I

rrGnCK TP. HCM 44

L Thuc trang h~ thong giarn sat tai TIGDCK Tp HCM 44

I. 1 Vai tro, chtrc nang giam sat cua rrGDCK Tp. HCM 44

1.2 D6i tU<;1I1g, pham vi va noi dung hoat dong giam sat tai TIGDCK

Tp. HCM 45

1.2.1 Doi tuong, pham vi giam sat tai TIGDCK Tp. HCM 45

1.2.2 N¢i dung giam sat tai TTGDCK Tp. HCM 46

1.3 M6i quan h¢ gitta h~ thong giam sat vai cac he thong khac ciia

ITGDCK Tp. HCM : 50

1.3.1 Moi quan h~ vOi h~ thong hru ky - dang ky - thanh toan

bii trir chrrng khoan 50

1.3.2 M6i quan he voi h~ thong giao dich 51

1.3.3 M6i quan h¢ vOi h¢ thong cong b6 thong tin 52

1.4 Moi quan h¢ giita TIGDCK Tp. HCM vm UBCKNN va cac eo

quan khac co lien quan 53

1.4.1 M6i quan h~ gitra TIGDCK Tp. HCM vdi UBCKNN 53

1.4.2 Moi quan h¢ gitra TIGDCK Tp. HCM vai B9 tai chfnh 56

1.4.3 M6i quan h¢ gitra rrGDCK Tp~ HeM vci Co quan toa an.

Vien ki~m sat 56

II. Di~u kien ky thuat va co sa v~t chat phuc vu cho cong tac giam sat. 57

III. Khung phap 19 hien hanh di~u chinh hoat dong giam sat 58

IV Danh gia chung v~ cac hoat dong giam sat tai ITGDCK Tp. HCM 61

IV.1 V~ hoat dong giam sat giao dich 62

IV2V~h t dc .~ ~t' til h~ .~ ·'t 64

. e oa ong gram sa cae u e ire mem ye ..

IV.3 V~ hoat dong giarn sat cac cong ty chimg khoan thanh vien 68

ChuO'ng III: cAc GIAI PHAp HoAN THI~N ~ THONG GIAM

SAT T~I TTGDCK 71

1. Xac dinh mo hinh he thong giam sat up TIGDCK TP. HeM 71

1.1 Vai tro, chirc nang giam sat cua TTGDCK Tp. HCM 71

1.2 D6i tl1<;1I1g, pharn vi giam sat 72

1.3 M6i quan h¢ giira he thong giarn sat voi cac h¢ thong khac cua

TIGDCK tp. HCM 73

1.3.1 M6i quan he voi h¢ thong hru kj - dang k9 - thanh toan

bu trir chtmg khoan 73

1.3.2 M6i quan he vOi h¢ thong cOng b6 thong tin 75

1.3.3 M6i quan h¢ voi h¢ thong giao dich 77

1.4 Moi quan h¢ gina 1TGDCK Tp. HCM vOi UBCKNN va cac eo

quan khac co lien quan 78

I.5 Cac giai phap cu th~ nham hoan thien he thong giam sat tai

TIGDCK Tp. HeM 82

1.5.1 Trong Iinh Y1!c giam sat hoat dong giao dich clumg khoan 82

1.5.2 Trong Iinh vue giam sat hoat d¢ng cua t6 clnrc niem yet. 90

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1.5.3 Trong Iinh vue giam sat hoat dong cua cong ty chung

khoan thanh vien 92

II. Mo hlnh he thong giam satkhi chuyen d6i TTGDCK thanh

SGDSCK 94

11.1 Vai tro, chuc nang giarn sat ciia SGDCK trong hoat d¢ng giam

sa t thi tnrong 94

11.2 Doi nrong, pham vi giarn sat. 95

11.3 M6i quan he giii'a h¢ thong giam sat v6i cac he thong khac cua

SGDCK 96

11.3.1 Moi quan h¢ vm h¢ thong hru k9 - dang ky - thanh toan

bu trir chirng khoan 96

11.3.2 M6i quan h¢ vOi he thong cong b6 thong tin 97

11.3.3 Moi quan h¢ vOi he thong giao dich 98

11.4 Moi quan he gitta SGDCK vci UBCKNN va cac co quan khac

co lien q uan 99

IIA.l Moi quan he voi UBCKNN ~ 99

11.4.2 Moi quan he voi cac cong ty cluing khoan thanh vien 101

11.4.3 Moi quan he vdi Hiep hoi chirng khoan 101

11.4.4 Moi quan h¢ v(ri Co quan toa an, Vien kiem sat., l02

11.5 Cac giai phap cu the nham hoan thien h¢ thong giam sat tai SGDCK .103

11.5.1 Trong Iinh vue giam sat hoat dong giao dich chtmg khoan 103

11.5.2 Trong Iinh V1!c giarn sal hoat dong ciia t6 clnrc niern yet 105

II.5.3 Trang Iinh V1!c giam sat hoat dong ciia cong ty chtmg

Khoan thanh vien 106

III. Mot s6 giai phap h6 tro hoat dQng giam sat 107

111.1 Thiet l~p h¢ thong co sa dii' lieu chung phuc vu cho cong tac

giarn sat 107

III.2 Tang cirong cac phuong tien ky thuat, cong cu h5 tro 108

Ill.3 Tuyen truyen, ph6 bien cac quy dinh phap luat lien quan den

hoat dong giam sat. 110

IlIA Dao tao va phattrien nguon nhan lire 111

III'S Hoan thien khung phap 19 dieu chinh cac hoat dong giam sat 112

TAL LItU THAM KHAo

Cac giai phJp holm t~n I~ tMng giam sQI tai Trung lam giao dich chung khodn Tp. HCM

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MODAU

I. TfNH CAP mItT, Y NGHlA KHOA HQC V A THVC TIiN cUABtTM

Trang thoi gian hoat dc)ng vita qua, h~ thong giam sat tai TTGDCK Tp.HCM da: c6 nhieu bircc tien nham dap iing yeu c~u dam bao su tuan thu phap luat cua cac chii th~ tham gia thi tnrong, dam bao cho thi tnrong chting khoan hoat dong mot each an toan va hieu qua, thong qua d6 baa v~ loi Ich cua nha mroc, bao v~ quyen va 1<,1i Ich hop phap cua cac nha dau ttl.

D~ dap tffig yeu cau dbi hoi ngay mot cao han doi voi cong tac giam sat, h¢ thong giam sat tai Trung tam Giao dich ChUng khoan Tp. HCM da: khong ngimg diroc cung co va nang cao nang lire d~ hoan thien. Tuy nhien, viec cling co va nang cao nang hrc d~ hoan thien trong thoi gian qua chua dtroc nghien ciru mot each toan dien, h¢ thong va chuyen sau. Do vay, hieu qua cua cac hoat dong giam sat tai Trung tarn Giao dich Chung khoan Tp. HeM cung co nhtrng anh lnrong va han che nhat dinh.

Ciing voi sl! phat tri~n cua thi tnrong va tnroc cac yeu cau, doi hoi phai xay dung mot thi truong clnmg khoan phat trien, hoat dong mot each an toan va hieu qua thi viec nghien CUu cac giai phap d~ hoan thien he thong giam sat tai Trung tam Giao dich ChUng khoan Tp. HCM la het suc c~n thiet, VOi cach di sau vao nghien cUu cac van de trong tam cua hoat dong giam sat nham duy tri trat tu thi tnrong, dam bao tfnh minh bach cua thi tnrong, giam sat tuan thii phap luat va thong qua viec de xuat cac giai phap phap Iy, cac giai phap cu th~ v~ hoat dong va mot so giiii phap phu tro khac nhu de xuat each phei hop giam

sat giira Trung tam Giao dieh Chung khoan Tp. HeM voi Dy ban Chimg khoan Nha mroc, thiet l~p h¢ thong co sO dir lieu tra coo va phan tfch..; d~ tai nghien ciru "Cac giai phap hoan thien h~ thong giam sat tai Trung tam Giao dich Cluing khoan Thanh pho H6 Chf Minh" khong nhtrng se dap img yeu c~u biic thiet cua cong tac giarn sat trong tinh hlnh hien tai tai Trung tam Giao dich ChUng khoan Tp. HeM, gop phan nang cao hieu qua hoat dong thirc ti~n

Chuang I. T 'ong quail "i h¢ thong gidm sal

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Cdc gidi plllip ho,m Ihi¢1I M thong gwm sat tai Truug uim giao dicit chiillg khoan Tp. HeM

cua he thong giarn sat, rna con co nhiing dt! xual tot cho viec trien khai cong tac giam sat trong tirong lai - mot khi thi tnrong chrrng khoan phat trien hon, voi so luong cac nha dau tu, cac cong ty niem yet va cac cong ty chang khoan tham gia dong hon. Mot m~t nao d6, d~ tai nghien ctru e6 y nghia het sue thiet thuc, g6p phan trong cong cuoc xay dung thi tnrongclurng khoan Viet Nam phat trien bac cao, timg buoc nang cao khd nang canh tranh cua thi tnrcng cluing khoan va dua thi truong clning khoan Viet Narn h¢i nhap voi thi tnrong mi chfnh quae teo

v m cau tnic xay dung d~ tai chat che, khoa hoc va co nci dung nghien ctiu phil hop chien hroc phat trien thi tnrong cluing khoan Viet Nam tU nay den narn 2010 da<;1c Chfnh phii phe duyet: "duy tri trdt t~(, all toan, md rang pham vi, tang cuang hieu qud quail Ij, gidm sat thi truong ll/uim baa v¢ quylll va I¢ ich hap pluip ella nha ddu tu'', d~ tai nghien ciru "Cac giai phap holm thien h¢ thong giam sat tai Trung tam Giao dich Chung khoan Thanh pho Ho Chi Minh" e6 gia tri ap dung thirc tien cao va phil hop voi dinh hirong phat trien cua thi tnrong chang khoan trong urong lai.

II. MVC TI~U NGHltN cou, PHUONG PHAp NGHItN cou

f)~ tai khoa hoc "Cac gicii phap hoan thien he thong giarn sat tai Trung tam Giao dich Chimg khoan Thanh pho H6 Chi Minh" duoc thirc hien vci rnuc lieu de ra cac giai phap nham nang cao hieu qua hoat dong cua he thong giam sal tai Trung tam Giao dich Chung khoan Tp. HCM trong giai doan hien nay cung nhir trong nrong lai - khi thanh lap SCI Giao dich Chimg khoan, thong qua do phuc vu cho ID,!C lieu phat tri~n thi tnrong chang khoan thea dinh huang rna Chfnh ph u da d~ ra.

PhU<1l1g phap nghien CUu diroc sir dung la tir phircng phap t6 chirc, van hanh mo hinh he thong giarn sat ella cac Sb Giao dich Chang khoan ciia cac nacre va dieu kien hoat dong thuc tien cua mo hlnh Viet Narn, tien hanh nghien ciru va de ra cac giai phap nang cao hieu qua hoat dong ciia he 'thong giarn sat tai

Trung Him Giao dich Cluing khoan Tp. HeM. .;

Chuong. I. To"ng qua" vi h¢ thoug gldm sat

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CJe giJi pluJP hoau thi~1I/1f {lu/lIg giulIl sat tai Trung lam giao dich cluaig khoau Tp. HCM

III. KfT CAU eVA at TAl

Ngoai phan rob dau, ket luan, muc luc, tai lieu tham khao, phan flqi dung cua de tai bao g6m ba chuong:

ChucmgI:

TONG QUAN vt Ht TH6NG GIAM sAT

THU'C TRANG HE TH6NG GIAM SAT TAl TRUNG

.. . . .

Chucmg II:

TAM GIAO DlCH CHU'NG KHOAN TP. HCM

Chucmg III: cAc GIAI PHAp HoAN THI~N H~ TH6NG GIAM sAT T~I TRUNG TAM GIAO DlCH CHU'NG KHOAN TP. HeM

.~

Chuang I, T(illg quail vi' h¢ ,1101/8 giulIl suc

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