Phân quyền trong thực hiện giám sát giao dịch

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<b>DIEN OAN</b>

<b> CHUTNG</b>

<b> KHOAN </b>

<b>PHAN QUYEN </b>

<b>TRONG THirC H l l N </b>

<b>GIAM SAT GIAO DICH </b>

Xu huong moi sau

cuoc khung hoang

tai chinh toan cau

nam 2008

<b>ol </b>

<b>T H S . DUolMG T H I P H U O T N G </b>

<b>Q ^?^ v u GIAM S A T TTCK - UBCKN </b>

N

gay trudc cuoc khung hoang tai ehinh toan eau
nam 2008, viec co' phan
hda (CPH) va ket ndi cac
sd giao dich chiing khoan
(SGDCK) v l n dugc xem la mgt
thanh tuu trong cai thien hieu
qua hoat dpng ciia eac SGDCK va
dap ling nhu eau giao dich xuyen
bien gidi ngay cang tang. Tuy
nhien, ngay sau khi euoe khung
hoang xay ra, trong no lue tim
kie'm nhiing nguyen nhan dan

de'n khiing hoang, cae eo quan
quan ly chiing khoan phat hien ra
rang ctf ehe phan quyen trong
<i>giam sat giao dieh giiia cac ca </i>
quan quan ly chiing khoan va cac
SGDCK hoan toan khong dn
trong bdi canh mdi va nd dan de'n
nhung he luy Iam mat di tinh
hieu qua va dong luc trong thue
hien giam sat giao dieh cua cac to
chiie van thudng duge coi la eo
<i>quan quan Iy tuye'n dau </i>
<i>(Iront-Mne regulators). </i>

Xu huang
chung cho
tha'y SGDCK
it khi phan bo
du nguon luc
de thuc hien
vol tro giam
sat thj tnrdng.
<i>Anh </i>

<i>Khdnh Ha </i>

Cac SGDCK vdi co ca'u stf huu
thanh vien va boat dong phi lgi
nhuan trong nhieu thap ky da
dugc coi la nhiing td chiie tu quan

<i>(self-regulators), thuc hien cae </i>
chiic nang quan ly thi trudng d
cap thu nhait trong khi cac Uy ban
chiing khoan hoac cae eff quan
giam sat tai chinh ehi ddng vai tro
quan Iy d cap thii hai vol tham
quyen xii ly vi pham eao hffn. Khi
nay, viec giam sat giao dich va
phat hien nhiing da'u hieu giao
dich bat thudng duge coi la nhiem
vu chinh eiia SGDCK. Sii dung he
thdng giam sat giao dich tu dong
<i>(stock watch system), SGDCK eo </i>
nhiem vu loc va phan tich nhiing
<i>canh bao (alerts) ma he thdng nay </i>
dua ra nh&m phat hien eac giao
dieh bat thudng, thue hien kiem
tra trong pham vi tham quyen va
bao cao Ien co quan quan ly chung
khoan cac vu viec cd daii hieu lam
dung thi trudng. Vdi ctf ca'u phan
quyen nay, dua tren ket qua giam

sat ciia SGDCK, ctf quan quan ly
ehiing khoan la eaip cao nhait de ra
ket luan cudi cung va thue hien
cae thu tuc xut phat vi pham hanh
ehinh hoac to tung hinh su de xii
ly cae hanh vi vi pham va Iam
dung thi trudng.

Qua trinh toan cau hda ciia cac
thi trudng va tien bp vugt bac eiia
eong nghe tie'p tuc thay doi bdi
canh thi trudng toan eau, dae biet
trong nganh edng nghiep SGDCK
<i>(Stock Exchange Industry), ntfi </i>
ma cac ca'u tnic va hinh thiic canh
tranh deu thay ddi nhanh chdng.
Xu hudng eiia cae SGDCK la
chuyen ddi ctf caii sd hiiu tiif dang
to chiie do thanh vien sd hiiu phi
lpi nhuan sang hinh thiie cae cong
ty CO phan (CtyCP) boat dpng vi
lpi nhuan.

Nhu vay, eac SGDCK trudc
day thudng giii vai tro nhu mpt
dtfn vi quan ly d tuye'n dau tren
thi trudng ehiing khoan (TTCK),
thuc hien viec giam sat giao dich

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<i><b>r</b></i>

<i><b>^ - : 3 i i i i i i ! i , i i i i M i i </b></i>

<b>DIEN DAN CHLTNG KHOAN </b>

va thi hanh cac ehiie nang giam
sat va quan ly d eac cap dp khac
nhau ddi vdi cae thanh vien ciia
SGDCK va cac eong ty niem yet

(CtyiNY). Vdi su chuyen ddi ctf
cau sd hiiu va su gia tang so
lugng eac SGDCK d thi trudng
mdi ndi da Iam nay sinh nhiing
t r a n h luan ve vai tro eiia
SGDCK dudi dang cae CtyCP
hoat dpng vi lgi nhuan trong
giam sat thi trudng. Van de
tranh cai ehii yeu xoay quanh
viec lieu cac SGDCK d6 e6 nen
tiep tuc thuc hien vai tro nay
hay khdng. Lieu cac SGDCK co
dii kha nang tie'n hanh chiic
nang giam sat mpt each hieu
qua va dang tin cay khi ma muc
tieu hoat dpng ciia SGDCK hien
nay la vi lpi nhuan va thuong
mai. Lieu mpt SGDCK khi da
CPH, niem yet va theo dudi cac
muc tieu lpi nhuan, e6 phan bd
dii nguon luc de thuc hien giam
sat hay khdng, dac biet la khi
chiic nang giam sat giao dieh
Cling nhu giam sat thanh vien hi
nhin nhan la mpt hang mue ehi
phi. Xu hudng ehung cho thay
SGDCK hoat dpng vi muc tieu
lgi nhuan it khi phan bo dii
nguon luc de thue hien vai trd
giam sat thi trudng ciia nd.

Ciing e6 y kien cho rdng cac
SGDCK da CPH va niem yet se
cham chi thue hien vai tro giam
sat ciia minh vi khi d6 cae td
chiic phat hanh tiem nang se
tim den nhiing SGDCK c6 cac
chuan muc eao ve quan tri va
tinh minh bach, trong d6 e6 cac
chuan mue eao ve giam sat giao
dich. Cae nha dau t u eiing se
giao dich tai mpt SGDCK ma hp
cam tha'y tin tudng rang hp e6
the kinh doanh ma khong lo bi
gian lan hoac lo ngai nhiing nha

dau t u khac cd dugc lgi the
khong cong bang.

Ro rang la viec de mpt td ehiic
van h a n h thi trudng n h u
SGDCK thuc hien chiic nang
giam sat c6 nhiing uu diem ndi
bat. Mpt SGDCK eo lgi the ve
kha nang theo ddi sat sao cac
boat dpng giao dieh tren thi
trudng va can thiep n h a n h
eh6ng. Chinh vi the, xu hudng
hien nay la khdng ehi dua vao
ket qua giam sat giao dieh ciia

cae SGDCK ma ban than cac ctf
quan quan Iy chiing khoan dang
nhan lay trach nhiem nay d mgt
miic do nao d6.

Thach thiie ddi vdi eac ctf quan
quan ly la dam bao sao cho cae
SGDCK da chuyen ddi sang
CtyCP cd the can bang dutfc ea
muc dich thutfng mai vdi trach
nhiem quan ly, bao gom ca nghia
vu giam sat giao dieh chiing
khoan tren thi trudng ma
SGDCK van hanh. Mpt trong
nhiing each thiic ma ctf quan
quan ly chiing khoan dang phai
ddi mat la phai phat hien dugc
cac hanh vi vi pham mgt each
hieu qua thong qua viec tien
hanh giam sat giao dieh song
song cimg vffi SGDCK. Dieu tra
gan day ciia IOSCO cho thay
rdng hai phan ba cac thi trudng
mdi noi tham gia dieu tra co thue
hien giam sat giao dieh song song
cung vtfi SGDCK.

Tai mgt sd thi trudng phat
trien, hien nay cac trach nhiem
giam sat giao dieh tren thi

trudng dugc chuyen tii SGDCK
sang Ctf quan quan ly chiing
khoan theo phuong thiie giam
thieu mpt sd vai trd va ehiic
nang nha't dinh ciia SGDCK. Tai
Uc, viec giam sat theo thdi gian
thuc cac hoat dpng giao dieh tai

SGDCK Uc (ASX) se dugc Uy
ban Dau t u va Chiing khoan Uc
(ASIC) tiep quan vao nam 2010.
ASX se ehi cdn giii vai tro giam
sat ddi vdi cac thanh vien va
CtyNY tai thi trudng ciia minh
trong khi khong cdn thuc hien
chiic nang giam sat giao dich.
Ngudi ta ky vpng riing su thay
ddi trong ctf cau phan quyen
giam sat giao dich nay se dua
ASIC tdi gan thi trudng hffn,
dem lai cho Uy ban kha nang
tie'p can ldn htfn va linh boat
htfn de e6 the nhanh chong "bdt"
dugc nhiing dien bie'n mdi tren
thi trudng.

Tai mpt sd qudc gia khac, ctf
quan quan ly chiing khoan c6 xu
hudng tang cudng cong tac giam
sat tuan thii nham dam bao

SGDCK thuc hien mpt each hieu
qua cac chiic nang giam sat ciia
minh. Ctf quan quan ly thuc
hien giam sat thong qua viec
danh gia cae bao eao giam sat va
dieu tra ma SGDCK da lap va
thanh tra eac quy trinh, chinh
sach va he thdng ciia SGDCK de
dam bao r i n g SGDCK c6 the
thue hien cae chiic nang eiia no
mdt each hieu qua.

Nhu vay, ve ctf ban c6 the
tha'y r i n g xu hudng mdi ve phan
quyen trong giam sat giao dich
da hoan toan dao ngugc so vdi
trude khi cudc khiing hoang tai
ehinh toan eau 2008 xay ra
nhdm giai quye't nhiing van de
ve xung dot lgi ich. Hien nay, ctf
quan quan ly chiing khoan mdi
la dem vi chiu trach nhiem chinh
ve viec thuc hien cong tac giam
sat giao dich va hoat dgng nay
dutfe thuc hien mpt each rieng re
hoac song song vdi SGDCK.
Trong trudng hgp ctf quan quan
ly chiing khoan thuc hien viec

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<b>DIEN DAN CHUfNG KHOAN </b>

<b>ar^TTT7iTTi:i|TFrri </b>

<b>THI TRi/dNG TRAI PHIEU DOANH NGHIEP: </b>

<b>• • </b>

<b>GIAU TIEM NANG, </b>

<b>NHIEU TIEM AN </b>

<b>H O A N G ivi INH I </b>

<b>Bo TAI CHI'NH </b>

<b>Trong khi thi tnrong chung khoan (TICK) chung iai, nguon von vay tiir </b>
<b>ngan hang khong de tiep can, nhieu doanh nghiep da "chuyen kenh" </b>
<b>sang huy dpng von thong qua phat hanh trai phieu. Nho the, thi truong </b>
<b>trai phieu Viet Nam thoi gian qua da co sir khoi sdc va tir do mpt so bat </b>
<b>cap da Ip ro can co sv dieu chinh kip thoi. </b>

<b>Thj truong khoi sdc </b>

Theo Hiep hgi Thi trudng trai
phie'u Viet Nam (VBMA), ke tii
dau nam 2009 den nay da cd
66.000 ty dong trai phie'u doanh
nghiep (TPDN) dugc phat hanh,
trong dd cd tdi 40.000 ty dong
dugc t u van, thu xep bdi cae
dinh che tai chinh, phan cdn lai
chii yeu la trai phieu do cac to
chiic tin dung true tiep phat

hanh. Khong chi phat hanh trai
phie'u trong nudc, mgt so' cdng ty
da trien khai phat hanh trai
phieu ra thi trudng quo'c te va
bude dau dat cac ket qua kha
quan. Dien hinh nhu Tap doan
Vincom phat hanh thanh cdng
trai phieii chuyen ddi qudc te vdi
gia tri dat 100 trieu USD. Tiep
den. Tap doan Hoang Anh Gia
Lai cdng bd phat hanh 1,1 trieu
t r a i phieu chuyen ddi tutfng
dutfng 1.100 ty dong eho ddi tac
chien luffc Temasek Holdings
(Singapore)... Tap doan Dau khi
qudc gia Viet Nam ciing cho biet,
hg Cling dang hoan tat cac thii
tuc can thiet cho ke hoaeh phat
hanh 1 ty USD trai phieu qudc
te trong nam 2010. Gan ^

(tiep Iheo trang 4)

giam sat giao dich song song thi
viec giam sat tuan thii ddi vdi
cae SGDCK dugc tang cudng
htfn niia nh&m dam bao hieu
qua ciia qua trinh nay.

He thdng giam sat giao dieh

chiing khoan ciia Viet Nam hien
nay eiing di theo md hinh 2 cap
truyen thdng ma hau het cac
TTCK tren the gidi da tiing van
h a n h tii nhieu thap ky. Tuy
nhien, xu hudng thay ddi trong
phan quyen thuc hien giam sat
giao dieh giiia ctf quan quan ly

chiing khoan va SGDCK tren
the gidi hien nay la mgt bai hpc
kinh nghiem dang de chiing ta
can nhac, cd nhiing dieu chinh
kip thdi va phii hgp vdi dien bie'n
thi trudng va su thay ddi trong
eaii triic thi trudng du kien se
dien ra trong tutfng lai gan. Viec
dam nhiem hoan toan trach
nhiem giam sat giao dich trong
bdi canh ctf sd ha tang, cdng
nghe thdng tin va ngudn lue eon
ngudi cdn chua day dii chua phai
la mpt dgng thai phii hgp ddi vdi
Uy ban Chiing khoan Nha nude

(UBCKNN) trong hien tai. Tuy
nhien, viec tang cudng cdng tac
giam sat tuan thii de dam bao
r i n g cac SGDCK thuc hien day
dii each trach nhiem ciia minh

trong giam sat giao dich la can
thie't. Ben canh do, UBCKNN
eiing can thuc hien nhiing bude
chuan hi cho viec dam nhan
nhieu htfn trach nhiem giam sat
giao dieh, san sang cho viec thay
ddi CO cau phan quyen trong
giam sat phii hgp vdi viec
chuyen ddi ctf ca'u sd hiiu eiia cac
SGDCK sau nay. ®

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