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Tiêu đề Phân Tích Lỗi Vi Phạm Công Bố Thông Tin
Tác giả Pham Thi Hoa, Nguyễn Thi Thanh Thúy, Bùi Thị Thanh Thúy, Lâm Thương Thương, Nguyễn Hồng Nhung, Ngô Thị Hồng Hạnh, Huỳnh Trần Thị Thu Thuận
Người hướng dẫn PGS.TS Viên Thế Giang
Trường học Hochiminh University Of Banking
Chuyên ngành Luật Chứng Khoán
Thể loại Essay
Thành phố Ho Chi Minh
Định dạng
Số trang 20
Dung lượng 2,77 MB

Nội dung

Classifying securities investment funds according to capital mobilizationmethods and management rights, securities investment funds are divided into twotypes: public funds and member fun

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TRƯỜNG ĐẠI HỌC NGÂN HÀNG TP HỒ CHÍ MINH

KHOA LUẬT KINH TẾ

MÔN: LUẬT CHỨNG KHOÁN Giảng viên hướng dẫn: PGS.TS Viên Thế Giang

Sinh viên thực hiện: Nhóm 5 Lớp: D01

DANH SÁCH NHÓM 5

2 Nguyễn Thị Thanh Thúy 030737210162

3 Bùi Thị Thanh Thúy 030737210159

4 Lâm Thương Thương 030737210165

5 Nguyễn Hồng Nhung 030737210126

6 Ngô Thị Hồng Hạnh 030737210067

7 Huỳnh Trần Thị Thu Thuận 030737210158

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MỤC LỤC

I Overview of stock investment funds

1.1 Concept, roles

1.1.1 Concept

1.1.2 Roles

1.2 Classification of securities investment funds

1.2.1 Classifying securities investment funds according to capital mobilization methods and management rights, securities investment funds are divided into two types: public funds and member funds.

1.2.2 Based on capital structure, stock investment funds are divided into two types: closed-end investment funds and open-ended investment funds.

1.2.3 Based on the organizational structure and operation of the investment fund,

it is divided into investment funds in the form of companies and investment funds

in the form of contracts.

1.2.4 Based on the purpose of the fund's operation, investment funds are divided into exchange-traded funds and real estate investment funds.

II The reason is that there have not been many securities investment funds established

in Vietnam

2.1.Current situation of securities investment funds established in Vietnam today 2.2 The reason is that there have not been many securities investment funds established in Vietnam

2.2.1 The stock market is still young, volatile: Vietnam's stock market is still young 2.2.2 Why there is a lack of open markets

2.2.3 Legal and regulatory restrictions

2.2.4 Lack of knowledge and experience

III Proposing solutions to improve the efficiency of establishing many securities investment funds in Vietnam

3.1 International relations

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3.2 Solutions to improve the efficiency of establishing many securities investment funds in Vietnam today

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FIND OUT THE REASON WHY THERE ARE NOT MANY SECURITIES INVESTMENT FUNDS ESTABLISHED IN

VIETNAM.

II Overview of stock investment funds

1.1 Concept, roles

1.1.1 Concept

According to the provisions of Clause 37, Article 4 of the Securities Law 2019: " A securities investment fund is a fund established through capital contribution by investors to make investment in securities or other assets, including real estate Investors do not have the right to daily control the investment decisions of the fund"

1.1.2 Roles

The securities investment fund model plays an important role in the stock market, is

an effective channel to attract investment and contributes to increasing liquidity in the market This is expressed in many aspects:

- In macro terms, the activities of securities investment funds contribute to increasing liquidity for the stock market, thereby promoting the development of the capital market, especially attracting capital from foreign investors

- For securities investors, when making securities investment through securities investment funds, they will:

+ Benefit from the knowledge and experience of an investment management company – a professional stock investor

+ There are many investment choices with relatively small amounts, meaning that the greater the diversification in investments, the lower the risk

+ Help investors penetrate a number of industries, the investment sector is highly profitable but the stock price trades large that an individual or small investor is unlikely to enter

+ Save investment costs

+ Ensure operational transparency

1.2 Classification of securities investment funds

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1.2.1 Classifying securities investment funds according to capital mobilization methods and management rights, securities investment funds are divided into two types: public funds and member funds.

According to Clause 38, Article 4 of the 2019 securities law stipulates: " A public fund is a securities investment fund that publicly offers fund certificates."

The fund's capital is mobilized through the issuance of fund certificates to the public With a public fund, investors do not have day-to-day control over the fund's investment decisions Investors can be individuals or legal entities, but most are individual investors Public funds provide small investors with investment vehicles that ensure investment diversification, reduced risk and low investment costs According to Clause 41, Article 4 of the Securities Law 2019, it is stipulated: "A private fund means a securities investment fund that has 02 - 99 capital contributors who are all professional investors."

Member funds raise capital by private placement to a small group of investors Due to the nature of the fund, the liquidity will be lower than that of a public fund Investors in private funds often have large amounts of capital And in return they can participate in controlling the fund's investments

1.2.2 Based on capital structure, stock investment funds are divided into two types: closed-end investment funds and open-ended investment funds.

According to Clause 40, Article 4 of the 2019 Securities Law, it is stipulated: " A closed fund is a public fund whose fund certificates have been offered to the public and cannot be redeemed at the request of investors."

Issued once, through the process of raising capital for the round and does not buy back shares or investment certificates when investors need to resell This form is to help mobilize capital, the certificates will be listed on the stock market

According to Clause 39, Article 4 of the Securities Law 2019, it is stipulated: " An open-end fund is a public fund whose publicly offered fund certificates have to be redeemed at the request of the investors."

After the initial public offering, investors' buy/sell transactions are carried out periodically based on net asset value This transaction is performed directly with the fund management company or at designated agents

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1.2.3 Based on the organizational structure and operation of the investment fund, it is divided into investment funds in the form of companies and investment funds in the form of contracts.

A company-type investment fund is a legal entity, a company formed in accordance with the laws of each country

In this model, the fund management company acts as an investment consultant, responsible for conducting investment analysis, managing investment portfolios and performing other business administration tasks

Unlike the investment fund model in the form of a company, the model of an investment fund in the form of a contract is not a legal entity Investors are those who contribute capital to the fund and entrust the investment to the fund management company to ensure the highest profitability from their contributed capital This is an investment trust model

1.2.4 Based on the purpose of the fund's operation, investment funds are divided into exchange-traded funds and real estate investment funds.

An exchange-traded fund is an open fund formed by receiving and exchanging a portfolio of structured securities for fund certificates Exchange-traded fund certificates are listed and traded on the trading system for listed securities

Real estate investment fund means a securities investment fund of an issuer that is a real estate business organization with revenue from ownership, and real estate business is at least 65% of total revenue calculated on the most recent financial statement

II The reason is that there have not been many securities investment funds established

in Vietnam

2.1.Current situation of securities investment funds established in Vietnam today Legal framework for investment fund operations in Vietnam

An investment fund is an intermediary financial institution, operating in the market and governed by law to ensure the health of the investment fund's existence, operation and development, as well as ensuring the health of the investment fund protect the

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interests of the investing public In Vietnam, investment fund operations are governed

by the Securities Law and by-law documents such as: Decree No 155/2020/ND-CP of the Government detailing the implementation of a number of articles of the Law Stock; Circular No 98/2020/TT-BTC of the Ministry of Finance guiding the operation and management of securities investment funds; Circular No 99/2020/TT-BTC guiding the operations of securities investment fund management companies

Current status of investment funds in Vietnam

Data from the State Securities Commission shows that, as of November 2022, the State Securities Commission has licensed the establishment of 23 new investment funds and licensed public offerings to 4 investment funds , bringing the total number

of licensed funds in Vietnam operating in the market to 87 funds, including: 48 open funds, 11 ETF funds, 01 real estate fund, 02 closed funds and 25 member funds The total net asset value of securities investment funds as of October 2022 reached more than 73.4 trillion VND

By the end of 2022, there are 44 fund management companies in operation with the total value of assets under management at the most recent time (November 2022) estimated at 546 trillion VND, down 9% compared to the previous year at the end of

2021 However, the business activities of fund management companies are still maintained normally and profitable, many companies have mobilized to establish new securities investment funds, thereby contributing to Stabilize and develop a healthy stock market with the leading role of institutional investors

Although the law allows commercial banks and insurance enterprises to distribute fund certificates to take advantage of the extensive network of these organizations, but

in reality, the vast majority of fund certificate distribution is directly distributed through fund management companies and securities companies Meanwhile, the network of fund management companies and securities companies is mainly concentrated in large cities, leading to limited access to investors and the development

of fund product distribution networks; The quality of operations of fund management companies is uneven Some fund management companies operate stably and develop well mainly due to the support of shareholders who are large financial institutions such as insurance companies, credit institutions, and securities companies For example, the insurance company's supported fund management company is Bao Viet Fund Management Company (BVF)

Reality in the world and the development process in Vietnam shows that open funds are the type of fund that accounts for the majority of investment funds on the market Open funds are also the foundation product for designing fund models that link the stock market with other markets such as the insurance market and government bond market In fact, in recent times, the business operations of fund management companies have developed in both breadth and depth, thus showing that securities investment fund management in Vietnam has matured rapidly and achieved many

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important milestones to contribute to the sustainable development of the Vietnamese stock market

Assessing the current situation of securities investment funds in Vietnam:

Vietnam's securities investment funds have gradually asserted their position in the stock market The contributions of securities investment funds to the development of the economy in general and the stock market in particular are undeniable During the development process, securities investment funds have achieved certain results and contributions, which are:

- Although the trading value of fund certificates accounts for a very small proportion compared to the total value of securities in the entire market, the continuous increase

in the trading value of fund certificates and the turnover speed over the years have contributed significantly Which shows the success of stock investment funds in building trust with the investing public

- The number of funds and trading scale of securities investment funds have changed a lot compared to the early stages when the stock market first came into operation Some securities investment funds invest with high efficiency, affirming their position, name and reputation with investors such as Vietnam Securities Investment Fund (VF1), Ban Viet Health Fund of Ban Viet Fund Management Company, VIEF Fund of Vietnam Industry and Energy Fund Management Company, FPT Fund of FPT Fund Management Company, MBC1 Fund of MB Fund Management Joint Stock Company and SSIMF Fund of the Company SSI Fund Management Company

- Securities investment funds have actively contributed to creating "demand" in SOE equitization programs, government bond and corporate bond issuance activities Through the movement and trading behavior of stock investment funds, it contributes

to creating a new investment culture for inexperienced investors on the stock market

On the other hand, the increase in activities of securities investment funds, including foreign securities investment funds, has contributed to improving the capacity and efficiency of State management according to the requirements of the market economy Setting new requirements as well as creating new tools and capabilities for State management in general and corporate governance in particular Corporate governance has been made more serious and effective due to requirements on corporate financial reporting and transparency of information related to securities that businesses have and will issue Consulting services, judicial support, credit rating determination, insurance, accounting and market information must strive to mobilize and develop on the basis of international standards Since then, they have contributed Stronger development of parts and overall Vietnamese financial market

However, some issues that need to be raised are:

- Number and type of activities of securities investment funds The number of securities investment funds as well as the diversity of fund types is not commensurate with the size and development trend of the market In particular, there is a lack of

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open funds and specialized investment funds such as real estate funds and index funds

- these are considered key products that are popular and have many advantages in countries with a fund industry develop

- The ability of public funds to attract investors is low According to Tuoi Tre online newspaper, for closed public funds such as fund certificates listed on the Ho Chi Minh City Stock Exchange, the market price of daily traded fund certificates is usually lower than the asset value Its net assets (NAV) range from 15%-40%, in some cases

up to nearly 50% discount This has greatly affected the psychology of investors in funds as well as the ability of fund management companies to mobilize capital to establish new funds

- Operational capacity of fund management companies The operating capacity of Vietnam's fund management companies is assessed to be uneven, and some limitations still exist in the majority of fund management companies During their operations, most fund management companies still have inadequacies in implementing risk management processes, market forecast research as well as the implementation of operations between departments In addition, the ability of fund management companies to mobilize and create funds is not high

2.2 The reason is that there have not been many securities investment funds established in Vietnam

In general, the situation of securities investment funds in our country has not developed commensurate with the scale and development trend of the market, lack of open markets the ability of public funds to attract investors is low, the operating capacity of funds is uneven

And the causes of the above-mentioned conditions include:

2.2.1 The stock market is still young, volatile: Vietnam's stock market is still young (The stock fund was first introduced to the public in 2004), when the distance with the Departments in the region is still quite far In 2020, when the Covid-19 epidemic broke out worldwide, WHO declared the pandemic, Global stock markets have fallen rapidly and dramatically The epidemic situation can create uncertainty and anxiety in the market, leading to sharp fluctuations in stock prices Many businesses may face reduced sales and profits due to social distancing measures and restrictions on business operations This can affect the price of their shares in the stock market So, making stock investors, especially hedge funds, feel the higher risk of putting capital into this unstable market

2.2.2 Why there is a lack of open markets:

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