Sii dung he thdng giam sat giao dich tu dong (stock watch system), SGDCK eo nhiem vu loc va phan tich nhiing canh bao (alerts) ma he thdng nay dua ra nh&m phat hien eac giao di[r]
(1)DIEN OAN CHUTNG KHOAN
PHAN QUYEN
TRONG THirC H l l N
GIAM SAT GIAO DICH Xu huong moi sau
cuoc khung hoang tai chinh toan cau nam 2008
ol
T H S DUolMG T H I P H U O T N G
Q ^?^ v u GIAM S A T TTCK - UBCKN
Ngay 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 tuu cai thien hieu qua hoat dpng ciia eac SGDCK va dap ling nhu eau giao dich xuyen bien gidi cang tang Tuy nhien, sau euoe khung hoang xay ra, no lue tim kie'm nhiing nguyen nhan dan de'n khiing hoang, cae eo quan quan ly chiing khoan phat hien rang ctf ehe phan quyen giam sat giao dieh giiia cac ca quan quan ly chiing khoan va cac SGDCK hoan toan khong dn bdi canh mdi va nd dan de'n nhung he luy Iam mat di tinh hieu qua va dong luc thue hien giam sat giao dieh cua cac to chiie van thudng duge coi la eo quan quan Iy tuye'n dau (Iront-Mne regulators)
Xu huang chung cho tha'y SGDCK it phan bo du nguon luc de thuc hien vol tro giam sat thj tnrdng Anh
Khdnh Ha
Cac SGDCK vdi co ca'u stf huu vien va boat dong phi lgi nhuan nhieu thap ky da dugc coi la nhiing td chiie tu quan (self-regulators), thuc hien cae chiic nang quan ly thi trudng d cap thu nhait 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 (stock watch system), SGDCK eo nhiem vu loc va phan tich nhiing canh bao (alerts) ma he thdng dua nh&m phat hien eac giao dieh bat thudng, thue hien kiem tra 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 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 nganh edng nghiep SGDCK (Stock Exchange Industry), ntfi 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 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
(2)r ^ - : i i i i i i ! i , i i i i M i i
DIEN DAN CHLTNG KHOAN
va thi hanh cac ehiie nang giam sat va quan ly d eac cap dp khac ddi vdi cae 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 sinh nhiing t r a n h luan ve vai tro eiia SGDCK dudi dang cae CtyCP hoat dpng vi lgi nhuan 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 hay khdng Lieu cac SGDCK co dii kha nang tie'n hanh chiic nang giam sat mpt each hieu qua va dang tin cay ma muc tieu hoat dpng ciia SGDCK hien la vi lpi nhuan va thuong mai Lieu mpt SGDCK 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 chiic nang giam sat giao dieh Cling nhu giam sat vien hi nhin nhan la mpt hang mue ehi phi Xu hudng ehung cho thay SGDCK hoat dpng vi muc tieu lgi nhuan it 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 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, 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 cac boat dpng giao dieh tren thi trudng va can thiep n h a n h eh6ng Chinh vi the, xu hudng hien 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 d mgt miic nao d6
Thach thiie ddi vdi eac ctf quan quan ly la dam bao 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 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 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 vien va CtyNY tai thi trudng ciia minh khong cdn thuc hien chiic nang giam sat giao dich Ngudi ta ky vpng riing su thay ddi ctf cau phan quyen giam sat giao dich 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 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 giam sat giao dich da hoan toan dao ngugc so vdi trude cudc khiing hoang tai ehinh toan eau 2008 xay 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 dutfe thuc hien mpt each rieng re hoac song song vdi SGDCK Trong trudng hgp ctf quan quan ly chiing khoan thuc hien viec
(3)DIEN DAN CHUfNG KHOAN ar^TTT7iTTi:i|TFrri
THI TRi/dNG TRAI PHIEU DOANH NGHIEP:
• • GIAU TIEM NANG,
NHIEU TIEM AN
H O A N G ivi INH I
Bo TAI CHI'NH
Trong thi tnrong chung khoan (TICK) chung iai, nguon von vay tiir ngan hang khong de tiep can, nhieu doanh nghiep da "chuyen kenh" sang huy dpng von thong qua phat hanh trai phieu Nho the, thi truong trai phieu Viet Nam thoi gian qua da co sir khoi sdc va tir mpt so bat cap da Ip ro can co sv dieu chinh kip thoi
Thj truong khoi sdc
Theo Hiep hgi Thi trudng trai phie'u Viet Nam (VBMA), ke tii dau nam 2009 den da cd 66.000 ty dong trai phie'u doanh nghiep (TPDN) dugc phat hanh, 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 cac to chiic tin dung true tiep phat hanh Khong chi phat hanh trai phie'u nudc, mgt so' cdng ty da trien khai phat hanh trai phieu thi trudng quo'c te va bude dau dat cac ket qua kha quan Dien hinh nhu Tap doan Vincom phat hanh 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 qudc gia Viet Nam ciing cho biet, hg Cling dang hoan tat cac thii tuc can thiet cho ke hoaeh phat hanh ty USD trai phieu qudc te 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
He thdng giam sat giao dieh chiing khoan ciia Viet Nam hien eiing di theo md hinh 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 phan quyen thuc hien giam sat giao dieh giiia ctf quan quan ly
chiing khoan va SGDCK tren the gidi hien 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 eaii triic thi trudng du kien se dien tutfng lai gan Viec dam nhiem hoan toan trach nhiem giam sat giao dich bdi canh ctf sd 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) 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 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 giam sat phii hgp vdi viec chuyen ddi ctf ca'u sd hiiu eiia cac SGDCK sau ®