{"id":71196,"date":"2025-07-31T20:28:43","date_gmt":"2025-07-31T11:28:43","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=71196"},"modified":"2025-09-28T15:42:12","modified_gmt":"2025-09-28T06:42:12","slug":"favorable-issuance-japan","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan","title":{"rendered":"Ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i trong Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 nh\u1eefng \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n"},"content":{"rendered":"\n<p>Kh\u00e1i ni\u1ec7m &#8220;ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i&#8221; trong Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n l\u00e0 m\u1ed9t \u0111i\u1ec3m lu\u1eadn c\u1ef1c k\u1ef3 quan tr\u1ecdng trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n v\u00e0 ch\u00ednh s\u00e1ch v\u1ed1n c\u1ee7a doanh nghi\u1ec7p. \u0110i\u1ec1u n\u00e0y \u00e1m ch\u1ec9 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi cho c\u1ed5 \u0111\u00f4ng c\u1ee5 th\u1ec3 ho\u1eb7c b\u00ean th\u1ee9 ba v\u1edbi gi\u00e1 c\u1ea3 th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng. H\u00e0nh \u0111\u1ed9ng n\u00e0y v\u1eeba c\u00f3 th\u1ec3 c\u1ee7ng c\u1ed1 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty, \u0111\u1ed3ng th\u1eddi c\u0169ng c\u00f3 kh\u1ea3 n\u0103ng \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, do \u0111\u00f3 n\u00f3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh b\u1edfi nh\u1eefng quy \u0111\u1ecbnh ph\u00e1p l\u00fd nghi\u00eam ng\u1eb7t.<\/p>\n\n\n\n<p>Ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, qu\u00e1 tr\u00ecnh k\u1ebf th\u1eeba doanh nghi\u1ec7p, ho\u1eb7c nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c M&amp;A. Tuy nhi\u00ean, n\u1ebfu quy tr\u00ecnh v\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 kh\u00f4ng ch\u00ednh x\u00e1c, n\u00f3 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 ph\u1ea3n \u0111\u1ed1i t\u1eeb c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u00e0 nguy c\u01a1 ph\u00e1t tri\u1ec3n th\u00e0nh tranh ch\u1ea5p ph\u00e1p l\u00fd. Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n \u0111\u1eb7c bi\u1ec7t coi tr\u1ecdng nguy\u00ean t\u1eafc b\u00ecnh \u0111\u1eb3ng gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng, v\u00e0 do ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i c\u00f3 th\u1ec3 l\u00e0m lo\u00e3ng t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u00e0 gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed7i c\u1ed5 ph\u1ea7n, t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c xem x\u00e9t m\u1ed9t c\u00e1ch nghi\u00eam ng\u1eb7t.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft v\u1ec1 \u0111\u1ecbnh ngh\u0129a c\u1ee7a ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i theo Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n, quy tr\u00ecnh quy\u1ebft \u0111\u1ecbnh, ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 s\u1ed1 ti\u1ec1n n\u1ed9p c\u00f4ng b\u1eb1ng, c\u0169ng nh\u01b0 c\u00e1c tr\u01b0\u1eddng h\u1ee3p ph\u00e1n quy\u1ebft ch\u00ednh li\u00ean quan. Ngo\u00e0i ra, ch\u00fang t\u00f4i c\u0169ng s\u1ebd \u0111\u1ec1 c\u1eadp \u0111\u1ebfn tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd v\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c \u0111\u1ed1i v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i kh\u00f4ng th\u00edch h\u1ee3p, gi\u00fap \u0111\u1ed9c gi\u1ea3 c\u00f3 th\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 kh\u00e1i ni\u1ec7m ph\u00e1p l\u00fd ph\u1ee9c t\u1ea1p n\u00e0y.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Dinh_nghia_va_Co_so_Phap_ly_cua_Phat_hanh_Co_phieu_Co_Loi_tai_Nhat_Ban\" title=\"\u0110\u1ecbnh ngh\u0129a v\u00e0 C\u01a1 s\u1edf Ph\u00e1p l\u00fd c\u1ee7a Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu C\u00f3 L\u1ee3i t\u1ea1i Nh\u1eadt B\u1ea3n\">\u0110\u1ecbnh ngh\u0129a v\u00e0 C\u01a1 s\u1edf Ph\u00e1p l\u00fd c\u1ee7a Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu C\u00f3 L\u1ee3i t\u1ea1i Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Quy_trinh_quyet_dinh_phat_hanh_co_phieu_co_loi_Su_khac_biet_giua_cong_ty_dai_chung_va_cong_ty_khong_dai_chung_tai_Nhat_Ban\" title=\"Quy tr\u00ecnh quy\u1ebft \u0111\u1ecbnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00f4ng ty \u0111\u1ea1i ch\u00fang v\u00e0 c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang t\u1ea1i Nh\u1eadt B\u1ea3n\">Quy tr\u00ecnh quy\u1ebft \u0111\u1ecbnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00f4ng ty \u0111\u1ea1i ch\u00fang v\u00e0 c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang t\u1ea1i Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Tieu_chuan_va_diem_luu_y_trong_thuc_tien_khi_xac_dinh_so_tien_gop_cong_bang_duoi_Luat_Nhat_Ban\" title=\"Ti\u00eau chu\u1ea9n v\u00e0 \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n khi x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n g\u00f3p c\u00f4ng b\u1eb1ng d\u01b0\u1edbi Lu\u1eadt Nh\u1eadt B\u1ea3n\">Ti\u00eau chu\u1ea9n v\u00e0 \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n khi x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n g\u00f3p c\u00f4ng b\u1eb1ng d\u01b0\u1edbi Lu\u1eadt Nh\u1eadt B\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Phan_tich_cac_Phan_quyet_Chinh_ve_Phat_hanh_Co_phieu_Uu_dai_theo_Luat_Nhat_Ban\" title=\"Ph\u00e2n t\u00edch c\u00e1c Ph\u00e1n quy\u1ebft Ch\u00ednh v\u1ec1 Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu \u01afu \u0111\u00e3i theo Lu\u1eadt Nh\u1eadt B\u1ea3n\">Ph\u00e2n t\u00edch c\u00e1c Ph\u00e1n quy\u1ebft Ch\u00ednh v\u1ec1 Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu \u01afu \u0111\u00e3i theo Lu\u1eadt Nh\u1eadt B\u1ea3n<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Phan_quyet_cua_Toa_an_Toi_cao_ve_viec_phat_hanh_co_phieu_co_loi_tai_cac_cong_ty_khong_niem_yet_Phan_quyet_cua_Toa_an_Toi_cao_Nhat_Ban_ngay_19_thang_2_nam_2015_2015_cua_Hoi_dong_Tham_phan_nho_thu_nhat\" title=\"Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao v\u1ec1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i t\u1ea1i c\u00e1c c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft: Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n ng\u00e0y 19 th\u00e1ng 2 n\u0103m 2015 (2015) c\u1ee7a H\u1ed9i \u0111\u1ed3ng Th\u1ea9m ph\u00e1n nh\u1ecf th\u1ee9 nh\u1ea5t\">Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao v\u1ec1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i t\u1ea1i c\u00e1c c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft: Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n ng\u00e0y 19 th\u00e1ng 2 n\u0103m 2015 (2015) c\u1ee7a H\u1ed9i \u0111\u1ed3ng Th\u1ea9m ph\u00e1n nh\u1ecf th\u1ee9 nh\u1ea5t<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Truong_hop_duoc_coi_la_phat_hanh_co_phieu_bang_phuong_phap_cuc_ky_khong_cong_bang_Quyet_dinh_ngay_28_thang_3_nam_2018_cua_Toa_an_Quan_Kyoto_Vu_viec_Amita_Holdings\" title=\"Tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c coi l\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng: Quy\u1ebft \u0111\u1ecbnh ng\u00e0y 28 th\u00e1ng 3 n\u0103m 2018 c\u1ee7a T\u00f2a \u00e1n Qu\u1eadn Kyoto (V\u1ee5 vi\u1ec7c Amita Holdings)\">Tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c coi l\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng: Quy\u1ebft \u0111\u1ecbnh ng\u00e0y 28 th\u00e1ng 3 n\u0103m 2018 c\u1ee7a T\u00f2a \u00e1n Qu\u1eadn Kyoto (V\u1ee5 vi\u1ec7c Amita Holdings)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Cac_Phan_quyet_Lien_Quan_den_Thue_Phat_Hanh_Co_Phieu_Co_Loi_Quyet_dinh_cua_Toa_An_Toi_Cao_Nhat_Ban_ngay_24_thang_2_nam_2017_2017_Vu_an_Kobe_Steel_Trading_va_Phan_quyet_cua_Toa_An_Cao_Cap_Tokyo_ngay_15_thang_12_nam_2010\" title=\"C\u00e1c Ph\u00e1n quy\u1ebft Li\u00ean Quan \u0111\u1ebfn Thu\u1ebf Ph\u00e1t H\u00e0nh C\u1ed5 Phi\u1ebfu C\u00f3 L\u1ee3i: Quy\u1ebft \u0111\u1ecbnh c\u1ee7a T\u00f2a \u00c1n T\u1ed1i Cao Nh\u1eadt B\u1ea3n ng\u00e0y 24 th\u00e1ng 2 n\u0103m 2017 (2017) (V\u1ee5 \u00e1n K\u014dbe Steel Trading) v\u00e0 Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00c1n Cao C\u1ea5p Tokyo ng\u00e0y 15 th\u00e1ng 12 n\u0103m 2010\">C\u00e1c Ph\u00e1n quy\u1ebft Li\u00ean Quan \u0111\u1ebfn Thu\u1ebf Ph\u00e1t H\u00e0nh C\u1ed5 Phi\u1ebfu C\u00f3 L\u1ee3i: Quy\u1ebft \u0111\u1ecbnh c\u1ee7a T\u00f2a \u00c1n T\u1ed1i Cao Nh\u1eadt B\u1ea3n ng\u00e0y 24 th\u00e1ng 2 n\u0103m 2017 (2017) (V\u1ee5 \u00e1n K\u014dbe Steel Trading) v\u00e0 Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00c1n Cao C\u1ea5p Tokyo ng\u00e0y 15 th\u00e1ng 12 n\u0103m 2010<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Trach_nhiem_phap_ly_va_bien_phap_khac_phuc_doi_voi_viec_phat_hanh_co_phieu_uu_dai_khong_phu_hop_tai_Nhat_Ban\" title=\"Tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd v\u00e0 bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c \u0111\u1ed1i v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng ph\u00f9 h\u1ee3p t\u1ea1i Nh\u1eadt B\u1ea3n\">Tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd v\u00e0 bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c \u0111\u1ed1i v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng ph\u00f9 h\u1ee3p t\u1ea1i Nh\u1eadt B\u1ea3n<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Trach_nhiem_boi_thuong_thiet_hai_cua_giam_doc_doi_voi_cong_ty\" title=\"Tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i c\u1ee7a gi\u00e1m \u0111\u1ed1c \u0111\u1ed1i v\u1edbi c\u00f4ng ty\">Tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i c\u1ee7a gi\u00e1m \u0111\u1ed1c \u0111\u1ed1i v\u1edbi c\u00f4ng ty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Yeu_cau_ngan_chan_phat_hanh_co_phieu_moi\" title=\"Y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi\">Y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Kien_vo_hieu_hoa_viec_phat_hanh_co_phieu_moi\" title=\"Ki\u1ec7n v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi\">Ki\u1ec7n v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/favorable-issuance-japan\/#Tom_luoc_Chuyen_mon_va_he_thong_ho_tro_cua_Van_phong_Luat_su_Monolith\" title=\"T\u00f3m l\u01b0\u1ee3c: Chuy\u00ean m\u00f4n v\u00e0 h\u1ec7 th\u1ed1ng h\u1ed7 tr\u1ee3 c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith\">T\u00f3m l\u01b0\u1ee3c: Chuy\u00ean m\u00f4n v\u00e0 h\u1ec7 th\u1ed1ng h\u1ed7 tr\u1ee3 c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dinh_nghia_va_Co_so_Phap_ly_cua_Phat_hanh_Co_phieu_Co_Loi_tai_Nhat_Ban\"><\/span>\u0110\u1ecbnh ngh\u0129a v\u00e0 C\u01a1 s\u1edf Ph\u00e1p l\u00fd c\u1ee7a Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu C\u00f3 L\u1ee3i t\u1ea1i Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Theo Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n, ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 &#8220;tr\u01b0\u1eddng h\u1ee3p s\u1ed1 ti\u1ec1n g\u00f3p v\u1ed1n c\u00f3 l\u1ee3i \u0111\u1eb7c bi\u1ec7t cho ng\u01b0\u1eddi \u0111\u0103ng k\u00fd mua c\u1ed5 phi\u1ebfu m\u1edbi&#8221; (\u0110i\u1ec1u 199, Kho\u1ea3n 3 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n<sup><\/sup>). \u0110\u1ecbnh ngh\u0129a n\u00e0y \u00e1m ch\u1ec9 t\u00ecnh hu\u1ed1ng khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi m\u00e0 s\u1ed1 ti\u1ec1n g\u00f3p v\u1ed1n th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng ho\u1eb7c gi\u00e1 tr\u1ecb \u0111\u00e1nh gi\u00e1 c\u00f4ng b\u1eb1ng. C\u1ee5m t\u1eeb &#8220;c\u00f3 l\u1ee3i \u0111\u1eb7c bi\u1ec7t&#8221; th\u01b0\u1eddng \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 s\u1ed1 ti\u1ec1n g\u00f3p v\u1ed1n \u0111\u1eb7c bi\u1ec7t th\u1ea5p so v\u1edbi m\u1ee9c gi\u00e1 c\u00f4ng b\u1eb1ng<sup><\/sup>. Vi\u1ec7c \u0111\u00e1nh gi\u00e1 &#8220;s\u1ed1 ti\u1ec1n g\u00f3p v\u1ed1n c\u00f4ng b\u1eb1ng&#8221; n\u00e0y kh\u00e1c nhau gi\u1eefa c\u00f4ng ty \u0111\u1ea1i ch\u00fang v\u00e0 c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang. &nbsp;<\/p>\n\n\n\n<p>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i c\u00f3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu. C\u00f3 hai t\u00e1c \u0111\u1ed9ng ch\u00ednh nh\u01b0 sau<sup><\/sup>: Th\u1ee9 nh\u1ea5t, vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u1edbi gi\u00e1 th\u1ea5p s\u1ebd l\u00e0m t\u0103ng t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu \u0111\u00e3 ph\u00e1t h\u00e0nh, d\u1eabn \u0111\u1ebfn vi\u1ec7c gi\u1ea3m gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a m\u1ed7i c\u1ed5 phi\u1ebfu \u0111\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, hay c\u00f2n g\u1ecdi l\u00e0 &#8220;Hi\u1ec7u \u1ee9ng pha lo\u00e3ng (Dilution Effect)&#8221;. Th\u1ee9 hai, c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu c\u00f3 th\u1ec3 b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i mua c\u1ed5 phi\u1ebfu m\u1edbi v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 th\u1ecb tr\u01b0\u1eddng, t\u1eeb \u0111\u00f3 ph\u1ea3i ch\u1ecbu t\u1ed5n th\u1ea5t kinh t\u1ebf. &nbsp;<\/p>\n\n\n\n<p>Nh\u1eefng t\u00e1c \u0111\u1ed9ng n\u00e0y c\u00f3 th\u1ec3 tr\u00e1i v\u1edbi nguy\u00ean t\u1eafc b\u00ecnh \u0111\u1eb3ng c\u1ed5 \u0111\u00f4ng m\u00e0 Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n coi tr\u1ecdng. Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf \u0111\u1ecbnh ngh\u0129a h\u00ecnh th\u1ee9c l\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 th\u1ea5p, m\u00e0 b\u1ea3n ch\u1ea5t c\u1ee7a n\u00f3 c\u00f3 th\u1ec3 l\u00e0m t\u1ed5n h\u1ea1i \u0111\u1ebfn l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u00e0 xung \u0111\u1ed9t v\u1edbi nguy\u00ean t\u1eafc b\u00ecnh \u0111\u1eb3ng c\u1ed5 \u0111\u00f4ng, l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n. Ch\u00ednh m\u00e2u thu\u1eabn c\u01a1 b\u1ea3n n\u00e0y t\u1ea1o ra nhu c\u1ea7u cho c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd nghi\u00eam ng\u1eb7t v\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee9u tr\u1ee3 \u0111a d\u1ea1ng. Do \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn nguy\u00ean t\u1eafc b\u00ecnh \u0111\u1eb3ng c\u1ed5 \u0111\u00f4ng, Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n y\u00eau c\u1ea7u ph\u1ea3i c\u00f3 quy\u1ebft \u0111\u1ecbnh \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i v\u00e0, trong tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng ph\u00f9 h\u1ee3p, cung c\u1ea5p c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee9u tr\u1ee3 ph\u00e1p l\u00fd nh\u01b0 y\u00eau c\u1ea7u c\u1ea5m \u0111o\u00e1n, ki\u1ec7n v\u00f4 hi\u1ec7u ho\u1eb7c truy c\u1ee9u tr\u00e1ch nhi\u1ec7m c\u1ee7a c\u00e1c gi\u00e1m \u0111\u1ed1c.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quy_trinh_quyet_dinh_phat_hanh_co_phieu_co_loi_Su_khac_biet_giua_cong_ty_dai_chung_va_cong_ty_khong_dai_chung_tai_Nhat_Ban\"><\/span>Quy tr\u00ecnh quy\u1ebft \u0111\u1ecbnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa c\u00f4ng ty \u0111\u1ea1i ch\u00fang v\u00e0 c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang t\u1ea1i Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Khi m\u1ed9t c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u1ea1i Nh\u1eadt B\u1ea3n quy\u1ebft \u0111\u1ecbnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi, c\u1ea7n ph\u1ea3i x\u00e1c \u0111\u1ecbnh c\u00e1c &#8220;\u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh&#8221; nh\u01b0 s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u1eddi g\u1ecdi, s\u1ed1 ti\u1ec1n ph\u1ea3i n\u1ed9p, v\u00e0 ng\u00e0y \u0111\u1ebfn h\u1ea1n n\u1ed9p ti\u1ec1n (theo \u0110i\u1ec1u 199, Kho\u1ea3n 1 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Nguy\u00ean t\u1eafc chung l\u00e0, vi\u1ec7c quy\u1ebft \u0111\u1ecbnh nh\u1eefng \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh n\u00e0y ph\u1ea3i th\u00f4ng qua ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng (theo \u0110i\u1ec1u 199, Kho\u1ea3n 2 v\u00e0 \u0110i\u1ec1u 309, Kho\u1ea3n 2, M\u1ee5c 5 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). \u0110i\u1ec1u n\u00e0y l\u00e0 do vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, do \u0111\u00f3 c\u1ea7n c\u00f3 quy\u1ebft \u0111\u1ecbnh c\u1ea9n tr\u1ecdng.<\/p>\n\n\n\n<p>\u0110\u1eb7c bi\u1ec7t, khi s\u1ed1 ti\u1ec1n n\u1ed9p c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u1eddi g\u1ecdi &#8220;\u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i cho ng\u01b0\u1eddi nh\u1eadn c\u1ed5 phi\u1ebfu&#8221;, vi\u1ec7c quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh ph\u1ea3i th\u00f4ng qua ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng (theo \u0110i\u1ec1u 199, Kho\u1ea3n 2 v\u00e0 \u0110i\u1ec1u 309, Kho\u1ea3n 2, M\u1ee5c 5 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ban gi\u00e1m \u0111\u1ed1c ph\u1ea3i gi\u1ea3i th\u00edch l\u00fd do c\u1ea7n thi\u1ebft ph\u1ea3i ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi s\u1ed1 ti\u1ec1n \u0111\u00f3 cho \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00f4ng ty \u0111\u1ea1i ch\u00fang (\u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a theo \u0110i\u1ec1u 2, Kho\u1ea3n 5 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n), vi\u1ec7c quy\u1ebft \u0111\u1ecbnh \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh kh\u00f4ng thu\u1ed9c di\u1ec7n c\u00f3 l\u1ee3i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n th\u00f4ng qua quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb (theo \u0110i\u1ec1u 201, Kho\u1ea3n 1 v\u00e0 \u0110i\u1ec1u 199, Kho\u1ea3n 2 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). \u0110\u00e2y l\u00e0 quy \u0111\u1ecbnh \u0111\u1eb7c bi\u1ec7t nh\u1eb1m t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00f4ng ty \u0111\u1ea1i ch\u00fang huy \u0111\u1ed9ng v\u1ed1n nhanh ch\u00f3ng. Tuy nhi\u00ean, trong tr\u01b0\u1eddng h\u1ee3p ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i, ngay c\u1ea3 c\u00f4ng ty \u0111\u1ea1i ch\u00fang c\u0169ng c\u1ea7n ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng (theo \u0110i\u1ec1u 199, Kho\u1ea3n 2 v\u00e0 \u0110i\u1ec1u 309, Kho\u1ea3n 2, M\u1ee5c 5 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n).<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang (c\u00f4ng ty c\u00f3 t\u1ea5t c\u1ea3 c\u1ed5 phi\u1ebfu b\u1ecb h\u1ea1n ch\u1ebf chuy\u1ec3n nh\u01b0\u1ee3ng), xu h\u01b0\u1edbng b\u1ea3o v\u1ec7 t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a c\u1ed5 \u0111\u00f4ng l\u00e0 m\u1ea1nh m\u1ebd h\u01a1n. Khi ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi th\u00f4ng qua ph\u01b0\u01a1ng th\u1ee9c kh\u00e1c ngo\u00e0i ph\u00e2n ph\u1ed1i cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu (nh\u01b0 ph\u00e2n ph\u1ed1i cho b\u00ean th\u1ee9 ba), do \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng l\u00e0 \u0111i\u1ec1u kh\u00f4ng th\u1ec3 thi\u1ebfu. \u1ede c\u00f4ng ty kh\u00f4ng \u0111\u1ea1i ch\u00fang, do kh\u00f4ng c\u00f3 quy \u0111\u1ecbnh v\u1ec1 th\u00f4ng b\u00e1o hay c\u00f4ng b\u1ed1 \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh, c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 m\u1ea5t c\u01a1 h\u1ed9i ng\u0103n ch\u1eb7n vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi, \u0111i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c coi l\u00e0 quan tr\u1ecdng t\u1eeb g\u00f3c \u0111\u1ed9 b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>Vi\u1ec7c c\u00f3 \u0111\u01b0\u1ee3c ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng l\u00e0 y\u00eau c\u1ea7u ph\u00e1p l\u00fd, nh\u01b0ng \u0111\u00f4i khi \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng \u0111\u1ee7. V\u00ed d\u1ee5, trong quy\u1ebft \u0111\u1ecbnh c\u1ee7a T\u00f2a \u00e1n qu\u1eadn Kyoto ng\u00e0y 28 th\u00e1ng 3 n\u0103m 2018 (v\u1ee5 vi\u1ec7c Amita Holdings), m\u1eb7c d\u00f9 \u0111\u00e3 c\u00f3 ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng, vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u1eabn \u0111\u01b0\u1ee3c xem l\u00e0 &#8220;ph\u00e1t h\u00e0nh theo c\u00e1ch th\u1ee9c c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng&#8221; v\u00e0 y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn. L\u00fd do \u0111\u01b0\u1ee3c \u0111\u01b0a ra l\u00e0 vi\u1ec7c duy tr\u00ec quy\u1ec1n l\u1ef1c c\u1ee7a ban qu\u1ea3n tr\u1ecb hi\u1ec7n h\u1eefu l\u00e0 m\u1ee5c ti\u00eau ch\u00ednh, v\u00e0 vi\u1ec7c gi\u1ea3i th\u00edch l\u00fd do li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7. Ph\u00e1n quy\u1ebft n\u00e0y cho th\u1ea5y r\u1eb1ng, vi\u1ec7c ch\u1ec9 \u0111\u01a1n thu\u1ea7n c\u00f3 ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng kh\u00f4ng \u0111\u1ea3m b\u1ea3o vi\u1ec7c ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i l\u00e0 h\u1ee3p ph\u00e1p. C\u00e1c y\u1ebfu t\u1ed1 th\u1ef1c ch\u1ea5t nh\u01b0 &#8220;m\u1ee5c \u0111\u00edch ch\u00ednh&#8221; c\u1ee7a vi\u1ec7c ph\u00e1t h\u00e0nh v\u00e0 &#8220;t\u00ednh ph\u00f9 h\u1ee3p, \u0111\u1ea7y \u0111\u1ee7 c\u1ee7a vi\u1ec7c gi\u1ea3i th\u00edch&#8221; \u0111\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng l\u00e0 c\u1ef1c k\u1ef3 quan tr\u1ecdng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 t\u00ednh h\u1ee3p ph\u00e1p. Ph\u00e1n quy\u1ebft n\u00e0y c\u0169ng ch\u1ec9 ra r\u1eb1ng, doanh nghi\u1ec7p c\u1ea7n nh\u1eadn th\u1ee9c \u0111\u01b0\u1ee3c t\u1ea7m quan tr\u1ecdng kh\u00f4ng ch\u1ec9 c\u1ee7a c\u00e1c th\u1ee7 t\u1ee5c h\u00ecnh th\u1ee9c m\u00e0 c\u00f2n c\u1ee7a qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p th\u1ef1c ch\u1ea5t v\u00e0 \u0111\u1ed1i tho\u1ea1i v\u1edbi c\u1ed5 \u0111\u00f4ng. M\u1ee5c \u0111\u00edch kh\u00f4ng ph\u00f9 h\u1ee3p ho\u1eb7c thi\u1ebfu gi\u1ea3i th\u00edch c\u00f3 th\u1ec3 l\u00e0m t\u0103ng r\u1ee7i ro tranh ch\u1ea5p ph\u00e1p l\u00fd, ngay c\u1ea3 khi c\u00f3 ngh\u1ecb quy\u1ebft c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tieu_chuan_va_diem_luu_y_trong_thuc_tien_khi_xac_dinh_so_tien_gop_cong_bang_duoi_Luat_Nhat_Ban\"><\/span>Ti\u00eau chu\u1ea9n v\u00e0 \u0111i\u1ec3m l\u01b0u \u00fd trong th\u1ef1c ti\u1ec5n khi x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n g\u00f3p c\u00f4ng b\u1eb1ng d\u01b0\u1edbi Lu\u1eadt Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Vi\u1ec7c x\u00e1c \u0111\u1ecbnh li\u1ec7u m\u1ed9t s\u1ed1 ti\u1ec1n n\u00e0o \u0111\u00f3 c\u00f3 &#8220;\u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i&#8221; hay kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1eb1ng c\u00e1ch so s\u00e1nh v\u1edbi gi\u00e1 tr\u1ecb c\u00f4ng b\u1eb1ng c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3. &nbsp;<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00f4ng ty \u0111\u1ea1i ch\u00fang, gi\u00e1 c\u1ea3 th\u1ecb tr\u01b0\u1eddng c\u00f3 s\u1eb5n n\u00ean gi\u00e1 c\u1ea3 th\u1ecb tr\u01b0\u1eddng n\u00e0y s\u1ebd l\u00e0 ti\u00eau chu\u1ea9n. Th\u00f4ng th\u01b0\u1eddng, n\u1ebfu gi\u00e1 tr\u1ecb v\u00e0o ng\u00e0y tr\u01b0\u1edbc ng\u00e0y quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb nh\u00e2n v\u1edbi 90% l\u00e0 \u0111\u1ee7, th\u00ec th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 kh\u00f4ng ph\u1ea3i l\u00e0 ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i. \u0110\u1ed1i v\u1edbi c\u00f4ng ty ni\u00eam y\u1ebft, &#8220;H\u01b0\u1edbng d\u1eabn v\u1ec1 x\u1eed l\u00fd t\u0103ng v\u1ed1n th\u00f4ng qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu cho b\u00ean th\u1ee9 ba&#8221; \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 b\u1edfi Hi\u1ec7p h\u1ed9i Ch\u1ee9ng kho\u00e1n Nh\u1eadt B\u1ea3n tr\u1edf th\u00e0nh ti\u00eau chu\u1ea9n quan tr\u1ecdng trong th\u1ef1c ti\u1ec5n. Theo h\u01b0\u1edbng d\u1eabn n\u00e0y, &#8220;s\u1ed1 ti\u1ec1n g\u00f3p ph\u1ea3i l\u00e0 s\u1ed1 ti\u1ec1n nh\u00e2n v\u1edbi 0.9 tr\u1edf l\u00ean c\u1ee7a gi\u00e1 tr\u1ecb v\u00e0o ng\u00e0y tr\u01b0\u1edbc ng\u00e0y quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu (n\u1ebfu kh\u00f4ng c\u00f3 giao d\u1ecbch mua b\u00e1n v\u00e0o ng\u00e0y \u0111\u00f3, th\u00ec l\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a ng\u00e0y g\u1ea7n nh\u1ea5t tr\u01b0\u1edbc \u0111\u00f3).&#8221; Ngo\u00e0i ra, gi\u00e1 tr\u1ecb trung b\u00ecnh trong v\u00f2ng 6 th\u00e1ng nh\u00e2n v\u1edbi 0.9 c\u0169ng \u0111\u01b0\u1ee3c xem x\u00e9t. <\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00f4ng ty kh\u00f4ng c\u00f4ng khai, kh\u00f4ng c\u00f3 gi\u00e1 c\u1ea3 th\u1ecb tr\u01b0\u1eddng n\u00ean vi\u1ec7c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb c\u00f4ng b\u1eb1ng c\u1ee7a c\u1ed5 phi\u1ebfu s\u1eed d\u1ee5ng nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kh\u00e1c nhau. C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 ch\u00ednh bao g\u1ed3m:<\/p>\n\n\n\n<ul>\n<li>Ph\u01b0\u01a1ng ph\u00e1p so s\u00e1nh ng\u00e0nh ngh\u1ec1 t\u01b0\u01a1ng t\u1ef1: \u0110\u00e1nh gi\u00e1 d\u1ef1a tr\u00ean vi\u1ec7c so s\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty ni\u00eam y\u1ebft t\u01b0\u01a1ng t\u1ef1, l\u01b0\u1ee3ng c\u1ed5 t\u1ee9c, l\u1ee3i nhu\u1eadn, gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng, v.v. Th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00f4ng ty l\u1edbn v\u00e0 c\u00f4ng ty trung b\u00ecnh.<\/li>\n\n\n\n<li>Ph\u01b0\u01a1ng ph\u00e1p gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng: \u0110\u00e1nh gi\u00e1 d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng c\u1ee7a c\u00f4ng ty, t\u1ee9c l\u00e0 t\u1ed5ng t\u00e0i s\u1ea3n tr\u1eeb \u0111i n\u1ee3 ph\u1ea3i tr\u1ea3. Th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00f4ng ty nh\u1ecf ho\u1eb7c c\u00f4ng ty c\u00f3 nhi\u1ec1u t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3.<\/li>\n\n\n\n<li>Ph\u01b0\u01a1ng ph\u00e1p ho\u00e0n v\u1ed1n c\u1ed5 t\u1ee9c: \u0110\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean c\u1ed5 t\u1ee9c m\u00e0 c\u1ed5 \u0111\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c. C\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu m\u00e0 c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 s\u1edf h\u1eefu.<\/li>\n<\/ul>\n\n\n\n<p>C\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 n\u00e0y \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn t\u00f9y thu\u1ed9c v\u00e0o quy m\u00f4 c\u00f4ng ty, \u0111\u1eb7c \u0111i\u1ec3m v\u00e0 m\u1ee5c \u0111\u00edch \u0111\u00e1nh gi\u00e1, kh\u00f4ng c\u00f3 m\u1ed9t ti\u00eau chu\u1ea9n c\u1ed1 \u0111\u1ecbnh n\u00e0o. Do \u0111\u00f3, vi\u1ec7c x\u00e1c \u0111\u1ecbnh gi\u00e1 ph\u00e1t h\u00e0nh d\u1ef1a tr\u00ean t\u00e0i li\u1ec7u kh\u00e1ch quan v\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n h\u1ee3p l\u00fd l\u00e0 v\u00f4 c\u00f9ng quan tr\u1ecdng. &nbsp;<\/p>\n\n\n\n<p>Vi\u1ec7c x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n g\u00f3p c\u00f4ng b\u1eb1ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t l\u1edbn gi\u1eefa c\u00f4ng ty c\u00f4ng khai v\u00e0 c\u00f4ng ty kh\u00f4ng c\u00f4ng khai. \u0110\u1eb7c bi\u1ec7t, \u0111\u1ed1i v\u1edbi c\u00f4ng ty kh\u00f4ng c\u00f4ng khai, ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n v\u00e0o ng\u00e0y 19 th\u00e1ng 2 n\u0103m 2015 (2015) \u0111\u00e3 \u0111\u01b0a ra quan \u0111i\u1ec3m \u0111\u1ed9t ph\u00e1. Ph\u00e1n quy\u1ebft n\u00e0y ch\u1ec9 ra r\u1eb1ng c\u00f3 nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 t\u00ednh to\u00e1n gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft v\u00e0 kh\u00f4ng c\u00f3 ti\u00eau chu\u1ea9n r\u00f5 r\u00e0ng, c\u0169ng nh\u01b0 vi\u1ec7c \u0111\u00e1nh gi\u00e1 bao g\u1ed3m c\u00e1c y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh c\u00f3 ph\u1ea1m vi nh\u1ea5t \u0111\u1ecbnh nh\u01b0 d\u1ef1 \u0111o\u00e1n v\u1ec1 l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng lai. Tr\u00ean c\u01a1 s\u1edf \u0111\u00f3, d\u00f9 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u00e3 x\u00e1c \u0111\u1ecbnh gi\u00e1 ph\u00e1t h\u00e0nh d\u1ef1a tr\u00ean t\u00e0i li\u1ec7u kh\u00e1ch quan v\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n h\u1ee3p l\u00fd, vi\u1ec7c t\u00f2a \u00e1n sau \u0111\u00f3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kh\u00e1c ho\u1eb7c gi\u00e1 tr\u1ecb d\u1ef1 \u0111o\u00e1n kh\u00e1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u00f3 ph\u1ea3i l\u00e0 &#8220;s\u1ed1 ti\u1ec1n \u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i&#8221; kh\u00f4ng l\u00e0 kh\u00f4ng h\u1ee3p l\u00fd v\u00e0 l\u00e0m t\u1ed5n h\u1ea1i \u0111\u1ebfn kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb.<\/p>\n\n\n\n<p>Ph\u00e1n quy\u1ebft n\u00e0y c\u00f3 ngh\u0129a l\u00e0 kh\u00f4ng ch\u1ec9 tranh c\u00e3i v\u1ec1 &#8220;gi\u00e1 tr\u1ecb \u0111\u00e1nh gi\u00e1 h\u1ee3p l\u00fd&#8221; sau khi s\u1ef1 vi\u1ec7c x\u1ea3y ra, m\u00e0 c\u00f2n l\u00e0 &#8220;quy tr\u00ecnh&#8221; v\u00e0 &#8220;t\u00ednh h\u1ee3p l\u00fd c\u1ee7a t\u00e0i li\u1ec7u c\u01a1 s\u1edf&#8221; m\u00e0 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb s\u1eed d\u1ee5ng \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh gi\u00e1 c\u1ea3 tr\u1edf th\u00e0nh v\u1ea5n \u0111\u1ec1 ph\u00e1p l\u00fd. Quy\u1ebft \u0111\u1ecbnh n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb th\u1ef1c hi\u1ec7n quy tr\u00ecnh \u0111\u1ecbnh gi\u00e1 m\u1ed9t c\u00e1ch c\u1ea9n th\u1eadn v\u00e0 ghi ch\u00e9p r\u00f5 r\u00e0ng c\u01a1 s\u1edf c\u1ee7a h\u1ecd. \u0110i\u1ec1u n\u00e0y c\u00f3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn c\u00e1ch th\u1ee9c th\u1ef1c hi\u1ec7n ki\u1ec3m to\u00e1n n\u1ed9i b\u1ed9 khi c\u00f4ng ty kh\u00f4ng c\u00f4ng khai th\u1ef1c hi\u1ec7n ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i, bu\u1ed9c doanh nghi\u1ec7p kh\u00f4ng ch\u1ec9 c\u1ea7n x\u00e1c \u0111\u1ecbnh gi\u00e1 c\u1ea3 m\u00e0 c\u00f2n c\u1ea7n chu\u1ea9n b\u1ecb b\u00e1o c\u00e1o \u0111\u00e1nh gi\u00e1 chi ti\u1ebft v\u00e0 bi\u00ean b\u1ea3n th\u1ea3o lu\u1eadn t\u1ea1i h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u1ec3 ch\u1ee9ng minh gi\u00e1 c\u1ea3 l\u00e0 &#8220;h\u1ee3p l\u00fd t\u1ea1m th\u1eddi&#8221;. \u0110\u00e2y l\u00e0 bi\u1ec7n ph\u00e1p c\u1ea7n thi\u1ebft \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro tranh ch\u1ea5p ph\u00e1p l\u00fd trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phan_tich_cac_Phan_quyet_Chinh_ve_Phat_hanh_Co_phieu_Uu_dai_theo_Luat_Nhat_Ban\"><\/span>Ph\u00e2n t\u00edch c\u00e1c Ph\u00e1n quy\u1ebft Ch\u00ednh v\u1ec1 Ph\u00e1t h\u00e0nh C\u1ed5 phi\u1ebfu \u01afu \u0111\u00e3i theo Lu\u1eadt Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phan_quyet_cua_Toa_an_Toi_cao_ve_viec_phat_hanh_co_phieu_co_loi_tai_cac_cong_ty_khong_niem_yet_Phan_quyet_cua_Toa_an_Toi_cao_Nhat_Ban_ngay_19_thang_2_nam_2015_2015_cua_Hoi_dong_Tham_phan_nho_thu_nhat\"><\/span>Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao v\u1ec1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i t\u1ea1i c\u00e1c c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft: Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n ng\u00e0y 19 th\u00e1ng 2 n\u0103m 2015 (2015) c\u1ee7a H\u1ed9i \u0111\u1ed3ng Th\u1ea9m ph\u00e1n nh\u1ecf th\u1ee9 nh\u1ea5t<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ph\u00e1n quy\u1ebft n\u00e0y li\u00ean quan \u0111\u1ebfn vi\u1ec7c m\u1ed9t c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft \u1edf Nh\u1eadt B\u1ea3n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u00e0 li\u1ec7u gi\u00e1 tr\u1ea3 ti\u1ec1n cho c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 &#8220;\u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i&#8221; hay kh\u00f4ng. \u1ede c\u1ea5p s\u01a1 th\u1ea9m, t\u00f2a \u00e1n \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn gi\u1eefa gi\u00e1 tr\u1ecb c\u00f4ng b\u1eb1ng do t\u00f2a \u00e1n t\u00ednh to\u00e1n v\u00e0 gi\u00e1 ph\u00e1t h\u00e0nh, v\u00e0 t\u1eeb \u0111\u00f3 k\u1ebft lu\u1eadn r\u1eb1ng \u0111\u00f3 l\u00e0 m\u1ed9t vi\u1ec7c ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng c\u00f3 nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c nhau \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft v\u00e0 kh\u00f4ng c\u00f3 ti\u00eau chu\u1ea9n r\u00f5 r\u00e0ng, c\u0169ng nh\u01b0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 bao g\u1ed3m nhi\u1ec1u y\u1ebfu t\u1ed1 \u0111\u00e1nh gi\u00e1 c\u00f3 ph\u1ea1m vi r\u1ed9ng nh\u01b0 d\u1ef1 \u0111o\u00e1n v\u1ec1 l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng lai. Tr\u00ean c\u01a1 s\u1edf \u0111\u00f3, T\u00f2a \u00e1n T\u1ed1i cao \u0111\u00e3 k\u1ebft lu\u1eadn r\u1eb1ng vi\u1ec7c t\u00f2a \u00e1n s\u1eed d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kh\u00e1c ho\u1eb7c c\u00e1c gi\u00e1 tr\u1ecb d\u1ef1 \u0111o\u00e1n kh\u00e1c \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ea3 ti\u1ec1n c\u00f3 &#8220;\u0111\u1eb7c bi\u1ec7t c\u00f3 l\u1ee3i&#8221; hay kh\u00f4ng sau khi c\u1ed5 phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh, m\u1eb7c d\u00f9 h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh gi\u00e1 ph\u00e1t h\u00e0nh d\u1ef1a tr\u00ean &#8220;ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n t\u01b0\u01a1ng \u0111\u1ed1i h\u1ee3p l\u00fd d\u1ef1a tr\u00ean t\u00e0i li\u1ec7u kh\u00e1ch quan&#8221;, l\u00e0 kh\u00f4ng h\u1ee3p l\u00fd v\u00e0 c\u00f3 th\u1ec3 l\u00e0m t\u1ed5n h\u1ea1i \u0111\u1ebfn kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb.<\/p>\n\n\n\n<p>Ph\u00e1n quy\u1ebft n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a qu\u00e1 tr\u00ecnh h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb c\u00f4ng b\u1eb1ng v\u00e0 t\u00e0i li\u1ec7u kh\u00e1ch quan l\u00e0m c\u01a1 s\u1edf cho vi\u1ec7c \u0111\u00f3 khi m\u1ed9t c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft \u1edf Nh\u1eadt B\u1ea3n ti\u1ebfn h\u00e0nh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi. \u0110i\u1ec1u n\u00e0y l\u00e0m t\u0103ng nhu c\u1ea7u cho h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb ph\u1ea3i chu\u1ea9n b\u1ecb s\u1eb5n s\u00e0ng \u0111\u1ec3 gi\u1ea3i th\u00edch t\u00ednh h\u1ee3p l\u00fd c\u1ee7a quy\u1ebft \u0111\u1ecbnh v\u1ec1 gi\u00e1 c\u1ea3 m\u1ed9t c\u00e1ch h\u1eadu ki\u1ec3m.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Truong_hop_duoc_coi_la_phat_hanh_co_phieu_bang_phuong_phap_cuc_ky_khong_cong_bang_Quyet_dinh_ngay_28_thang_3_nam_2018_cua_Toa_an_Quan_Kyoto_Vu_viec_Amita_Holdings\"><\/span>Tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c coi l\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng: Quy\u1ebft \u0111\u1ecbnh ng\u00e0y 28 th\u00e1ng 3 n\u0103m 2018 c\u1ee7a T\u00f2a \u00e1n Qu\u1eadn Kyoto (V\u1ee5 vi\u1ec7c Amita Holdings)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1ee5 vi\u1ec7c n\u00e0y li\u00ean quan \u0111\u1ebfn m\u1ed9t c\u1ed5 \u0111\u00f4ng, ng\u01b0\u1eddi \u0111\u00e3 s\u1edf h\u1eefu h\u01a1n 25% c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty, v\u00e0 c\u00f4ng ty \u0111ang trong m\u1ed1i quan h\u1ec7 \u0111\u1ed1i \u0111\u1ea7u. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, c\u00f4ng ty \u0111\u00e3 c\u1ed1 g\u1eafng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi th\u00f4ng qua vi\u1ec7c b\u00e1n c\u1ed5 ph\u1ea7n cho b\u00ean th\u1ee9 ba v\u1edbi m\u1ee5c \u0111\u00edch huy \u0111\u1ed9ng v\u1ed1n, v\u00e0 c\u1ed5 \u0111\u00f4ng \u0111\u00e3 y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n h\u00e0nh \u0111\u1ed9ng n\u00e0y.<\/p>\n\n\n\n<p>T\u00f2a \u00e1n \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng m\u1ee5c \u0111\u00edch ch\u00ednh c\u1ee7a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi n\u00e0y l\u00e0 \u0111\u1ec3 duy tr\u00ec quy\u1ec1n l\u1ef1c ki\u1ec3m so\u00e1t c\u1ee7a ban qu\u1ea3n tr\u1ecb hi\u1ec7n t\u1ea1i. Ngay c\u1ea3 khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh \u0111\u1eb7c bi\u1ec7t t\u1eeb \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng, do vi\u1ec7c gi\u1ea3i th\u00edch l\u00fd do v\u00e0 c\u00e1c chi ti\u1ebft li\u00ean quan \u0111\u1ebfn vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7, t\u00f2a \u00e1n \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh r\u1eb1ng \u0111\u00e2y l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p &#8220;c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng&#8221; v\u00e0 \u0111\u00e3 ch\u1ea5p nh\u1eadn y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n c\u1ee7a c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<p>Quy\u1ebft \u0111\u1ecbnh n\u00e0y r\u00f5 r\u00e0ng ch\u1ec9 ra r\u1eb1ng, ngay c\u1ea3 khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00f4ng qua m\u1ed9t c\u00e1ch h\u00ecnh th\u1ee9c b\u1edfi quy\u1ebft \u0111\u1ecbnh \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng, n\u1ebfu m\u1ee5c \u0111\u00edch th\u1ef1c s\u1ef1 c\u1ee7a vi\u1ec7c ph\u00e1t h\u00e0nh l\u00e0 \u0111\u1ec3 duy tr\u00ec quy\u1ec1n l\u1ef1c m\u1ed9t c\u00e1ch kh\u00f4ng ch\u00ednh \u0111\u00e1ng ho\u1eb7c n\u1ebfu vi\u1ec7c gi\u1ea3i th\u00edch cho c\u1ed5 \u0111\u00f4ng l\u00e0 kh\u00f4ng \u0111\u1ea7y \u0111\u1ee7, vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi c\u00f3 th\u1ec3 b\u1ecb coi l\u00e0 b\u1ea5t h\u1ee3p ph\u00e1p. \u0110i\u1ec1u n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c ban qu\u1ea3n tr\u1ecb ph\u1ea3i l\u00e0m r\u00f5 m\u1ee5c \u0111\u00edch c\u1ee7a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u00e0 c\u00f3 tr\u00e1ch nhi\u1ec7m cung c\u1ea5p th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7 v\u00e0 gi\u1ea3i th\u00edch cho c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cac_Phan_quyet_Lien_Quan_den_Thue_Phat_Hanh_Co_Phieu_Co_Loi_Quyet_dinh_cua_Toa_An_Toi_Cao_Nhat_Ban_ngay_24_thang_2_nam_2017_2017_Vu_an_Kobe_Steel_Trading_va_Phan_quyet_cua_Toa_An_Cao_Cap_Tokyo_ngay_15_thang_12_nam_2010\"><\/span>C\u00e1c Ph\u00e1n quy\u1ebft Li\u00ean Quan \u0111\u1ebfn Thu\u1ebf Ph\u00e1t H\u00e0nh C\u1ed5 Phi\u1ebfu C\u00f3 L\u1ee3i: Quy\u1ebft \u0111\u1ecbnh c\u1ee7a T\u00f2a \u00c1n T\u1ed1i Cao Nh\u1eadt B\u1ea3n ng\u00e0y 24 th\u00e1ng 2 n\u0103m 2017 (2017) (V\u1ee5 \u00e1n K\u014dbe Steel Trading) v\u00e0 Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00c1n Cao C\u1ea5p Tokyo ng\u00e0y 15 th\u00e1ng 12 n\u0103m 2010<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1ee5 \u00e1n K\u014dbe Steel Trading li\u00ean quan \u0111\u1ebfn vi\u1ec7c c\u00f4ng ty K\u014dbe Steel Trading \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu t\u1eeb vi\u1ec7c t\u0103ng v\u1ed1n c\u1ee7a c\u00f4ng ty con t\u1ea1i Th\u00e1i Lan, v\u00e0 nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u00e0 c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i theo lu\u1eadt thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p c\u1ee7a Nh\u1eadt B\u1ea3n, d\u1eabn \u0111\u1ebfn vi\u1ec7c \u00e1p d\u1ee5ng thu\u1ebf \u0111\u1ed1i v\u1edbi l\u1ee3i \u00edch nh\u1eadn \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n<p>T\u00f2a \u00c1n T\u1ed1i Cao Nh\u1eadt B\u1ea3n \u0111\u00e3 t\u1eeb ch\u1ed1i \u0111\u01a1n kh\u00e1ng c\u00e1o c\u1ee7a K\u014dbe Steel Trading, qua \u0111\u00f3 x\u00e1c nh\u1eadn th\u1ea5t b\u1ea1i c\u1ee7a c\u00f4ng ty n\u00e0y. Quy\u1ebft \u0111\u1ecbnh n\u00e0y duy tr\u00ec ph\u00e1n \u0111\u1ecbnh r\u1eb1ng s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 s\u1ed1 ti\u1ec1n \u0111\u00e3 thanh to\u00e1n l\u00e0 &#8220;s\u1ed1 ti\u1ec1n l\u1ee3i nhu\u1eadn&#8221; theo \u0110i\u1ec1u 22, Kho\u1ea3n 2 c\u1ee7a lu\u1eadt thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p Nh\u1eadt B\u1ea3n v\u00e0 s\u1ebd b\u1ecb \u0111\u00e1nh thu\u1ebf nh\u01b0 l\u00e0 l\u1ee3i \u00edch nh\u1eadn \u0111\u01b0\u1ee3c. Ph\u00e1n quy\u1ebft n\u00e0y cho th\u1ea5y kh\u1ea3 n\u0103ng \u00e1p d\u1ee5ng thu\u1ebf ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i khi c\u00f4ng ty m\u1eb9 th\u1ef1c hi\u1ec7n t\u0103ng v\u1ed1n cho c\u00f4ng ty con \u1edf n\u01b0\u1edbc ngo\u00e0i c\u00f3 quy \u0111\u1ecbnh v\u1ec1 ki\u1ec3m so\u00e1t v\u1ed1n n\u01b0\u1edbc ngo\u00e0i b\u1eb1ng c\u00e1ch \u0111\u0103ng k\u00fd mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 m\u1ec7nh gi\u00e1.<\/p>\n\n\n\n<p>Ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00c1n Cao C\u1ea5p Tokyo ng\u00e0y 15 th\u00e1ng 12 n\u0103m 2010 c\u0169ng li\u00ean quan \u0111\u1ebfn v\u1ea5n \u0111\u1ec1 thu\u1ebf \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi ph\u00e1t h\u00e0nh, \u0111\u1eb7c bi\u1ec7t l\u00e0 li\u1ec7u s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 gi\u00e1 tr\u1ecb thanh to\u00e1n c\u00f3 t\u1ea1o th\u00e0nh &#8220;s\u1ed1 ti\u1ec1n l\u1ee3i nhu\u1eadn&#8221; theo lu\u1eadt thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p Nh\u1eadt B\u1ea3n hay kh\u00f4ng.<\/p>\n\n\n\n<p>Nh\u1eefng ph\u00e1n quy\u1ebft n\u00e0y cho th\u1ea5y vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i kh\u00f4ng ch\u1ec9 l\u00e0 v\u1ea5n \u0111\u1ec1 c\u1ee7a lu\u1eadt c\u00f4ng ty Nh\u1eadt B\u1ea3n m\u00e0 c\u00f2n c\u00f3 \u1ea3nh h\u01b0\u1edfng quan tr\u1ecdng \u0111\u1ed1i v\u1edbi lu\u1eadt thu\u1ebf (lu\u1eadt thu\u1ebf thu nh\u1eadp doanh nghi\u1ec7p) c\u1ee7a Nh\u1eadt B\u1ea3n. Ngay c\u1ea3 khi c\u00e1c th\u1ee7 t\u1ee5c theo lu\u1eadt c\u00f4ng ty \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n \u0111\u00fang \u0111\u1eafn, c\u01a1 quan thu\u1ebf v\u1eabn c\u00f3 th\u1ec3 xem x\u00e9t s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 s\u1ed1 ti\u1ec1n \u0111\u00e3 thanh to\u00e1n nh\u01b0 l\u00e0 l\u1ee3i \u00edch nh\u1eadn \u0111\u01b0\u1ee3c v\u00e0 \u00e1p d\u1ee5ng thu\u1ebf. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng trong tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3 c\u1ee7a vi\u1ec7c t\u0103ng v\u1ed1n cho c\u00f4ng ty con \u1edf n\u01b0\u1edbc ngo\u00e0i c\u00f3 quy \u0111\u1ecbnh v\u1ec1 ki\u1ec3m so\u00e1t v\u1ed1n n\u01b0\u1edbc ngo\u00e0i, n\u01a1i m\u00e0 v\u1ea5n \u0111\u1ec1 n\u00e0y tr\u1edf n\u00ean r\u00f5 r\u00e0ng. \u0110i\u1ec1u n\u00e0y ng\u1ee5 \u00fd r\u1eb1ng ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i theo lu\u1eadt c\u00f4ng ty v\u00e0 ti\u00eau ch\u00ed theo lu\u1eadt thu\u1ebf (\u0111\u1eb7c bi\u1ec7t l\u00e0 ph\u01b0\u01a1ng ph\u00e1p t\u00ednh gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng) c\u00f3 th\u1ec3 kh\u00f4ng ho\u00e0n to\u00e0n gi\u1ed1ng nhau. Do \u0111\u00f3, trong c\u00e1c giao d\u1ecbch qu\u1ed1c t\u1ebf, kh\u00f4ng ch\u1ec9 c\u1ea7n xem x\u00e9t t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a c\u00e1c th\u1ee7 t\u1ee5c theo lu\u1eadt c\u00f4ng ty m\u00e0 c\u00f2n c\u1ea7n \u0111\u00e1nh gi\u00e1 k\u1ef9 l\u01b0\u1ee1ng r\u1ee7i ro v\u1ec1 m\u1eb7t thu\u1ebf. Ngay c\u1ea3 khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i l\u00e0 h\u1ee3p ph\u00e1p theo lu\u1eadt c\u00f4ng ty, vi\u1ec7c b\u1ecf qua r\u1ee7i ro v\u1ec1 thu\u1ebf c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn vi\u1ec7c ph\u1ea3i ch\u1ecbu g\u00e1nh n\u1eb7ng thu\u1ebf kh\u00f4ng l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c. \u0110i\u1ec1u n\u00e0y m\u1ea1nh m\u1ebd g\u1ee3i \u00fd r\u1eb1ng c\u00e1c doanh nghi\u1ec7p khi l\u1eadp k\u1ebf ho\u1ea1ch huy \u0111\u1ed9ng v\u1ed1n c\u1ea7n ph\u1ea3i t\u00ecm ki\u1ebfm l\u1eddi khuy\u00ean t\u1ed5ng h\u1ee3p t\u1eeb c\u00e1c chuy\u00ean gia v\u1ec1 ph\u00e1p l\u00fd v\u00e0 thu\u1ebf, nh\u1eefng ng\u01b0\u1eddi c\u1ea7n ph\u1ea3i l\u00e0m vi\u1ec7c c\u00f9ng nhau.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trach_nhiem_phap_ly_va_bien_phap_khac_phuc_doi_voi_viec_phat_hanh_co_phieu_uu_dai_khong_phu_hop_tai_Nhat_Ban\"><\/span>Tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd v\u00e0 bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c \u0111\u1ed1i v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng ph\u00f9 h\u1ee3p t\u1ea1i Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng ph\u00f9 h\u1ee3p \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, lu\u1eadt c\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n quy \u0111\u1ecbnh nhi\u1ec1u tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd v\u00e0 bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c. Nh\u1eefng quy \u0111\u1ecbnh n\u00e0y \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 c\u00e2n b\u1eb1ng gi\u1eefa vi\u1ec7c b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a t\u1ed5 ch\u1ee9c c\u00f4ng ty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trach_nhiem_boi_thuong_thiet_hai_cua_giam_doc_doi_voi_cong_ty\"><\/span>Tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i c\u1ee7a gi\u00e1m \u0111\u1ed1c \u0111\u1ed1i v\u1edbi c\u00f4ng ty<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>N\u1ebfu gi\u00e1m \u0111\u1ed1c b\u1ecf b\u00ea nhi\u1ec7m v\u1ee5 c\u1ee7a m\u00ecnh v\u00e0 g\u00e2y thi\u1ec7t h\u1ea1i cho c\u00f4ng ty, h\u1ecd ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i cho c\u00f4ng ty (theo \u0110i\u1ec1u 423, Kho\u1ea3n 1 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Trong tr\u01b0\u1eddng h\u1ee3p ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng ph\u00f9 h\u1ee3p, v\u00ed d\u1ee5 nh\u01b0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u1edbi gi\u00e1 \u01b0u \u0111\u00e3i m\u00e0 kh\u00f4ng th\u00f4ng qua ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng, gi\u00e1m \u0111\u1ed1c c\u00f3 th\u1ec3 ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng cho c\u00f4ng ty v\u1ec1 kho\u1ea3n ch\u00eanh l\u1ec7ch gi\u1eefa s\u1ed1 ti\u1ec1n g\u00f3p c\u00f4ng b\u1eb1ng v\u00e0 gi\u00e1 tr\u1ecb g\u00f3p c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u1eddi g\u1ecdi. Ngo\u00e0i ra, c\u1ed5 \u0111\u00f4ng nh\u1eadn c\u1ed5 phi\u1ebfu m\u1edbi v\u1edbi gi\u00e1 g\u00f3p kh\u00f4ng c\u00f4ng b\u1eb1ng c\u0169ng c\u00f3 th\u1ec3 ph\u1ea3i ch\u1ecbu ngh\u0129a v\u1ee5 thanh to\u00e1n s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi kho\u1ea3n ch\u00eanh l\u1ec7ch so v\u1edbi gi\u00e1 g\u00f3p c\u00f4ng b\u1eb1ng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeu_cau_ngan_chan_phat_hanh_co_phieu_moi\"><\/span>Y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>N\u1ebfu vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi ch\u01b0a ph\u00e1t sinh hi\u1ec7u l\u1ef1c, c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 y\u00eau c\u1ea7u c\u00f4ng ty ng\u1eebng vi\u1ec7c ph\u00e1t h\u00e0nh n\u1ebfu n\u00f3 vi ph\u1ea1m ph\u00e1p lu\u1eadt ho\u1eb7c \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty, ho\u1eb7c \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p c\u1ef1c k\u1ef3 kh\u00f4ng c\u00f4ng b\u1eb1ng (theo \u0110i\u1ec1u 210 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Y\u00eau c\u1ea7u n\u00e0y ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c ph\u00f2ng ng\u1eeba \u0111\u1ec3 s\u1eeda ch\u1eefa t\u00ednh b\u1ea5t h\u1ee3p ph\u00e1p ho\u1eb7c kh\u00f4ng c\u00f4ng b\u1eb1ng tr\u01b0\u1edbc khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n. \u0110\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft, vi\u1ec7c kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 th\u00f4ng b\u00e1o ho\u1eb7c c\u00f4ng b\u1ed1 cho c\u1ed5 \u0111\u00f4ng l\u00e0m cho c\u01a1 h\u1ed9i y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n n\u00e0y tr\u1edf n\u00ean quan tr\u1ecdng t\u1eeb g\u00f3c \u0111\u1ed9 b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kien_vo_hieu_hoa_viec_phat_hanh_co_phieu_moi\"><\/span>Ki\u1ec7n v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Sau khi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi ph\u00e1t sinh hi\u1ec7u l\u1ef1c, \u0111\u1ec3 kh\u1eb3ng \u0111\u1ecbnh t\u00ednh v\u00f4 hi\u1ec7u c\u1ee7a n\u00f3, c\u1ea7n ph\u1ea3i kh\u1edfi ki\u1ec7n &#8220;v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi&#8221; (theo \u0110i\u1ec1u 828, Kho\u1ea3n 1, M\u1ee5c 2 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Ki\u1ec7n n\u00e0y c\u00f3 th\u1eddi h\u1ea1n kh\u1edfi ki\u1ec7n nghi\u00eam ng\u1eb7t. \u0110\u1ed1i v\u1edbi c\u00f4ng ty ni\u00eam y\u1ebft, th\u1eddi h\u1ea1n l\u00e0 trong v\u00f2ng 6 th\u00e1ng k\u1ec3 t\u1eeb ng\u00e0y hi\u1ec7u l\u1ef1c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu; \u0111\u1ed1i v\u1edbi c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft, th\u1eddi h\u1ea1n l\u00e0 trong v\u00f2ng 1 n\u0103m (theo \u0110i\u1ec1u 828, Kho\u1ea3n 1, M\u1ee5c 2 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n). Th\u1eddi h\u1ea1n n\u00e0y \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp \u0111\u1ec3 b\u1ea3o v\u1ec7 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a nhi\u1ec1u m\u1ed1i quan h\u1ec7 ph\u00e1p l\u00fd \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh sau vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi.<\/p>\n\n\n\n<p>Ki\u1ec7n v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi ch\u1ec9 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn khi c\u00f3 &#8220;l\u1ed7i nghi\u00eam tr\u1ecdng&#8221; trong quy tr\u00ecnh ph\u00e1t h\u00e0nh. V\u00ed d\u1ee5, ph\u00e1t h\u00e0nh v\u01b0\u1ee3t qu\u00e1 t\u1ed5ng s\u1ed1 c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh, ph\u00e1t h\u00e0nh lo\u1ea1i c\u1ed5 phi\u1ebfu kh\u00f4ng \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0111i\u1ec1u l\u1ec7, v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 thi\u1ebfu ngh\u1ecb quy\u1ebft \u0111\u1eb7c bi\u1ec7t c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng trong c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft, l\u00e0 nh\u1eefng tr\u01b0\u1eddng h\u1ee3p n\u00e0y. \u0110\u1ed1i v\u1edbi c\u00f4ng ty ni\u00eam y\u1ebft, vi\u1ec7c thi\u1ebfu quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb kh\u00f4ng \u0111\u01b0\u1ee3c coi l\u00e0 nguy\u00ean nh\u00e2n v\u00f4 hi\u1ec7u n\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi \u0111\u1ea1i di\u1ec7n gi\u00e1m \u0111\u1ed1c, theo ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n T\u1ed1i cao Nh\u1eadt B\u1ea3n ng\u00e0y 31 th\u00e1ng 3 n\u0103m 1961 v\u00e0 ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n qu\u1eadn Tokyo ng\u00e0y 29 th\u00e1ng 10 n\u0103m 2008. Tuy nhi\u00ean, theo ph\u00e1n quy\u1ebft c\u1ee7a T\u00f2a \u00e1n cao c\u1ea5p Tokyo ng\u00e0y 15 th\u00e1ng 7 n\u0103m 2020, c\u00e1c ph\u00e1n quy\u1ebft d\u01b0\u1edbi lu\u1eadt th\u01b0\u01a1ng m\u1ea1i c\u0169 kh\u00f4ng \u00e1p d\u1ee5ng cho c\u00e1c tr\u01b0\u1eddng h\u1ee3p theo lu\u1eadt c\u00f4ng ty hi\u1ec7n h\u00e0nh v\u00e0 t\u1eeb g\u00f3c \u0111\u1ed9 b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu trong c\u00f4ng ty kh\u00f4ng ni\u00eam y\u1ebft, thi\u1ebfu ngh\u1ecb quy\u1ebft c\u1ee7a \u0111\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng \u0111\u01b0\u1ee3c coi l\u00e0 nguy\u00ean nh\u00e2n v\u00f4 hi\u1ec7u. Hi\u1ec7u l\u1ef1c c\u1ee7a ph\u00e1n quy\u1ebft v\u00f4 hi\u1ec7u \u00e1p d\u1ee5ng c\u1ea3 \u0111\u1ed1i v\u1edbi b\u00ean th\u1ee9 ba nh\u01b0ng ch\u1ec9 c\u00f3 hi\u1ec7u l\u1ef1c v\u1ec1 t\u01b0\u01a1ng lai v\u00e0 kh\u00f4ng c\u00f3 hi\u1ec7u l\u1ef1c h\u1ed3i t\u1ed1 (theo \u0110i\u1ec1u 838 v\u00e0 \u0110i\u1ec1u 839 c\u1ee7a Lu\u1eadt C\u00f4ng ty Nh\u1eadt B\u1ea3n).<\/p>\n\n\n\n<p>Nh\u1eefng bi\u1ec7n ph\u00e1p kh\u1eafc ph\u1ee5c n\u00e0y kh\u00f4ng ch\u1ec9 t\u1ed3n t\u1ea1i song song m\u00e0 c\u00f2n t\u1ea1o th\u00e0nh m\u1ed9t h\u1ec7 th\u1ed1ng c\u00f3 c\u1ea5p \u0111\u1ed9 v\u1edbi m\u1ee5c \u0111\u00edch v\u00e0 ch\u1ee9c n\u0103ng kh\u00e1c nhau. Y\u00eau c\u1ea7u ng\u0103n ch\u1eb7n c\u00f3 t\u00ednh ch\u1ea5t ph\u00f2ng ng\u1eeba, trong khi ki\u1ec7n v\u00f4 hi\u1ec7u h\u00f3a vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi l\u00e0 bi\u1ec7n ph\u00e1p cu\u1ed1i c\u00f9ng \u0111\u1ec3 s\u1eeda ch\u1eefa nh\u1eefng vi ph\u1ea1m nghi\u00eam tr\u1ecdng m\u00e0 v\u1eabn duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh ph\u00e1p l\u00fd sau s\u1ef1 ki\u1ec7n, v\u00e0 tr\u00e1ch nhi\u1ec7m c\u1ee7a gi\u00e1m \u0111\u1ed1c nh\u1eb1m m\u1ee5c \u0111\u00edch tr\u1eebng ph\u1ea1t ng\u01b0\u1eddi vi ph\u1ea1m v\u00e0 b\u1ed3i th\u01b0\u1eddng cho c\u00f4ng ty. S\u1ef1 ph\u00e2n c\u1ea5p n\u00e0y cho th\u1ea5y lu\u1eadt c\u00f4ng ty Nh\u1eadt B\u1ea3n c\u1ed1 g\u1eafng c\u00e2n nh\u1eafc gi\u1eefa s\u1ef1 \u1ed5n \u0111\u1ecbnh ho\u1ea1t \u0111\u1ed9ng doanh nghi\u1ec7p v\u00e0 b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng nh\u01b0 th\u1ebf n\u00e0o. H\u1ec7 th\u1ed1ng n\u00e0y nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a vi\u1ec7c c\u00f4ng ty \u0111\u00e1nh gi\u00e1 k\u1ef9 l\u01b0\u1ee1ng r\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb giai \u0111o\u1ea1n l\u1eadp k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi v\u00e0 th\u1ef1c hi\u1ec7n \u0111\u00fang c\u00e1c th\u1ee7 t\u1ee5c ph\u00e1p l\u00fd. \u0110\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng, n\u00f3 c\u0169ng ch\u1ec9 ra r\u1eb1ng vi\u1ec7c l\u1ef1a ch\u1ecdn th\u1eddi \u0111i\u1ec3m v\u00e0 ph\u01b0\u01a1ng th\u1ee9c th\u1ef1c hi\u1ec7n quy\u1ec1n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn k\u1ebft qu\u1ea3.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_luoc_Chuyen_mon_va_he_thong_ho_tro_cua_Van_phong_Luat_su_Monolith\"><\/span>T\u00f3m l\u01b0\u1ee3c: Chuy\u00ean m\u00f4n v\u00e0 h\u1ec7 th\u1ed1ng h\u1ed7 tr\u1ee3 c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 l\u1ee3i th\u1ebf trong lu\u1eadt c\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n quan tr\u1ecdng cho vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p, nh\u01b0ng c\u00f9ng l\u00fac \u0111\u00f3, n\u00f3 c\u0169ng \u0111\u1eb7t ra nh\u1eefng th\u00e1ch th\u1ee9c ph\u00e1p l\u00fd c\u1ef1c k\u1ef3 ph\u1ee9c t\u1ea1p t\u1eeb \u0111\u1ecbnh ngh\u0129a, quy tr\u00ecnh quy\u1ebft \u0111\u1ecbnh, \u0111\u00e1nh gi\u00e1 gi\u00e1 c\u1ea3 c\u00f4ng b\u1eb1ng, cho \u0111\u1ebfn tr\u00e1ch nhi\u1ec7m ph\u00e1p l\u00fd li\u00ean quan. \u0110\u1eb7c bi\u1ec7t, t\u1eeb g\u00f3c \u0111\u1ed9 b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u00e0 nguy\u00ean t\u1eafc b\u00ecnh \u0111\u1eb3ng c\u1ed5 \u0111\u00f4ng, t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a n\u00f3 lu\u00f4n \u0111\u01b0\u1ee3c \u0111\u1eb7t ra v\u1edbi nh\u1eefng y\u00eau c\u1ea7u nghi\u00eam ng\u1eb7t. C\u00e1c th\u1ee7 t\u1ee5c kh\u00f4ng ph\u00f9 h\u1ee3p ho\u1eb7c m\u1ee5c \u0111\u00edch c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn h\u1eadu qu\u1ea3 nghi\u00eam tr\u1ecdng nh\u01b0 tranh ch\u1ea5p ph\u00e1p l\u00fd, tr\u00e1ch nhi\u1ec7m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i, th\u1eadm ch\u00ed l\u00e0 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi b\u1ecb v\u00f4 hi\u1ec7u.<\/p>\n\n\n\n<p>V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith c\u00f3 kinh nghi\u1ec7m d\u00e0y d\u1eb7n v\u00e0 ki\u1ebfn th\u1ee9c chuy\u00ean s\u00e2u trong vi\u1ec7c h\u1ed7 tr\u1ee3 cho nhi\u1ec1u kh\u00e1ch h\u00e0ng t\u1ea1i Nh\u1eadt B\u1ea3n, \u0111\u1eb7c bi\u1ec7t trong c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i th\u1ebf theo lu\u1eadt c\u00f4ng ty Nh\u1eadt B\u1ea3n. T\u1eeb c\u00f4ng ty \u0111\u1ea1i ch\u00fang \u0111\u1ebfn c\u00f4ng ty t\u01b0 nh\u00e2n, ch\u00fang t\u00f4i cung c\u1ea5p l\u1eddi khuy\u00ean th\u1ef1c ti\u1ec5n \u0111\u1ec3 h\u1ed7 tr\u1ee3 chi\u1ebfn l\u01b0\u1ee3c kinh doanh c\u1ee7a kh\u00e1ch h\u00e0ng trong c\u00e1c t\u00ecnh hu\u1ed1ng nh\u01b0 huy \u0111\u1ed9ng v\u1ed1n, M&amp;A, v\u00e0 k\u1ebf th\u1eeba doanh nghi\u1ec7p, \u0111\u1ed3ng th\u1eddi gi\u1ea3m thi\u1ec3u r\u1ee7i ro ph\u00e1p l\u00fd \u0111\u1ebfn m\u1ee9c t\u1ed1i thi\u1ec3u.<\/p>\n\n\n\n<p>V\u0103n ph\u00f2ng ch\u00fang t\u00f4i c\u00f3 nhi\u1ec1u lu\u1eadt s\u01b0 n\u00f3i ti\u1ebfng Anh v\u1edbi b\u1eb1ng c\u1ea5p lu\u1eadt s\u01b0 n\u01b0\u1edbc ngo\u00e0i, c\u00f3 kh\u1ea3 n\u0103ng cung c\u1ea5p h\u1ed7 tr\u1ee3 t\u1eadn t\u00ecnh b\u1eb1ng c\u1ea3 ti\u1ebfng Nh\u1eadt v\u00e0 ti\u1ebfng Anh. Ch\u00fang t\u00f4i n\u1ed7 l\u1ef1c h\u1ebft m\u00ecnh \u0111\u1ec3 gi\u1ea3i \u0111\u00e1p m\u1ecdi th\u1eafc m\u1eafc v\u00e0 lo ng\u1ea1i c\u1ee7a kh\u00e1ch h\u00e0ng n\u01b0\u1edbc ngo\u00e0i v\u1ec1 lu\u1eadt c\u00f4ng ty v\u00e0 th\u01b0\u01a1ng t\u1ee5c ph\u1ee9c t\u1ea1p c\u1ee7a Nh\u1eadt B\u1ea3n m\u1ed9t c\u00e1ch ch\u00ednh x\u00e1c v\u00e0 d\u1ec5 hi\u1ec3u, gi\u00fap h\u1ecd ti\u1ebfn h\u00e0nh chi\u1ebfn l\u01b0\u1ee3c ph\u00e1p l\u00fd m\u1ed9t c\u00e1ch an t\u00e2m.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kh\u00e1i ni\u1ec7m &#8220;ph\u00e1t h\u00e0nh c\u00f3 l\u1ee3i&#8221; trong Lu\u1eadt C\u00f4ng ty c\u1ee7a Nh\u1eadt B\u1ea3n l\u00e0 m\u1ed9t \u0111i\u1ec3m lu\u1eadn c\u1ef1c k\u1ef3 quan tr\u1ecdng trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n v\u00e0 ch\u00ednh s\u00e1ch v\u1ed1n c\u1ee7a doanh nghi\u1ec7p. \u0110i\u1ec1u n\u00e0y \u00e1m ch\u1ec9 vi\u1ec7c ph\u00e1t h\u00e0nh c [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":71345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,85],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71196"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=71196"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71196\/revisions"}],"predecessor-version":[{"id":71346,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/71196\/revisions\/71346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/71345"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=71196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=71196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=71196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}