Prepovedana ravnanja zlorabe trga finančnih instrumentov

Smrekar, Katarina (author), Simoneti, Marko (mentor)

Magistrsko diplomsko delo “Prepovedana ravnanja zlorabe trga finančnih instrumentov“ predstavi obravnavano materijo na kritični in celovit način predvsem skozi prizmo slovenske in evropske zakonodaje. Delo se prične s krajšim uvodom v obravnavano snov in nadaljuje s prikazom zgodovinskega razvoja ureditve v Združenih državah Amerike, Evrope ter Slovenije, s poudarkom na slednjem. Osrednji del je posvečen dvema oblikama zlorabe trga, in sicer trgovanju na podlagi notranjih informacij ter tržni manipulaciji. S pomočjo zakonodaje, teorije in sodne prakse natančno analiziram posamezni obliki zlorabe. V tem delu obravnavam tudi določene zakonske izjeme s tega področja. V predzadnjem delu se naloga osredotoča na ukrepe za zaščito trga finančnih instrumentov ter vlogo evropskega nadzornega organa in nacionalnega nadzornega organa pri preventivnih ukrepih ter odkrivanju in sankcioniranju zlorab trga. Manjši del je posvečen tudi zlorabam trga kot kaznivim dejanjem. Magistrsko diplomsko nalogo zaključujem z obravnavo zlorab trga s civilnopravnega vidika, in sicer zlorabami trga kot civilnimi delikti in s tem povezano civilno odgovornostjo.

• Language: Slovenian
• Keywords: zloraba trga, finančni instrument, tržna manipulacija, trgovanje na podlagi notranjih informacij, Uredba o zlorabi trga, Zakon o trgu finančnih instrumentov, Agencija za trg vrednostnih papirjev, Evropski organ za vrednostne papirje in trge
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2018
• PID: 20.500.12556/RUL-105485
• COBISS.SI-ID: 16502353
• Publication date in RUL: 02.12.2018

Secondary language

• Language: English
• Title: Prohibited practices in the financial instruments market

Abstract

The master’s thesis titled “Prohibited practices in the financial instruments market” exposes the subject matter in a critical and comprehensive way, while principally considering Slovenian and European legislation. The thesis begins with a short introduction into the subject matter and proceeds by offering an outline of the historical development of American, European and Slovenian regulations, particularly emphasizing on the latter. The main part of the thesis deals with the two forms of market abuse, namely insider trading and market manipulations. The author offers a precise analysis of those two forms of market abuse by considering the legislature, the legal theory and the relevant case-law. The next section of the thesis focuses on the measures for protection of the financial instrument market and the role of both the European and the national supervisory authorities in using preventive measures as well as detecting and sanctioning market abuse. A minor part of the thesis deals with the criminal nature of some market abuses. The author concludes the thesis by analyzing the civil-law aspects of market abuses, specifically market abuses amounting to torts and the consequent civil liability.

• Keywords: market abuse, financial instrument, market manipulation, insider trading, Market abuse regulation (MAR), Market in Financial Instruments Act, Securities Market Agency, European Securities and Markets Authority (ESMA)