Zavarovanje terjatev z vrednostnimi papirji

Lulić, Anita (author), Dugar, Gregor (mentor)

Financiranje s krediti in milijonske transakcije so vzbudile potrebo po krepitvi položaja upnika. Hitra realizacija in likvidnost zavarovanj na področju terjatev z vrednostnimi papirji sta postali glavni težnji nove ureditve. Direktiva 2002/47/ES o finančnih zavarovanjih je bila sprejeta z namenom implementacije učinkovitega zavarovanja v državah članicah Evropske unije. Direktiva prepoveduje uporabo obličnosti in formalnih postopkov ter stremi k vzpostavitvi povezanega finančnega trga. ZFZ v slovenski pravni red vnaša že uveljavljene stvarnopravne oblike zavarovanj (zastavno pravico in prenos imetništva v zavarovanje) in jih prilagaja posebnim zahtevam Direktive. Nova ureditev predvideva poseben položaj dogovorov o finančnih zavarovanjih, ki jih varuje pred učinki insolvenčnih postopkov. Pri zavarovanju terjatev s finančnimi instrumenti gre posledično za prepletanje razmerja med posebnim zakonom in splošnimi obligacijskopravnimi in stvarnopravnimi določbami. Pravila finančnih zavarovanj se uporabljajo zgolj v primerih, ko profesionalni subjekti, ki jih našteva zakon, zavarujejo svojo terjatev s finančnim instrumentom, gotovino ali bančnim posojilom. Zunajsodno unovčevanje predmeta zavarovanja s strani prejemnika zavarovanja se postavlja kot pravilo. Prisvojitev predmeta ali pobotanje terjatve pa prav tako pospešujeta poplačilo prejemnika zavarovanja. Zaradi domneve profesionalnosti subjektov se pravila finančnih zavarovanj odmikajo od kogentnih določb splošnih pravil, ki veljajo za zavarovanja terjatev z zastavno pravico ali prenosom lastništva. Dajalec in prejemnik zavarovanja uredita medsebojno razmerje s pogodbo o finančnem zavarovanju. V primeru neizpolnitve terjatve s strani dolžnika se lahko upnik zunajsodno poplača. ZFZ dopušča več poplačilnih dogovorov. Odstopanje od splošnih stvarnopravnih in obligacijskih pravil navidezno zmanjšuje pravno varnost dajalca zavarovanja, a je pravni položaj dolžnika možno varovati na drug način.

• Language: Slovenian
• Keywords: finančno zavarovanje, finančni instrumenti, vrednostni papirji, zastavna pravica, terjatve, Zakon o finančnih zavarovanjih
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2019
• PID: 20.500.12556/RUL-107675
• COBISS.SI-ID: 16765777
• Publication date in RUL: 12.05.2019

Secondary language

• Language: English
• Title: Collateral of Securities Receivables

Abstract

Credit financing and million-dollar transactions prompted the need to strengthen the position of the creditor. Rapid realization and collateral liquidity in the area of securities receivables have become the main focus of the new regulation. Directive 2002/47/EC on financial collateral was adopted with the aim of effective collateral implementation in the Member States of the European Union. In addition, the Directive prohibits the use of formal requirements and procedures and seeks to establish an integrated financial market. The Financial Collateral Act implements already established legal forms of collateral (encumbrance and transfer of ownership rights) into Slovene legislation and adapts them to the specific requirements of the Directive. The new regulation foresees specific treatement of financial collateral arrangements, which protects them against the effects of insolvency proceedings. In case of receivables collateral with financial instruments, special and general – obligation and property law – provisions are intertwined. Financial collateral rules apply only in cases where receivables are insured by professional entities listed in the Act with financial instrument, cash or a bank loan. The out-of-court sales of the collateral object by the collateral beneficiar is established as a rule. Appropriation of object or offsetting of receivables also speed up the repayment process. Due to the presumption of the professionalism of entities, rules on financial collateral depart from cogent provisions of general rules applicable to collateral claims, which apply to pledge or transfer of ownership. The provider and the beneficiary of collateral agree on mutual rights and obligations with a financial collateral agreement. In case of a non-performance by a collateral provider, the beneficiary may be compensated by means of an out-of-court repayment. The Financial Collateral Act allows for several repayment arrangements. Deviation from general property rights and obligations rules is seemingly reducing legal certainty of the collateral provider. However, the legal position of the debtor may be secured in a different way.

• Keywords: financial collateral, financial instruments, securities, security interest, receivable, Financial Collateral Act