Pravni aspekti zloupotrebe berzanskog tržišta
Legal apcets of stock market abuse
Kovačević, Maja
Raičević, Vuk
Sažetak: Trgovina povlašćenim informacijama i tržišna manipulacija kao dva osnovna pojavna oblika tržišnih zloupotreba onemogućavaju realizaciju potpune tržišne transparentnosti, koja je preduslov uspešnog trgovanja zbog čega većina savremenih pravnih sistema, u skladu sa vlastitim specifičnostima, uspostavlja pravni i institucionalni okvir, odnosno pravni mehanizam za njihovo sankcionisanje. Uprkos višedecenijskom odsustvu saglasnosti u naučnim krugovima o nužnosti zabrane trgovine povlašćenim informacijama i načinima njenog ostvarivanja na modernim tržištima, danas ipak većina savremenih pravnih sistema koristi krivično pravno i administrativno sankcionisanje kao ključne vidove borbe protiv tržišnih zloupotreba putem kojih se nastoji očuvati poverenje investitora i povećati njihova aktivnost i tako ujedno povećati likvidnost tržišta. Cilj regulisanja zabrane zloupotrebe tržišta kroz zabranu zloupotrebe privilegovanih informacija i utvrđenja zabranjenih radnji jeste sprečavanje raznovrsnih oblika u kojima se oni mogu pojaviti.
Abstract: Trade with privileged information and market manipulation as two main forms of market abuse present an obstacle to the complete transparency of the market, which is a precondition of successful trade. Therefore, the majority of countries with modern legal systems, in accordance with their individual characteristics, establish legislative and institutional frameworks, as legal mechanisims which are supposed to sanction market abuse. Despite the fact for many decades there has been no general agreement among scientists about the need for prohibiting trade with privileged information and methods of implementing such measures, most legally developed and modern systems nowdays use ciminal and administrative measures to sanction market abuse and so preserve the trust of investors and stimulate their acitivities, while at the same time increasing market liquidity. The aim of such regulations in terms of preventing the abuse of privileged information and determining forbidden market acitivities it to prevent the many different forms in which they may occur.
srpski
2013
Ovo delo je licencirano pod uslovima licence
Creative Commons CC BY 4.0 - Creative Commons Autorstvo 4.0 International License.
http://creativecommons.org/licenses/by/4.0/legalcode
Ključne reči: berze; zloupotreba; tržište; pravna regulativa