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Title:MANIPULACIJA NA TRGU VREDNOSTNIH PAPIRJEV
Authors:Koudila, Sana (Author)
Samec Berghaus, Nataša (Mentor) More about this mentor... New window
Files:.pdf UNI_Koudila_Sana_2010.pdf (470,87 KB)
 
Language:Slovenian
Work type:Undergraduate thesis (m5)
Organization:PF - Faculty of Law
Abstract:Dandanes tržna manipulacija, poleg zlorabe notranjih informacij, predstavlja eno izmed prepovedanih ravnanj na trgu vrednostnih papirjev. Za razliko od zlorabe notranjih informacij se zdi, da je tržna manipulacija še bolj nevarna za trg vrednostnih papirjev in tudi težje izsledljiva. Vzrok se skriva v neštetih možnih načinih za manipuliranje trga in v njegovem nenehnem razvijanju, ki s tem omogoča, da si manipulatorji zamislijo vedno nove metode za manipuliranje. Poleg teh dveh razlogov bi se jima v nekaterih državah pridružila še pomanjkljiva pristojnost nadzornih institucij za preganjanje tega prepovedanega ravnanja, kot tudi smešno nizke kazni, ki kršitelje utegnejo doleteti. Zelo pereč problem, zlasti v Sloveniji, predstavlja tudi možnost povrnitve škode oškodovancem manipulacije. Kot piše Hren, imamo na eni strani namreč manipulatorja, ki je pridobil ogromno premoženjsko korist, na drugi strani pa kup oškodovanih vlagateljev, katerim je vsakemu posebej v bistvu nastala relativno majhna škoda. Če si preračunamo, kakšne stroške bi ti vlagatelji utrpeli, da bi dosegli pravico in povrnitev svoje škode ter pri tem upoštevali še časovni okvir trajanja postopka, ugotovimo, da v bistvu njihova nezainteresiranost za sprožitev postopka niti ni tako nerazumljiva. A upanje vseeno ostaja. Tako smo v okviru Evropske Unije z Direktivo 2003/6/ES že pridobili neke minimalne standarde za pregon tržne manipulacije. A če hočemo vlagateljem zagotoviti učinkovit trg vrednostnih papirjev in jih tako spodbuditi k nadaljnjemu trgovanju, se moramo zavedati, da brez učinkovitega nadzora in ostrejših kazni za kršitelje to ne bo izvedljivo. Potrebno je namreč poudariti, da je za celotno gospodarstvo pomembno, da denar kroži in ne stagnira oziroma se ne valja v nogavicah pod posteljo.
Keywords:tržna manipulacija, trg vrednostnih papirjev, manipulator, vlagatelj, vrednostni papirji, trgovanje, goljufija
Year of publishing:2010
Publisher:[S. Koudila]
Source:Maribor
UDC:34(043.2)
COBISS_ID:4120363 Link is opened in a new window
NUK URN:URN:SI:UM:DK:CP5AMAS5
Views:1876
Downloads:264
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Categories:PF
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Secondary language

Language:English
Title:MANIPULATION ON THE SECURITIES MARKET
Abstract:These days market manipulation, beside insider trading, represents one of the prohibited actions on the securities market. In contrast to insider trading it seems, that market manipulation is even more dangerous for the securities market and more harder to detect. The reason hides behind the countless methods for market manipulation and in the persistently progrees of the market itself, wich allows manipulators to come up with more and more new manipulation methods. In some countries we have some other reasons, beside those two. That are the fact of the jurisdiction deficiency of the supervision institutions, that suppose to prosecute this prohibited action and the ridiculous low penalties, that could come upon the violators. A very burning problem, especially in Slovenia, is also the possibility of disgorgement for the people, that were impaired in the manipulation. Hren writes that on one side we have the manipulator, that gained an enorm profit, and on the other side, we have a whole bunch of impaired investors, which each single one ended up with a relatively small damage. If we calculate, what cost would these investors have to achieve justice and disgorgement and in regard with the time frame of the duration of the procedure, we discover, that their uninteresting is not that abstruse. But there is still hope. Thus we gained, in the range of the European Union, with te Directive 2003/6/ES some minimal standards for the prosecution of market manipulation. But if we want to assure the investors an efficient securities market and to stimulate them for further trading, we have to realise, that this will not be performable without an efficient supervision and more severe penalties. It is necessary to emphasize, that is for the whole economy important, that the money circulates and does not stagnate or roll in socks under the bed.
Keywords:market manipulation, securities market, manipulator, investor, securities, trading, fraud


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