20.500.12556/DKUM-13631 MANIPULACIJA Z VREDNOSTNIMI PAPIRJI KOT KAZNIVO DEJANJE MANIPULATION OF THE SECURITIES AS A CRIMINAL ACT Manipulacija z vrednostnimi papirji je zagotovo ena hujših zlorab trga z vrednostnimi papirji in je zakonsko prepovedana. Kazenskopravno varstvo manipulacije z vrednostnimi papirji na trgu vrednostnih papirjev ureja Kazenski zakonik (KZ-1) v 239. členu (zloraba trga finančnih instrumentov). Kot manipulativni pa je moč označiti tudi dejanji po 231. (preslepitve pri poslovanju z vrednostnimi papirji) in 238. (zloraba notranje informacije) členu KZ-1. Kaznivo dejanje zlorabe trga finančnih instrumentov po novem 239. členu KZ-1 bistveno povzema definicijo tržne manipulacije prvega odstavka 374. člena Zakona o trgu finančnih instrumentov (ZTFI). Z določenimi vsebinskimi kot tudi jezikovnimi spremembami kaznivih dejanj po 231. in 238. členu KZ-1 pa se je pojmu manipulacije z vrednostnimi papirji le še približalo. Prekrškovno varstvo manipulacije z vrednostnimi papirji je urejeno v ZTFI, sankcija za ta prekršek pa je globa. Pri tem se zakonski znaki kaznivih dejanj po 231., 238. in 239. členu KZ-1 popolnoma prekrivajo z zakonskimi znaki prekrška po: petem odstavku 556. člena ZTFI v povezavi s 4. točko prvega odstavka 556. člena ZTFI; 1. in 2. točki prvega odstavka 566. člena ZTFI; četrtem odstavku 566. člena ZTFI v povezavi s 374. členom ZTFI. Zakonodajalec bi moral to neskladje odpraviti. Kazenskopravno kot tudi prekrškovno varstvo manipulacije z vrednostnimi papirji pa ni dovolj učinkovito. Velik problem predstavlja dokazovanje protipravnosti ravnanj manipulatorjev. Z optimalnejšo politiko regulacije tega problematičnega področja kot je sprememba sankcij za ta dejanja, uvedba obrnjenega dokaznega bremena, upoštevanje strokovnih mnenj in predlogov pri opisih kaznivih dejanj manipulacije ipd., bi pripomogli k učinkovitejšemu varstvu. Manipulacija z vrednostnimi papirji je kljub zakonski prepovedi v praksi še vedno pogost pojav. Na to dejstvo kažejo številni primeri, ki opozarjajo na nevarnost, ki jo tržna manipulacija predstavlja ekonomskim interesom vsake države. Securities manipulation is one of the most serious abuses of the financial markets and is thus forbidden by law. The protection against the criminal acts of securities manipulation in the financial markets is regulated by the Slovenian Penal Code in its 239th article (abuse of financial markets). Furthermore, the acts described by the 231th (swindling in the trade with securities) and the 238th (misuse of inside information) articles of the same Penal Code can be also interpreted as market manipulation. The criminal act of financial market abuse in the new 239th article of the Penal Code closely depicts the definition of the market manipulation described by the first paragraph of the 374th article of the Slovenian Financial Market Law. With certain changes in content and language, the 231th and the 238th article of the Penal Code became even closer to the exact definition of the manipulation of financial markets. Minor offences resulting from financial market manipulation are covered by the Slovenian Financial Market Law and are sanctioned by a money fine. Here, the signs of the criminal acts according to the articles 231th, 238th and 239th of the Penal Code directly correspond to the signs of minor offences covered by the fifth paragraph of the 556th article of the Financial Market Law in connection with the fourth point of the first paragraph of the 556th article of the Financial Market Law; first and second points of the first paragraph of the 566th article of the Financial Market Law and the fourth paragraph of the 566th article of the Financial Market Law in connection with the 374th article of the same act. The lawmaker should therefore abolish these inconsistencies. Criminal offence as well as minor offence protection against the manipulation in the financial markets is however insufficient. A big problem in this context is the proving of the illegal acts of manipulators. With optimized regulation of this problematic area, e.g. change of sanctions for these acts, introduction of reverse burden of proof procedure, consideration of expert opinions and proposals in description of criminal acts of manipulation, etc., we would improve the protection that should be provided by these laws. The financial markets manipulation is still a frequent phenomenon in practice despite the enforcement of corresponding laws. This is evident from numerous cases, which reflect the dangers that market manipulation represents to economic interests of each country. tržna manipulacija vrednostni papir trg vrednostnih papirjev zloraba trga finančni instrument kaznivo dejanje prekršek regulacija market manipulation securities financial markets market abuse criminal act minor offence regulation true true false [E. Krevh] Slovenski jezik Angleški jezik Diplomsko delo 2010-04-07 12:36:41 2010-04-14 09:26:00 2022-04-12 11:21:35 2023-12-16 03:23:31 2010 0 Troblje 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 34(043.2) 4065579 URN:SI:UM:DK:S7OUJAPD UNI_Krevh_Eva_2010.pdf UNI_Krevh_Eva_2010.pdf 1 1AF11F857C0527BCBAEF042FCF91B80B 40f969f84dfbd3418744cb30b8b0afbc8e8602398584845a4ab780e750cfbab8 f3d5dd67-7c03-11eb-bb7a-00155d0001ca 20.500.12556/dkum/237bc35f-6409-48f7-885c-1b6b778b74f1 https://dk.um.si/Dokument.php?lang=slv&id=13951 Pravna fakulteta 0 0 0