20.500.12556/DKUM-96528 Tveganja vlagateljev in pravna ureditev investicijskih skladov v Sloveniji in Evropski uniji magistrsko delo Investor risks and the legal regulation of investment funds in Slovenia and the European Union Magistrska naloga obravnava pravno ureditev investicijskih skladov in varstvo vlagateljev v Republiki Sloveniji in Evropski uniji, pri čemer izhaja iz vprašanja, ali obstoječi regulativni okvir dejansko zagotavlja takšno stopnjo zaščite, ki ustrezno odraža kompleksnost in tveganost sodobnega finančnega okolja. Jedro raziskave predstavljata analiza normativnih določil, ki urejajo kolektivno vlaganje, in presoja njihove učinkovitosti pri omejevanju tveganj, ki spremljajo upravljanje premoženja velikih skupin vlagateljev. Ugotovljeno je, da je slovenska ureditev v celoti usklajena z evropskim pravnim redom. Pravni okvir temelji na sistematični razmejitvi med strogo reguliranimi kolektivnimi naložbenimi podjemi za vlaganje v prenosljive vrednostne papirje ter fleksibilnejšimi alternativnimi investicijskimi skladi. Takšna razmejitev omogoča oblikovanje različnih kategorij skladov, namenjenih različnim skupinam vlagateljev, ob istočasnem zagotavljanju minimalnih, a jasnih standardov poslovanja. Ključni mehanizmi varstva vlagateljev izhajajo iz obveznosti razkritij, razpršitve naložb, nadzora skrbnika, odgovornosti upravljavcev in regulatornega nadzora Agencije za trg vrednostnih papirjev. Ti mehanizmi vzpostavljajo strukturo, ki je zasnovana za preprečevanje zlorab, zmanjševanje informacijskih asimetrij ter krepitev pravne varnosti subjektov. Analiza tveganj kaže, da so vlagatelji v investicijske sklade izpostavljeni številnim pravnim in finančnim tveganjem, zlasti tržnim nihanjem, informacijskim neravnovesjem, operativnim napakam, pravnim negotovostim ter tveganjem likvidnosti. Kljub temu normativni okvir večino teh tveganj učinkovito omejuje, saj vsebuje večplastne zaščitne elemente, ki pripomorejo k stabilnosti poslovanja in zaupanju vlagateljev. Sinteza ugotovitev kaže, da obstoječa pravna ureditev investicijskih skladov v Sloveniji in Evropski uniji zagotavlja visoko raven varstva vlagateljev. Ureditev je razvejana, vsebinsko konsistentna in primerljiva z najrazvitejšimi regulatornimi režimi v Evropski uniji. Kljub odsotnosti sodne prakse in občasnim pomanjkljivostim na področju novih oblik investiranja ostaja koncept kolektivnega vlaganja ena najpreglednejših in najbolj varovanih oblik upravljanja premoženja, ki vlagateljem omogoča učinkovito in pravno varno uresničevanje njihovih naložbenih interesov. The master's thesis examines the legal regulation of investment funds and the protection of investors in the Republic of Slovenia and the European Union. It addresses the central question of whether the existing regulatory framework provides a level of investor protection that adequately reflects the complexity, dynamics, and inherent risks of the modern financial environment. The core of the analysis lies in the examination of the normative provisions governing collective investment schemes and the assessment of their effectiveness in mitigating risks associated with the management of assets pooled by a large number of investors. The findings demonstrate that the Slovenian regulatory framework is fully harmonised with European Union law. The system is built on a clear distinction between strictly regulated collective investment undertakings for investment in transferable securities and the more flexible category of alternative investment funds. This distinction ensures the existence of fund types tailored to different categories of investors while maintaining clearly defined operational and supervisory standards. Key mechanisms for investor protection derive from disclosure obligations, diversification requirements, the supervisory role of the depositary, managerial responsibilities, and the regulatory oversight exercised by the Securities Market Agency. Together, these mechanisms create a structure designed to prevent abuses, reduce informational asymmetries, and strengthen legal certainty. The risk assessment reveals that investors in investment funds are exposed to a variety of financial and legal risks, including market volatility, informational imbalances, operational risks, legal uncertainties, and liquidity constraints. Nevertheless, the regulatory framework effectively limits these risks through a multi-layered protective system that contributes to market stability and enhances investor confidence. The synthesis of results shows that the current legal framework regulating investment funds in Slovenia and the European Union ensures a high level of investor protection. The regulatory environment is comprehensive, internally coherent, and comparable to the most advanced regimes in the European Union. Despite the absence of substantive case law and certain challenges arising from new and less regulated forms of investing, collective investment schemes remain among the most transparent, secure, and well-regulated mechanisms of asset management, enabling investors to pursue their investment objectives effectively and with a high degree of legal certainty. vzajemni skladi investicijske družbe finančni trg družba za upravljanje regulacija pravni nadzor. mutual funds investment companies financial market management company regulation legal supervision. true true false S. Nanić Slovenski jezik Angleški jezik Magistrsko delo/naloga 2026-01-16 14:44:34 2026-02-27 15:01:48 2026-02-28 03:16:19 0000-00-00 00:00:00 2026 0 Maribor 0 Maribor 1 spletni vir (1 datoteka PDF (66 str.)) 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 347.72:336.714(043.3) 269974787 MAG_Nanic_Sara_2026.pdf MAG_Nanic_Sara_2026.pdf 1 B7902F29C861ABF7AEA56FA425643009 642a4a697e221219c6cbbdb0745b2f8409d936ef7836512566c340bf7c16be04 7c625ac7-fddb-11f0-8805-00155d00018d https://dk.um.si/Dokument.php?lang=slv&id=202869 Pravna fakulteta 0 0 0