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Title:Nove zahteve glede pogojev za umik dolžniških vrednostnih papirjev iz trgovanja na organiziranem trgu
Authors:ID Peče, Filip (Author)
ID Samec Berghaus, Nataša (Mentor) More about this mentor... New window
Files:.pdf UN_Pece_Filip_2017.pdf (294,07 KB)
MD5: 4C8504EFA7ABFE62C24E69E4B1AB3F6F
PID: 20.500.12556/dkum/46805552-3c0a-4340-a36b-0050b57cf3ab
 
Language:Slovenian
Work type:Bachelor thesis/paper
Typology:2.11 - Undergraduate Thesis
Organization:PF - Faculty of Law
Abstract:Sklep o umiku dolžniških vrednostnih papirjev iz trgovanja na organiziranem trgu v slovenskem pravnem sistemu predstavlja relativno novost. Do sprejetja novele F Zakona o trgu finančnih instrumentov (v nadaljevanju “ZTFI”), sta bila glavna splošna pravna akta, ki urejata to področje, ZTFI in Pravila Borze (v nadaljevanju “PB”), umik na podlagi sklepa imetnikov vrednostnih papirjev urejala le v primeru delnic. Seveda to ne pomeni, da se dolžniških vrednostnih papirjev pred sprejetjem novele F ZTFI iz trgovanja na organiziranem trgu sploh ni dalo umakniti. Umakniti jih je bilo možno, kadar so zapadle vse obveznosti vsebovane v dolžniških vrednostnih papirjih, ter ob nastopu pogojev, ki jih zakon določa za umik vseh finančnih instrumentov. Dopolnitvi ZTFI so sledila tudi PB, ki pa za razliko od zakona, z večinoma enakimi določbami, urejajo umik obveznic iz organiziranega trga, in ne dolžniških vrednostnih papirjev, kar je širši pojem. Obveznice so najbolj razširjen in najbolj uporabljen dolžniški vrednostni papir v svetu, vendar niso edini dolžniški vrednostni papir s katerim se trguje na Ljubljanski borzi, saj enako velja tudi za kratkoročni dolžniški vrednostni papir, zakladno menico, ki jo PB pojmujejo kot instrument denarnega trga. Zanjo predpisujejo drugačna pravila za umik iz trgovanja na organiziranem trgu, v ločenem členu. Zakonska ureditev sklepa o umiku dolžniških vrednostnih papirjev iz organiziranega trga je odraz potrebe kapitalskega trga po ureditvi podobni tisti, ki velja za umik delnic. Vsekakor sta ureditvi zelo podobni, saj se za umik dolžniških vrednostnih papirjev iz trgovanja na organiziranem trgu uporabljajo 1.-10. odst. 101. čl. ZTFI, pri čemer se smiselno uporabljajo nekateri drugačni izrazi, določeni v 1.-7. toč. 11. odst. 101. čl. ZTFI. Druge spremembe se nanašajo prdvsem na javno objavo notarskega zapisnika iz zasedanja imetnikov dolžniških vrednostnih papirjev določene izdaje, ki vsebuje sklep o umiku, namesto vpis sklepa o umiku v sodni register, drugačne pogoje in roke za začetek učinkovanja sklepa, drugačno časovno točko za obvestilo borze, ter po dispozitivnem odnosu do denarne odpravnine.
Keywords:ZTFI, Pravila borze, dolžniški vrednostni papirji, obveznice, hibridni vrednostni papirji, organiziran trg vrednostnih papirjev
Place of publishing:Maribor
Publisher:[F. Peče]
Year of publishing:2017
PID:20.500.12556/DKUM-68506 New window
UDC:347.4/.5(043.2)
COBISS.SI-ID:5470763 New window
NUK URN:URN:SI:UM:DK:DY9YC2YX
Publication date in DKUM:27.10.2017
Views:1424
Downloads:177
Metadata:XML DC-XML DC-RDF
Categories:PF
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Licences

License:CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:23.09.2017

Secondary language

Language:English
Title:New requirements regarding the conditions for withdrawal of debt securities from trading on the organized market
Abstract:The decision of withdrawal of debt securities from trading on the organised market in Slovene legal system is rather new. Until the amendment F to the Financial instrument market act (“FIMA”) passed, both of the general legal acts, that deal with this legal field, FIMA and the Rules of the stock exchange (“RSE”), were regulating the withdrawal based on the decision of the securities holders only when it came to stocks. Of course this doesn't mean that it wasn't possible to withdraw debt securities from trading on the organised market before the amendment F. They were withdrawn when all of the obligations, contained in the debt securities have matured and when the conditions for withdrawal of any financial instrument were fulfilled. The RSE followed along to the amendments of FIMA, but instead of dealing with withdrawal of debt securities, they deal with withdrawal of bonds from the organised market, using basically the same provisions. Bonds are the most wide spread and most commonly used debt securities, but they're not the only type of debt securities, that are being traded on the Ljubljana stock exchange, because the same goes for the short-term debt securitie, the treasury bill, which is being treated by the RSE as a money market instrument. They prescribe different provisions for its withdrawal, in a separate article. Legal regulation of the decision of withdrawal of debt securities from trading on the organised market reflects the capital markets need for regulation, similar to the the one for withdrawal of stocks. However the two regulations are very similar, because paragraphs 1-10 of the article 101 of FIMA are used for the withdrawal of debt securities, with logical use of terms, specified in points 1-7 of the 11th paragraph of the 101st paragraph of FIMA. Other differences mostly relate to the public publishing of the notary record, which contains the decision for withdrawal of debt securities, instead of loging the decision in the court register, different terms and deadlines for the start of decisions effect, different time point for the notification of the stock exchange and a dispositive relation towards the cash severance payment.
Keywords:ZTFI, Rules of the stock exchange, debt securities, bonds, hybrid securities, organised market of securities


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