Zlouporaba vlastitih dionica u dioničkom društvu

master's thesis

• Title (english): Misuse of own shares in a joint-stock company
• Author: Karla Vidić
• Mentor: Siniša Petrović (mentor)
• Committee member: Siniša Petrović (predsjednik povjerenstva)
• Committee member: Tomislav Jakšić (član povjerenstva)
• Committee member: Antun Bilić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Law; (Company Law and Company Law); Zagreb
• Defense date and country: 2023-01-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Law

Abstract

Stjecanje vlastitih dionica može biti potaknuto brojnim motivima, radi sanacije društva, kako bi potaknulo bolje djelovanje samog društva i njegovih članova, ili da bi postiglo optimalan gospodarski učinak jednak institutu smanjenja temeljnog kapitala društva. Ipak, specifična narav samog instituta daje prostora za stjecanje vlastitih dionica u maliciozne svrhe.
Tako se u praksi susrećemo sa stjecanjem vlastitih dionica da bi se njima trgovalo ili manipuliralo cijenama na tržištu. Zlouporaba vlastitih dionica, odnosno njihova stjecanja, najčešće se manifestira u obliku manipulacije tržišnim cijenama, trgovanjem povlaštenim informacijama i objavom istih. Pravni okvir kojim se pruža zaštita od zlouporabe u Republici Hrvatskoj odnosi se na Zakon o trgovačkim društvima, Uredbu Europskog parlamenta i Vijeća o zlouporabi tržišta te pravilnik o programu otkupa vlastitih dionica. U nekim slučajevima, kazneni zakon propisuje čak i dugogodišnje kazne zatvora za kazneno djelo zlouporabe tržišta kapitala.

Abstract (english)

The acquisition of own shares can be motivated by numerous motives, for the purpose of rehabilitating the company, to encourage better operation of the company itself and its members, or to achieve an optimal economic effect equal to the institute of reducing the company's share capital. However, the specific nature of the institute itself provides room for the acquisition of own shares for malicious purposes.
Thus, in practice, we encounter the acquisition of own shares in order to trade them or manipulate market prices. Abuse of one's own shares, i.e. their acquisition, is most often manifested in the form of manipulation of market prices, trading inside information and publishing it. The legal framework that provides protection against abuse in the Republic of Croatia refers to the Companies Act, the Regulation of the European Parliament and the Council on market abuse, and the regulation on the share buyback program. In some cases, the criminal code even prescribes long prison terms for the crime of capital market abuse.

• Keywords: vlastite dionice; manipulacija tržištem; nedopušteno stjecanje; trgovanje povlaštenim informacijama; zlouporaba tržišta; pravne posljedice rapolaganja vlastitim dionicama
• Keywords (english): own shares; market manipulation; illegal acquisition; insider trading; market abuse; legal consequences of disposing of own shares
• Language: croatian
• URN:NBN: urn:nbn:hr:199:723266
• Study programme: Title: Law; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra prava (magistar/magistra prava)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2023-01-30 09:18:07