sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi
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TviTregulirebadi organizaciebisaTvis aucilebelia sawevro<br />
Senatani. mag., yoveli safondo birJa Tavisi Semosavlebis<br />
did nawils wliuri sawevro Senatanebidan iRebs, romelic<br />
zogierT birJaze 500 aTas dolarsac aRwevs. 1<br />
TviTregulirebis modeli mravalia. yvelaze metad cnobilia<br />
profesionali dilerebis erovnuli asociaciebi, mag.,<br />
NASDAQ-i aSS-Si da sxv.<br />
sazogadoebrivi regulireba masobrivi informaciis saSualebebis<br />
gamoyenebiT xorcieldeba. swored sazogadoebis reaqcia<br />
aris is pirvelmizezi, romlis safuZvelze da mis Semdeg<br />
saxelmwifoebrivi da profesionali muSakebis gaerTianebebis<br />
regulireba Zlierdeba.<br />
3. profesionali Suamavlebis saqmianobis<br />
kontroli<br />
SeiZleba Tu ara yoveli msurveli gaxdes brokeri, dileri<br />
an sxva profesionali Suamavali fasiani qaRaldebis bazarze? an<br />
am saqmianobaSi raime SezRudvebi unda dawesdes?<br />
am sakiTxze erTgvarovani pasuxi ar arsebobs. im saxelmwifoebSic<br />
ki, sadac saqmianobis es sfero yvelasaTvis Tavisufalia,<br />
profesional Suamavlebze aucilebeli zedamxedveloba<br />
daSvebulia. xolo im qveynebSi, sadac mocemuli saqmianoba<br />
SezRudulia, am saqmianobaze daSveba Sesrulebuli funqciebi-<br />
Ta da sazogadoebrivi interesebiT ganisazRvreba.<br />
rogoria msoflio praqtika am sakiTxSi?<br />
aSS-Si 1996 wlis kanoniT nasamarTlev pirs birJaze sainvesticio<br />
konsultantad muSaoba ekrZaleba;<br />
didi britaneTis kanoniT brokerad muSaobisaTvis aucilebelia<br />
bankis menejeris, safondo birJis wevrisa da iuristis<br />
daxasiaTeba-rekomendacia;<br />
israelis kanonmdeblobaSi ar aris specialuri moTxovnebi<br />
brokerebis an sxvaTa mimarT, radgan am saqmes is komerciuli<br />
bankebi asruleben, romlebic centraluri bankis mkacr<br />
zedamxedvelobas ganicdian; 2<br />
evrokavSiris 1993 wlis direqtiviT, firmas, romelic<br />
fasiani qaRaldebis bazarze saqmianobs, unda gaaCndes stan-<br />
1 Рот А., Бернард Р. и др. Основы государственного регулирования<br />
финансового рынка. М., 2002, С. 221.<br />
2 Heth M. Israeli Business Law. P. 32.<br />
141