sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi sabirJo saqmis safuZvlebi
TviTregulirebadi organizaciebisaTvis aucilebelia sawevro Senatani. mag., yoveli safondo birJa Tavisi Semosavlebis did nawils wliuri sawevro Senatanebidan iRebs, romelic zogierT birJaze 500 aTas dolarsac aRwevs. 1 TviTregulirebis modeli mravalia. yvelaze metad cnobilia profesionali dilerebis erovnuli asociaciebi, mag., NASDAQ-i aSS-Si da sxv. sazogadoebrivi regulireba masobrivi informaciis saSualebebis gamoyenebiT xorcieldeba. swored sazogadoebis reaqcia aris is pirvelmizezi, romlis safuZvelze da mis Semdeg saxelmwifoebrivi da profesionali muSakebis gaerTianebebis regulireba Zlierdeba. 3. profesionali Suamavlebis saqmianobis kontroli SeiZleba Tu ara yoveli msurveli gaxdes brokeri, dileri an sxva profesionali Suamavali fasiani qaRaldebis bazarze? an am saqmianobaSi raime SezRudvebi unda dawesdes? am sakiTxze erTgvarovani pasuxi ar arsebobs. im saxelmwifoebSic ki, sadac saqmianobis es sfero yvelasaTvis Tavisufalia, profesional Suamavlebze aucilebeli zedamxedveloba daSvebulia. xolo im qveynebSi, sadac mocemuli saqmianoba SezRudulia, am saqmianobaze daSveba Sesrulebuli funqciebi- Ta da sazogadoebrivi interesebiT ganisazRvreba. rogoria msoflio praqtika am sakiTxSi? aSS-Si 1996 wlis kanoniT nasamarTlev pirs birJaze sainvesticio konsultantad muSaoba ekrZaleba; didi britaneTis kanoniT brokerad muSaobisaTvis aucilebelia bankis menejeris, safondo birJis wevrisa da iuristis daxasiaTeba-rekomendacia; israelis kanonmdeblobaSi ar aris specialuri moTxovnebi brokerebis an sxvaTa mimarT, radgan am saqmes is komerciuli bankebi asruleben, romlebic centraluri bankis mkacr zedamxedvelobas ganicdian; 2 evrokavSiris 1993 wlis direqtiviT, firmas, romelic fasiani qaRaldebis bazarze saqmianobs, unda gaaCndes stan- 1 Рот А., Бернард Р. и др. Основы государственного регулирования финансового рынка. М., 2002, С. 221. 2 Heth M. Israeli Business Law. P. 32. 141
dartebiT gansazRvruli Tavdapirveli kapitali, xolo mis xelmZRvanel pirebs _ sakmarisad kargi reputacia da profesiuli gamocdileba; 1 iaponiaSi met yuradRebas aqceven prevenciul (dacviTi) regulirebas da fasiani qaRaldebis sferoSi licenziebis gacemas amkacreben. amiT arakeTilsindisier da arakompetentur pirebs mocemul seqtorSi samuSaod praqtikulad ar uSveben; 2 poloneTSi fasiani qaRaldebis bazarze muSaobis msurvelma specialuri gamocdebi unda Caabaros. igi ar unda iyos sakuTrebasTan, dokumentis gayalbebasTan, ekonomikur danaSaulTan da sagadasaxado sakiTxebTan dakavSirebiT nasamarTlebi; 3 samxreT koreaSi am sferoSi momuSave pirebs saxelmwifo maregulirebeli organos nebarTvis gareSe sxva kompaniaSi muSaobas ukrZalavs 4 da a.S. da a.S. 4. manipulaciisa da insaideruli (arasajaro) informaciis gavrcelebis SezRudvebi da pasuxismgebloba manipulireba aris fasiani qaRaldebis kursis xelovnuri cvlileba (kontroli). Tavisi arsiT igi bazris koniunqturis (moTxovna-miwodebis Tanafardobis) zemoqmedebis Sedegad Camoyalibebul fasTan SedarebiT fasiani qaRaldebis maRali an dabali fasiT gayidvis mcdelobaa. amiT manipulatori damatebiTi mogebis miRebas cdilobs, an piriqiT, zaralis Semcirebas lamobs, rogorc wesi, investoris xarjze. zogierTi manipulaciuri xerxi kanonieria, Tumca, zneobrivad miuRebeli. manipulirebis konstruqciuli maxasiaTebelia fasebze misi xelovnuri kontroli da ara ukanonoba. manipulacia sami variantidan erT-erTis misaRwevad sruldeba. es variantebia, fasiani qaRaldebis fasis: 1 Directive 93 /6, 22/ EEC. 2 Curtis J. Milhaupt Managing The Market: The Ministry of Finance And Securities Regulation in Japan. 2002, P. 423. 3 Рот А., Бернард Р. и др. Основы государственного регулирования финансового рынка. М., 2002, С. 194. 4 Sang – Hyun Song "Law and Policy of Securities Regulation in Korea". 1995, P. 773. 142
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dartebiT gansazRvruli Tavdapirveli kapitali, xolo mis<br />
xelmZRvanel pirebs _ sakmarisad kargi reputacia da profesiuli<br />
gamocdileba; 1<br />
iaponiaSi met yuradRebas aqceven prevenciul (dacviTi)<br />
regulirebas da fasiani qaRaldebis sferoSi licenziebis<br />
gacemas amkacreben. amiT arakeTilsindisier da arakompetentur<br />
pirebs mocemul seqtorSi samuSaod praqtikulad ar uSveben; 2<br />
poloneTSi fasiani qaRaldebis bazarze muSaobis msurvelma<br />
specialuri gamocdebi unda Caabaros. igi ar unda iyos<br />
sakuTrebasTan, dokumentis gayalbebasTan, ekonomikur danaSaulTan<br />
da sagadasaxado sakiTxebTan dakavSirebiT nasamarTlebi;<br />
3<br />
samxreT koreaSi am sferoSi momuSave pirebs saxelmwifo<br />
maregulirebeli organos nebarTvis gareSe sxva kompaniaSi<br />
muSaobas ukrZalavs 4 da a.S. da a.S.<br />
4. manipulaciisa da insaideruli (arasajaro)<br />
informaciis gavrcelebis SezRudvebi da<br />
pasuxismgebloba<br />
manipulireba aris fasiani qaRaldebis kursis xelovnuri<br />
cvlileba (kontroli). Tavisi arsiT igi bazris koniunqturis<br />
(moTxovna-miwodebis Tanafardobis) zemoqmedebis Sedegad Camoyalibebul<br />
fasTan SedarebiT fasiani qaRaldebis maRali an<br />
dabali fasiT gayidvis mcdelobaa. amiT manipulatori damatebiTi<br />
mogebis miRebas cdilobs, an piriqiT, zaralis Semcirebas<br />
lamobs, rogorc wesi, investoris xarjze.<br />
zogierTi manipulaciuri xerxi kanonieria, Tumca, zneobrivad<br />
miuRebeli. manipulirebis konstruqciuli maxasiaTebelia<br />
fasebze misi xelovnuri kontroli da ara ukanonoba.<br />
manipulacia sami variantidan erT-erTis misaRwevad sruldeba.<br />
es variantebia, fasiani qaRaldebis fasis:<br />
1<br />
Directive 93 /6, 22/ EEC.<br />
2<br />
Curtis J. Milhaupt Managing The Market: The Ministry of Finance And Securities<br />
Regulation in Japan. 2002, P. 423.<br />
3<br />
Рот А., Бернард Р. и др. Основы государственного регулирования<br />
финансового рынка. М., 2002, С. 194.<br />
4<br />
Sang – Hyun Song "Law and Policy of Securities Regulation in Korea". 1995,<br />
P. 773.<br />
142
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