sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi sabirJo saqmis safuZvlebi
adastureben, samarTlis erovnul sistemebSi mimoqcevis sagnebad ganixileba. amitom, isini miCneulia yidva-gayidvis, Senaxvisa da sxva sanivTo garigebebis obieqtebad. maTi floba, gamoyeneba da gankargva samarTlebrivi normebiT wesrigdeba. fasiani qaRaldebi da sabrunavi dokumentebi rogorc sanivTo samarTlis obieqtebi, floben ra gansakuTrebul ekonomikur niSan-Tvisebebs, specialur samarTlebriv reJimsa da gansakuTrebul regulirebas moiTxoven. kontinenturi samarTlis sistemaSi fasian qaRaldad is dokumenti miiCneva, romelic mis gamomSvebsa da mflobels Soris arsebul samarTalurTierTobas gansazRvravs. amasTan, fasiani qaRaldi mis mflobels garkveul qonebriv uflebebsac aniWebs, romlis realizacia mxolod TviT am dokumentis wardgeniT SeiZleba. 1 aseTia fasiani qaRaldis cnebasTan dakavSirebuli zogadi samarTlebrivi doqtrina da Tanamedrove praqtika kontinenturi samarTlis sistemaSi. fasiani qaRaldebis ekonomikuri Sinaarsidan da iuridiuli bunebidan gamomdinare, kontinenturi samarTlis sistemaSi isini sam ZiriTad jgufad iyofa: fuladi qaRaldebi, romlebSic gansazRvruli Tanxis gadaxdis moTxovnis uflebaa gamoxatuli (mag., obligaciebi, Tamasuqebi, Cekebi da sxv.); fasiani qaRaldebi, romlebSic saaqcio sazogadoebaSi an kompaniaSi monawileobisa da dividendis miRebis uflebaa mocemuli (mag., aqciebi da sxv.); sasaqonlo qaRaldebi, romlebSic gamoxatulia sanivTo samarTali, upiratesad, sakuTrebis samarTali. aseTi fasiani qaRaldi konkretuli saqonlis miRebis uflebas adasturebs da, imavdroulad, misi gankargvis saSualebsac warmoadgens anu saqonelganmkargulebeli dokumentia (mag., konosamenti da sxv.). rogorc aRiniSna, fasiani qaRaldis flobiT ganmtkicebuli uflebebis sarealizaciod aucilebelia TviT am qaRaldis wardgena. es iuridiulad niSnavs, rom fasiani qaRaldis floba samarTlis subieqtis xarisxSi misi mflobelis legitimacias (uflebebis dakanonebas) axdens. 1 Агапеева Е.В. Правовое регулирование рынка ценных бумаг в России и США. М., 2004, С. 5-6. 45
fasiani qaRaldis cneba pirvelad germaniaSi warmoiSva da Semdeg sxva qveynebSi gavrcelda. saukunenaxevris winaT germanelma samarTalmcodneebma fasiani qaRaldi nivTobriv-samar- Tlebrivi Sinaarsis mqone dokumentad miiCnies. Tanamedrove gagebiT, germanul Teoriasa da praqtikaSi, fasian qaRaldad iseTi dokumenti iTvleba, romlis wardgena masSi ganivTebuli uflebebis gansaxorcieleblad aucilebelia. 1 germanelTa Teoriul Sexedulebebs mTlianad iziareben SveicariaSic. gansakuTrebuli mdgomareoba ukavia frangul samarTlebriv doqtrinas. franguli samarTali ori saxis fasian qaRaldebs cnobs: pirveli moicavs masiuri emisiis im qa- Raldebs, romlebic safondo birJebze maklerebis xelSewyobiT mimoiqcevian. maT miekuTvneba obligaciebi da aqciebi. meore saxeobad iseTi qaRaldebia miCneuli, romlebic savaWro operaciebis angariSsworebisaTvis arian gankuTvnili, mag., Tamasuqebi da Cekebi. amgvarad, frangi iuristebis azriT, pirvel variantSi gvaqvs kapitalis bazari, xolo meoreSi _ fuladi bazari. Tumca, isic unda aRiniSnos, rom franguli samarTali konosaments arc erT jgufSi ar iTvaliswinebs. 2 mocemuli sakiTxis Sesaxeb saerTo anu anglo-saqsonuri samarTali erTmaneTs daesesxa da dReisaTvis erToblivi Sexeduleba Camoayaliba. mag., amerikulma samarTalma sabrunavi dokumentebis Sesaxeb didi britaneTis 1882 wlis kanoni `sabrunavi Tamasuqebis Sesaxeb~ gamoiyena da Tavis samarTalSi fasian qaRaldebs securities-i uwoda, romelic mogvianebiT did britaneTSic gavrcelda. fasiani qaRaldebis Sesaxeb aSS-Si ramdenime kanonia miRebuli: 1933 wlis kanoni `fasiani qaRaldebis Sesaxeb~, 1934 wlis kanoni `fasiani qaRaldebisa da safondo birJebis Sesaxeb~, 1940 wlis kanoni `komerciuli korporaciebis Sesaxeb~, aseve erTiani amerikuli savaWro kodeqsi. aSS-Si fasian qaRaldebs Semdeg jgufebad yofen: sabrunavi instrumentebi (`negotiable instruments~) _ aqciebi, pai (wili); sainvesticio fasiani qaRaldebi (`investment securities~). maT miekuTvneba upirobo gadaxdis iseTi dokumentebi, rogoricaa 1 Алексеев И.А. Ценные бумаги: Опыт Германии. Иркутск. 1994, С. 67. 2 Агапеева Е.В. Правовое регулирование рынка ценных бумаг в России и США. М., 2004, С. 12. 46
- Page 1 and 2: g. jolia sabirJo saqmis safuZvlebi
- Page 3 and 4: naSromSi ganxilulia sabazro urTierT
- Page 5 and 6: nawili meore _ sabirJo saqmis praqt
- Page 7 and 8: nawili meoTxe _ sabirJo enciklopedi
- Page 9 and 10: sxvadasxva formebSi organizebuli ba
- Page 11 and 12: leba SeuZliaT, mag., aiRon sesxad f
- Page 13 and 14: vaWroba arasabirJo brunvaSi gadavid
- Page 15 and 16: sabiTumo vaWrobis formebi organizeb
- Page 17 and 18: maSasadame, birJa organizebuli baza
- Page 19 and 20: Cveulebrivi vaWrobisagan gansxvaveb
- Page 21 and 22: • XX s-is 70-80-ani ww. _ birJa,
- Page 23 and 24: kontraqtis safuZvlad miCneuli sabir
- Page 25 and 26: ♦ organizaciis principis mixedviT
- Page 27 and 28: erovnuli birJebi erTi qveynis sazRv
- Page 29 and 30: • bazris efeqturobis iseTi meqani
- Page 31 and 32: • masiuri anu mravali mwarmoeblis
- Page 33 and 34: gayidvis faqtobrivi moculoba unda i
- Page 35 and 36: informacia saqonlis sertifikaciis S
- Page 37 and 38: fasian qaRalds arc nivTobrivi forma
- Page 39 and 40: ogorc ekonomikuri kategoria, fasian
- Page 41 and 42: siani qaRaldebia saqonlis (mag., xo
- Page 43 and 44: safinanso bazarze Seqmnili mdgomare
- Page 45: obligacia (laT. obligatio _ valdebu
- Page 49 and 50: valutis kursi masze moTxovna-miwode
- Page 51 and 52: • monopsonia (erTi myidveli da ga
- Page 53 and 54: vaWrobis organizaciis TvalsazrisiT,
- Page 55 and 56: civilizacias avrcelebs, romelic mow
- Page 57 and 58: XXI s-is dasawyisidan msoflios wamy
- Page 59 and 60: mniSvnelovnad rTuldeba sagareo-ekon
- Page 61 and 62: nawili II. sabirJo saqmis praqtikul
- Page 63 and 64: safondo birJa Tavisi wevrebis im zR
- Page 65 and 66: 2. birJis saqmianobis organizaciul-
- Page 67 and 68: irJis mmarTvel organos maT finansur
- Page 69 and 70: daniSnos da gaaTavisuflos birJis ge
- Page 71 and 72: wesebis da `fasiani qaRaldebis bazr
- Page 73 and 74: saerTaSoriso vaWrobaSi Suamavlebis
- Page 75 and 76: did britaneTis kanonis mixedviT bro
- Page 77 and 78: fasiani qaRaldebis yidva-gayidvis x
- Page 79 and 80: sabirJo informacia. sabirJo vaWroba
- Page 81 and 82: safondo birJis wevri SeiZleba gaxde
- Page 83 and 84: irJaze savaWrod daiSveba `fasiani q
- Page 85 and 86: • emitentis mier birJasTan dadebu
- Page 87 and 88: savaWro garigeba SeiZleba iyos fasi
- Page 89 and 90: ormoSi telefoniT gadacema. klientis
- Page 91 and 92: kerZod, winaswar yidis (garkveuli v
- Page 93 and 94: sabirJo bazarze garigebis gaformebi
- Page 95 and 96: ofcionuri garigebebi, garigebebi re
fasiani qaRaldis cneba pirvelad germaniaSi warmoiSva da<br />
Semdeg sxva qveynebSi gavrcelda. saukunenaxevris winaT germanelma<br />
samarTalmcodneebma fasiani qaRaldi nivTobriv-samar-<br />
Tlebrivi Sinaarsis mqone dokumentad miiCnies. Tanamedrove<br />
gagebiT, germanul Teoriasa da praqtikaSi, fasian qaRaldad<br />
iseTi dokumenti iTvleba, romlis wardgena masSi ganivTebuli<br />
uflebebis gansaxorcieleblad aucilebelia. 1<br />
germanelTa Teoriul Sexedulebebs mTlianad iziareben<br />
SveicariaSic. gansakuTrebuli mdgomareoba ukavia frangul<br />
samarTlebriv doqtrinas. franguli samarTali ori saxis fasian<br />
qaRaldebs cnobs: pirveli moicavs masiuri emisiis im qa-<br />
Raldebs, romlebic safondo birJebze maklerebis xelSewyobiT<br />
mimoiqcevian. maT miekuTvneba obligaciebi da aqciebi. meore<br />
saxeobad iseTi qaRaldebia miCneuli, romlebic savaWro<br />
operaciebis angariSsworebisaTvis arian gankuTvnili, mag., Tamasuqebi<br />
da Cekebi.<br />
amgvarad, frangi iuristebis azriT, pirvel variantSi<br />
gvaqvs kapitalis bazari, xolo meoreSi _ fuladi bazari.<br />
Tumca, isic unda aRiniSnos, rom franguli samarTali konosaments<br />
arc erT jgufSi ar iTvaliswinebs. 2<br />
mocemuli sakiTxis Sesaxeb saerTo anu anglo-saqsonuri<br />
samarTali erTmaneTs daesesxa da dReisaTvis erToblivi Sexeduleba<br />
Camoayaliba. mag., amerikulma samarTalma sabrunavi<br />
dokumentebis Sesaxeb didi britaneTis 1882 wlis kanoni `sabrunavi<br />
Tamasuqebis Sesaxeb~ gamoiyena da Tavis samarTalSi fasian<br />
qaRaldebs securities-i uwoda, romelic mogvianebiT did<br />
britaneTSic gavrcelda.<br />
fasiani qaRaldebis Sesaxeb aSS-Si ramdenime kanonia miRebuli:<br />
1933 wlis kanoni `fasiani qaRaldebis Sesaxeb~, 1934 wlis<br />
kanoni `fasiani qaRaldebisa da safondo birJebis Sesaxeb~, 1940<br />
wlis kanoni `komerciuli korporaciebis Sesaxeb~, aseve erTiani<br />
amerikuli savaWro kodeqsi.<br />
aSS-Si fasian qaRaldebs Semdeg jgufebad yofen:<br />
sabrunavi instrumentebi (`negotiable instruments~) _ aqciebi,<br />
pai (wili);<br />
sainvesticio fasiani qaRaldebi (`investment securities~). maT<br />
miekuTvneba upirobo gadaxdis iseTi dokumentebi, rogoricaa<br />
1<br />
Алексеев И.А. Ценные бумаги: Опыт Германии. Иркутск. 1994, С. 67.<br />
2<br />
Агапеева Е.В. Правовое регулирование рынка ценных бумаг в России и<br />
США. М., 2004, С. 12.<br />
46
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