sabirJo saqmis safuZvlebi
sabirJo saqmis safuZvlebi sabirJo saqmis safuZvlebi
omelic gaxsnili aqvT saangariSsworebo dawesebulebebSi (bankebSi), aseve mianiWon maT ufleba, sabirJo Suamavlis saxeliT gankargon es Tanxebi maTTvis micemuli davalebis Sesabamisad. birJebi da sxva maregulirebeli organoebi sabrokero kompaniebsa da brokerebs sakmaod mkacr moTxovnebs uyeneben. am mxriv SedarebiT damuSavebulia safondo bazris Suamavlis _ sabrokero kompaniis, brokeris an sxva Suamavlisadmi wayenebuli moTxovnebi, kerZod, brokeris an sabrokero kompaniis sawyisi sakuTari kapitalisa da nasesxebi saxsrebis moculoba unda akmayofilebdes erovnuli komisiis wesebiT gansazRvrul normativebs. SuamavlobisaTvis saWiroa Sesabamisi licenzia. saSuamavlo licenziis misaRebad aucilebelia: • SezRuduli pasuxismgeblobis sazogadoebis (Sps) an saaqcio sazogadoebis samarTlebrivi forma; • sabrokero kompaniis mmarTveli organos arc erT wevrs ar unda hqondes CamorTmeuli mmarTvelobiT organoSi monawileobis ufleba; bolo 10 wlis ganmavlobaSi is ar unda iyos nasamarTlevi ekonomikuri danaSaulisaTvis, an bolo 5 wlis ganmavlobaSi ar unda hqondes dakisrebuli administraciuli saxdeli fasiani qaRaldebis Sesaxeb kanonmdeblobisa da TviTregulirebadi organizaciis wesebis uxeSi darRvevisaTvis; • sakvalifikacio gamocdis Cabareba ganacxadis wardgenidan 30 dRis ganmavlobaSi (fizikuri pirisaTvis). licenzia SeiZleba iyos generaluri an specialuri. SeiZleba Tu ara, rom yoveli msurveli sabiTumo bazarze brokeri, dileri an sxva profesionali Suamavali gaxdes? Tu 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; 73
did britaneTis kanonis mixedviT brokerad muSaobisaTvis aucilebelia bankis menejeris, safondo birJis wevrisa da iuristis daxasiaTeba-rekomendacia; israelis kanonmdeblobaSi ar aris specialuri moTxovnebi Suamavlebis mimarT, radgan am saqmes komerciuli bankebi asruleben, romlebic centraluri bankis mkacr zedamxedvelobas ganicdian; 1 evrokavSiris 1993 wlis direqtiviT, firmas, romelic fasiani qaRaldebis bazarze saqmianobs, unda gaaCndes standartebiT gansazRvruli Tavdapirveli kapitali, xolo mis xelmZRvanel pirebs _ sakmarisad kargi reputacia da profesiuli gamocdileba; 2 iaponiaSi met yuradRebas aqceven prevenciul (dacviT) regulirebas da fasiani qaRaldebis sferoSi licenziebis gacemas amkacreben. amiT arakeTilsindisier da arakompetentur pirebs mocemul seqtorSi samuSaod praqtikulad ar uSveben; 3 poloneTSi fasiani qaRaldebis bazarze muSaobis msurvelma specialuri gamocdebi unda Caabaros. igi ar unda iyos sakuTrebasTan, dokumentis gayalbebasTan, ekonomikur danaSaulTan da sagadasaxado sakiTxebTan dakavSirebiT nasamar- Tlebi; 4 samxreT koreaSi am sferoSi momuSave pirebs saxelmwifo maregulirebeli organos nebarTvis gareSe sxva kompaniaSi muSaobas ukrZalavs 5 da a.S. sabrokero kompaniebis momsaxurebiT klientebi: sakuTari xarjebis gareSe mniSvnelovnad zrdian savaWro operaciebis moculobas; maRalkvalificiuri savaWro personalis rCevebsa da konsultaciebs iReben da sxv. 1 Heth M. Israeli Business Law. P. 32. 2 Directive 93 /6, 22/ EEC. 3 Curtis J. Milhaupt Managing The Market: The Ministry of Finance And Securities Regulation in Japan. 2002, P. 423. 4 Рот А., Бернард Р. и др. Основы государственного регулирования финансового рынка. М., 2002, С. 194. 5 Sang – Hyun Song "Law and Policy of Securities Regulation in Korea". 1995, P. 773. 74
- 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 and 46: obligacia (laT. obligatio _ valdebu
- Page 47 and 48: fasiani qaRaldis cneba pirvelad ger
- 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: saerTaSoriso vaWrobaSi Suamavlebis
- 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
- Page 97 and 98: gamyidveli myidveli - sabrokero fir
- Page 99 and 100: lurad Wianurdeba. orive variantSi i
- Page 101 and 102: axlavs kontrgarigebis dadeba garkve
- Page 103 and 104: • sivrcis faqtoris gadalaxva da i
- Page 105 and 106: sistemuri (operaciuli) riski danaka
- Page 107 and 108: garda amisa, angariSsworebiT-klirin
- Page 109 and 110: Soris SefardebiT wonasworobas adgen
- Page 111 and 112: saqonels ki is myidveli iZens, rome
- Page 113 and 114: okerTa zepiri SeTanxmeba garigebis
- Page 115 and 116: nebismieri qveynis korporacia, safi
- Page 117 and 118: daaxloebam, erTi qveynidan meoreSi
- Page 119 and 120: moTxovnas, makleri valutis kurss am
- Page 121 and 122: aZlevs anu maT SeuZliaT erTmaneTTan
- Page 123 and 124: 3. sabirJo fiuCersuli vaWrobis meqa
did britaneTis kanonis mixedviT brokerad muSaobisaTvis<br />
aucilebelia bankis menejeris, safondo birJis wevrisa da<br />
iuristis daxasiaTeba-rekomendacia;<br />
israelis kanonmdeblobaSi ar aris specialuri moTxovnebi<br />
Suamavlebis mimarT, radgan am saqmes komerciuli bankebi<br />
asruleben, romlebic centraluri bankis mkacr zedamxedvelobas<br />
ganicdian; 1<br />
evrokavSiris 1993 wlis direqtiviT, firmas, romelic<br />
fasiani qaRaldebis bazarze saqmianobs, unda gaaCndes standartebiT<br />
gansazRvruli Tavdapirveli kapitali, xolo mis<br />
xelmZRvanel pirebs _ sakmarisad kargi reputacia da profesiuli<br />
gamocdileba; 2<br />
iaponiaSi met yuradRebas aqceven prevenciul (dacviT)<br />
regulirebas da fasiani qaRaldebis sferoSi licenziebis<br />
gacemas amkacreben. amiT arakeTilsindisier da arakompetentur<br />
pirebs mocemul seqtorSi samuSaod praqtikulad ar uSveben; 3<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 nasamar-<br />
Tlebi; 4<br />
samxreT koreaSi am sferoSi momuSave pirebs saxelmwifo<br />
maregulirebeli organos nebarTvis gareSe sxva kompaniaSi<br />
muSaobas ukrZalavs 5 da a.S.<br />
sabrokero kompaniebis momsaxurebiT klientebi:<br />
sakuTari xarjebis gareSe mniSvnelovnad zrdian<br />
savaWro operaciebis moculobas;<br />
maRalkvalificiuri savaWro personalis rCevebsa da<br />
konsultaciebs iReben da sxv.<br />
1<br />
Heth M. Israeli Business Law. P. 32.<br />
2<br />
Directive 93 /6, 22/ EEC.<br />
3<br />
Curtis J. Milhaupt Managing The Market: The Ministry of Finance And Securities<br />
Regulation in Japan. 2002, P. 423.<br />
4<br />
Рот А., Бернард Р. и др. Основы государственного регулирования финансового<br />
рынка. М., 2002, С. 194.<br />
5<br />
Sang – Hyun Song "Law and Policy of Securities Regulation in Korea". 1995,<br />
P. 773.<br />
74
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