Abstract

In the modern economies, capital markets can greatly contribute to the development of the national economy. Bearing in mind above mentioned, during the time the idea of improving the protection of the capital market participant’s interests has been developed. Therefore, at the EU level in 2014 has been adopted Regulation and Directive which provides the obligation for member states to prescribe the criminal sanctions for capital market abuses. Nowadays, almost all national legislation provides protection of the capital market participants interests by criminal law. In some of them criminal sanctions have been provided by secondary criminal legislation. Such an approach exists in the Republic of Serbia and Italy. Before the accession to the European Union, the Republic of Serbia should harmonize its national legislation with Union acquis. Bearing in mind the similarity of access to capital markets protection by criminal law between Italian and Serbian legislation, perhaps some Italian solutions could be an example for further harmonization with EU standards. Therefore, the subject of analysis in this paper is the capital market protection by Italian criminal law and its compliance with the EU legislation in this area.

Highlights

  • Capital markets can greatly contribute to the development of the national economy

  • At the EU level in 2014 has been adopted Regulation and Directive which provides the obligation for member states to prescribe the criminal sanctions for capital market abuses

  • In some of them criminal sanctions have been provided by secondary criminal legislation

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Summary

Krivičnopravna zaštita tržišta kapitala na nivou Evropske unije

Potreba za efikasnijom zaštitom tržišta kapitala na nivou Evropske unije jačala je zajedno sa idejom o stvaranju jedinstvenog evropskog tržišta kapitala, u cilju podsticanja prekograničnog investiranja, stranih investicija u privredu EU, stabilizacije njenog finansijskog sistema, a samim tim i unapređenjem konkurentnosti evropskog tržišta.[6]. Godine nije bilo predviđeno krivično delo trgovine insajderskim informacijama.[7] Tako Evropska unija prvi put, donošenjem Direktive broj 6 iz 2003. Godine[8] nastoji da utiče na zemlje članice da u svojim nacionalnim zakonodavstvom propišu sankcije za zloupotrebe insajderskih informacija. Taj cilj se realizuje tek donošenjem Uredbe broj 596 o zloupotrebi tržišta iz 2014. Godine, a kojim je navedena Direktiva stavljena van snage, kao i Direktivom broj 57 iz 2014. Godine ogleda se u tome što je njenim odredbama bila predviđena obaveza za države članice da svojim propisima predvide ovlašćenja nacionalnih organa za otkrivanje i isleđivanje zloupotreba na tržištu kapitala. Iako njom nije bila predviđena obaveza zemalja članica da na nacionalnom nivou propišu krivičnopravne sankcije za zloupotrebe na tržištu kapitala, ona je predstavljala značajan korak ka tome.

Uredba o sprečavanju zloupotreba na tržištu kapitala
Direktiva o krivičnim sankcijama za zloupotrebu na tržištu kapitala
Krivičnopravna zaštita tržišta kapitala u italijanskom zakonodavstvu
Krivične sankcije za posrednike na tržištu kapitala
Krivične sankcije za emitente
Zaključak
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