Pravni tretman insajderskih informacija prema novom zakonu o tržištu kapitala

Abstract

The legal treatment of insider information must be carefully and precisely determined, given the considerable number of specifcs that accompany insider information and the multiple legal and economic consequences of its misuse. To the one who possesses it, insider information provides a signifcant advantage in terms of the disposal of the fnancial instruments to which it relates, in relation to investors in the same instruments to whom they are unknown. Since the advantage is based on an unjustifed information asymmetry, insider trading is an unfair market action, which requires a strong legal response in the form of a ban and adequate sanctions in case of ignoring it. The new Law on the Capital Market, the implementation of which has begun on January 6, 2023, brings certain changes in the legal treatment of insider information. Although the essence of the regulation of this institute remains the same, there is a noticeable harmonization of the regulations in this area with the regulations that exist within the framework of European Union law. The aim of this work is to analyze the current solutions, especially pointing out the introduced changes. The application of the comparative law method also contributes to the research results.