Pasinaudojimas viešai neatskleista informacija vertybinių popierių rinkoje

LTPagrindinis straipsnio tikslas – įvardyti tinkamą informacijos finansinių priemonių rinkose atskleidimo mechanizmą; išanalizuoti viešai neatskleistos informacijos apibrėžimo kriterijus, nustatyti minėto apibrėžimo praktinio taikymo problemas ir pateikti jų sprendimo būdus; taip pat įvertinti draudimo naudotis viešai neatskleista informacija pagrįstumą. Ši tema yra ypač aktuali, nes Lietuvos finansų rinka yra sąlygiškai jauna, trūksta mokslinių tyrimų šioje srityje, o už draudimo naudotis viešai neatskleista informacija pažeidimą įtvirtinta ne tik administracinė, bet ir baudžiamoji atsakomybė. Straipsnis skiriamas finansų rinkos dalyviams, investuotojams, teisininkams ir šia sritimi besidomintiems mokslininkams. [Iš leidinio]Reikšminiai žodžiai: Vertybinių popierių rinka; Lietuvos finansų rinka; Emitentas; Skaidrumo direktyva; Stock market; Lithuanian financial market; Emitent; Transparency directive.

ENAll issues described in this article are relevant to financial markets participants, investors and legal professionals who are responsible for regulatory compliance and who deals with conviction of those who violated the prohibition of insider trading. The article is divided into three parts, the main attention is devoted to the: disclosure of information in financial markets, inside information and prohibition of insider trading. In the first part, disclosure of information in financial markets, proper disclosure mechanism in the EU and Lithuania is being discussed, the article underlines the significance of financial markets transparency, investors rights to equal access to information about the issuer and its financial instruments, the danger of information asymmetry in financial markets and the issue of spread of rumors is being discussed. In the second part, inside information, the definition of inside information in legal acts and doctrine is being analyzed, vague parts of definition, such as precise nature, price influence, examples of inside information are being presented, practical application of inside information is being discussed, the distinction between primary and secondary insiders is being presented. In the third part, prohibition of insider trading, the history of the development of prohibition in legal acts is presented, insider trading prohibition in the EU and Lithuanian regulations is analyzed, criteria’s of insider trading are being discussed and deep analyzes of insider trading prohibition opponents and proponents arguments are being presented. In the end, conclusions about the definition of inside information, the duty to comment rumors and the validity of the prohibition of insider trading are drawn. The article raises a question as to whether the insider trading prohibition is really necessary. [From the publication]