Dolžniški finančni instrumenti

magistrska naloga

Maja Jamnik (Author), Miha Juhart (Mentor)

Abstract

Izdaja obveznic kot vir financiranja ni nič neobičajnega. Obveznica je ena izmed najstarejših pojavnih oblik dolžniškega vrednostnega papirja. V zadnjem času pa ob bok tradicinalni, t. i. plain vanilla obveznici, stopajo različne vrste strukturiranih, hibridnih in podrejenih obveznic, ki so daleč od varne naložbe in preprostega dolžniškega vrednostnega papirja, kot si ga pogosto zmotno predstavljamo pod pojmom obveznica. Nedavna finančna kriza je močna razrahljala zaupanje malih vlagateljev v evropske finančne trge, zato evropski zakonodajalec vse več pozornosti namenja varstvu malih vlagateljev. Evropska komisija je podala predlog sprememb prospektna ureditve, ki je že dalj časa predmet številnih kritik. Na eni strani z visokimi stroški izdaje prospekta pretirano obremenjuje izdajatelje, na drugi strani pa s preobsežnimi prospekti malim vladateljem ne nudi zadostne zaščite. Poleg že obstoječih zahtev prospektne ureditve pa bo nova Uredba PRIIPs za izdajatelje različnih vrst strukutriranih obveznic prinesla tudi obveznosti priprave kratkega dokumenta s ključnimi informacijami, ki bo na enostaven in standardiziran način malim vlagateljem podal informacije, ki so potrebne za sprejem informirane odločitve. Dodatne zahteve za izdajatelje prinašajo tudi nova pravila MiFID II o upravljanu s produkti. V želji okrepiti varstvo malih vlagateljev MiFID II uvaja novi institut neodvisnega investicijskega svetovanja, že omenjena nova pravila o upravljanu s produkti in nova intervencijska pooblastila nacionalnih in evropskih regulatorjev.

Keywords

dolžniški finančni instrumenti;obveznice;strukturirani produkti;varstvo malih vlagateljev;Direktiva o trgih finančnih instrumentov II (MiFID II);Prospektna direktiva;Uredba PRIIPs;magistrske diplomske naloge;

Data

Language:	Slovenian
Year of publishing:	2016
Typology:	2.09 - Master's Thesis
Organization:	UL PF - Faculty of Law
Publisher:	[M. Jamnik]
UDC:	347.728.3(043.2)
COBISS:	15492433
Views:	1655
Downloads:	602
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	English
Secondary title:	Debt Instruments
Secondary abstract:	Bonds are one of the oldest debt instruments used to raise capital. In addition to plain vanilla bond, we are nowadays familiar with several other bond structures such as subordinated bonds, hybrid bonds and structured bonds. Such bonds are no longer considered a safe investment product, as many retail investors mistakenly believe. As financial crisis seriously affected trust of retail investors in European capital markets, the recent changes in European financial legislation aim to strengthen investor protection. First, European Commission proposed changes to the prospectus regime that has often been criticized due to the expensive, complex and time-consuming drafting process of prospectus on one hand and ineffective investor protection due to the overload of information on the other hand. Second, the new PRIIPs Regulation will introduce an additional obligation for issuers of structured bonds to prepare a key information document for retail investors. The aim of this short and standardized document is to provide retail investor with all information needed to make an informed decision. Third, MiFID II will require issuers to comply with new product governance rules. To address retail investor protection concerns, MiFID II introduces independent investment advice, the already mentioned product governance rules and new intervention powers to national authorities and ESMA.
Secondary keywords:	debt instruments;bonds;structured products;Market in Financial Instruments Act II (MiFID II);Prospectus Directive;PRIIPs Regulation;retail investor protection;
Type (COBISS):	Master's thesis/paper
Study programme:	0
Embargo end date (OpenAIRE):	1970-01-01
Thesis comment:	Univ. v Ljubljani, Pravna fak.
Pages:	89 f.
ID:	9589046