76
ciis mimarT dispoziciaSi mocemuli romelime qmedebis
ganxorcieleba ar SeiZleba sisxlis samarTliT dacul sa-
marTlebriv sikeTes xelyofdes. SesaZlebelia visaubroT
danaSaulis mcdelobaze, Tuki amgvari informaciis sai-
dumloebis ararseboba pirs Secnobili ar aqvs.
aRniSnuli danaSauli ganzrax unda ganxorcieldes.
Tumca, yuradReba unda mieqces imas, rom Tuki ukanono
Segrovebas aqvs adgili (anu, rodesac obieqturi Semad-
genlobis zemoT dasaxelebuli pirveli nairsaxeoba xor-
cieldeba), maSin aucilebelia miznis dadgena. Sesabamisad,
kanonmdebeli gansaxilveli danaSaulis obieqturi Semad-
genlobis pirvel nairsaxeobaSi qmedebis saSiSroebas ufro
adreul etapze xedavs da informaciis Segrovebas ukve das-
jadad acxadebs, imis miuxedavad aseTi informacia gadace-
muli, gaxmaurebuli an gamoyenebulia Tu ara. maSasadame,
aRniSnuli informaciis ukanono Segrovebisas danaSaulis
dasrulebisTvis umniSvnelovanesi garemoebaa gadacemis,
gaxmaurebis an gamoyenebis mizani, xolo, Tuki kanonierad
aris Segrovebuli informacia, magram pirs ar gaaCnia misi
gacemis, gaxmaurebis an gamoyenebis uflebamosileba, maSin
gadamwyvetia mxolod aRniSnul moqmedebaTa ukanonobis
Secnoba, e.i. aq gadamwyvetia ganzraxvis dadgena.
ssk-is 202-e muxliT gaTvaliswinebuli danaSaulis
srulyofili kvlevisTvis, upirveles yovlisa, unda dad-
gindes danaSaulis sagani, romelsac ukavSirdeba sisxlis
samarTliT akrZaluli qmedebis dasjadoba. aRniSnul mux-
lSi danaSaulis sami sagania warmodgenili:
a) insaideruli informacia;
b) komerciuli saidumloebis Semcveli informacia;
g) sabanko saidumloebis Semcveli informacia.
77
2.2 insaideruli informacia
Tavisufali sabazro ekonomikis pirobebSi, sadac savaWro
urTierTobebi nebis Tavisuflebas emyareba, zogjer au-
cilebeli xdeba garkveuli regulaciebis SemoReba. es
gansakuTrebiT mniSvnelovania kapitalis bazris swori
funqcionirebisTvis, sadac investorTa da emitentTa in-
teresebis dacvisTvis umTavresia Sedegebis winaswar ganW-
vreta.
kapitalis bazari warmoudgenelia insaideruli in-
formaciis gareSe. insaideruli informaciiT manipuli-
rebam SeiZleba didi safrTxe Seuqmnas bazris monawileTa
finansur interesebs, radgan irRveva konkurentunariani
da keTilsindisieri garemo.
direqtorebis mier fiduciur movaleobaTa darRvevis
procesi asaxulia direqtorTa komerciuli (sabirJo), ga-
rigebebis adrindeli wesebis sakanonmdeblo istoriaSi.
birJis daxurvis sakiTxi aSS kongresma ganixila 1930-ia-
ni wlebis dasawyisSi, rodesac daiwyo 1929 wels safondo
birJaze momxadari kraxis gamoZieba
1
.
kapitalis bazarze saqarTvelos gamoCena sabWoTa kav-
Siris ngrevas da saqarTvelos damoukideblobis aRdgenas
ukavSirdeba. vidre miRebuli iqneboda 1998 wels fasiani
qaRaldebis bazris Sesaxeb kanoni, manamde `saqarTveloSi
fasian qaRaldebTan dakavSirebuli samarTalurTierTo-
bebi sakanonmdeblo doneze kanonebiT - saxelmwifo valis
Sesaxeb, Cekis Sesaxeb, Tamasuqis Sesaxeb da mewarmeTa Se-
saxeb, agreTve, samoqalaqo kodeqsiT regulirdeboda.“
2
„fasiani qaRaldebis bazris Sesaxeb kanoniT mowesrigebis
qveS moeqca fasian qaRaldebTan, upiratesad ki, maT gamoS-
1
ix. Cahn, Comparative Corporative Law text and cases on the laws Governing Corporations
in Germany, the UK and the USA 2010, P, 451.
2
jibuti/yoranaSvili
, fasiani qaRaldebis bazris Sesaxeb saqarTvelos
kanonis komentari, 2004, gv. 15.
78
vebasTan da mimoqcevasTan dakavSirebuli gacilebiT far-
To speqtri.“
3
1998 wels fasiani qaRaldebis bazris Sesaxeb kanonis
44-e muxlis, (gayalbeba da manipulacia) mixedviT:
„akrZalulia yovelgvari sajaro fasiani qaRaldebiT
vaWrobis an organizebul bazarTan dakavSirebuli saqmia-
nobis moCvenebiTi aqtivobis Seqmnis mizniT:
a) safondo birJaze fasiani qaRaldebiT iseTi garige-
bebis dadeba, romlebic ar iwvevs cvlilebebs registri-
rebul mesakuTreobaSi;
b) fasiani qaRaldebis SeZenis an gayidvis Sesaxeb ur-
TierTsawinaaRmdego brZanebebis pirdapir an arapirdapir
gacema.“
„insaideruli samarTlis ganviTareba saqarTvelos rea-
lobaSi jerjerobiT mxolod Teoriul da sakanonmdeb-
lo donezea SesaZlebeli, ramdenadac qarTuli kapitalis
bazari jer kidev Sors aris transnacionaluri mniSvne-
lobis, an Tundac regionaluri mniSvnelobis organize-
bul bazrad gardaqmnisgan. insaideruli samarTali, Zi-
riTadad, swored kapitalis bazars ukavSirdeba, romlis
ganuviTarebloba pirdapir aisaxeba dargis ganviTarebis
xarisxze. Tumca, qarTul realobaSi fasiani qaRaldebis
bazris Sesaxeb kanonis ZiriTadi mizani, am kuTxiT, gamW-
virvalobis, fasiani qaRaldebiT samarTliani vaWrobisa
da jansaRi konkurenciis damkvidreba iyo.“
4
insaideruli informaciis ganmartebas Seicavs rogorc
evropis kavSiris 2003 wlis direqtiva, ise saqarTvelos
fasiani qaRaldebis bazris Sesaxeb kanoni. evropis kav-
3
ix.
robaqiZe,
insaideruli informaciis borotad gamoyenebiT dadebuli
garigebebi da kerZo-samarTlebrivi Sedegebi ( evropis kavSiris 2003 wlis
28 ianvris bazris borotad gamoyenebis Sesaxeb, direqtivis, germanuli da
qarTuli samarTlis mixedviT), wignSi: sakorporacio samarTlis krebuli I,
red.
burduli
, 2011, gv. 174.
4
dvaliZe/maxarobliSvili
, samewarmeo saqmianobis Tavisufleba da sisx-
lis samarTliT daculi samarTlebrivi sikeTe (samecniero-praqtikuli
komentari), 2014, gv. 34-42.
79
Siris 2003 wlis insaideruli garigebebisa da bazris bo-
rotad gamoyenebis direqtivis pirveli muxlis mixedviT,
„insaideruli informacia aris sajarod ucnobi dazuste-
buli informacia, romelic pirdapir an arapirdapir exe-
ba finansuri instrumentebis gamomSveb erT an ramdenime
emitents an erT an ramdenime finansur instruments an
derivaciul finansur instruments, romlis gasajaroe-
bas finansur instrumentTa fasze mniSvnelovani gavlenis
moxdena SeuZlia“.
5
„evropis kavSiris direqtivisa da germaniis fasiani qa-
RaldebiT vaWrobis Sesaxeb kanonis, aseve gaerTianebuli
samefos regulaciis msgavsad, saqarTvelos fasiani qa-
Raldebis bazris Sesaxeb kanonic Seicavs normas, romelic
insaiderul informacias ganmartavs.“
6
fasiani qaRalde-
bis bazris Sesaxeb saqarTvelos kanonis 45-e muxlis pir-
veli punqtis mixedviT, „insaideruli informacia niSnavs
arasajaro, arsebiT informacias, romelic dakavSirebu-
lia erT an ramdenime angariSvaldebul sawarmosTan
7
an
maT sajaro fasian qaRaldebTan.“
fasiani qaRaldebis bazris Sesaxeb saqarTvelos kano-
nis 45-e muxlis mesame punqti, pirdapir awesebs SezRud-
vas, rom „insaiders an pirs, romelic Segnebulad miiRebs
insaiderisgan Sida informacias, ekrZaleba:
a) TavisTvis an mesame piris interesebisaTvis, pirda-
piri an arapirdapiri gziT SeiZinos an gayidos im angariS-
valdebuli sawarmos an sawarmoebis sajaro fasiani qa-
Raldebi, romelTa insaiderul informaciasac is flobs;
5
Directive 2003 /6/EC of the European Parliament and of the Council of 28 January 2003 on
insider dealing and market manipulation (market abuse), Official Journal L 096, 12/04/2003
P.0016-0025,art .1.
6
dvaliZe/maxarobliSvili
, dasax.naSromi., gv. 91.
7
angariSvaldebuli sawarmos ganmartebas fasiani qaRaldebis bazris Se-
saxeb kanonis me-9 muxlis pirveli punqti Seicavs. Aaseve, ix.
maxarobliSvi-
li
, kapitalur sazogadoebaTa struqturaSi fundamenturi cvlilebebis
ganxorcieleba korporaciul-samarTlebriv kombinaciaTa (SeZena, Serwy-
ma) safuZvelze, 2014, gv. 34-42.
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