83
2.4 komerciuli saidumloeba
rogorc aRiniSna, gansaxilveli danaSaulisas xelyofis
erT-erTi sagani aseve aris komerciuli saidumloeba. ko-
merciul saidumloebad CaiTvleba nebismieri is informa-
cia, romelsac gaaCnia komerciuli (ekonomikuri) Rirebu-
leba da romelze dayrdnobiTac SesaZlebelia fizikuri
Tu iuridiuli piris mier mogebis (sargeblis) miReba. ko-
merciul saidumloebas warmoadgens iseTi informacia,
romlis gamJRavnebam SesaZloa piris konkurentunariano-
bas miayenos ziani.
13
„am kuTxiT, komerciuli saidumloe-
ba insaiderul informaciasTan Tanxvedras da msgavsebas
avlens.
14
“
komerciuli saidumloebis sakanonmdeblo definicia
mocemulia saqarTvelos zogadi administraciuli kodeq-
sis 272-e muxlSi, romlis pirveli nawilis mixedviT, „ko-
merciuli saidumloeba aris informacia komerciuli fa-
seulobis mqone gegmis, formulis, procesis, saSualebis
Taobaze an nebismieri sxva informacia, romelic gamoiye-
neba saqonlis sawarmoeblad, mosamzadeblad, gadasamu-
Saveblad an momsaxurebis gasawevad, an/da romelic war-
moadgens siaxles an teqnikuri Semoqmedebis mniSvnelovan
Sedegs, agreTve sxva informacia, romlis gamJRavnebam, Se-
saZloa ziani miayenos piris konkurentunarianobas.“
saqarTvelos zogadi administraciuli kodeqsis 272-e
muxlis me-2 nawilidan naTlad gamomdinareobs, rom komer-
ciuli saidumloeba samarTliT dacul kategoriad mxo-
lod mas Semdeg gvevlineba, rac misi aRiareba saxelmwifos
uflebamosili organos mier moxdeba. es kidev erT xel miu-
TiTebs im debulebis sisworeze, rom kapitalis bazarze
wesrigs mxolod TviTregulireba ver uzrunvelyofs da
samarTlebrivi saxelmwifos ideidan gamomdinare, saxel-
mwifos mxridan garkveuli regulaciebis SemoReba, ara Tu
13
ix.
adeiSvili/vinteri/qitoSvili
, saqarTvelos zogadi administraci-
uli kodeqsis komentari, 2002, gv. 88.
14
dvaliZe/maxarobliSvili,
dasax. naSr., gv. 107.
84
xelyofs sabazro urTierTobebis avtonomiurobas, piri-
qiT, stabilurobis niSans matebs.
2.5. insaideri saqarTvelos kanonmdeblobis mixedviT
saqarTvelos fasiani qaRaldebis bazris Sesaxeb kanonis
45-e muxlis me-2 punqtis mixedviT, „insaiderad CaiTvleba
piri, romelsac Tavisi wevrobiT angariSvaldebuli sawar-
mos mmarTvel organoSi, misi monawileobiT aseTi sawarmos
kapitalSi (mewileobiT) an saqmianobiT, profesiuli an sam-
saxurebrivi movaleobis SesrulebiT xeli miuwvdeba in-
saiderul informaciaze. insaiderad CaiTvlebian agreT ve
sxva pirebi, romlebmac miiRes insaideruli informacia da
Cans, rom am informaciis wyaroa insaideri.“
Tuki SevadarebiT germaniis fasiani qaRaldebiT vaWro-
bis Sesaxeb kanonis me-13 paragrafs da fasiani qaRaldebis
bazris Sesaxeb saqarTvelos kanonis 45-e muxls, davina-
xavT, rom insaiderTa wre germanulsa da qarTul samar-
TalSi identuria
15
.
insaideris ganmartebas vxvdebiT evropis kavSiris baz-
ris borotad gamoyenebis direqtivaSic, romlis mixedvi-
Tac, insaideri aris wevri saxelmwifos emitenti, sawarmos
mmarTveli organos xelmZRvaneli da sameTvalyureo or-
ganos wevri, emitentis kapitalSi monawile piri, aseve pi-
ri, romelsac Tavisi samuSaos, profesiisa da funqciebis
safuZvelze xeli miuwvdeba insaiderul informaciaze.
16
„insaideri SeiZleba iyos direqtori, makontrolebe-
li aqcioneri, sawarmos xelmZRvanelobaze uflebamosili
15
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. 196-197.
16
Directive 2003/6EC 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 2(1).
85
piri, magaliTad, sameTvalyureo sabWos wevri (emitenti
sawarmos organoebis wevrebi), aseve nebismieri sxva piri,
romelsac profesiuli Semxebloba aqvs kompaniis sajarod
ucnob faqtebTan mimarTebiT. am tipis subieqtebs ewode-
ba pirveladi insaiderebi, anu pirebs, romelTac Tavad
aqvT insaiderul informaciasTan Semxebloba da wvdoma.
rogorc zemoT ukve gaanalizda, am pirTa garda, arsebo-
ben meore kategoriis pirebi, e.w. meoradi insaiderebi,
romlebic arian is pirebi, romelTac informacia gaiges
pirveladi insaiderisagan. es SeiZleba iyos megobari, di-
reqtoris mZRoli, direqtoris bavSvis ZiZa, ojaxis wevri
17
da a.S. Sesabamisad, zemoaRniSnul kiTxvebze pasuxi cal-
saxa da martivia: Tu piri an pirveladi an meoradi insai-
deria, romelic SesaZloa iyos, magaliTad, fsiqiatric da
is aseT informacias moipovebs da Semdgom mas gamoiyenebs
piradi miznebisTvis, maSin insaideruli informaciisa da
vaWrobis wesebi maTze pirdapir gavrceldeba. saqarTve-
los sakanonmdeblo sivrceSi insaideris ganmarteba ze-
moaRniSnuli kriteriumebis Sefasebisa da dadgenis Sede-
gad unda moxdes.“
18
2.6 pasuxismgeblobis damZimeba
cvlilebebi ganicada aseve gansaxilveli danaSaulis da-
mamZimebelma garemoebebma. Tavdapirveli redaqciiT ssk-
is 202-e muxlis me-2 nawiliT damamZimebel garemoebad mi-
iCneoda: „komerciuli an sabanko saidumloebis Semcveli
informaciis ukanonod gaxmaureba an gamoyeneba angarebiT
an sxva piradi motiviT, ramac mniSvnelovani ziani gamoiw-
via.“
moqmedi sisxlis samarTlis kanonmdeblobiT damamZi-
mebeli garemoebani ufro farTod aris warmodgenili.
ssk-is 202-e muxlis me-2 nawilis „a“ qvepunqtiT pasuxism-
17
ix.
robaqiZe,
dasax. naSr., gv.100.
18
ix.
dvaliZe/maxarobliSvili,
dasax, naSromi, gv.106.
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