Suchergebnisse

The securities market, as an integral part of the financial market, is a mechanism that allows for the allocation of long-term financial assets, by the legal and natural persons who own the assets, to those subjects that need additional assets for financing their investments plans and programs. A basic precondition for creating a competitive and profitable securities market is having favorable financial environment, which means primarily a quality legal framework, stable currency, as well as "healthy" public finances. The actual Macedonian Securities Law was adopted in 2005. With several amendments and modifications that were made in the meantime. Some provisions in the current law complies quite closely with MIFID – (Markets in Financial Instruments Directive) The aim of this paper is to determine the current level of compliance with regard to some crucial provisions, regulated by the Securities Law, and simultaneously to analyze the MIFID provisions regarding this issue, that should be implemented yet. In this direction, we consider that, based on actual research, we would be able to determine the effects of the implementation of MIFID to the securities market participants, as well as overall effects of MIFID to the existence and development of regulated Macedonian securities market. Thus, we would be able to contribute to the process of the standardization of the Macedonian legislation related with the securities market, with the hope that the appropriate and proper implementation of EU directives will give a positive impulse to the functioning of the Macedonian Capital Market. Key words: MIFID, securities market, Securities Law of the Republic of Macedonia, implementation, regulative

Abstract: This article focuses on the question of whether allowing the extent of the protection afforded to an investor under the Markets in Financial Instruments Directive (MiFID) I and II to be largely dependent on the distinction between dealing on own account on the one hand and trading on behalf of the client (and other forms of investment service) on the other, is justified. The author submits that this question must be answered in the negative. Under a future MiFID III, an investment firm which acts solely as contractual counterparty should be required to observe the same duty of care as applies in the case of the investment service of execution of orders on behalf of the client. Résumé: Cet article traite de la question de savoir s'il est justifié de permettre que l'étendue de la protection accordée à un investisseur aux termes de MiFID I et II (NdT: Directives concernant les marchés d'instruments financiers) dépende largement de la distinction entre la négociation pour compte propre d'une part et d'autre part la négociation au nom du client (et d'autres formes de services d'investissement). L'auteur indique qu'il faut répondre à cette question par la négative. Aux termes d'un futur MiFID III, il faudrait exiger d'une société d'investissement qui agit uniquement comme contrepartie contractuelle qu'elle respecte le même devoir de prudence que celui qui s'applique dans le cas de services d'exécution d'ordres au nom du client.

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements ('Financial Collateral Directive') was adopted as a part of the EU legal framework for financial markets in order to enhance the stability of the financial system in the EU. Several of its key provisions dealing with the financial collateral arrangements had required the Member States to introduce new rules in the national legal systems which were substantially different from the existing legal solutions employed in the national property, contract, and insolvency laws. These provisions of Financial Collateral Directive represent a reception of the financial market practice embodied in the various standard master agreements drawn up by the international financial market associations. The level of this reception indicates that the true legislator of the European financial market in the field of financial collateral is the financial market itself. This paper identifies and explores the origins of the provisions of Financial Collateral Directive in the financial market practice and the effects of the Financial Collateral Directive on the national legal systems in the EU.