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Izazovi upravljanja kreditnim rizikom u investicionim društvima u kriznim situacijama
The challenges of credit risk management in the investment firms in crisis
Projekat: Ministarstvo prosvete, nauke i tehnološkog razvoja Republike Srbije (institucija: Institut društvenih nauka, Beograd) (MPNTR - 451-03-68/2020-14/200004)
Sažetak
Svetska finansijska kriza iznedrila je zakonodavnu aktivnost na međunarodnom nivou usvajanjem brojnih pravnih propisa u cilju unapređenja sposobnosti finansijskih učesnika, između ostalih, investicionih društava, da apsorbuju gubitke koji proizlaze iz ekonomskih i finansijskih stresnih situacija. Kreditni rizik je jedan od dominantnih rizika u finansijama i poslovanju investicionih društava te je, shodno tome, izloženost kreditnom riziku prisutna u gotovo svim finansijskim transakcijama. Stoga se u radu ukazuje na koji način primena odgovarajućih modela upravljanja kreditnim rizikom može doprineti likvidnosti investicionih društava, kao i očuvanju stabilnosti finansijskog tržišta, uzimajući u obzir učestale potrese finansijskog tržišta, uzrokovane brojnim internim i eksternim faktorima. S tim u vezi, autor u radu nastoji da ukaže na potrebu i značaj primene međunarodnih standarda u cilju smanjenja izloženosti investicionih društava kreditnom riziku. Na kraju, istraživanje pravnog režima upravljanja kreditnim rizikom u investicionim društvima, primenom normativnog i komparativnog metoda, pruža NAM osnovu za kritičko sagledavanje i analiziranje domaće regulative u predmetnoj oblasti.
Abstract
The global financial crisis has given rise to legislative activity on the international level, with the adoption of numerous legal regulations, in order to improve the ability of financial participants, among others, investment firms to absorb losses arising from economic and financial stress situations. Credit risk is one of the dominant risk in the finance and business of investment firms, and consequently, the exposure to credit risk is present in almost all financial transactions. Therefore, the paper points out that the application of adequate methods of credit risk management can contribute to the liquidity of investment firms, as well as preserving the stability of the financial market, taking into account frequent financial market shocks caused by numerous internal and external factors. In this regard, the aim of this research is to indicate how the application of the adopted international standards contributes to reducing the exposure of the investment firms to credit risk. Finally, the research of the legal regime of credit risk management in investment firms, using the normative and comparative method, provides us with a basis for critical review and analysis of national regulation in this field.
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Reference
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*** Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealin. Official Journal of the European Union, L 176/338
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*** (2011-2020) Odluka o upravljanju rizicima banke. Službeni glasnik RS, br. 45/2011, 94/2011, 119/2012, 123/2012, 23/2013 -dr. odluka, 43/2013, 92/2013, 33/2015, 61/2015, 61/2016, 103/2016, 119/2017, 76/2018, 57/2019, 88/2019 i 27/2020
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*** Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. Official Journal of the European Union, L 176/1
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