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2010, vol. 47, br. 4-6, str. 159-170
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O pojmu insider-a u pravu Sjedinjenih Američkih Država
About the concept of insider in the law of the United States of America
Univerzitet u Beogradu, Pravni fakultet
Sažetak
Rešenja do kojih je došao Vrhovni sud Sjedinjenih Američkih Država (SAD), stvarajući različite teorije o odgovornosti insider-a, uticala su u velikoj meri na prava zemalja širom sveta. U poslednje vreme čak ni SAD ne prihvataju čisto fiducijarni pristup zaštite na polju insider trading-a. Upravo su odluke pomenutog Suda i danas inspiracija za nove ideje i konkretne predloge za izmenu zakonskih rešenja. Autor je ukazao na aktuelne probleme definisanja pojma insider-a i povlašćene informacije u praksi. Istaknut je značaj razlikovanja povoljne od nepovoljne povlašćene informacije i različite (ne)potrebe sankcionisanja korišćenja informacija u zavisnosti od vrste. Analizom svih kategorija lica koja mogu biti pravno odgovorna kao insider-i autor dolazi do zaključka ko se zaista može smatrati insider-om u pravu SAD-a.
Abstract
Solutions reached by the Supreme Court of the United States of America (USA), creating various theories of insider liability, affected the legislation of countries world-wide to a large extent. Lately, even USA does not accept pure fiduciary protection approach in the field of insider trading. Decisions of the said Court are even today an inspiration for new ideas and specific proposals for amendments to legal solutions. The author points out current problems in defining the concept of insider and inside information in practice. The importance of distinguishing positive from negative inside information and existing or non-existing needs to sanction using information depending on the type, is emphasized. Analyzing all categories of persons who may be subject to legal liability as insiders, the author comes to the conclusion who may really be considered as insider in the law of USA.
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