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Title:Unija kapitalskih trgov : neposredna javna ponudba
Authors:ID Rogelj, Jaka (Author)
ID Vatovec, Katarina (Mentor) More about this mentor... New window
Files:.pdf RAZ_Rogelj_Jaka_i2022.pdf (723,99 KB)
MD5: 5928F75255B575938E2B7C48D1F6B9F8
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EVRO-PF - Nova Univerza - European Faculty of Law
Abstract:Eden izmed ciljev Unije kapitalskih trgov je lažja in cenejša uvrstitev malih in srednje velikih podjetij na regulirane trge kapitala. Zaradi tega je bil namen magistrskega dela analizirati zakonodajni okvir Unije kapitalskih trgov, ki se nanaša na področje uvrstitve vrednostnih papirjev na reguliran trg, in ugotoviti, ali je neposredna javna ponudba kot oblika transakcije, ki omogoča vstop na reguliran trg in ki bi ga lahko olajšala pa tudi pocenila, sploh dopustna oziroma izvedljiva v Evropski uniji. V sklopu Unije kapitalskih trgov je bila regulacija uvrstitve na organiziran trg dodobra spremenjena in olajšana, kljub temu pa, kot izhaja iz akcijskega načrta iz leta 2020, po mnenju Evropske komisije še vedno ni povsem zadovoljiva. Zaradi tega menimo, da bi bila lahko rešitev ne le v dodatnem olajševanju regulatornih bremen, ampak tudi v drugačnih tehnikah uvrstitve na javne trge. Prav neposredna javna ponudba bi lahko pomenila rešitev problema likvidnosti javnih trgov ter znižala stroške vstopa na javne trge za mala in srednje velika podjetja. Zaradi tega smo na podlagi študije neposrednih javnih ponudb družb Spotify in Coinbase predstavili tehniko neposredne javne ponudbe ter orisali način uvrstitve družbe na ljubljansko in amsterdamsko borzo. Omejitev pri obravnavi problema je pomenila predvsem pomanjkanje relevantne literature. Unija kapitalskih trgov, še posebej pa neposredna javna ponudba sta novi temi, ki še nista dobro raziskani. Kljub temu smo ugotovili, da je mogoča uspešna izvedba neposredne javne ponudbe tudi na borzah v Evropski uniji. Aplikativna vrednost rezultatov je tako predvsem v potrditvi teze, da je neposredna javna ponudba mogoča, s tem pa je delo podlaga in načrt za izvedbo takšne transakcije v Evropski uniji. Opozorili smo tudi na teme, ki bi bile lahko predmet nadaljnjih raziskav, kot sta na primer odgovornost iz prospekta in posebna družba z namenom prevzema.
Keywords:neposredna javna ponudba, Unija kapitalskih trgov, prva javna ponudba, Uredba o prospektu, underwriter, regulirani trgi, borza
Place of publishing:Ljubljana
Place of performance:Ljubljana
Publisher:[J. Rogelj ]
Year of publishing:2022
Year of performance:2022
Number of pages:1 spletni vir (1 datoteka PDF (81 str.))
PID:20.500.12556/ReVIS-8969 New window
COBISS.SI-ID:113758723 New window
UDC:336.76(043.2)
Note:Mag. delo 2. stopnje bolonjskega študija; Nasl. z nasl. zaslona; Opis vira z dne 4. 7. 2022;
Publication date in ReVIS:05.07.2022
Views:1213
Downloads:81
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Secondary language

Language:English
Abstract:One of the main objectives of the Capital Markets Union is to make it easier and cheaper to place small and medium-sized enterprises on regulated capital markets. The purpose of the master's thesis was to analyse the legislative framework of the Capital Markets Union, especially the legislation which relates to the field of listing securities on the regulated market. The other objective was to determine whether direct listing is permissible or feasible at all in the European Union. Within the Capital Markets Union, the regulation of listing on the regulated market has been changed, but as shown by the European Commission's 2020 Action plan, it is still not entirely satisfactory according to the European Commission. We truly hold that to solve the problem of liquidity in public markets and reduce the cost of entering public markets for small and medium-sized enterprises direct listing might be a viable solution. We presented the technique of direct listing through a study of direct listings of Spotify and Coinbase and outlined the method of direct listing on the Ljubljana and Amsterdam stock exchanges. Undoubtedly, the main research limitation was the lack of relevant literature. Nevertheless, we found that the successful implementation of direct listing is also possible on stock exchanges in the European Union. The applied value of the results is mainly in the confirmation of the thesis that a direct public offer is possible and in presenting a plan based on this, how to successfully carry out such a transaction in the European Union. Throughout the work, we also drew attention to certain topics that could be the subject of further research, such as prospectus liability and special purpose acquisition company.


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