| Abstract [eng] |
Theoretical and practical issues of legal regulation of markets in financial instruments are presented and analyzed in this master thesis, focusing on derivative financial instruments (especially over-the-counter) and on rights and legitimate interests of unprofessional investors. Specifics of markets in financial instruments are revealed as well. Doctrinal issue in the field concerned is that there is no clear divide between concepts of securities and financial instruments; although analysis of literature suggests that the concept of financial instrument is significantly wider. In recent years, the tendency of rapidly expanding markets in financial instruments and growing complexity of investment products offered for investors is seen. As a result new risks and threats in the field of investment occur. Given the fact that Lithuanian markets in financial instruments are relatively weak, unprofessional investors are highly dependent on proper investment firms performance, in particular related to disclosure of information about risks. It is debatable, whether the distinction of investors between professional and unprofessional categories is sufficient, taking into account the fact that the latter group of investors is significantly different inside. Changes in European Union national legal regulation determine the fact that the extent of the duty of providing information differs before and after law of markets in financial instruments entries into force. |
