| Abstract [eng] |
This master's thesis analyses the regulation of market abuse in order to identify the practical challenges of its application and to assess the opportunities such regulation provides for financial market participants. The study of the legislation carried out in the work reveals that although the basis for regulation is clearly defined in the Regulation 596/2014, in practice there are a number of uncertainties due to complex concepts, such as insider information or indirect control. These uncertainties are particularly evident in complex corporate structures, where it is difficult for market participants to determine the boundaries of the application of the obligation to report transactions. A detailed analysis of the legislation has established that the objectives of market transparency can only be achieved by harmonizing clear legal concepts, effective supervision and consistent practice of ESMA and national authorities. The study also highlights the differences in expectations of financial market participants - issuers seek clearer rules, investors - greater protection, and intermediaries - balanced regulation. While the existing legal framework provides significant deterrents, it can also lead to excessive caution and administrative burden. However, proper implementation of the regulation creates the prerequisites for greater confidence, market efficiency and the development of innovative measures, such as buy-back programs. The conclusions of the work, based on the analysis of legal acts, the practice of EU institutions and the positions of supervisory authorities, present proposals for increasing legal clarity and the need to adopt more detailed explanatory documents at the EU level, allowing for the assessment of the impact of market abuse regulation on the transparency of financial markets and the behaviour of market participants. |
