{"id":61595,"date":"2023-12-08T20:25:38","date_gmt":"2023-12-08T11:25:38","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61595"},"modified":"2024-03-30T22:04:58","modified_gmt":"2024-03-30T13:04:58","slug":"insider-information","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/insider-information","title":{"rendered":"Jak\u00e9 jsou kl\u00ed\u010dov\u00e9 body p\u0159i sd\u011blov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed? Vysv\u011btlen\u00ed regulac\u00ed Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty a dal\u0161\u00edch"},"content":{"rendered":"\n<p>V posledn\u00edch letech vyu\u017e\u00edvaj\u00ed r\u016fzn\u00e9 subjekty, jako jsou cenn\u00e9 pap\u00edry a jednotlivci, internet k \u0161\u00ed\u0159en\u00ed informac\u00ed o investic\u00edch a mnoho lid\u00ed prov\u00e1d\u00ed obchody s akciemi a podobn\u011b na z\u00e1klad\u011b t\u011bchto informac\u00ed. Kdy\u017e spole\u010dnosti \u0161\u00ed\u0159\u00ed informace o investic\u00edch, je t\u0159eba db\u00e1t na to, aby tato \u0161\u00ed\u0159en\u00ed informac\u00ed nebyla v rozporu s pr\u00e1vn\u00edmi p\u0159edpisy, jako je Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, a je t\u0159eba v\u011bnovat pozornost obsahu informac\u00ed, kter\u00e9 jsou \u0161\u00ed\u0159eny.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku se zam\u011b\u0159\u00edme na Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty a vysv\u011btl\u00edme regulace t\u00fdkaj\u00edc\u00ed se \u0161\u00ed\u0159en\u00ed informac\u00ed o investic\u00edch.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Co_je_regulace_prenosu_informaci_a_doporuceni_obchodu\" title=\"Co je regulace p\u0159enosu informac\u00ed a doporu\u010den\u00ed obchod\u016f\">Co je regulace p\u0159enosu informac\u00ed a doporu\u010den\u00ed obchod\u016f<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Co_je_prenos_informaci_a_doporuceni_obchodovani\" title=\"Co je p\u0159enos informac\u00ed a doporu\u010den\u00ed obchodov\u00e1n\u00ed\">Co je p\u0159enos informac\u00ed a doporu\u010den\u00ed obchodov\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Kdo_je_regulovan_predavanim_informaci_zasvecenych\" title=\"Kdo je regulov\u00e1n p\u0159ed\u00e1v\u00e1n\u00edm informac\u00ed zasv\u011bcen\u00fdch?\">Kdo je regulov\u00e1n p\u0159ed\u00e1v\u00e1n\u00edm informac\u00ed zasv\u011bcen\u00fdch?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Na_co_si_dat_pozor_kdyz_se_dozvite_o_internich_informacich\" title=\"Na co si d\u00e1t pozor, kdy\u017e se dozv\u00edte o intern\u00edch informac\u00edch\">Na co si d\u00e1t pozor, kdy\u017e se dozv\u00edte o intern\u00edch informac\u00edch<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#I_vydavani_investicnich_informaci_muze_byt_povazovano_za_manipulaci_trhu\" title=\"I vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed m\u016f\u017ee b\u00fdt pova\u017eov\u00e1no za manipulaci trhu\">I vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed m\u016f\u017ee b\u00fdt pova\u017eov\u00e1no za manipulaci trhu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Vztah_k_zakonu_o_prevenci_nespravedlive_souteze\" title=\"Vztah k z\u00e1konu o prevenci nespravedliv\u00e9 sout\u011b\u017ee\">Vztah k z\u00e1konu o prevenci nespravedliv\u00e9 sout\u011b\u017ee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Shrnuti_Pro_poskytovani_investicnich_informaci_se_poradte_s_pravnikem\" title=\"Shrnut\u00ed: Pro poskytov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed se pora\u010fte s pr\u00e1vn\u00edkem\">Shrnut\u00ed: Pro poskytov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed se pora\u010fte s pr\u00e1vn\u00edkem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/insider-information\/#Uvod_do_opatreni_nasi_kancelare\" title=\"\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_regulace_prenosu_informaci_a_doporuceni_obchodu\"><\/span>Co je regulace p\u0159enosu informac\u00ed a doporu\u010den\u00ed obchod\u016f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_1511870075.jpg\" alt=\"Co je regulace p\u0159enosu informac\u00ed a doporu\u010den\u00ed obchod\u016f\" class=\"wp-image-58976\" \/><\/figure>\n\n\n\n<p>&#8220;Regulace p\u0159enosu informac\u00ed a doporu\u010den\u00ed obchod\u016f&#8221; je regulace, kter\u00e1 byla zavedena v roce 2013 (Heisei 25) zm\u011bnou japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty.<\/p>\n\n\n\n<p>P\u0159ed zm\u011bnou japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty v roce 2013 bylo zak\u00e1z\u00e1no, aby osoby, kter\u00e9 m\u011bly v\u011bdom\u00ed o d\u016fle\u017eit\u00fdch intern\u00edch informac\u00edch spole\u010dnosti, tyto informace vyu\u017e\u00edvaly k n\u00e1kupu nebo prodeji akci\u00ed a podobn\u00fdch aktiv.<\/p>\n\n\n\n<p>Na druhou stranu, nebylo zak\u00e1z\u00e1no p\u0159ed\u00e1vat tyto d\u016fle\u017eit\u00e9 intern\u00ed informace jin\u00fdm osob\u00e1m nebo doporu\u010dovat jin\u00fdm osob\u00e1m obchodov\u00e1n\u00ed na z\u00e1klad\u011b t\u011bchto informac\u00ed. Pokud by se takov\u00e9to \u010dinnosti nezak\u00e1zaly z\u00e1konem, nebylo by mo\u017en\u00e9 zabr\u00e1nit vzniku nekal\u00fdch obchod\u016f, jako je insider trading.<\/p>\n\n\n\n<p>Proto byl v roce 2013 zm\u011bn\u011bn japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty a bylo zak\u00e1z\u00e1no p\u0159ed\u00e1vat d\u016fle\u017eit\u00e9 intern\u00ed informace jin\u00fdm osob\u00e1m a doporu\u010dovat jin\u00fdm osob\u00e1m obchodov\u00e1n\u00ed na z\u00e1klad\u011b t\u011bchto informac\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_prenos_informaci_a_doporuceni_obchodovani\"><\/span>Co je p\u0159enos informac\u00ed a doporu\u010den\u00ed obchodov\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159enos informac\u00ed a doporu\u010den\u00ed obchodov\u00e1n\u00ed ze strany firemn\u00edch zainteresovan\u00fdch stran je upraven v n\u00e1sleduj\u00edc\u00edm paragrafu 167 odstavec 2 bod 1 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Financial Instruments and Exchange Act).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>(Z\u00e1kaz p\u0159ed\u00e1v\u00e1n\u00ed nezve\u0159ejn\u011bn\u00fdch d\u016fle\u017eit\u00fdch skute\u010dnost\u00ed)<br>\u010cl\u00e1nek 167-2: Osoba, kter\u00e1 je zainteresovanou stranou spole\u010dnosti uveden\u00e9 v \u010dl\u00e1nku 166 odstavec 1 (v\u010detn\u011b osob uveden\u00fdch v druh\u00e9 \u010d\u00e1sti tohoto odstavce), kter\u00e1 se dozv\u011bd\u011bla o d\u016fle\u017eit\u00fdch skute\u010dnostech t\u00fdkaj\u00edc\u00edch se podnik\u00e1n\u00ed atd. t\u00e9to spole\u010dnosti podle ustanoven\u00ed tohoto odstavce, nesm\u00ed p\u0159edat tyto d\u016fle\u017eit\u00e9 skute\u010dnosti nebo doporu\u010dit obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry atd. t\u00e9to spole\u010dnosti s c\u00edlem z\u00edskat pro jinou osobu zisk nebo zabr\u00e1nit vzniku ztr\u00e1ty t\u00e9to osoby p\u0159ed zve\u0159ejn\u011bn\u00edm t\u011bchto skute\u010dnost\u00ed.<\/p>\n<cite><a href=\"https:\/\/elaws.e-gov.go.jp\/document?lawid=323AC0000000025\" target=\"_blank\" rel=\"noreferrer noopener\">Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Zde je zak\u00e1z\u00e1no p\u0159ed\u00e1v\u00e1n\u00ed informac\u00ed o insideru, kter\u00e9 spl\u0148uj\u00ed n\u00e1sleduj\u00edc\u00ed po\u017eadavky:<\/p>\n\n\n\n<ul>\n<li>Zainteresovan\u00e1 strana spole\u010dnosti nebo b\u00fdval\u00e1 zainteresovan\u00e1 strana spole\u010dnosti<\/li>\n\n\n\n<li>D\u016fle\u017eit\u00e9 informace t\u00fdkaj\u00edc\u00ed se ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti<\/li>\n\n\n\n<li>P\u0159ed jejich zve\u0159ejn\u011bn\u00edm<\/li>\n\n\n\n<li>Jin\u00fdm osob\u00e1m<\/li>\n\n\n\n<li>S c\u00edlem z\u00edskat zisk nebo zabr\u00e1nit vzniku ztr\u00e1ty prost\u0159ednictv\u00edm obchodov\u00e1n\u00ed atd.<\/li>\n\n\n\n<li>P\u0159ed\u00e1v\u00e1 d\u016fle\u017eit\u00e9 informace nebo doporu\u010duje obchodov\u00e1n\u00ed atd.<\/li>\n<\/ul>\n\n\n\n<p>Zainteresovanou stranou spole\u010dnosti se rozum\u00ed n\u00e1sleduj\u00edc\u00ed osoby:<\/p>\n\n\n\n<ul>\n<li>\u00da\u0159edn\u00edci ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti, jej\u00ed mate\u0159sk\u00e9 spole\u010dnosti a dce\u0159in\u00fdch spole\u010dnost\u00ed (pokud je \u00fa\u010detn\u00ed poradce pr\u00e1vnick\u00e1 osoba, pak jeho zam\u011bstnanci), z\u00e1stupci, zam\u011bstnanci a ostatn\u00ed pracovn\u00edci<\/li>\n\n\n\n<li>Akcion\u00e1\u0159i atd., kte\u0159\u00ed maj\u00ed pr\u00e1va stanoven\u00e1 v \u010dl\u00e1nku 433 odstavec 1 a 3 Japonsk\u00e9ho obchodn\u00edho z\u00e1kon\u00edku (Companies Act) v\u016f\u010di dan\u00e9 ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti atd.<\/li>\n\n\n\n<li>Osoby, kter\u00e9 uzav\u0159ely smlouvu s danou ve\u0159ejn\u011b obchodovanou spole\u010dnost\u00ed atd. nebo jednaj\u00ed o uzav\u0159en\u00ed smlouvy<\/li>\n<\/ul>\n\n\n\n<p>B\u00fdvalou zainteresovanou stranou spole\u010dnosti se rozum\u00ed osoby, kter\u00e9 ji\u017e nejsou zainteresovanou stranou spole\u010dnosti (nap\u0159\u00edklad v p\u0159\u00edpad\u011b, \u017ee \u00fa\u0159edn\u00edk spole\u010dnosti rezignoval, zam\u011bstnanec ode\u0161el, nebo byl ukon\u010den smluvn\u00ed vztah) b\u011bhem jednoho roku po tomto datu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kdo_je_regulovan_predavanim_informaci_zasvecenych\"><\/span>Kdo je regulov\u00e1n p\u0159ed\u00e1v\u00e1n\u00edm informac\u00ed zasv\u011bcen\u00fdch?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_218324797.jpg\" alt=\"Kdo je regulov\u00e1n p\u0159ed\u00e1v\u00e1n\u00edm informac\u00ed zasv\u011bcen\u00fdch?\" class=\"wp-image-58977\" \/><\/figure>\n\n\n\n<p>V souladu s paragrafem 167 odstavec 2 bod 1 japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty), jsou regulov\u00e1ni ti, kte\u0159\u00ed jsou spojeni s firmou nebo byli spojeni s firmou a p\u0159ed\u00e1vaj\u00ed informace zasv\u011bcen\u00fdch.<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, pokud n\u011bkdo (prim\u00e1rn\u00ed p\u0159\u00edjemce), kdo p\u0159ijal informace zasv\u011bcen\u00fdch od osoby spojen\u00e9 s firmou nebo od b\u00fdval\u00e9 osoby spojen\u00e9 s firmou, p\u0159ed\u00e1 tyto informace dal\u0161\u00ed osob\u011b (sekund\u00e1rn\u00ed p\u0159\u00edjemce), pak pokud prim\u00e1rn\u00ed p\u0159\u00edjemce nen\u00ed spojen s firmou nebo nen\u00ed b\u00fdvalou osobou spojenou s firmou, nebude podl\u00e9hat regulaci podle japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Na_co_si_dat_pozor_kdyz_se_dozvite_o_internich_informacich\"><\/span>Na co si d\u00e1t pozor, kdy\u017e se dozv\u00edte o intern\u00edch informac\u00edch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u00fd\u0161e jsme p\u0159edstavili regulaci t\u00fdkaj\u00edc\u00ed se p\u0159ed\u00e1v\u00e1n\u00ed intern\u00edch informac\u00ed.<\/p>\n\n\n\n<p>Pro ty, kte\u0159\u00ed obdr\u017eeli intern\u00ed informace, plat\u00ed n\u00e1sleduj\u00edc\u00ed ustanoven\u00ed \u010dl\u00e1nku 166 odstavec 3 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji (Japanese Financial Instruments and Exchange Act).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>3 Osoba, kter\u00e1 obdr\u017eela p\u0159ed\u00e1n\u00ed d\u016fle\u017eit\u00fdch skute\u010dnost\u00ed t\u00fdkaj\u00edc\u00edch se obchod\u016f atd., kter\u00e9 zn\u00e1 osoba spojen\u00e1 s firmou (v\u010detn\u011b osob uveden\u00fdch v druh\u00e9 \u010d\u00e1sti prvn\u00edho odstavce, d\u00e1le jen &#8220;tato polo\u017eka&#8221;) od t\u00e9to osoby spojen\u00e9 s firmou podle ustanoven\u00ed prvn\u00edho odstavce, nebo jin\u00fd \u0159editel atd. korporace, ke kter\u00e9 pat\u0159\u00ed osoba, kter\u00e1 obdr\u017eela takov\u00e9 p\u0159ed\u00e1n\u00ed v r\u00e1mci sv\u00fdch pracovn\u00edch povinnost\u00ed a kter\u00e1 se dozv\u011bd\u011bla o d\u016fle\u017eit\u00fdch skute\u010dnostech t\u00fdkaj\u00edc\u00edch se t\u011bchto obchod\u016f atd. v souvislosti s jej\u00edmi pracovn\u00edmi povinnostmi, nesm\u00ed prov\u00e1d\u011bt n\u00e1kup a prodej atd. specifick\u00fdch cenn\u00fdch pap\u00edr\u016f atd. dan\u00e9 ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti atd., pokud nebyly zve\u0159ejn\u011bny d\u016fle\u017eit\u00e9 skute\u010dnosti t\u00fdkaj\u00edc\u00ed se t\u011bchto obchod\u016f atd.<\/p>\n<cite><a href=\"https:\/\/elaws.e-gov.go.jp\/document?lawid=323AC0000000025\" target=\"_blank\" rel=\"noreferrer noopener\">Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji [ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Jin\u00fdmi slovy, osoba, kter\u00e1 obdr\u017eela p\u0159ed\u00e1n\u00ed intern\u00edch informac\u00ed, nem\u016f\u017ee obchodovat s akciemi atd., pokud spl\u0148uje n\u00e1sleduj\u00edc\u00ed podm\u00ednky:<\/p>\n\n\n\n<ul>\n<li>Od osoby spojen\u00e9 s firmou nebo b\u00fdval\u00e9 osoby spojen\u00e9 s firmou<\/li>\n\n\n\n<li>Obdr\u017eela p\u0159ed\u00e1n\u00ed d\u016fle\u017eit\u00fdch informac\u00ed o firm\u011b (d\u016fle\u017eit\u00e9 skute\u010dnosti), kter\u00e9 mohou v\u00fdznamn\u011b ovlivnit rozhodov\u00e1n\u00ed investor\u016f, kter\u00e9 z\u00edskala na z\u00e1klad\u011b sv\u00e9ho postaven\u00ed nebo povinnost\u00ed<\/li>\n\n\n\n<li>P\u0159ed zve\u0159ejn\u011bn\u00edm t\u011bchto informac\u00ed<\/li>\n\n\n\n<li>Prov\u00e1d\u00ed n\u00e1kup a prodej atd. specifick\u00fdch cenn\u00fdch pap\u00edr\u016f atd. dan\u00e9 ve\u0159ejn\u011b obchodovan\u00e9 spole\u010dnosti atd.<\/li>\n<\/ul>\n\n\n\n<p>Na druhou stranu, nap\u0159\u00edklad v p\u0159\u00edpad\u011b, kdy prvn\u00ed p\u0159\u00edjemce intern\u00edch informac\u00ed, kter\u00fd nen\u00ed spojen s firmou nebo b\u00fdvalou osobou spojenou s firmou, koupil akcie po zhl\u00e9dnut\u00ed intern\u00edch informac\u00ed zve\u0159ejn\u011bn\u00fdch na internetu, se domn\u00edv\u00e1me, \u017ee nebude podl\u00e9hat v\u00fd\u0161e uveden\u00e9 regulaci intern\u00edch informac\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_vydavani_investicnich_informaci_muze_byt_povazovano_za_manipulaci_trhu\"><\/span>I vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed m\u016f\u017ee b\u00fdt pova\u017eov\u00e1no za manipulaci trhu<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/02\/shutterstock_2163873001.jpg\" alt=\"Vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed m\u016f\u017ee b\u00fdt pova\u017eov\u00e1no za manipulaci trhu\" class=\"wp-image-58978\" \/><\/figure>\n\n\n\n<p>Vyd\u00e1v\u00e1n\u00ed informac\u00ed o investic\u00edch m\u016f\u017ee b\u00fdt pova\u017eov\u00e1no za &#8220;manipulaci trhu&#8221;. Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji (Z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji) zakazuje n\u00e1sleduj\u00edc\u00ed \u010dinnosti jako manipulaci trhu:<\/p>\n\n\n\n<ul>\n<li>Fiktivn\u00ed a koluzn\u00ed obchody (\u010dl\u00e1nek 159 odstavec 1 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji)<\/li>\n\n\n\n<li>Manipulace s cenov\u00fdmi v\u00fdkyvy (\u010dl\u00e1nek 159 odstavec 2 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji)<\/li>\n\n\n\n<li>Neleg\u00e1ln\u00ed stabiliza\u010dn\u00ed obchody (\u010dl\u00e1nek 159 odstavec 3 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji)<\/li>\n<\/ul>\n\n\n\n<p>&#8220;Fiktivn\u00ed a koluzn\u00ed obchody&#8221; znamenaj\u00ed, \u017ee stejn\u00e1 osoba prov\u00e1d\u00ed prodej a n\u00e1kup stejn\u00fdch cenn\u00fdch pap\u00edr\u016f za stejnou cenu ve stejn\u00e9m \u010dase, ani\u017e by m\u011bla v \u00famyslu p\u0159ev\u00e9st pr\u00e1va.<\/p>\n\n\n\n<p>&#8220;Manipulace s cenov\u00fdmi v\u00fdkyvy&#8221; znamen\u00e1 prov\u00e1d\u011bn\u00ed \u0159ady obchod\u016f s cenn\u00fdmi pap\u00edry, kter\u00e9 vytv\u00e1\u0159ej\u00ed dojem, \u017ee se obchoduje \u010dasto, nebo um\u011ble m\u011bn\u00ed tr\u017en\u00ed ceny, s c\u00edlem p\u0159il\u00e1kat ostatn\u00ed k n\u00e1kupu nebo prodeji cenn\u00fdch pap\u00edr\u016f.<\/p>\n\n\n\n<p>&#8220;Neleg\u00e1ln\u00ed stabiliza\u010dn\u00ed obchody&#8221; znamenaj\u00ed prov\u00e1d\u011bn\u00ed \u0159ady obchod\u016f s cenn\u00fdmi pap\u00edry s c\u00edlem udr\u017eet tr\u017en\u00ed ceny na st\u00e1le stejn\u00e9 \u00farovni, pevn\u011b je udr\u017eet nebo je stabilizovat, poru\u0161uj\u00edc p\u0159itom podm\u00ednky, c\u00edlov\u00e9 subjekty a postupy stanoven\u00e9 vl\u00e1dn\u00edm na\u0159\u00edzen\u00edm, a\u0165 u\u017e samostatn\u011b nebo ve spolupr\u00e1ci s ostatn\u00edmi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vztah_k_zakonu_o_prevenci_nespravedlive_souteze\"><\/span>Vztah k z\u00e1konu o prevenci nespravedliv\u00e9 sout\u011b\u017ee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>U vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed je t\u0159eba db\u00e1t nejen na regulace podle Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, ale tak\u00e9 na regulace podle Japonsk\u00e9ho z\u00e1kona o prevenci nespravedliv\u00e9 sout\u011b\u017ee.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, podle \u010dl\u00e1nku 2, odstavec 1, bod 21 Japonsk\u00e9ho z\u00e1kona o prevenci nespravedliv\u00e9 sout\u011b\u017ee, n\u00e1sleduj\u00edc\u00ed \u010dinnosti jsou pova\u017eov\u00e1ny za nespravedlivou sout\u011b\u017e:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Dvacet jedna &#8211; \u0161\u00ed\u0159en\u00ed nepravdiv\u00fdch informac\u00ed, kter\u00e9 po\u0161kozuj\u00ed obchodn\u00ed reputaci jin\u00e9 osoby, se kterou sout\u011b\u017e\u00edte<\/p>\n<cite><a href=\"https:\/\/elaws.e-gov.go.jp\/document?lawid=405AC0000000047\" target=\"_blank\" rel=\"noreferrer noopener\">Japonsk\u00fd z\u00e1kon o prevenci nespravedliv\u00e9 sout\u011b\u017ee[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>Nap\u0159\u00edklad, pokud vyd\u00e1v\u00e1te nepravdiv\u00e9 informace o jin\u00e9 spole\u010dnosti, se kterou sout\u011b\u017e\u00edte, jako nap\u0159\u00edklad &#8220;Tato spole\u010dnost ve skute\u010dnosti za\u017e\u00edv\u00e1 finan\u010dn\u00ed pot\u00ed\u017ee&#8221; nebo &#8220;Tato spole\u010dnost brzy zkrachuje&#8221;, m\u016f\u017ee to b\u00fdt pova\u017eov\u00e1no za poru\u0161en\u00ed Japonsk\u00e9ho z\u00e1kona o prevenci nespravedliv\u00e9 sout\u011b\u017ee.<\/p>\n\n\n\n<p>P\u0159i vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed je t\u0159eba nejen dodr\u017eovat Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, ale tak\u00e9 zkontrolovat, zda nejsou poru\u0161ov\u00e1ny jin\u00e9 z\u00e1kony. Pro v\u00edce informac\u00ed o Japonsk\u00e9m z\u00e1konu o prevenci nespravedliv\u00e9 sout\u011b\u017ee, se pod\u00edvejte na n\u00e1sleduj\u00edc\u00ed \u010dl\u00e1nek.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/unfair-competition-prevention-law\" target=\"_blank\" rel=\"noreferrer noopener\">Vysv\u011btlen\u00ed z\u00e1kona o prevenci nespravedliv\u00e9 sout\u011b\u017ee &#8211; Po\u017eadavky a p\u0159\u00edklady n\u00e1hrady \u0161kody za po\u0161kozen\u00ed reputace[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_Pro_poskytovani_investicnich_informaci_se_poradte_s_pravnikem\"><\/span>Shrnut\u00ed: Pro poskytov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed se pora\u010fte s pr\u00e1vn\u00edkem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme p\u0159edstavili regulace t\u00fdkaj\u00edc\u00ed se poskytov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed, s hlavn\u00edm zam\u011b\u0159en\u00edm na Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty (Financial Instruments and Exchange Act). Pokud lehkov\u00e1\u017en\u011b sd\u011bl\u00edte d\u016fle\u017eit\u00e9 informace o va\u0161\u00ed spole\u010dnosti ostatn\u00edm nebo jim doporu\u010d\u00edte obchodov\u00e1n\u00ed, m\u016f\u017ee to b\u00fdt nez\u00e1konn\u00e9. Doporu\u010dujeme konzultovat poskytov\u00e1n\u00ed investi\u010dn\u00edch informac\u00ed s pr\u00e1vn\u00edkem, kter\u00fd m\u00e1 odborn\u00e9 znalosti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uvod_do_opatreni_nasi_kancelare\"><\/span>\u00davod do opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith je pr\u00e1vn\u00ed kancel\u00e1\u0159 s vysokou odbornost\u00ed v oblasti IT, zejm\u00e9na internetu a pr\u00e1va. Je t\u0159eba b\u00fdt opatrn\u00fd p\u0159i \u0161\u00ed\u0159en\u00ed investi\u010dn\u00edch informac\u00ed. Na\u0161e kancel\u00e1\u0159 analyzuje pr\u00e1vn\u00ed rizika souvisej\u00edc\u00ed s ji\u017e zah\u00e1jen\u00fdmi podniky nebo podniky, kter\u00e9 se chystaj\u00ed zah\u00e1jit, s ohledem na r\u016fzn\u00e9 pr\u00e1vn\u00ed p\u0159edpisy, a sna\u017e\u00ed se je legalizovat bez zastaven\u00ed podnik\u00e1n\u00ed, pokud je to mo\u017en\u00e9. Podrobnosti jsou uvedeny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith se zab\u00fdv\u00e1 n\u00e1sleduj\u00edc\u00edmi oblastmi: <a href=\"https:\/\/monolith.law\/practices\/corporate\" target=\"_blank\" rel=\"noreferrer noopener\">Pr\u00e1vn\u00ed z\u00e1le\u017eitosti IT a startupov\u00fdch spole\u010dnost\u00ed[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>V posledn\u00edch letech vyu\u017e\u00edvaj\u00ed r\u016fzn\u00e9 subjekty, jako jsou cenn\u00e9 pap\u00edry a jednotlivci, internet k \u0161\u00ed\u0159en\u00ed informac\u00ed o investic\u00edch a mnoho lid\u00ed prov\u00e1d\u00ed obchody s akciemi a podobn\u011b na z\u00e1klad\u011b t\u011bchto informa [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61595"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61595"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61595\/revisions"}],"predecessor-version":[{"id":64183,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61595\/revisions\/64183"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64182"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}