{"id":16484,"date":"2017-08-31T10:04:44","date_gmt":"2017-08-31T10:04:44","guid":{"rendered":"http:\/\/triniti.eu\/insights\/po-estt-sprendimo-daugiau-saugumo-smulkiesiems-imoniu-akcininkams\/"},"modified":"2026-04-15T13:39:26","modified_gmt":"2026-04-15T13:39:26","slug":"po-estt-sprendimo-daugiau-saugumo-smulkiesiems-imoniu-akcininkams","status":"publish","type":"insights","link":"https:\/\/triniti.1kdigital.com\/lt\/insights\/po-estt-sprendimo-daugiau-saugumo-smulkiesiems-imoniu-akcininkams\/","title":{"rendered":"Po ESTT sprendimo \u2013 daugiau saugumo smulkiesiems \u012fmoni\u0173 akcininkams"},"content":{"rendered":"\nNacionalin\u0117s prie\u017ei\u016bros institucijos gali padidinti \u012fmoni\u0173 per\u0117mimo pasi\u016blymo kain\u0105, jei \u012ftariama, kad nustatant kain\u0105 vadovaujamasi ne situacija \u012fmon\u0117je ir rinkoje, o slaptais susitarimais.\n\nTokios pozicijos laikosi Europos S\u0105jungos Teisingumo Teismas (ESTT), kuris nustat\u0117, kad nacionalin\u0117s prie\u017ei\u016bros institucijos gali padidinti \u012fmoni\u0173 per\u0117mimo pasi\u016blym\u0173 kain\u0105, jei turima \u017eini\u0173 apie slaptus susitarimus d\u0117l akcij\u0173 kainos nustatymo.\n\nTam proceso prad\u017eioje nereikia net nurodyti konkre\u010di\u0173 slapt\u0105 susitarim\u0105 \u012frodan\u010di\u0173 veiksm\u0173, pakanka nurodyti, kad nustatin\u0117jant akcij\u0173 kain\u0105 yra sudarin\u0117jami slapti did\u017ei\u0173j\u0173 akcinink\u0173 ar kit\u0173 suinteresuot\u0173 asmen\u0173 susitarimai.\n\n\u201eESTT sprendimas leid\u017eia geriau apsaugoti smulki\u0173j\u0173 akcinink\u0173 interesus, kurie neretai nuken\u010dia d\u0117l nes\u0105\u017eining\u0173 stambi\u0173j\u0173 \u012fmon\u0117s akcinink\u0173 veiksm\u0173\u201c, \u2013 sako advokat\u0173 profesin\u0117s bendrijos \u201eTriniti LT\u201c partneris advokatas Linas Sabaliauskas<\/a>.\n\n\u201eTriniti LT\u201c \u012emoni\u0173 teis\u0117s grup\u0117s vadovas atkreipia d\u0117mes\u012f \u012f tai, kad nacionalin\u0117s teis\u0117s aktuose u\u017etenka pateikti abstrak\u010di\u0105 teis\u0117s s\u0105vok\u0105, pavyzd\u017eiui, \u0161iuo atveju s\u0105vok\u0105 \u201eslaptas susitarimas\u201c, siekiant pagr\u012fsti \u012fmoni\u0173 per\u0117mimo pasi\u016blymo kainos padidinim\u0105.\n\nESTT taip pat nurod\u0117, kad abstrakti teis\u0117s s\u0105voka negali b\u016bti pernelyg neapibr\u0117\u017eta, valstyb\u0117 nar\u0117 tur\u0117t\u0173 sugeb\u0117ti pateikti tokios s\u0105vokos turinio ir prasm\u0117s paai\u0161kinimus.\n\nKaip \u017einoma, Vertybiniu popieri\u0173 \u012fstatymas nustato, kad privalomo oficialaus pasi\u016blymo kaina turi b\u016bti teisinga, \u012fstatyme taip pat numatyta, kad teisinga kaina apskai\u010diuojama \u012fvertinus pra\u0117jusi\u0173 6 m\u0117n. (kai kuriais atvejais 12 m\u0117n.) akcij\u0173 kainos vidurk\u012f.\n\nTuo tarpu privalomo oficialaus pasi\u016blymo teik\u0117jai suinteresuoti ma\u017einti akcij\u0173 \u012fsigijimo kain\u0105.\n\nPraktikoje prie\u017ei\u016bros institucijai neretai yra labai sud\u0117tinga gin\u010dyti privalomame oficialiame pasi\u016blyme nurodyt\u0105 supirkimo kain\u0105, ypa\u010d jei ji formaliai atitinka \u012fstatyme nustatyt\u0105 teisingos kainos s\u0105vok\u0105. \u0160is ESTT sprendimas palengvins situacij\u0105 prie\u017ei\u016bros institucijai, nes viena\u0161aliam akcij\u0173 kainos pakeitimui formaliai u\u017etekt\u0173 \u012frodyti, kad buvo sudarin\u0117jami slapti susitarimai.\n\n\u201eTikim\u0117s, kad naujausia ESTT praktika paskatins Lietuvos prie\u017ei\u016bros institucij\u0105 dar dr\u0105siau ginti smulki\u0173j\u0173 akcinink\u0173 teises ir, esant bent menkiausiam \u012ftarimui d\u0117l galim\u0173 slapt\u0173 susitarim\u0173, bus galima gin\u010dyti privalomo oficialaus si\u016blymo kain\u0105. Lietuvos kapitalo rinka dar n\u0117ra pakankamai i\u0161sivys\u010diusi, tod\u0117l yra svarbios bet kokios priemon\u0117s, didinan\u010dios Lietuvos kapitalo rink\u0173 patikimum\u0105 ir skatinan\u010dios Lietuvos kapitalo rink\u0173 vystym\u0105si,\u201c \u2013 sako L. Sabaliauskas.\n\nJis atkreipia d\u0117mes\u012f, kad Lietuvoje dar yra emitent\u0173 tarp \u017einom\u0173 akcini\u0173 bendrovi\u0173, kurie neretai patenka \u012f skandal\u0173 s\u016bkurius ir yra \u012ftariami smulki\u0173j\u0173 akcinink\u0173 teisi\u0173 nepaisymu, o tai kenkia pasitik\u0117jimui visa nuosavyb\u0117s vertybini\u0173 popieri\u0173 rinka.\n\nESTT i\u0161vadas d\u0117l smulki\u0173j\u0173 akcinink\u0173 interes\u0173 apsaugos pateik\u0117 i\u0161nagrin\u0117j\u0119s konkret\u0173 atvej\u012f Italijoje, kai Italijos nacionalin\u0117 prie\u017ei\u016bros tarnyba padidino akcij\u0173 pardavimo kain\u0105, nes buvo \u012ftartas slaptas susitarimas. Akcininkas tok\u012f nacionalin\u0117s prie\u017ei\u016bros tarnybos susitarim\u0105 u\u017egin\u010dijo, ta\u010diau ESTT pripa\u017eino, kad tokia situacija teis\u0117ta.\n","protected":false},"featured_media":7034,"template":"","person_countries":[248],"people_industries":[],"experience_practice_area":[277],"insight_category":[441],"class_list":["post-16484","insights","type-insights","status-publish","has-post-thumbnail","hentry","person_countries-lietuva","experience_practice_area-imoniu-teise-susijungimai-ir-isigijimai","insight_category-tinklarastis"],"acf":[],"yoast_head":"\nPo ESTT sprendimo \u2013 daugiau saugumo smulkiesiems \u012fmoni\u0173 akcininkams - TRINITI - Pan-Baltic Law Firm<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"lt_LT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Po ESTT sprendimo \u2013 daugiau saugumo smulkiesiems \u012fmoni\u0173 akcininkams - 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