Zakonodavna smušenost u pretvaranju javnog u nejavno društvo

Abstract

U članku se analizira pretvaranje javnog u nejavno društvo i ukazuje na nejasnosti i na pravnu prazninu u njegovom regulisanju, koja je nastala donošenjem Zakona o tržištu kapitala Srbije 2011. godine. Tim zakonom se izričito uređuje pretvaranje javnog u nejavno društvo, ali samo u slučaju kad se akcije javnog društva povlače s organizovanog tržišta (tzv. regulisano tržište odnosno MTP). Nema, međutim, pravila za slučaj kad javno društvo, čijim se akcijama trguje na neorganizovanom javnom tržištu (tzv. OTC), odluči da ih povuče sa njega, čime postaje nejavno društvo. Pisac razmatra mogućnosti za tumačenje nastale praznine, ukazujući na dosadašnju nezakonitu praksu zabrane tog pretvaranja. Zaključuje se da su zakonska pravila o pretvaranju javnog u nejavno društvo ograničenog domašaja, te da bi izmenom tog zakona trebalo da im se proširi primena i na javna društva na neorganizovanom tržištu.

In this article the author explains conversion of a public company into the private one (going private) and points to the loophole in its regulation, which was created by the Securities Market Act of Serbia in 2011. That Act explicitly regulates going private process, but only when the shares of the subject public company are traded on an organised market (so called, regulated market and MTP). The Act does not regulate the case when a public company, whose shares are publicly traded on overthe-counter market, decides to withdraw the shares from the public trade and to become private company. The author contemplates possible interpretations of the loophole, pointing to the earlier illegal practice of prohibiting that process in Serbia. The conclusion is that the statutory rules on going private process have limited scope and that the amendments should enlarge their coverage to the public companies on the over-thecounter market.