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The evolution of the financial market has given rise to new instruments of trade - digital assets. Considering the diversity and inhomogeneity of digital assets, the author analysed the legal position of digital tokens compared to that of securities, including their resembling features. Therefore, in the first part of the paper, the author analyses the issuance of digital assets. The central part of the paper is dedicated to a critical review and analysis of the issuer's legal responsibility for a faulty or deficient prospectus, that is, a white paper, with particular reference to the network of (passively) responsible individuals. Hence, this research aims to highlight the similarities and differences accompanying the issuance of securities and digital assets (tokens). Finally, using the normative and comparative method, the author concludes that despite the many advantages of legalizing the issuance and secondary trading of digital assets, the issuance of digital tokens is accompanied by risks and certain inequalities compared to the issuance of securities.

Issues of the mutual duty of loyalty between the employee and the employer are the subject of analysis not only in labor and company law, but also as the issues of concern in work and business ethics. This has significant impacts on the clear identification of the notion and differentiation of its elements in terms of ensuring legal protection. This is particularly emphasized in the conditions of the dynamic labor market and changes caused by the globalization of production, digitization and automation of work, as well as the flexibilization of the employment relationship which significantly challenged the approach to the subject. In the paper, applying the normative, comparative and axiological method, the legal derivatives of the ethical-legal category of loyalty, i.e. the institute of anti-competition and the institute of trade secrets, are critically examined from standpoints of labor and company law theory, individually. On those grounds, the inconsistency of domestic systemic laws in this area has been pointed out, while the recommendations de lege ferenda have been made in order to cope with the challenges of the economy based on inovations and knowlegde.

The issue of market risks management in investment companies is being updated and gaining importance in recent years, due to frequent crises and shocks in the financial markets. The application of the normative and comparative method in work analyzes the exposure of investment companies business to market risks. The paper points out the importance of determining market risks, as well as the types of market risks to which investment companies are exposed, and the importance of introducing new solutions adopted in the European legislation. The application of the proposed solutions based on qualitative and quantitative measures should enable both investment companies surviving on the capital market and providing adequate legal protection to investors. Therefore, the paper emphasizes the need for identifying and early recognition of market risks in investment companies, proposing appropriate measures, assessments and models for managing market risks in the investment companies.

The global financial crisis has given rise to legislative activity on the international level, with the adoption of numerous legal regulations, in order to improve the ability of financial participants, among others, investment firms to absorb losses arising from economic and financial stress situations. Credit risk is one of the dominant risk in the finance and business of investment firms, and consequently, the exposure to credit risk is present in almost all financial transactions. Therefore, the paper points out that the application of adequate methods of credit risk management can contribute to the liquidity of investment firms, as well as preserving the stability of the financial market, taking into account frequent financial market shocks caused by numerous internal and external factors. In this regard, the aim of this research is to indicate how the application of the adopted international standards contributes to reducing the exposure of the investment firms to credit risk. Finally, the research of the legal regime of credit risk management in investment firms, using the normative and comparative method, provides us with a basis for critical review and analysis of national regulation in this field.