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Delnica je vrednostni papir, s katerim je mogoče trgovati na različne načine. Manj poznan način trgovanja, predvsem v Sloveniji, je trgovanje z delnicami na kratko (ang. short selling). V diplomskem delu je najprej predstavljen pojem delnice, nato vrste delnic in način trgovanja z njimi. Glavna tema diplomske naloge je prodaja delnic na kratko. Obravnavan je pojem prodaje na kratko ter razvoj tega instituta skozi čas. Nato je podrobno pojasnjen potek prodaje na kratko in vpliv prodaje na kratko na finančne trge. Opravljena je tudi primerjava z osnovnim načinom trgovanja z delnicami (ang. going long). Za lažje razumevanje je short selling z delnicami predstavljan še na primeru. V nalogi so opredeljena tudi pravna razmerja pri prodaji na kratko, vpliv prodaje na kratko na korporacijske pravice delničarjev in vpliv razdelitve ter združitve »shortanih« delnic na prodajalca na kratko. Naloga predstavlja tudi pravno ureditev prodaje na kratko v Evropski uniji, Avstraliji in v Sloveniji. Pravna ureditev prodaje na kratko v Sloveniji je predstavljena kot de lege lata in de lege ferenda. A share (stock) is a security which can be traded in different ways. Less known pattern of trade, especially in Slovenia, is short selling. This thesis firstly represents the concept of shares, which is followed by types of shares and their patterns of trade. The main topic of the thesis is short selling. The thesis discuses the concept of short selling and the development of this institute trough time. Then it represents a detailed explanation of short selling and its impact on financial markets. The thesis includes also the comparison with the conventional practice of trading (going long). For better understanding, short selling of shares is presented also on an example. The thesis defines also legal relations in short selling, the impact of short selling on corporate rights of shareholders and the impact of split up and split down short-sold shares on the short seller. The thesis represents also the short selling regulation in the European Union, Australia and Slovenia. The short selling regulation in Slovenia is presented as de lege lata and de lege ferenda.

Diplomsko delo je zasnovana na analizi sodne prakse v Republiki Sloveniji, in sicer se avtorica osredotoča na področje, ki se je razvijalo skupaj z državo samo- trg finančnih instrumentov. Medtem ko so tuje države razvijale zakonodajne okvirje kot tudi institucije na tem področju skoti desetletja, je imela Republika Slovenija zelo malo časa za prilagoditev in učenje. Avtorica želi z analizo sodne prakse na področju trga finančnih instrumentov prikazati, kako so spremembe zakonodaje ter njihove dopolnitve, ki so sčasoma uvedle večjo zaščito udeležencev trga, vplivale na število in strukturo sporov. Analiza je razdeljena na dve obdobji prvo desetletje po osamosvojitvi, kjer avtorica zasledi malo sporov z instituti finančnih instrumentov, kar je razumljivo, ob upoštevanju dejstva, da se je v tem obdobju komaj oblikoval zakonodajni okvir samega trga, kot tudi so se komaj ustanovile pomembne institucije za nadzor trga. V drugem desetletju naraste število sporov z izbrano temo, kjer prevladujejo spori z instituti prevzemov ter prepovedanih ravnanj zlorabe trga finančnih instrumentov. Nepoznavanje zakonodaje, njenih novel kot tudi napačna razlaga zakonskih določb, so imele za posledico neuspešnost tožnikov v sodnih sporih. Diploma paper is based on an analysis of a court practice in Republic of Slovenia, in which the author focuses on a territory, which has been developing side by side as the country itself- financial instruments market. While foreign countries were developing their legislation and establishing institutions on financial instruments market during decades, Republic of Slovenia did not have much time for that. Instead we had to make a quick adjustment and learn quickly. With the analysis of court practice on financial instruments market, the author wants to show what kind of affect, the changes of legislation and their implementes, which in time brought bigger protection for the market participants, had on the number as well as the structure of court disputes. Analysis is divided in two periods first decade after the independence in which author does not find many court disputes with the institutes of financial instruments. That is no surprise since this was the decade in which the legislation was being formed as well as the important institutions for controling the market were being established. The number of court disputes, that the author is interested in, started rising in the second decade, where court disputes with the institute of take-over and malpractice on financial instruments market, prevails. Unfamiliarity with legislations, their implements as well as the wrong interpretation of regulations, leads into unsuccess of plaintiffs.