Χρηματοδότηση των επιχειρήσεων μέσω του μηχανισμού του Χρηματιστηρίου Αθηνών
Business financing through the mechanism of Athens Stock Exchange
KeywordsΡυθμιζόμενες αγορές ; Αγορά κεφαλαίου ; Κεφαλαιαγορά ; Χρηματιστήριο Αθηνών ; Κύρια αγορά ; Εναλλακτική Αγορά (ΕΝ.Α) ; Επιτροπή Κεφαλαιαγοράς ; ESMA ; IOSCO ; Εισηγμένες ανώνυμες εταιρείες ; Επενδυτικές υπηρεσίες ; Ανώνυμες Εταιρείες Παροχής Επενδυτικών Υπηρεσιών (Α.Ε.Π.Ε.Υ.) ; Ενημερωτικό δελτίο ; Υποχρεώσεις διαρκούς πληροφόρησης ; Χρηματοπιστωτικά μέσα ; Απόδοση και κίνδυνος ; Μετοχές ; Ομόλογα
The present thesis addresses the key role of Athens Stock Exchange (hereinafter referred to as “Athex”) in the business financing, with the aim of constituting a useful manual for both enterprises contemplating to raise capital through Athex and for investors contemplating to enter into securities related transactions within Athex. To this end, it attempts to investigate the meaning of Athex as the operator of the regulated capital markets in Greece, as well as to investigate the rules, which govern the underlying capital markets. Therefore, a historical overview of the establishment and development of Athex is provided in first place, whereas in parallel the main regulatory framework governing the transactions carried out in the context of Athex is presented. Accordingly, the supervisory mechanisms which oversee the compliance with the capital market regulation are analyzed, along with the supervisory system pertaining in Greece. In this respect, it focuses on the preventing and enactment tasks of the Hellenic Capital Market Commission, which operates with the view to ensuring the efficient operation of the capital market. It also presents, inter alia, the regulated and non-regulated capital markets operating in Greece under the management of Athex, along with the listing requirements that should cumulatively be met by the issuer company in order for the issued stocks and bonds to be admitted for trading in Athex’s Main and Alternative Market. Accordingly, the way the transactions take place in Athex is presented, which occur only through the Athex trading members being certified for the provision of investment services. On this basis, the full range of conduct-of-business requirements applicable to investments services firms is investigated, in conjunction with the sanctions potentially arising at the level of the said firms due to a breach of the above mentioned requirements. Furthermore, the present thesis provides an overview of the reporting and disclosure obligations of the issuer companies whose securities are to be admitted for trading in Athex, along with the companies whose securities have already been admitted for trading in Athex. In this regard, it addresses the importance of such information both for safeguarding market’s proper operation and ensuring investor protection. Finally, the present thesis examines the financing methods available for an enterprise by emphasizing to the most important one, which is the issuing of securities and admitting to trading in a regulated market. In this view, an analysis is made as to the stocks and corporate bonds being the most popular financial instruments for the market participants seeking financing and for the ones involved in the process of buying financial instruments.