scholarly journals Improvement of legal regulation of intermediation in the virtual assets market

2021 ◽  
pp. 58-64
Author(s):  
Oleh Kulyk
Keyword(s):  
Financial Services ◽  
Economic Activity ◽  
Financial Intermediation ◽  
Service Providers ◽  
Legal Regulation ◽  
Third Parties ◽  
Legal Concept ◽  
Market Participants ◽  
Business Entities ◽  
Professional Assistance

Legal regulation of intermediation in the virtual assets market was analysed. It was grounded, that the professional assistance to virtual assets market participants is necessary because of complexity of transactions with virtual assets. It was found, that the virtual assets service providers carry out intermediation in the virtual assets market as an entity that is acting in the interests of third parties and providing intermediary services to the market participants. Based on the analysis of the legal concept of "intermediation", it was formulated, that intermediation in the virtual assets market can be considered as the economic activity of business entities – virtual assets service providers, - which is carried out with the purpose of providing intermediary services to virtual assets market participants. Types of intermediation in the virtual assets market include: 1) safekeeping or administration of virtual assets and keys of virtual assets; 2) exchange of virtual assets (except when exchange is not carried out directly by the consumers in their own interests); 3) transfer of virtual assets (except when the transfer is not carried out directly by the consumers in their own interests); 4) participation in and provision of financial services, related to an issuer’s offer and/or sale of a virtual asset. It was found, that according to the draft law “On Virtual Assets” of June 11, 2020 No 3637 virtual assets service providers should be registered, but there is no mention about the license for providing intermediation in the virtual assets market. At the same time, it was grounded, that according to Ukrainian law, the financial intermediation in the virtual assets market, including participation in and provision of financial services, related to an issuer’s offer and/or sale of a virtual asset, should be a subject of licensing

scholarly journals Principles of performing foreign economic transactions and contracts

2021 ◽  
Vol 2 (99) ◽  
pp. 204-210
Author(s):  
S. Iu. Sokoliuk ◽  
◽  
O. V. Zharun ◽  
O. S. Tupchii
Keyword(s):  
International Trade ◽  
Foreign Trade ◽  
Economic Activity ◽  
Legal Regulation ◽  
Economic Security ◽  
Legal Form ◽  
Normative Documents ◽  
Trade Law ◽  
International Trade Law ◽  
Business Entities

In the context of complex political and socio-economic processes, that are characterized by the stratification of the property status of various segments of the population, by the growth of customs offenses, by the aggravation of the influence of destabilizing trends on the economic security of the state, the issue of creating an effective state system of customs and legal regulation of foreign economic activity of business entities becomes relevant. The variety of nomenclature of goods transported across the customs border, and the peculiarities of foreign economic operations determines the implementation of customs and legal regulation by a large number of state authorities, each of which, within the limits of their competence, is entitled to issue normative documents in the field of foreign economic activity and provide permits for foreign trade operations. The fulfillment of a foreign trade obligation is subject to both the terms of the agreement and the provisions of the normative sources of international trade law, and the customs of commercial turnover. Among the customs produced by many years of experience in international trade, the customs are distinguished, which have become general provisions, which in the civil doctrine are called the principles of fulfilling obligations. When drawing up an agreement, it is important to establish which state law will govern relations under a specific agreement, since there are significant differences in resolving the same issues in the law of different countries. The foreign trade sale and purchase agreement is the most common legal form of foreign economic agreement, which mediates the relationship between Ukrainian and foreign entrepreneurs. Its development in accordance with the principles of implementation, the development of conditions and obligations of the parties, the implementation requires special knowledge and skills, taking into account the specific features of the external market.

scholarly journals FinTech in Latvia: Status Quo, Current Developments, and Challenges Ahead

Risks ◽  
2021 ◽  
Vol 9 (10) ◽  
pp. 181
Author(s):  
Ramona Rupeika-Apoga ◽  
Stefan Wendt
Keyword(s):  
Financial Performance ◽  
Financial Services ◽  
Service Providers ◽  
Status Quo ◽  
Current Status ◽  
New Developments ◽  
Playing Field ◽  
Market Participants ◽  
The Status ◽  
Skilled Workforce

FinTech has been in the focus of discussion for quite some time. However, the market share of FinTech companies is still relatively small compared to that of more traditional financial services. The purpose of this paper is to analyse the status quo, current developments, and challenges ahead for the Latvian FinTech sector. We combine three analyses: a political and legal, economic, social, and technological environment (PEST) analysis; a survey among FinTech companies; and an analysis of the size and financial performance of FinTech companies during the last 10 years. We find that the current status of regulation is one of the main obstacles to FinTech development, because it does not sufficiently consider FinTech-specific aspects. Problems in attracting a skilled workforce and an environment that is not very supportive of new developments in finance are further challenges and might explain at least part of the growth and financial performance difficulties. A revision, modernization, and harmonization of regulation is essential to create a level playing field for all market participants: FinTech companies, traditional financial service providers, and those originally traditional players that are integrating FinTech solutions in their business model. Further efforts are also required to foster Latvia’s attractiveness for a skilled workforce. We hope that this study helps increase the visibility of Latvian FinTech and contributes to the development of the new Latvian FinTech strategy.

scholarly journals Concept and Types of Administrative Restrictions within Legal Regulation of Economic Activity

2020 ◽  
Vol 91 (4) ◽  
pp. 193-201
Author(s):  
M. V. Starynskyi
Keyword(s):  
Public Interest ◽  
Economic Activity ◽  
Legal Regulation ◽  
Freedom Of Choice ◽  
Legal Norms ◽  
The Public ◽  
Legal Nature ◽  
The Subject ◽  
State Coercion ◽  
Business Entities

The article is focused on studying the concept of administrative restrictions used by state-authorized agencies in the process of regulating economic activity. Based on the analysis of scientific sources and the practice of legal regulation of economic activity, it has been emphasized that the category of “administrative restrictions” in modern legal science is mainly used to denote the result of relations related to the offense. It has been concluded that such an approach is controversial, and the approach when administrative restrictions are studied through the category of “coordination” is more appropriate. State-authorized agencies in order to ensure the public interest use a large number of administrative restrictions in the field of economic activity, which are formulated as individual (subjective) measures of administrative and legal nature defined by regulatory acts and aimed at coordinating the behavior and actions of the addressee in the sphere of economic activity within the appropriate limits that are introduced in order to ensure the public interest. In the course of the research the author has distinguished the features of administrative restrictions used in the legal regulation of economic activity, which include the following: 1) they are objectified in the legal norms contained in the normative legal acts regulating economic activity and having a restrictive nature; 2) they coordinate the activity of economic entities, defining the boundaries, the degree of freedom of choice of their actions; 3) the subject of application is a state-authorized agency in the field of regulation of economic activity, and the addressee is an individual or a legal entity – business entities; 4) the purpose of application is to bring the behavior of the subject in accordance with a certain standard of economic activity; 5) they have mandatory nature and are provided by state coercion. Based on the analysis of the practice of applying administrative restrictions in the field of economic activity, it has been concluded that they can be classified depending on the sphere of economic activity, object of influence, sphere of use, type of normative act containing administrative restrictions and content of administrative restrictions.

Review of information asymmetry in banking in the Russian Federation

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Imeda A. Tsindeliani ◽  
Irina E. Mikheeva
Keyword(s):  
Information Asymmetry ◽  
Russian Federation ◽  
Financial Services ◽  
Legal Regulation ◽  
Legal Analysis ◽  
Legal Concept ◽  
Content Type ◽  
The Russian Federation ◽  
The Right ◽  
Legislative Activities

Purpose The purpose of this study is to identify the prospects and main directions for improving Russian legislation on the protection of the rights of consumers of financial services taking into account the specifics of information asymmetry in banking. Design/methodology/approach Using the method of economic and legal analysis, the essence of information asymmetry in banking in the Russian Federation was considered. Taking into account international experience, the analysis of the legislation of the Russian Federation in the existing regulatory and legal field is carried out. A forecast of probable changes in the field of legal regulation of information asymmetry issues in banking was also carried out. Findings This paper deals with cases when information asymmetry can be recognized as unfair behavior. The main features of information asymmetry in banking on the part of credit institutions in terms of banks’ failure to provide information on the content of banking services on the right to refuse additional services have been studied. Originality/value This study suggests that the current Russian legislation does not provide the necessary protection for consumers of financial services from information asymmetry. Based on a comprehensive analysis of legislation and judicial practice, the information asymmetry in this paper is delimited as an economic and legal concept; the prerequisites and main forms of information asymmetry in banking are determined. The main provisions and conclusions of this study can be used in legislative activities when developing provisions on the protection of the rights of financial services consumers.

scholarly journals IMPLEMENTATION PROBLEMS OF THE ENVIRONMENTAL LAW NORMS IN THE INDUSTRIAL REGIONS OF RUSSIA (THE CASE OF KUZBASS)

2017 ◽  
Vol 2017 (4) ◽  
pp. 77-87
Author(s):  
Тимур Невзоров ◽  
Timur Nevzorov ◽  
Дмитрий Манаков ◽  
Dmitriy Manakov
Keyword(s):  
Environmental Policy ◽  
Natural Resources ◽  
Coal Mining ◽  
Natural Environment ◽  
Economic Activity ◽  
Environmental Law ◽  
Legal Regulation ◽  
Environmental Damage ◽  
Ecological Situation ◽  
Legal Concept

<p>In the context of the Year of Ecology in Russia, much attention has been drawn to the significant extent to the implementation of the state environmental policy related to the problems of the country’s environmental development as a whole, as well as to ensuring environmental safety and conservation of biological diversity, both in the country and in the regions. The authors use official assessments of the environmental situation in the Kemerovoregion, which is characterized by a high level of anthropogenic impact on the natural environment, the social sphere, the public health and the significant environmental consequences of economic activity.<strong></strong></p><p>Therefore, the paper features the implementation of environmental law in an industrialized region. It analyses a number of violations caused by the economic activity in the region. First of all, they are related to the current growth rates of coal mining in Kuzbass, as well as with the predominance of open coal mining, which leads to intensive development of the poor ecological situation in the region.</p><p>The authors consider examples of legal regulation of relations caused by the formation of mechanisms for the application of environmental policy, in the process of exercising the competence of controlling and law enforcement bodies in their protection of mineral wealth, land, water, air and forest in the region.</p><p>The article also discusses the «non-exhaustive» use of natural resources as one of the strategic directions of state environmental policy: as a legal concept, as a legal principle, as an obligation of the authorities, and as the right and duty of rightholders (users) of natural resources.</p><p>The article ends with the following statement: in Russian version, the content of environmental policy is distributed among a number of legal acts, which is why it is often difficult to determine and complicated in application.</p><p>A possible solution for the ecological situation in the region should be based on the objectives of environmental policy, determined for different periods (long, medium and short-term). The joint efforts of economic entities and supervisory bodies should be aimed at a radical change in the fight against destruction and contamination with environmental wastes, contaminated wastewater, as well as the elimination of the accumulated environmental damage in general. Finally, there is a need to strengthen the planning in the implementation of environmental policy in order to achieve the volume of production and consumption of both mineral and biological resources of the region that would be adequate to the natural environment. These measures should be equally extended to the activities of industrial facilities and the population in all territories of the region.</p>

scholarly journals FinTech in Latvia: Status Quo, Current Developments and Challenges Ahead

2021 ◽  
Author(s):  
Ramona Rupeika-Apoga ◽  
Stefan Wendt
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
Status Quo ◽  
Current Status ◽  
Playing Field ◽  
Market Participants ◽  
The Social ◽  
The Status ◽  
Skilled Workforce ◽  
And Performance

FinTech has been in the focus of the discussion for quite some time. However, the market share of FinTech companies is still relatively small in compared to more traditional financial services. The purpose of this paper is to analyse the status quo, current developments and challenges ahead for the Latvian FinTech sector. We combine three analyses: the political and legal, the economic, the social and the technological environment (PEST) analysis, an analysis of the size and performance of FinTech companies during the last 10 years, and a survey among FinTech companies. We find that the current status of regulation is one of the main obstacles to FinTech development, because it does not sufficiently consider FinTech-specific aspects. Problems in attracting skilled workforce, and an environment that is not very supportive of new developments in finance are further challenges and might explain at least part of the growth and performance difficulties. A revision, modernization and harmonization of regulation is essential to create a level playing field for all market participants: FinTech companies, traditional financial service providers and those originally traditional players that are integrating FinTech solutions in their business model. Further efforts are also required to foster the Latvia&rsquo;s attractiveness for skilled workforce. We hope that this study helps increase the visibility of Latvian FinTech and contributes to the development of the new Latvian FinTech strategy.

scholarly journals Financial and Legal Regulation of the Security of Economic Activity

2020 ◽  
Vol 89 (2) ◽  
pp. 132-142
Author(s):  
O. P. Getmanets
Keyword(s):  
Economic Activity ◽  
Legal Regulation ◽  
The State ◽  
Point Of View ◽  
Financial Control ◽  
Financial Security ◽  
Factors Affecting ◽  
Financial Activity ◽  
Business Entities ◽  
The Stability

The author of the article studies financial relations between the state and business entities, whose legal regulation has a significant impact on the security of economic activity as an important component of national security. The author analyzes internal and external factors affecting the finances that are at the disposal of business entities, the state of which depends on the security of economic activity. The components of financial security of business entities are studied from the point of view of organization of finances and management of the movement of financial resources, ensured by the financial and legal regulation by the state. The directions of financial and legal regulation of the security of economic activity are analyzed as an important condition for ensuring the stability, sustainability and efficiency of the movement of finances at the level of business entities. It has been established that the legal provision of financial security of business entities is based on regulatory basis that defines the principles, methods, functions and powers of public authorities’ activity and activity of local self-government agencies in all components of the financial system, namely in budgetary, tax, currency, banking, investment, etc., in particular in the area of financial control, which facilitates the establishment of the legitimacy of financial activities and the rational use of finances. It has been determined that there is no regulatory support for financial security at all levels of the economy, including the activity of business entities, as a coherent state policy. The author proves the expediency of developing and implementing a law defining the types of threats to the stability of financial activity and the principles of counteraction, the powers of the state authorities to counteract, prevent and eliminate the threats in the financial sphere, the components of the mechanism of protection of financial interests of business entities. It has been established that financial control is the component of financial activity of business entities, and therefore the Law of Ukraine “On the Basic Principles of Exercising State Financial Control in Ukraine” needs to be improved regarding the methods and types of financial control, powers of controlling entities in order to ensure the security of economic activity.

scholarly journals Financial Ombudsman: Towards an Effective Customers Rights` Protection in Ukraine

2019 ◽  
Vol 2 (4) ◽  
pp. 51-63
Keyword(s):  
Dispute Resolution ◽  
Financial Services ◽  
Alternative Dispute Resolution ◽  
Service Providers ◽  
Legal Regulation ◽  
Financial Service ◽  
Legal Basis ◽  
Rights Protection ◽  
The Law ◽  
The Moment

This article explores the prerequisites and prospects for introducing the Financial Ombudsman Office in Ukraine as an institute for alternative (extrajudicial) resolution of disputes between consumers and financial service providers. Particular attention is paid to the analysis of the draft law on the establishment of the Financial Ombudsman in Ukraine. Considering the existing mechanisms of alternative dispute resolution in Ukraine and the possibility of their application to the issues of financial services consumers’ rights protection, the historical retrospective of the establishment of the Financial Ombudsman institute in Ukraine is considered. The author analyses the legal, institutional and theoretical prerequisites for the implementation of one of the Financial Ombudsman models operating in other countries. The focus is on the analysis of the compliance of the draft law on the establishment and operation of the institute with the principles set out in Directive 2013/11 on consumer ADR. At the same time, it is stated why one or another structure of the legal regulation of the establishment and activity of the Financial Ombudsman Office in Ukraine was chosen. The author, as one of the experts involved in the drafting of the law, concludes that, despite the compliance of the draft law with the European principles of the ABC, there is, unfortunately, no prospect of its adoption as a legal basis for setting up a Financial Ombudsman Office in Ukraine at the moment and in the coming year, and analyses the causes.

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