scholarly journals LEGAL REGULATION OF CROSS-BORDER BANKRUPTCY OF LEGAL ENTITIES

2021 ◽  
Vol 9 (10) ◽  
pp. 1345-1350
Author(s):  
Azamat Ergashev ◽  
Keyword(s):  
Rapid Development ◽  
Analytical Data ◽  
Legal Framework ◽  
Legal Regulation ◽  
Point Of View ◽  
Private Law ◽  
Theoretical Point ◽  
Cross Border ◽  
International Private Law ◽  
Legal Entities

The last decade has been marked by the rapid development of International private law within the framework of globalization and unification of norms. Therefore, in the international community, the issue of interethnic application and harmonization of rules and norms for individual emerging legal relations becomes acute. This article examines the issue of legal regulation of cross-border bankruptcy of legal entities. In particular, the author provides a number of statistics and analytical data from a number of countries (developed and developing) in order to substantiate the point of view on this issue.Moreover, the author examines foreign law enforcement practice and the legal framework on bankruptcy and insolvency of legal entities. Considering the bankruptcy procedure, the author comes to the conclusion that this issue has not been sufficiently studied both from a theoretical point of view and from a practical one. Within the framework of this study, sufficient arguments are made to accelerate the resolution of conflicts in International private law. As a result, the author gives some conclusions and suggestions applicable both in the Republic of Uzbekistan and in other states.

scholarly journals Siedziba rzeczywista spółki jako łącznik unijnego prawa prywatnego międzynarodowego

2021 ◽  
Vol 28 ◽  
pp. 109-129
Author(s):  
Arkadiusz Wowerka
Keyword(s):  
Point Of View ◽  
Private Law ◽  
The Real ◽  
Applicable Law ◽  
Cross Border ◽  
International Private Law ◽  
Real Seat ◽  
Contractual Obligations ◽  
Insolvency Proceedings ◽  
The Eu

The real seat is a recognised, although expressed in different terms, connecting factor of the EU international private law, relating to companies in they different legal relations. Under the regulations unifying particular areas of this law, relevant form the point of view of cross-border operations of companies, the real seat is the connecting factor determining the applicable law in the field of contractual and non-contractual obligations, and the company’s bankruptcy. Furthermore, it deretmines the jurusdiction for insolvency proceedings against the company, and i salso a jurisdictional connecting factor for general civil and commercial matters. The real seat connecting factor may also constitute a connecting factor determining the law applicable to company, accectable under the EU freedom of establishement.

scholarly journals Legal regulation of OTC financial derivatives trading

2021 ◽  
pp. 215-230
Author(s):  
Marija Vićić
Keyword(s):  
Financial Markets ◽  
Capital Market ◽  
Legal Framework ◽  
Legal Regulation ◽  
Financial Derivatives ◽  
Legal Issues ◽  
Legal Environment ◽  
Legal Regulations ◽  
Cross Border ◽  
Financial Derivative

Author explains legal regulation of OTC financial derivative trading on the leading financial markets (USA and EU) as well as shows uniform regulations developed in international legal environment, and separately explains legal framework of the said question in positive Serbian law. Author elaborates main current legal issues related to financial derivatives transactions on the OTC market to which domestic participants are exposed during the operations in Serbian territory but also in cross-border operations. Finally, the author provides concrete proposals for further improvement of disputable legal issues by amending the regulatory framework in line with comparative legal regulations and regulations developed by the international community. Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent also for domestic participants on the capital market.

scholarly journals ON THE ISSUE OF IMPLEMENTATION OF INTERNATIONAL EXPERIENCE IN FINANCIAL ASSETS REGULATION: CRYPTOCURRENCIES

2021 ◽  
pp. 157-167
Author(s):  
Olena LIUBKINA ◽  
Oleksandr TKACHENKO
Keyword(s):  
Financial Regulation ◽  
Rapid Development ◽  
Effective Interaction ◽  
Legal Framework ◽  
Legal Regulation ◽  
International Experience ◽  
State Regulation ◽  
Financial Assets ◽  
Digital Products ◽  
Virtual Currency

Introduction. The digitalization of the economy is closely linked to the formation of an effective legal framework. Any development or operation of digital instruments must be accompanied by appropriate financial and legal regulation. The study of the functioning of digital financial assets allowed us to conclude that, unfortunately, their rapid development is observed against the background of the lag of regulatory regulation of the relevant legal relations that are formed as a result of such activities. A critical scientific analysis of international experience in the field of financial regulation of cryptocurrencies has identified a number of key generalizations. The purpose of the article is to identify the main markers of digital financial assets, study international experience in financial regulation of virtual assets, including cryptocurrencies, identify opportunities to implement positive foreign practices to Ukrainian realities and diagnose the current state and prospects of cryptocurrency in Ukraine. Results. The specific characteristics of digital financial assets are substantiated, namely: freedom of issue, availability of cryptocurrencies, absence of intermediaries, high degree of protection, openness to developers, integration with the latest technologies that produce new digital products. The international practice of state regulation of cryptocurrencies is generalized in terms of both the interpretation of the conceptual apparatus and in view of the qualification of the mechanism of conducting operations with digital assets. It is proved that in Ukraine from the point of view of legal regulation of cryptocurrency is still outside the full framework of the legal field of domestic legislation. The main innovations and specifics of regulation of the market of virtual assets in accordance with modern Ukrainian realities are determined. Conclusions. The difference between national laws in the field of regulation of virtual assets is proved. It is argued that the main vector of regulation is aimed at strengthening control over the transparency and accountability of transactions with virtual assets, cybersecurity and mandatory user verification. The main directions of increasing the settlement and trust in virtual assets are formulated: production of standards and rules of cryptocurrency circulation, in order to bring it to the rank of a competitive means of payment; consolidation of the official status of cryptocurrency; formation of an open ecosystem through effective interaction of all participants in the process of buying / selling cryptocurrency; formation of a legal trading platform for cryptocurrency circulation; support of information literacy of the population to understand the benefits and risks of virtual currency etc.

scholarly journals Administrative Legal Entities of Private Legal Entities as a Status Component of the Legal Regulation Mechanism: Characteristics of Elem

2019 ◽  
pp. 91-95
Author(s):  
V.V. Sukhonos
Keyword(s):  
Civil Law ◽  
Legal Regulation ◽  
Administrative Law ◽  
Regulation Mechanism ◽  
Private Law ◽  
Legal Capacity ◽  
Legal Entity ◽  
Legal Personality ◽  
The Subject ◽  
Legal Entities

The article is devoted to administrative legal personality, which is part of the structure of the administrative-legal personality of private legal entities. At the same time, it is argued that, on their own, the rules of law cannot influence the behavior of their addressees, therefore the only instrument by which legal regulation is used to help ensure such influence is the mechanism of legal regulation within which the functions of law are implemented, and specific life situations are addressed. It is noted that, like any state mechanism, the mechanism of legal regulation consists of the relevant elements, namely: norms of law, legal relations, and acts of realization of rights and obligations. Thus, we can conclude that the disclosure of the features of the mechanism of legal regulation is possible only if a thorough study of its elements. Thus, each state that there is no language and there can be no legal regulation, which in its nature and nature is different from other types of regulation. It should also be remembered that, at its core, legal regulation is not material but is done through the consciousness and will of the people. It is perfect. However, any ideal process cannot occur without the participation of matter. Based on all the above, it can be stated that one of the constituent parts of the mechanism of legal regulation is legal relations. It should be remembered that public relations also have an internal structure to which the subject, object, and content relate. However, the absence of at least one of the elements of the relationship automatically complicates, or even precludes their very existence. The same rule applies to the mechanism of legal regulation. Thus, the study of each of the components of the mechanism of legal regulation has the same scientific significance and importance as the study of the mechanism itself. Therefore, if we conduct a study of administrative-legal personality, then it must take into account its place and the impact on legal regulation as a whole. Legal personality nowadays also exists in administrative law, although the very concept of “legal personality”, as a certain characteristic of a legal entity, originally originated in civil law. However, it should be remembered that the method of administrative law is significantly different from civil law, and therefore the use of civil law expertise in the field of legal personality should be used with extreme caution. In his desire to ensure state control and the possibility of applying state coercion, the legislator adapted the rules of public law to the construction of a legal entity of private law. On this basis, it should be noted that different types of legal entities under private law would have different levels of administrative capacity. That is why the legal capacity of legal persons under private law can be recognized as administrative law, both social and legal capacity, and the need to be the subject of administrative-legal relations. Keywords: administrative-legal personality, legal entity, private law, mechanism of legal regulation.

Electronic Investigation Technologies and Modern Format of Technical and Criminalistic Support for Criminal Cases Investigation

2021 ◽  
Author(s):  
G.V. Romanova ◽  
◽  
V.I. Romanov ◽  
Keyword(s):  
Information Technologies ◽  
Rapid Development ◽  
Continuous Process ◽  
Modern Society ◽  
Legal Regulation ◽  
Point Of View ◽  
Criminal Investigation ◽  
Criminal Proceedings ◽  
Criminal Cases ◽  
Processing And Storage

The article considers the main aspects of the electronic criminal investigation technologies application from the point of view of modern legislation of Russia and foreign countries. In modern society, there is a continuous process of improving the means of transmitting information, developing and implementing new technical devices for its processing and storage. The rapid development of science and technology inevitably leads to the desire to regulate the relations that arise in this area from a legal point of view. Meanwhile, in the Russian legal science, the information space is defined through the unity of its two components: the technical one, which includes the communication and communication infrastructure, and the social one – the community of Internet users. In this regard, the normative regulation of this area justifiably causes objective difficulties. The development of high technologies leads to the most frequent use of a relatively new form of technical and forensic support for the investigation of criminal cases in the process of criminal investigation. In the modern practice of investigation, the traces left by criminals on various media due to the expansion of digitalization processes are becoming more and more important every year. Timely, systematic development of legal regulation of the use of electronic information technologies is recognized as the most important condition for the successful digitalization of criminal proceedings. Understanding the need for the introduction of electronic technologies in the investigation of a criminal case from the point of view of the informational and technological nature is necessary, since the criminal process should not be an exception within the framework of a single international information policy, and its technological effectiveness should be dominant.

Implementation of the personal data minimization principle in financial institutions: Lithuania’s case

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marius Laurinaitis ◽  
Darius Štitilis ◽  
Egidijus Verenius
Keyword(s):  
Financial Institutions ◽  
Personal Data ◽  
Legal Framework ◽  
Legal Regulation ◽  
Point Of View ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Minimization Principle ◽  
General Data ◽  
The One

Purpose The purpose of this paper is to assess such processing of personal data for identification purposes from the point of view of the principle of data minimisation, as set out in the EU’s General Data Protection Regulation (GDPR) and examine whether the processing of personal data for these purposes can be considered proportionate, i.e. whether it is performed for the purposes defined and only as much as is necessary. Design/methodology/approach In this paper, the authors discuss and present the relevant legal regulation and examine the goals and implementation of such regulation in Lithuania. This paper also examines the conditions for the lawful processing of personal data and their application for the above-mentioned purposes. Findings This paper addresses the problem that, on the one hand, financial institutions must comply with the objectives of collecting as much personal data as possible under the AML Directive (this practice is supported by the supervisory authority, the Bank of Lithuania), and, on the other hand, they must comply with the principle of data minimisation established by the GDPR. Originality/value Financial institutions process large amounts of personal data. These data are processed for different purposes. One of the purposes of processing personal data is (or may be) related to the prevention of money laundering and terrorist financing. In implementing the Know Your Customer principle and the relevant legal framework derived from the EU AML Directive, financial institutions collect various data, including projected account turnovers, account holders' relatives involved in politics, etc.

UNDERSTANDING OF MEDICAL COERCIVE MEASURES IN CRIMINAL LAW

2019 ◽  
pp. 262
Author(s):  
Rudīte Timofejeva
Keyword(s):  
Mental Disorder ◽  
Criminal Law ◽  
Legal Framework ◽  
Point Of View ◽  
Theoretical Point ◽  
Criminal Offence ◽  
Coercive Measures

Medical coercive measures. The topic, which is actual in Latvia, has not been studied widely, because there are enough cases in the daily world where a person is not criminally prosecuted due to mental disorder or mental backwardness, i.e. not punished for committing a criminal offence, but is treated under appropriate conditions. The fundamental principles of psychiatric assistance in the application of coercive measures of a medical nature are legality, humanity, respect for the rights of man and citizen. Describe and investigate the nature, purpose, legal framework and existing forms of application of coercive measures of a medical nature in the sense of criminal law from a theoretical point of view.

scholarly journals PRIVATE INTERNATIONAL LAW IN THE DEVELOPMENT OF INFORMATION AND COMMUNICATION TECHNOLOGIES

2019 ◽  
pp. 169-182
Author(s):  
M. V. MAZHORINA ◽  
L. V. TERENTYEVA ◽  
B. A. SHAKHNAZAROV
Keyword(s):  
International Law ◽  
Information And Communication Technologies ◽  
General Principle ◽  
Communication Technologies ◽  
Private Law ◽  
Private International Law ◽  
Cross Border ◽  
Sovereign Equality ◽  
International Private Law ◽  
Information And Communication

The process of globalization, the development of information and communication technologies, networking are changing society dramatically and, as a result, its superstructure — law. International private law, by virtue of its own subject matter and special methodology, is at the forefront of the corresponding changes. The paper examines the problems of defining the concept of territorial sovereignty in the non-territorial information space that are of serious importance in relation to private international law. Its principles are the general principle of the sovereign equality of states, acting as a general principle for private international law, and a special principle of the sovereign equality of national law of states. The problem of the realization of the territorial nature of the conflict of attachment formulas and the grounds of international jurisdiction in relation to a certain segment of the extra-territorial information space is posed. The issue of conditionality of the adaptation of the principles and methodology of legal regulation of public relations in the conditions of digital technologies by the need to understand the conditions and boundaries of the implementation of sovereignty, the jurisdiction of the state in the information and communication space is investigated. The processes comprehended within the framework of the science of international private law are to some extent relevant for other branches of law. This paper analyzes such indicators of current changes in the legal paradigm as the impact of information and telecommunication technologies on the development of private international law, the place and increasing importance of non-state regulation in the process of streamlining cross-border private law relations, and the development of non-state systems for resolving cross-border disputes. The authors touch upon the problems of the use of blockchain technologies and the protection of intellectual property in cross-border private law relations; private adhocracy rulemaking, the formation of various social phenomena in the key lex mercatoria, the influence of international commercial arbitration, online platforms on the formation of current trends in the field of resolution of crossborder disputes, etc.

scholarly journals The Relevance of Improving the Legal Framework for Penal Sanctions and Their Accounting

2019 ◽  
Vol 12 (1) ◽  
pp. 120-126
Author(s):  
V. G. Getman
Keyword(s):  
Legal Framework ◽  
Point Of View ◽  
Tax Legislation ◽  
Judicial Practice ◽  
Tax Audit ◽  
Business Entities ◽  
Contractual Obligations ◽  
A Minor ◽  
Penal Sanctions ◽  
Legal Entities

The subject of the researchis the procedure for imposing penalties on business entities.The relevanceof the paper lies in the fact that nowadays there is an urgent need to streamline the current legislation in the part of establishing the responsibility of organizations for breach of tax legislation, especially for lesser breaches punishable by minor fines usually appealed against by organizations involved thereby overloading the work of courts.The purpose of the researchwas critical assessment of individual legislative provisions relating to the imposition of minor fines on legal entities doing business in disputable situations, cases of which are often brought on to courts on the initiative of the heads of organizations. Judicial practice on them is not uniform. Regarding identical cases, some district arbitration courts decide in favor of business entities, while others support claims of tax authorities. Nor is the Russian Ministry of Finance always consistent in explanations on these issues in its official letters. In a number of cases, they happened to change their point of view regarding the fine imposing procedure for a quite opposed position. Therefore, there is a need to clarify certain rules of imposing fines on legal entities following the results of a field tax audit as well as for breach of contractual obligations.It is concludedthat the current tax legislation is imperfect in the part of imposition of penal sanctions. It is proposed to introduce a special provision about the penalty charged on the management of legal entities who loose disputable law breach cases in court followed by imposition of a minor fine. The procedure for accounting fines, penalties for breach of contractual obligations in corporate tax calculations is considered and its shortcomings are revealed. A new procedure for the accounting of penalties is proposed.

scholarly journals PENGUATAN KERANGKA HUKUM TERKAIT PENYELESAIAN SENGKETA PASAR MODAL SYARIAH PADA PENGADILAN AGAMA / Strengthening Legal Framework For Sharia Capital Market Dispute Resolution In Religious Court

2016 ◽  
Vol 5 (3) ◽  
pp. 351
Author(s):  
Mul Irawan
Keyword(s):  
Law Enforcement ◽  
Dispute Resolution ◽  
Capital Market ◽  
Islamic Law ◽  
Preventive Measures ◽  
Rapid Development ◽  
Legal Framework ◽  
Point Of View ◽  
Legal Issues ◽  
Religious Courts

Dari sudut pandang syariah, pasar modal adalah produk muamalah. Transaksi dalam pasar modal diperbolehkan sepanjang tidak terdapat transaksi yang bertentangan dengan ketentuan yang telah digariskan oleh syariah. Perkembangan pasar modal syariah di Indonesia yang sedemikian pesat, akan turut meningkatkan jumlah dan ragam potensi masalah hukum yang mungkin terjadi di pasar modal syariah. Setidaknya, diperlukan dua upaya hukum dalam penguatan kerangka hukum pasar modal syariah, yaitu pertama, upaya preventif yang dapat meminimalisir terjadinya masalah-masalah hukum, seperti perlunya pembentukan regulasi yang merujuk kepada syariah Islam agar tercipta kestabilan dan suasana kondusif bagi penegakan hukum di pasar modal syariah, Kedua, upaya penyelesaian sengketa pasar modal syariah dilakukan melalui dukungan terhadap pengadilan agama sebagai satu-satunya lembaga peradilan yang memiliki kewenangan absolut dalam menyelesaikan perkara perdata pasar modal syariah, perlunya peningkatan kompetensi hakim dan aparatur pengadilan agama serta perlunya pedoman, yurisprudensi dan referensi sebagai rujukan dalam penyelesaian sengketa pasar modal syariah di Indonesia. According to the sharia point of view, sharia capital market is muamalah product. Capital market transactions are allowed as long as it does conflict with the terms outlined by sharia. The rapid development of Indonesia sharia capital market results in the increasing number and variety of potential legal problems. It takes two legal efforts in strengthening the legal framework for sharia capital market. First, preventive measures to minimize the legal issues occurrence, such as the establishment of islamic law regulations in order to produce stability and good atmosphere of sharia capital market law enforcement. Second, efforts in sharia capital market mediation which is done through support the religious court as the only judicial institutions having the absolute authority in resolving sharia capital market civil cases. We need to increase the judges and religious courts officials competencies, make guidelines, jurisprudence and the references of sharia capital market dispute resolution in Indonesia.

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