scholarly journals NADUŻYCIE PRAWA W DZIEDZINIE PRZEDAWNIENIA W KONTEKŚCIE PRZEDWOJENNYCH PAPIERÓW SKARBOWYCH

2016 ◽  
Vol 10 (2) ◽  
pp. 163
Author(s):  
Marcin Włodarczyk
Keyword(s):  
Financial Market ◽  
Legal System ◽  
Treasury Securities ◽  
Ministry Of Finance ◽  
Contractual Relations ◽  
War Bonds

The Abuse of Rights in the Area of Limitation in the Context of Pre-war Treasury Securities Summary Treasury securities of 1939 create a major, embarrassing problem for the Polish financial market. Longstanding commitment may in fact expose the Polish state on the giant compensation. This article presents the pre-war fate of Treasury securities, and also reflects the position of the Ministry of Finance and Treasury for the benefit of the institutions of its limitation. It must be always remembered the reasons for the introduction to the legal system the institution as a means of eliminating long-standing contractual relations between market operators. That was not the case in the context of pre-war Treasury securities. War and fifty years of communism made it impossible to unfettered implementation of the commitments under the pre-war bonds. This article aims to show the need for a statutory resolution of pre-war securities by specific laws that are created for the purpose of restitution in the Polish legal system.

scholarly journals METHODOLOGICAL APPROACHES TO THE PROBLEM OF THE INTERRELATION BETWEEN PRIVATE AND PUBLIC LAW IN SETTLEMENT RELATIONS

2021 ◽  
pp. 85-92
Author(s):  
L. Panova
Keyword(s):  
Social Justice ◽  
Financial Market ◽  
Legal System ◽  
Financial Services ◽  
Financial System ◽  
Public Law ◽  
Private Law ◽  
Theoretical Understanding ◽  
Legal Standards ◽  
Private And Public

The article is based on the existing law doctrine of division of law into private and public. The author analyses the influence of the doctrine on the relationships that arise in the financial services markets. The author takes into account the results of researches conducted by domestic and foreign scholars, which were carried out in the field of law and economics. The author uses general scientific and special methods as those that form the basis of the work. The research substantiates that objectively the doctrine dividing law into private and public does not exist. Doctrine is the product of a sociocultural interpretation of the researcher's thinking process. At the same time, the doctrine is naturally refers to the structure of the financial market. The author analyses the internal mechanism of circulation of cash flows and settlements in the global financial market. This analysis is the empirical basis for the research and subsequent theoretical understanding. The author proves that the concept of separation of rights into private and public law is not a universal concept that is inherent in all countries. The doctrine is fundamental only in the countries with Romano-Germanic legal system. The idea of dividing law into private and public was not reflected at the doctrine level in the countries with Anglo-Saxon legal system. The problem of the substitution of concepts was enrooted directly in the very doctrine of law, which existed in Soviet times. It was connected with the absence of the concept of "private law" in the Soviet legal thinking. The idea of social justice changes beyond recognition in the direction of public law. The author focuses on the issue of how to ensure the sustainable development of the financial system and its main institutions (structures) using the theoretical concept of dividing law into private and public. The author emphasizes the need to take into account the diversity of legal understanding of the financial market as a social phenomenon. The research methodology should be as appropriate as possible to the research object. The idea of social justice should act as a regulator of mutual relations between members of society. Practical activity in the financial markets in the modern world tends to converge. Public law assumes the fulfilment of a social function. Therefore, the author comes to the conclusion that law is a means of reaching a compromise between members of society, provided that individual freedom is preserved and there is no need to oppose private law to public law. The author proves that European political and legal standards are built on such postulates, particularly concerning the field of calculations. Keywords: financial system, financial services markets, settlement relations, the doctrine of separation of rights into private and public.

scholarly journals Three Models of Derivatives’ Regulation. Some Thoughts on the Entanglement between Economic Theory and the Evolution of Law

2012 ◽  
pp. 5-22
Author(s):  
Mariusz J. Golecki
Keyword(s):  
Economic Theory ◽  
Financial Markets ◽  
Financial Market ◽  
Legal System ◽  
Economic Theories ◽  
Regulation Of Financial Markets ◽  
Risk Uncertainty ◽  
Theory Of Regulation

The paper aims at analysing whether the evolution of options, futures and other derivatives is an effect of a wider impact of the evolution of financial market and economic theories upon legal system. This constitutes, however, a part of a wider topic, namely the legal approach to risk, uncertainty and speculation. Thus it is crucial to examine whether recent regulation of financial markets and exempting such transactions as options, futures or swaps, performed by set-off from the existing anti-speculative regulation (or abolishing of the majority of anti-speculative rules) may have a wider impact on the notion of risk in law and theory of regulation.

Rationality of internal control according to COSO-INTOSAI principles in public sector organizations

2021 ◽  
Vol 27 (11) ◽  
pp. 2412-2441
Author(s):  
Sergei V. ANUREEV
Keyword(s):  
Public Sector ◽  
Financial Markets ◽  
Financial Market ◽  
Internal Control ◽  
Internal Controls ◽  
Fund Managers ◽  
Rational Development ◽  
Public Sector Organizations ◽  
Ministry Of Finance ◽  
The Uk

Subject. The article investigates the rationality of internal controls in accordance with COSO-INTOSAI recommendations in public sector organizations. Objectives. The aim is to classify the reasons for failures and the actual refusal to directly follow the COSO-INTOSAI recommendations in public sector organizations in Russia and the UK, as well as to determine the directions for the rational development of internal control in such organizations. Methods. The study employs the content analysis of domestic and foreign sources, the comparative analysis. Results. The study classifies the reasons for failures, i.e. excessive universalism and inanity of recommendations borrowed from professional participants of the financial market, hiring employees from financial markets, erroneous creation of additional units, procedures and documents, objective lack of authority, motivation and qualification of employees to implement the recommendations. The areas of rational development are determined on the basis of sector specifics, real powers of budget fund managers, professional duties of chief accountants as controllers, reasonable centralization and digitalization of public services. Conclusions. The findings may clarify the regulatory and departmental documents of the Ministry of Finance and managers of budget funds in internal control of public sector organizations, and improve the performance of such organizations, increase the efficiency of budget spending and off-budget operations.

scholarly journals Contractual Unpredictabiliy in the Context of Covid-19 Pandemic

2021 ◽  
Vol 7 (4) ◽  
pp. 485-506
Author(s):  
Mihaela Elvira Patraus ◽  
Ionita Maria Ofrim
Keyword(s):  
Legal System ◽  
Point Of View ◽  
Public Authorities ◽  
Health Crisis ◽  
Economic Context ◽  
Current Period ◽  
Force Majeure ◽  
The Face ◽  
Contractual Relations

The new realities require a revitalisation of the legal system to overcome the effects of the Covid-19 pandemic. The current health crisis is, at the same time, a challenge not only for public authorities, but also for the scientific community and legal practitioners, concerned with finding viable solutions for the adaptation of legal institutions. For the legal system, the contract is an essential factor from a theoretical and practical point of view, an indispensable element for the sphere of private law; it is an essential piece of evidence that lawyers will support in the face of new challenges posed by the current pandemic context. In this article we have in view an objective analysis of the contractual contingency, starting from the jurisprudential consecration that was conferred under the previous regulation and until the introduction of this institution in the national legislation with the entry into force of the new Romanian Civil Code in 2011. We intend to present a brief retrospective on the theory of unpredictabiliy and will discuss the regulation found in national law, as well as the existence of this institution in comparative law. In a dynamic social and economic context, it is essential to clarify the relationship between the binding force of contracts and the possibility of invoking unpredictabiliy, in situations where certain changes affecting the contractual balance occur in the performance of obligations. At the same time, as a case study, we will try to answer the question whether this institution finds its applicability in the most debated issue at legal, national and international level in the current period, namely the effects on contractual relations, generated by the Covid-19 pandemic and the measures taken by public authorities to limit the effects of the virus on human health. In the sphere of performance of contractual relations, in progress at the time of the pandemic, a multitude of controversies have been created, regarding the possibility of invoking, as the case may be, force majeure, fortuitous event or unpredictabiliy and in this article we will highlight to what extent the parties have these remedies at hand. Last but not least, the study will highlight the jurisprudential orientation due to the significant changes suffered in the current social and economic context amid the Covid-19 pandemic, respectively if the institution of unpredictabiliy comes to help the contracting parties to save the contracts concluded before the pandemic which have been affected in the context of the measures and restrictions taken by each state. Keywords: Unpredictabiliy; Covid-19 coronavirus pandemic; contractual relations; force majeure; fortuitous event; rebus sic stantibus; pacta sunt servanda.

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