scholarly journals Legal regulation of admission and circulation of securities of foreign issuers in Ukraine

2020 ◽  
Vol 3 ◽  
pp. 144-148
Author(s):  
Anna Bukvych
Keyword(s):  
Stock Market ◽  
Positive Impact ◽  
Legal Framework ◽  
Legal Regulation ◽  
Securities Market ◽  
Investment Climate ◽  
Practical Application ◽  
Simplified Procedure

The author explores the possibility of introducing in Ukraine a simplified procedure for foreign issuers to enter the Ukrainian securities market. As a result, the author believes that this will be a very important step for the development of the stock market of Ukraine, which contributes to improving the investment climate and raising Ukraine in the ranking of doing business.The article notes that the demand for securities of foreign issuers and liquid Ukrainian securities is also growing from the side of Ukrainian buyers, which in turn has a positive impact on the development of the securities market in Ukraine as a whole. With the development of new mechanisms in the securities market, new problematic issues will arise, related to the circulation of securities of foreign issuers in Ukraine. For this reason, the practical application of the new rules will require clarification and, accordingly, the development of a new legal framework to address such issues.

Legal framework for improvement of agroecology by cultivating jerusalem artichoke

2020 ◽  
pp. 59-66
Author(s):  
Mykhailo Kosmii ◽  
Vasyl. Kasiianchuk ◽  
Ruslan Zhyrak ◽  
Ivan Krykhovetskyi
Keyword(s):  
Environmental Protection ◽  
Organic Farming ◽  
Alternative Energy ◽  
Building Materials ◽  
Environmental Law ◽  
Jerusalem Artichoke ◽  
Legal Framework ◽  
Legal Regulation ◽  
Practical Application ◽  
Scientific Cognition

The purpose of this paper is to analyze and research the legal mechanisms which make it possible to improve agroecology through the organization of cultivation of Jerusalem artichoke.Methodology. The methodology includes comprehensive analysis and generalization of available scientific, theoretical, practical and applied material and development of relevant conclusions and recommendations. During the research, the following methods of scientific cognition were used: dialectical, terminological, historical and legal, logical and normative, systemic and structural, functional, normative and dogmatic, generalization methods. Results. The process of analysis and research highlighted the possibilities of cultivating Jerusalem artichoke for improving agroecology, namely improving the ecological state of the atmosphere air and soil, preparing them for organic farming. The article contains examples of practical application of tubers of Jerusalem artichoke and herbage for the production of therapeutic and prophylactic products, alternative energy and highly efficient building materials. Scientific novelty. The study found that the authors summarized and systematized the levels of legal regulation in the field of using Jerusalem artichoke for improving agroecology, preparing soil for organic farming, in particular: the inter-sectoral level which covers the interaction of agricultural and environmental law in terms of cultivation and use of Jerusalem artichoke; the level of integrated environmental and legal regulation; level of individual resource (floristic) legal regulation; the level of environmental protection (anthropoprotection) legislation.Practical importance. The results of the study can be used in law-making and environmental protection activities related to issues of cultivating and using the Jerusalem artichoke as a means of improving agroecology.

scholarly journals Integration of Ukraine into European Union securities market

2021 ◽  
Vol 69 (2) ◽  
pp. 168-178
Author(s):  
M. Savchenko
Keyword(s):  
European Union ◽  
Stock Market ◽  
Stock Markets ◽  
Rapid Development ◽  
Legal Regulation ◽  
Securities Market ◽  
Stock Exchanges ◽  
The European Union ◽  
Eu Countries ◽  
The Eu

The paper deals with the main parameters of the Ukrainian securities market at the current stage, identifies its functioning problems, gives a set of measures for the effective implementation of Ukraine's desire to integrate the national stock market into the European Union. Compared with the stock markets of the EU countries, the domestic securities market is underdeveloped, poorly regulated and illiquid, therefore there is the need to develop it and implement the European legislative initiatives. The paper covers the basic laws in the field of legal regulation of the Ukrainian and EU securities market. The investigation includes the results of the research of the current experience in leading European countries in terms of capitalization of the largest stock exchanges in Europe. The classification of 5 largest European stock exchanges is given and the influence of COVID-19 virus on their activity is analyzed. The main trends in the field of securities investment market of the largest stock exchanges in Europe and Ukraine are led. While examining statistical data concerning the capitalization of European stock exchanges in comparison with the PFTS of Ukraine in 2019, the LSE (London Stock Exchange) ranks 1st with €3.86 bn., 2nd place is taken by Euronext – €3.4 bn., 3rd place by Deutsche Börse having capitalization volume at the level of €1.9 bn., and PFTS Ukraine – €0.17 bn., which indicates that Ukrainian securities market is insufficiently elaborated. Nowadays, the Ukrainian securities market repeats European historical development trends, and at this stage it largely depends on the directions of development that international stock markets can take. Changes in European securities markets are extremely rapid and require competent response from regulatory structures. The rapid development of the European stock market, accompanied by the emergence of advanced technologies in the field of securities and new financial instruments, make it necessary to monitor all the changes and innovations that happen in the Ukrainian securities market in order to develop more effective recommendations for improving its functioning and regulation. In addition, integration with the European Union requires deeper and more radical reforms of the domestic state administration, macroeconomic regulation, property relations, and anti-corruption policy. Only a large-scale and complete reform will enable progressive renewal and effective, socially responsible integration into the EU countries, taking into account national interests.

scholarly journals Individual Pension Funds and Capital Market Development in Turkey

2016 ◽  
Vol 9 (2) ◽  
pp. 95-109 ◽  
Author(s):  
Yilmaz Bayar
Keyword(s):  
Stock Market ◽  
Positive Impact ◽  
Pension Funds ◽  
Pension Plans ◽  
Public Pension ◽  
Private Pension ◽  
Securities Market ◽  
Causality Test ◽  
Pension Systems ◽  
The Impact

AbstractBeginning with the 1980s, when the sustainability of the public pension systems became endangedered, many countries have developed their individual pension plans and/or occupational pension plans in order to supersede or support their public pension systems,. This study examines the impact of individual pension funds on the development of both debt securities market and stock market in Turkey during the period October 2006-May 2015, using Hatemi (2008) cointegration test and Toda and Yamamoto (1995) causality test with monthly data. We found that, in the long run, the private pension funds had positive impact on both development of debt securities market and stock market. Furthermore, causality appears to exist between the market for private pension funds, the debt securities market and the stock market.

scholarly journals Ukraine’s stock market: development prospects and global experience of state regulation

2021 ◽  
Vol 2021 (2) ◽  
pp. 290-303
Author(s):  
Andrij Bosak ◽  
◽  
Ya. Doinik ◽  
Keyword(s):  
Stock Market ◽  
Government Regulation ◽  
Developed Countries ◽  
Legal Framework ◽  
Legal Regulation ◽  
State Regulation ◽  
Investment Incentives ◽  
Real Economy ◽  
Minority Shareholders ◽  
Association Agreement

The Ukrainian stock market has a huge potential for development, but many systemic problems hold it back. The purpose of the study was to develop proposals for the use of international experience in regulating the stock market of Ukraine. To achieve the goal, the current state of development of the stock market of Ukraine was analyzed and its main problems were identified. It is revealed that the nominal indicators of the volume of the stock market have been decreasing since 2015, but qualitatively the market is developing. The number of organizers of exchange trades and the number of new issues of securities decreased, many licenses to work on the stock market were revoked. At the same time, the responsibility of exchange traders is growing, information sharing is improving, and most traders adhere to accepted trading principles. The article analyzes the legislative changes in the regulation of the stock market, which have occurred since the signing of the Association Agreement between Ukraine and the EU. Separately identified elements of the stock market and technological processes of stock trading, requiring increased government regulation. Despite the increased level of institutional independence of the NSSMC and improvements in depository and clearing activities, the current legal framework allows owners of large businesses to forcibly buy out minority shareholders' shares. There are almost no shares of large profitable enterprises for free sale, and the level of monopolization of key sectors of the national economy is too high. The results of the analysis of U.S. laws and EU directives regulating the operation of stock markets, allowed to formulate proposals for the use of the experience of developed countries in the practice of reforming the stock market in Ukraine. In particular, changes are proposed regarding the obligation of issuers to ensure a minimum free float of their securities, strengthening accountability for violations on the stock market, streamlining the work of investment companies (funds) of various types, investment incentives in the real economy, protecting investors' rights and providing large stock exchanges with the status of self-regulatory organizations. Proposed measures for the development of legal regulation of the Ukrainian stock market will bring us closer to ESMA standards, to sign a Multilateral Memorandum of Understanding concerning consultation, cooperation and the exchange of information with IOSCO, increase overall market capitalization and liquidity of the market and allow the Ukrainian economy to attract capital on favorable terms.

scholarly journals THE IMPACT OF DIGITALIZATION ON THE DEVELOPMENT OF FINANCIAL INSTRUMENTS IN THE RUSSIAN STOCK MARKET: LEGAL ASPECTS

2020 ◽  
pp. 83-89
Author(s):  
D. V. Lubyagina
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
The United States ◽  
Legal Regulation ◽  
Legal Aspects ◽  
Securities Market ◽  
Financial Instruments ◽  
Blockchain Technology ◽  
Russian Stock Market ◽  
The Impact

The article is devoted to the topical issue of the introduction of digital financial instruments and the use of blockchain technology in the securities market, which is supposed to make the stock market more transparent and reduce the risks of participants. The main legislative trends in the development of digitalization in the financial market are considered. Attention is drawn to the characteristics of certain relatively recently introduced new financial market instruments, the features of legal regulation of their circulation and the problems that arise when using them in practice (for example, the United States as a pioneer in these issues). In connection with a whole package of legal acts aimed at regulating relations in the financial market in the conditions of digitalization, the issue of further prospects for the development of the securities Institute is considered, and the problem of justifying the division of securities into documentary and non-documentary as financial instruments with different legal regimes is raised.

scholarly journals THE DEVELOPMENT OF THE REGULATION OF REPO TRANSACTIONS AND THEIR SIGNIFICANCE IN THE DEVELOPMENT OF MARKET ECONOMY IN UZBEKISTAN

2017 ◽  
pp. 0-0
Author(s):  
Мардонбек Бобожонов ◽  
Mardonbek Bobozhonov
Keyword(s):  
Present Article ◽  
Market Economy ◽  
Financial Market ◽  
Legal Framework ◽  
Legal Regulation ◽  
Securities Market ◽  
Stock Exchanges ◽  
Positive Trend

The present article examines the formation of the financial market of Uzbekistan. The development of a market economy helped to raise the profile and priority of civil relations. As one of the means of civil relations the repo transaction is a new and rapidly developing form of transactions in Uzbekistan. Author considers the development of the legal bases of the securities market and its individual institutions, in particular the Institute of repo transactions. Based on the analysis, the author highlights the specificity of repo transactions’ legal regulation in a market economy. The author concludes that the repo market has a positive trend, and gradually expands in the country’s financial market. Year after year, the importance of this transaction increases, and it is possible to determine that by the percentage of the amounts of total repo transactions on stock exchanges. The legal framework, governing the transactions in this category at the legislative level is sufficiently established.

scholarly journals The Main Stages in the Development of Financial Control in the Securities Market of Japan

2021 ◽  
Vol 16 (10) ◽  
pp. 20-27
Author(s):  
K. A. Karpov
Keyword(s):  
Stock Market ◽  
Financial Services ◽  
Legal Status ◽  
Legal Regulation ◽  
Securities Market ◽  
Financial Control ◽  
Positive Experience ◽  
Financial Flows ◽  
The Right

A securities market plays an important role in the distribution of financial flows. In connection with the  insufficient development of the stock market in our country, the author considers it is appropriate to refer to the  experience of financial and legal regulation of the relations under consideration in foreign jurisdictions. The paper  is devoted to the genesis of financial control over activities in the Japanese stock market. The author identifies  three periods. Attention is paid to the main state bodies, as well as self-regulatory organizations exercising financial  control in this area, their legal status, powers, etc. In addition, the paper examines the positive experience of Japan  in the field of financial and legal regulation of the cryptocurrency market. The paper analyzes the powers of the  Financial Services Agency to carry out the relevant functions, as well as the role of self-regulatory organizations  that have the right to exercise control over cryptocurrency exchanges and prosecute violators of the laws.

PROSPECTS FOR THE DEVELOPMENT OF THE LEGAL MECHANISM FOR THE FUNCTIONING OF PAYMENT SYSTEMS

2020 ◽  
Vol 13 (3) ◽  
pp. 079-084
Author(s):  
ELIZAVETA SALINA ◽  
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Payment System ◽  
State University ◽  
Payment Systems ◽  
Proper Functioning ◽  
Money Transfer ◽  
Level Of Significance ◽  
Transfer Services ◽  
Legal Mechanism

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.

ALIMONY OBLIGATIONS OF PARENTS FOR THE MAINTENANCE OF MINOR CHILDREN AND RESPONSIBILITY FOR THEIR VIOLATION

2020 ◽  
Vol 10 (5) ◽  
pp. 141-146
Author(s):  
LARISA KUDRYAVTSEVA ◽  
Keyword(s):  
Family Law ◽  
Positive Impact ◽  
Good Reason ◽  
Scientific Work ◽  
Legal Regulation ◽  
Legal Responsibility ◽  
Minor Children ◽  
Legislative Changes

The article analyzes various aspects of the institution of alimony obligations between parents and their children, and also establishes some sanctions against law-abiding parents who do not comply with family law. The purpose of the study is to study the features of the legal responsibility of parents who avoid paying alimony in favor of their children for no good reason. The scientific work indicates some of the most important legislative changes in the field of alimony legal relations, which had a positive impact on the legal regulation of this area of family law. The study also suggested some of its own changes to the current legislation.

FUNCTIONING OF THE EXCHANGE MARKET UNDER THE INFLUENCE OF THE DIGITALIZATION OF THE ECONOMY

2020 ◽  
Vol 2 (11) ◽  
pp. 96-101
Author(s):  
B. А. DEMILKHANOVA ◽  
Keyword(s):  
Stock Market ◽  
Financial Stability ◽  
Technological Development ◽  
Digital Technologies ◽  
Securities Market ◽  
Exchange Market ◽  
Large Circle ◽  
Secondary Markets ◽  
Leading Role ◽  
International Stock Markets

In the article, from the standpoint of reasons and necessity, the qualitative and quantitative characteristics of the key trends in the development of the stock market in Russia are disclosed. The leading role is assigned to the processes of computerization of the exchange market: the introduction and use of digital technologies that ensure the financial stability of the financial market as a whole, its security and transparency, as well as access of a large circle of investors to banking and financial operations, and the protection of their interests. It has been established that the processes of introducing and using digital technologies, organically built into the mechanism of the functioning of the securities market as a whole, determine the directions of development of such trends as innovations, diversification of stock market instruments, securitization, integration with international stock markets, etc. key trends influenced by the technological development of the stock market, lead to blurring the boundaries between the primary and secondary markets.

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