Ensuring Legal Protection of the Results of Intellectual Activity and the Commercialization of Rights to Them in the EAEU

The paper is devoted to the legislative and organizational instruments employed to ensure protection of the results of intellectual activity and the commercialization of rights to them in the member countries of the Eurasian Economic Union (EAEU), in particular in Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Uzbekistan (Observer in the EAEU). The authors have examined the regulatory and legal framework in the field of intellectual property of the EAEU countries, the experience of national patent offices, problematic issues of the modern development of the intellectual property (IP) market, commercialization of the results of intellectual activity (RIA). The role of the intellectual property market institutions in the management of rights to RIA was identified using a Russian venture company as a case study. The legislation analysis has revealed differences in approaches and depth of elaboration of the IP market institutionalization, heterogeneity of innovative and technical potential and legislation in the field of innovation. In addition, the analysis has determined the tasks of the EAEU member countries in the field of intellectual property protection and the need for further integration of the EAEU countries to form an effective IP market. The paper draws attention to the possibility of integrating the EAEU member states in the field of IP, which is important in the context of the progressive socio-economic development of countries. At the level of national economies, it is advisable to form IP ecosystems with due regard to the harmonization of the EAEU countries legislation in the field of protection of rights to RIA, as well as to create conditions for an effective institutional environment, that is flexible and adaptive in relation to all EAEU countries interested in cooperation. Constructing an interstate system of legal, financial, organizational mechanisms for the commercialization of rights to IP objects, using IP objects and the dissemination of best practices, for example, the experience of the Russian Venture Company as a development institut, constitute integral conditions for the effective functioning of the common IP market of the EAEU countries is the ion.

ESSENCE AND SPECIFICS OF VENTURE INVESTMENT INTO INNOVATION ACTIVITY

On the basis of the analysis of scientific approaches and practical application, the authors have concluded that venture investment of innovation activity is a type of entrepreneurship based on the ability of an entrepreneur to accumulate investments from various sources, which is focused on the practical use of technical and technological innovations that are assessed as highly profitable, and which is aimed at fulfilling scientific and technical projects that have not been tested in practice, as well as at improving existing ones in order to exercise intellectual property rights and make a profit and (or) other effect (benefits). It has been noted that the analysis of the essence of venture investment of innovation activity at the current stage of the development of the National Innovation System, suggests that inter-temporal changes of public investment growth, which should act as an institutional magnet, are much greater than the dynamics of private investment. One of the key problems of the modern Ukrainian model of the development of venture industry, which is implemented at the state level, is the imbalance between public and private investments, which must be promptly eliminated. The temporary lack of private investments in Ukraine has been so far successfully replaced by public investments, but it is necessary to create a stable market for both private Ukrainian and foreign venture capital for the effective implementation of the global strategy of building an innovative economy. The authors have substantiated the position that the process of venture investment into innovation activity consists of two stages: 1) invention and development of the object of venture investment and 2) implementation and realization of the obtained result into production, services sector, etc. The specified stages can be combined or considered separately depending on the specialization and (or) specifics of the venture company. An approach to the recognition of two most common forms of venture investment into innovation activity has gained the development. These forms are: 1) investment into corporate capital of companies and 2) investment loans. However, both of these forms are often used simultaneously in practice. The essence of venture investment into innovation activity abroad compared to Ukraine, is the identity of the ultimate purpose of venture and innovative entrepreneurship, which is to make a profit through the industrial introduction of advanced technologies (materials, products, production methods, etc.), despite the fact that methods and means to achieve this purpose are different. Thus, sources of investment of venture entrepreneurship are diversified in different countries from purely private (through specially created structures) to a combination of private and public investment resources. It has been substantiated that venture investments are currently the most affordable alternative to loan financing. One can confidently state that this form of investment is the most profitable for the recipient company, because the previous experience of investors always has a positive effect on a venture company. Keywords: venture entrepreneurship, innovation activity, an investor, investment, venture capital, corporate capital. JEL Classification D92, E22 Formulas: 0; fig.: 0; tabl.: 0; bibl.: 11.

FOREIGN CAPITAL INVESTMENT IN UPSTREAM OIL AND GAS: A CASE STUDY OF PASE WORKING AREA, ACEH PROVINCE, INDONESIA

This paper explores the management of the Pase Upstream Working Area of oil and gas (MIGAS) by Triangle Pase Inc as a Foreign Direct Investment, which is not according to the Revenue Sharing Agreement signed by the parties and regulations Indonesia. The main obstacle in the implementation of Foreign Direct Investment in the Upstream MIGAS sector in Pase Working Area is the failure to establish the APGE as a Joint Venture Company that operated as a subsidiary company required by the Investment Law and Regulation of the Minister of Trade 08/2017. It has a severe impact on the Aceh government's income from the cooperation management of the Upstream MIGAS sector in the Pase Working Area. The Arbitration Award that BANI has granted, which rejected The PDPA lawsuit, has reduced and even eliminated the privilege of the Aceh Government in managing the Upstream MIGAS sector in the Pase Working Area as stipulated by Law Number 11 of 2006 and Aceh's MIGAS Government Regulation. As a solution, the BPMA has ordered Triangle Pase Inc. to revise the legality of APGE to comply with the prevailing laws and regulations in Indonesia. Therefore, the BPMA, as the regulator, and The PDPA as the parties in the Upstream MIGAS management in the Pase Working Area and Commission III of the Aceh's House of Representative to immediately summon Triangle Pase Inc. to resolve the dispute between The PDPA and Triangle Pase Inc. The PDPA, as the losing party in the award granted by BANI, needs to take immediate legal steps to prevent the execution of the BANI's Arbitration AwardKeywords: BPMA; Pase Upstream Working Area; MIGAS; Aceh Province

Why Take PMP Rather than Prince2 in Project Management in Saudi Arabia?

Many government ministries and private organizations in Saudi Arabia are starting to require project management certifications for their managers. Both the Project Management Professional (PMP) and the Projects IN Controlled Environments (PRINCE2) certifications are an industry-recognized qualification for project managers. Today, the Project Management Institute (PMI) has more than 300 chapters in over 80 countries, while AXELOS is a joint venture company between the UK Cabinet Office and Capita Plc. This paper shows why the marketplace in Saudi Arabia is demanding PMP rather than PRINCE2. The aim of this study is to contribute to such literature by understanding the dominance of PMP in project management in Saudi Arabia.

Legal Consquences of A Contract Made by The Parties Thereout Arbiral Award

As a top-10 gold mining countries, Indonesia becomes the most attractive investors destination in mining sector. Those foreign investors shall be a Joint Venture Company with a domestic company. That joint venture company later must be making an agreement with Indonesia’s government in form contract of work. Conflict of interests are often happen within holding companies with joint venture company’s measure performing contract of work. In this case discussed in this writing, the holding companies are making an agreement of which the object of that agreement turns out being an object which is must be executed based on the case verdict between the joint venture company and the government of Indonesia. The losingparty may apply for agreement revocation or derdenverzet over the verdict.