About separate problems legal adjusting of acquisition of securities on the legislation of Ukraine
Journal Title: Правова держава. Щорічник наукових праць (Pravova derzhava) - Year 2016, Vol 27, Issue
Abstract
In the article the author highlights certain aspects of civil and economic legal regulation of the conclusion and implementation of agreements with securities. In spite of considerable updating in recent years the legislation of Ukraine, the Economic code of Ukraine still con- tain norms that are set for economic entities of the formal restrictions for the purchase of secu- rities. According to the norms of part 1 of article 165 of the Commercial code of Ukraine busi- ness entities can purchase securities mentioned in this Code, at the expense of funds at their disposal after payment of taxes and interest for a Bank loan, unless otherwise provided by law. Today is a special law otherwise provided. According to the author, these standards are not applied in practice because of several reasons, among which we can mention: the existence of objective difficulties in determining the moment at which there comes the non-payment of taxes and/or interest on the loan, because of the significant amount of transactions with secu- rities providing for payment on deferred or installment payment; the inability of a person, which vdqwjo securities, reliably establish the fact of noncompliance with these norms by the purchaser; the absence of a securities trader is responsible for carrying out the control of observance by the purchaser of the securities of the above requirements of the Commercial code of Ukraine; the absence in the law of specific legal consequences of non-compliance by the acquirer of the securities of the above requirements of the Commercial code of Ukraine. On the basis of the above the author concludes that the above restrictions are not applied in practice, are archaic and artificial. Taking into account the fact that the Civilcode of Ukraine does not establish such restrictions to the participants of civil relations, in order to harmonize the legislation of Ukraine the author proposes to exclude from article 165 of the Commercial code of Ukraine the above mentioned problematic provisions and proposed changes in article 5.1, 17 of the Law of Ukraine “On securities and stock market”.
Authors and Affiliations
Anatolii Babaskin
Keywords
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