FINANCIAL INSTITUTIONS AS ACTORS IN FINANCIAL MARKET
Journal Title: Право та інновації - Year 2014, Vol 4, Issue 8
Abstract
Problem setting. The article is devoted to the research of particular problems concerning juridical status of financial institutions. Analysis of recent researches and publications. Theoretical basis, the author relies on, contains numerous works in the realm of civil and commercial law. Among them there are publications of K. Yu. Baranov, M.G. Delyagin, V.V. Doly`ns`ka, G.V. Zhukov, N.V. Kozlova, K.O. Kochergina, I.M. Kucherenko, A.V. Majfat, G.B. Leonova, D.S. Leshchenko, V.I. Polyuhovy`ch, O.S. Yankova and others. Target of research. The problem of legal status of financial institutions on financial services market. The main purpose of this paper is to clarify some issues concerning the operation of financial institutions. In order to achieve the purpose it is necessary to accomplish the following tasks: (1) clear up the mode of individualization of different types of financial institutions; (2) resolve questions rising while one chooses the particular type of financial institution established. Article’s main body. Professional services in the markets of financial services are provided by financial institutions which include banks, credit unions, pawnshops , leasing companies, trust companies, insurance companies, founded retirement insurance institutions, investment funds and companies and other legal entities whose sole kind of business is to provide financial services. Such definition indicates a very broad treatment of the term “institution” in the realm of financial activity. Such a treatment ignores the fact that “institution” is a legal corporate form suitable only for non-commercial legal entities. Conclusions and prospects for the development. The author reaches the following conclusions: (a) a financial institution should be established only in the legal form which is determined by a special law; (b) the entity becomes a financial institution after the introduction of the record in the State Register of financial institutions, as evidenced by the issuing of the certificate of registration; (c) financial institutions fall within four different realms of legislation at the same time: first realm is Civil Code of Ukraine; second is Commercial Code of Ukraine; the third is special legislation regulating commercial entities; the fourth is legislation regulating financial services, which contains a lot of statutes; (d) there are substantive divergences between different species of financial institutions, which could be established only in the forms provided for by legislation and which could be either commercial or non-profitable organizations, either public or private legal persons. Keywords: financial services market; financial institution; corporation; insurance company; legal corporate form; legal person under private law; legal person under public law; insurance fund; fraternal society.
Authors and Affiliations
Igor Borisov
Keywords
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