Journal articles on the topic 'Capital market – Law and legislation – European Union countries'
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1
Veselinov, Jelena. "Endowments in European law: Current state and perspectives." Glasnik Advokatske komore Vojvodine 93, no. 3 (2021): 700–733. http://dx.doi.org/10.5937/gakv93-28640.
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Throughout history, endowment, although with the same content, has developed differently in European countries in terms of law. The national legal regulations of the countries in this area define the basic elements, legal status and functioning of legal entities established in the spirit of endowment differently. The idea of the European Union as a market characterized by the free flow of people and capital inevitably led to the emergence of a very complex set of rules that apply to the member states of this union. The inclusion of endowments in the single market and the growing number of those characterized by internationally useful goals often lead to insurmountable problems in the operations of endowments outside national borders due to national legislations of EU countries not being synchronized, regardless of the general aim to create a single space without any barriers to the flow of people, services and capital. This is the starting point used to examine the subject of this paper - the need to regulate and resolve situations in the functioning of endowments and foundations in Europe: by creating special rules at the EU level and equalizing or harmonizing rules relating to these non-profit organizations. The subject of the research was chosen because of the importance of the topic in the process of developing private EU law in the non-profit sector. The aim of this paper is to analyze the legal regulations related to endowments and foundations in the national legislations of the EU member states comparatively in terms of law, but also to analyze the proposals for creating uniform legal rules.
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Stražišar, Borut. "Is principle based legislation smart choice for capital market’s regulation." Journal of Governance and Regulation 1, no. 3 (2012): 107–13. http://dx.doi.org/10.22495/jgr_v1_i3_c1_p4.
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Global financial crisis in 2008 posted numerous questions about the reasons and triggers. In past three years world’s economic literature has been full of academic articles analysing each reason or trigger and scientific explanations of possible connections. Majority outcome was, that key factor was excessive use of derivatives and synthetic financial products, which were under regulated or not regulated at all. The outcome was that countries with developed financial markets introduced new regulations and controls in the field of derivatives and synthetic financial products. Term “systemic risk” was introduced in global financial market. But will this approach really prevent such global crisis? Submission is divided in three parts. First part deals with the theory of principle based regulation. Principle based regulation was firstly introduced in UK and latter accepted by European Union in the field of capital markets. It was a way, together with the Lamfalussy process, to make EU regulation acceptable for all member states. Instead of detailed prescribed behaviour, legislation texts prescribe only desirable goals. Implementation is left to each state or, even worse, to each supervised subject. So the implementation should depend on the capital market’s development, capital product’s structure, tradition, investment companies’ size etc. From a distant view, principle based legislation could be seen as a great legislation writing’s technique. It could be seen as an effective solution to regulate a fast developing field without need to change the regulation. But is it true? Second part of the submission addresses the legal questions and problems, connected to the principle based regulation starting with the validity of regulations. Broad definitions in Market in financial instruments Directive (MiFID), introduced for fast adaptation to new financial products and instruments, are now turning into dinosaurs. Contrary to US’s fast action, European Union is still discussing whether spot forex trade is financial instrument or not. On the other hand, broad and unclear definitions, represents a friendly environment for new casino’s financial products. Even recognised financial instruments (like derivatives and synthetic financial instruments) are recognised as gambling contracts by national courts within European Union. Problems with legal enforcement of financial contracts are mentioned also in common law’s literature. There are numerous pages describing the economic and financial essence of each derivative or synthetic financial instrument. But the chapters, dealing with the legal aspects, are short and end with a similar advice: “due to small number of case law and the danger, that courts could interpret such contracts as a gambling contract, we strongly advise to settle all disputes outside the court.” In case of numerous defaults unenforceability of contracts could be the poison pill for the trust in capital markets. Accepted solutions could also be a problem for administrative or criminal sanctions. Broad and unclear definitions could violate the basic principle “nullum crimen sine lege praevia.” And least but not last, in modern financial world sins are made in interpretations of details and not of principles. Third part of submission deals with the necessary assumptions for a workable principle based legislation. It starts with basic legal culture and generally accepted rule of law. It deals with the corporate culture, consumer’s organizations, financial markets and capable supervisors. Only when all the actors perform their expected roles, the principle based legislation could work properly.
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Sokolova, Olga, Nadezhda Goncharova, and Pavel Letov. "Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization." SHS Web of Conferences 93 (2021): 05017. http://dx.doi.org/10.1051/shsconf/20219305017.
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The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.
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Доронина, Наталия, Nataliya Doronina, Наталья Семилютина, and Natalya Semilyutina. "Information Technologies and Economic Relations: Problems of International Conventional Unification in EAEU." Journal of Russian Law 3, no. 11 (November 11, 2015): 0. http://dx.doi.org/10.12737/14372.
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Since 2013, at the State Duma initiative, each April Saint-Petersburg has hosted the “Eurasian Economic Perspective” International Forum. This discussion venue for the exchange of opinions by parliament members of the post-Soviet states, with the participation of scientists, representing humanitarian sciences and education, furthers, among other things, the goal of the states’ integration and their economic development. The topic for discussion offered this year was the implementation problems of the Treaty on the Eurasian Economic Integration as of January, 1, 2015. One of the main integration problems is the problem of unification and harmonization of national legislations of the Treaty countries. The key question of the unification process is separation of powers and competences of the integration organization’s common body and the participating countries’ national bodies. The understanding of the supranational power of the common body is not correct. The integration experience in other unions between the states proves the importance of the sovereignty principle in the integration process. The author provides the analysis of former integration experience. For example, CMEA (Council of Mutual Economic Assistance) united the former Eastern European socialist republics and South-Eastern Asia and was dissolved in 90-ies after the transition of the States — participants to market economy. Notwithstanding its dissolution, CMEA created effective integration instruments on the basis of unification of national legislations: The CMEA General Conditions of Delivery. This instrument of the socialist common market continues to be practiced as model conditions for international contracts. The legal instrument of the International Business Corporation (IBC) has initiated the movement of resources that can be compared to the movement of capital in a free-market world. The CMEA experience has provided basic knowledge of cooperation, which was later used in other integration groups. The article also covers the economic integration of the European Union. It can be useful from the point of view of critics of “federalist” theories on the nature of integration of a group of states. The latter remains, as the authors show, to be subject to the International Law system. It is quite logical, that due to this position of the authors, they pay special attention to the key role of national legislation in the integration process. On the basis of the analysis of the Andean Common Market experience the authors underline the features of integration in the Latin American region. The comparative analysis of international regional unions of states is necessary to make the work of the Eurasian International Economic Union (EAEU) more effective. The Information Law is the technique that provides the diffusion of the most effective models of regulation for the purpose of economic integration. This approach in solving problems of economic integration in EAEU seems to be useful in search of the ways to overcome difficulties of the integration process.
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Oluwasemilore, Ifeoma Ann. "Nigerian intellectual property protection for small and medium-sized enterprise (SME) fashion designers in the digital economy." South African Intellectual Property Law Journal 10, no. 1 (2022): 38–65. http://dx.doi.org/10.47348/saipl/v10/a3.
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Nigerian fashion entrepreneurs are finding the market increasingly appealing due to the growing viability of small and medium-size enterprises (SMEs) in the fashion industry, particularly online retail fashion stores, and the easy accessibility of the Internet and digital media. However, with intellectual capital being the hallmark of the fashion industry, the nearly constant violation of intellectual property (IP) rights is a threat to the fashion sector’s continued existence and profitability in Nigeria. Fashion businesses are thwarted by an antiquated IP regime and the conflicting decisions of the courts on infringement cases which continue to frustrate the marketing of fashion brands on social media. This study used a descriptive and analytical approach, relying on both primary and secondary data, to analyse and assess the laws available for the protection of fashion designers’ intellectual works. The study also considers the various developments in fashion IP protection in more advanced countries, such as the United States and in the European Union, and makes practical recommendations to support the growth of IP law, fashion legislation and the Nigerian fashion industry in the digital economy.
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Stepanov, Oleg, and Denis Pechegin. "Legal View on the Introduction of New Technologies." Russian Law Journal 6, no. 3 (August 30, 2018): 149–71. http://dx.doi.org/10.17589/2309-8678-2018-6-3-149-171.
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According to the Concept of Long-Term Social and Economic Development of the Russian Federation for the period up to 2020, in the next few years the imbalance in world trade, as well as capital flows, will continue to increase, which will lead to changes in foreign exchange rates. That is why the final goal is to promote priority national interests in the framework of bilateral and multilateral trade and economic relations with foreign countries. In pursuit of this goal, the following improvement of customs regulation, and export and currency control mechanisms in the Russian Federation will be aimed at reducing barriers to foreign economic activity of innovative enterprises. Achievement of the set goals today is subject to the influence of a constantly changing world and new technologies. New technologies are increasingly penetrating the life of modern society. Meanwhile, the speed of introduction of new technologies is such that point changes in current legislation will gradually nullify the effectiveness of legal regulation as a system. Therefore, the changes today should concern not only the monetary and financial sphere, but also take into account other areas. The article is devoted to the study of crucial problems of implementing modern technologies from the legal point of view. Thus, at the international level, uncertainty still remains over issues of currency and legal responsibility, which is largely due to various legal regulations. Starting in 2018, the new rules for calculating the liquidity of banks and the ratio of borrowed funds to assets will come into full force in the European Union. Several large banks in France, dissatisfied with the policy of the European Central Bank (ECB), even appealed to the European Court of Justice for a change in the rules. According to FxPro analysts’ reports, economic growth in Europe has accelerated slightly, and the ECB is on the verge of abandoning its ultra-easy monetary policy in the direction of neutral and is preparing for further tightening. One of the subjects of the research is the system of monetary relations from the point of view of analyzing the problems of ensuring its stability, including criminal and legal means. The purpose of this analysis is to illustrate how to protect the domestic foreign exchange market and the challenges facing the monetary system today. The article has been prepared on the basis of legal and technical analysis of legal norms, as well as comparative legal and formal logical methods and system analysis methodology. In the authors’ view, this could contribute to a uniform approach to the problem, without which it would be extremely difficult to achieve success. It is concluded that in view of new challenges facing the global economy and the emergence of cryptocurrency, it is necessary to rethink the phenomenon of currency crimes, to study the experience of combating monetary crimes in other countries and to evaluate the common mechanisms for combating currency crimes. However, this approach cannot be considered legitimate insofar as different interpretation of the same term in different branches of legislation does not allow full realization of the constitutional rights and freedoms of citizens. After all, branches of legislation do not exist in isolation from one another, but are interrelated. It is concluded that the person conducting proceedings in a case can and is obliged, based on an analysis of the circumstances under consideration, to proceed from a comprehensive assessment of the category used in making the decision as applied to its understanding in aggregate in various branches of legislation. It is also necessary to create a universal state database for judges, prosecutors, investigators, etc., which would allow free cross-sectoral information exchange on the same subject. The new digital economy also requires retraining of civil servants and state employees, including the judiciary branch of government. At the same time, the article deals with the transformation of the legal profession in the future. It is concluded that classical legal education will not sink into oblivion. However, the lawyers of the future will play a slightly different role, namely, they will act as machinists, builders, operators and inventors of a useful model of legal relations for robot judges.
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MARTSENYUK-ROZARYONOVА, Olena. "CURRENT STATE AND PROBLEM ASPECTS OF SUSTAINABLE DEVELOPMENT IN INSURANCE MARKET IN GLOBALIZATION CONDITIONS." "EСONOMY. FINANСES. MANAGEMENT: Topical issues of science and practical activity", no. 4 (44) (April 2019): 61–68. http://dx.doi.org/10.37128/2411-4413-2019-4-7.
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In modern conditions, the functioning of the world financial insurance system is an objectively necessary attribute of a market economy and provides reliable guarantees for the restoration of violated property rights and interests in cases of losses caused by fire, natural disasters, man-made accidents, transport accidents and other unpredictable cases. Due to the mechanism of insurance protection for all market actors, equal rights are created, there is the possibility to benefit, there is a desire to take risks, incentives for increasing labor productivity, technical upgrading of production capacities, and investment in business development are provided. At the same time, insurance not only prevents the state from the cost of damages in the event of occurrence of insurance events, but also significantly affects the consolidation of state finances and is an effective form of accumulation of citizens' funds and a significant and stable source of long-term investment. The insurance market, which has a significant impact on the socio-economic stability of society, is one of the factors that directly determines the level of economic security of the country. The intensive globalization of the world insurance market requires from the national insurance markets adaptation to the new regime of international trade in insurance services, which is determined by the processes of liberalization of insurance supervision and state regulation of insurance markets. Today, an important task is to assess the causes, forms and trends of globalization of the insurance environment, which will allow optimally to form the direction of development of the insurance market in Ukraine. The globalization of insurance relations is a process of eradicating legislative and economic barriers between national insurance markets, which is under the influence of changes in the global economy, and aims to form a global insurance space. This phenomenon is eloquent in the following processes: the concentration of insurance and reinsurance capital; merging of bank and insurance capital; concentration on the market of insurance intermediaries; concentration of consumers of insurance services; change in demand for "mass" insurance services, increased participation of insurers in pension insurance; expanding the scope of private commercial insurance; changes in traditional forms and types of insurance services that lead to a combination of insurance and financial services; change of the market environment in the conditions of full computerization of consumers of insurance services. Ukraine's insurance market is at the stage of formation, gradually adapting to the requirements of European and world markets. We have many gaps in insurance activity, but we are actively trying to eliminate them. For this purpose, the Ukrainian insurance market must be connected to foreign insurance experience and change its own operating models. One such option is Ukraine's cooperation in insurance with the countries of the European Union. Thus, today the insurance market of Ukraine is at the development stage and has certain advantages and a significant number of shortcomings: the growth rate of the insurance market lags behind the growth rate of the economy, and its share in the GDP of the country is insignificant. But the Ukrainian insurance market has a great potential for development. In our opinion, the implementation of the above recommendations should strengthen the financial potential of the Ukrainian insurance market. The formation of a developed market of insurance services in Ukraine will provide favorable conditions for market transformation and stable development of the national economy, development of the world economy and international relations. In view of the preservation of the difficult situation in the economy, the volatility of the operating environment, as well as unresolved issues in the East of the country, one can expect the pressure on the insurance market to be maintained in the near future. This can be manifested as a further reduction in solvent demand for individual insurance services by domestic consumers (both the population and companies), as well as reducing the liquidity and profitability of the insurers themselves. Since the limits of globalization are unrealistic, the only right option in these circumstances is to develop new approaches to regulating processes in the national insurance market and to form effective models of insurance relations management in Ukraine. In view of this, you need: - to determine the main parameters and trends of the development of the modern world insurance space and the place of the insurance market of Ukraine in it; - to form a system of economic regulation instruments that would promptly react to probable significant changes in the insurance business; - ensure a gradual narrowing of the scope of the use of fiscal mechanisms for regulating insurance relations by maximizing the tax burden on the financial performance of insurers through the introduction of taxation principles in the field of insurance in the countries of the European Union; - to adapt the conceptual tools of the national insurance law to the conceptual apparatus of the international agreements regulating the trade in insurance services in the conditions of globalization of the world insurance market; - to adapt the classification of types of insurance activity, the rules for the formation of insurance reserves and their investment in accordance with the requirements of the global insurance market; - continue work on improving the system and structure of management of the institutions of the national insurance market, to study the causes, forms and experience of merging financial, banking and insurance capital.
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Kherkhadze, Alim. "THE ROLE OF FORING DIRECT INVESTMENTS IN THE ECONOMY AND THEIR STIMULATION MECHANISM." Economic Profile 17, no. 2(24) (December 25, 2022): 104–16. http://dx.doi.org/10.52244/ep.2022.24.03.
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In the era of globalization, the attraction of foreign investments has become an important factor in promoting the economic growth of countries. Investors are constantly looking for favorable conditions for investing their capital, which involves a combination of several important factors. The investor, who is focused on getting the maximum profit with the minimum cost, before making an investment decision, will study the investment environment of the host country, the proximity to large key markets, the barriers to entry from the host country to international markets, the availability of production and energy resources, the level of political and economic stability, the number of labor force, qualifications, etc. .sh. In terms of investments in the modern world, two types of trends have been identified: 1. High-tech investments, which are mainly located in developed countries, due to the developed country's intellectual resources, key market and good opportunities for business development, and 2. Investment, which is focused on obtaining maximum profit at the expense of cheap resources and labor force, and there is no or minimal technical innovation in it. It is important for the state to attract such direct foreign investments, which will not only be focused on making profits, but will also ensure the raising of the qualifications of local staff, the introduction of technological innovations, and the social protection of employees. Thanks to the economic reforms implemented after the post-Soviet upheavals, Georgia has become an attractive place for foreign investment, however, due to the shortage of labor force and low qualifications, investments focused on cheap resources and labor force are entering the country more than high-tech ones. The entry of relatively large, high-tech investments is hindered, in addition to the scarcity of the country's workforce and relatively low qualifications, the low level of energy independence, the territories occupied by the Russian Federation of Georgia, the generally politically and economically unstable region (Tskhinvali, Abkhazia, Karabakh regions), the aggressive state - the Russian Federation. Neighborhood and high probability of potential armed conflicts. The positive factors that make Georgia attractive for foreign investors are a favorable geopolitical location with land access, moderate natural and climatic conditions, low level of corruption, less bureaucratic and simple legislation compared to other countries, high level of harmonization of national legislation with international legislation, with the European Union in 2014 and in 2017 Free trade agreements signed with China, which allow a foreign investor to export products produced on behalf of Georgia to two of the world's largest markets without any problems. Due to the fact that one of the most important factors of production - "capital" - is needed to develop the economy, and the country does not have it at this stage, attracting foreign investments is a vitally important task for the economic growth of Georgia. In developing countries like Georgia, the level of domestic savings is relatively low. In addition to this, apart from the banking system, there is no stock market. In the period 1996-2021, a total of about 23.12 billion dollars of investment came into Georgia. The first and only investor country in 1996 was Ukraine with 3753.45 thousand US dollars. In the following years, significant investments were made in Georgia from the USA (1.81 billion USD), the European Union, CIS countries and Great Britain. According to the latest data, foreign investment has entered Georgia from 74 countries, which is almost 2 times less than the number of countries with which Georgia has trade relations (export-import). Since 2003, the growth of investments had an irreversible character, however, the 2008 world economic crisis and Russia's military attack on Georgia sharply reduced this figure, and it took 6 years to restore the pre-war figure. In addition, since 2017, foreign investments in Georgia have been characterized by a decreasing trend. Pandemic year 2020 was particularly notable in terms of investment decline. Despite the fact that after the signing of the Georgia-EU association in 2014, foreign investments should have increased due to the desire to access the EU market, until 2017, their volume was decreasing. In 2017, in the history of independent Georgia, the largest level of foreign investments - 1.98 billion USD was recorded. In the same year, the agreement on free trade between Georgia and China was signed, which should also increase foreign investments due to the desire to access the Chinese market, although the country has not returned to the level of foreign investments made in 2017. On December 31, 2013, the Organic Law of Georgia "On Economic Freedom" adopted in 2011 entered into force. The law, on the one hand, regulates the limit of the amount acceptable from taxpayers - in case of the desire to increase the tax rates of income, profit, VAT and import taxes, citizens' consent is required through a referendum, and on the other hand, the amount of spending of collected taxes is controlled by the limits of the established macroeconomic parameters. After the implementation of this law, the tax burden of taxpayers was not supposed to increase, but the government took advantage of the loophole in the law and in 2017 the excise duty rate was sharply increased on cars (the excise duty on right-hand drive cars was doubled), fuel and tobacco products. The property tax has also been increased, since it does not belong to the general state tax. Since January 1, 2017, when the Estonian model of profit tax came into force, the state budget received about 500 million GEL less. To make up the deficit, either government spending had to be cut, or debt had to be incurred, or taxes had to be raised. In 2017, the government's expenses increased by 800 million GEL, we took on a debt of 400 million GEL, and the excise and property tax rates were also increased, according to which if the family had an annual income of more than 40,000 GEL, they would have already paid property tax on the car. As of May 2021, the foreign debt has increased to 24.8 billion GEL and has already violated the macroeconomic parameter written in the Law on Economic Freedom, according to which the government's debt cannot exceed 60% of GDP. From 2011, when the law was adopted, until 2013, when the law entered into force, the volume of direct foreign investments did not increase, on the contrary - it even decreased, although this can be blamed on the caution caused by the change of government in 2012. - Investors are likely to observe the possibility of a change in the country's political vector. When the law came into force in December 2013, that is, in fact from 2014, the volume of investments increased by leaps and bounds, and this dynamic continued until 2017, when taxes were increased. Since 2018, the volume of direct foreign investments has dropped almost to the level of 2011. Based on all of the above, we believe that in order to attract foreign investments, Georgia should make maximum use of those competitive advantages that will attract the attention of foreign investors. The country, which has historically been a corridor of regional and world importance, has yet to fully utilize its transport function.
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KANATOV, Renat K. "Regulation of Combining Brokerage Activities in the Securities Market in the Legislation of the EAEU Countries." Journal of Advanced Research in Law and Economics 10, no. 7 (December 31, 2019): 1994. http://dx.doi.org/10.14505/jarle.v10.7(45).07.
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This research is devoted to the analysis of legal norms on combining brokerage activities in the securities market with other types of entrepreneurial activity in the countries of the Eurasian Economic Union. Recently, consideration of issues of harmonization of the legislation of the countries of the Eurasian Economic Union has gained particular importance in conditions of ensuring freedom of movement of goods, services, capital and labor, pursuing a coordinated, consistent or uniform policy in economic sectors within the framework of the Eurasian Economic Union; the formation of a single market for goods, services, capital and labor within the Eurasian Economic Union; creation of conditions for stable development of the economies of the countries of the Eurasian Economic Union in the interests of improving the living standards of their population; comprehensive modernization, cooperation and competitiveness of national economies in the global economic space. In this regard, the aim of the article is to identify problems and develop provisions for harmonizing the legislation of the countries of the Eurasian Economic Union in terms of combining brokerage with other types of professional activities in the securities market in the countries of the Eurasian Economic Union. The results of the study in this article can be used in law-making to harmonize the legislation of the countries of the Eurasian Economic Union in the field of regulation of brokerage in the securities market, as well as in scientific research in the field of civil and business law.
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Yasynska, Daria. "ENSURING THE EFFICIENCY OF MANAGING THE FINANCIAL AND ECONOMIC SECURITY OF THE ENTERPRISE DURING THE CRISIS." Three Seas Economic Journal 3, no. 4 (December 30, 2022): 60–65. http://dx.doi.org/10.30525/2661-5150/2022-4-9.
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The purpose of the article is to present effective anti-crisis management measures to bring enterprises out of the crisis situation and improve their financial and economic security. The subject of this study is the financial and economic security of an enterprise during a crisis. Methodology. Using the historical and comparative methods, the author analyzes the events of recent years and analyzes the impact of external factors on the formation of the crisis state of an enterprise. The economic and statistical method made it possible to analyze the scale of damage caused by the Russian Federation to the state of Ukraine during almost nine years of active hostilities in violation of such principles of international law as the principle of non-use of force or threat of force; the principle of sovereign equality of states; the principle of equality and self-determination of peoples; the principle of peaceful settlement of international disputes; the principle of non-interference in the internal affairs of states; the principle of peaceful cooperation; the principle of fulfilling international obligations in good faith; the principle of inviolability of borders; the principle of territorial integrity of states; the principle of universal respect and protection of human rights; and to see what level of crisis the terrorist state of the Russian Federation has spread in the largest country of the European Union, namely Ukraine. Using the philosophical dialectical method, the author analyzes the very phenomenon of crisis in the broad sense of the word and finds a way to respond to the challenges of the crisis. Results. This study assesses the benefits that have contributed to the development of economic relations with countries in Africa, Asia, and Europe. The losses suffered by the Ukrainian economic system due to the destructive processes of the crisis are analyzed. The author examines the peace formula approved by Volodymyr Zelenskyy, which provides for the implementation of measures aimed at shaping peace in the European space and correcting the mistakes made by officials of the terrorist state of the Russian Federation, which led to terrible consequences; the author analyzes the achievements of this peace formula and determines how much benefit and lives it has already brought. The practical significance lies in the definition of reorganization as one of the best anti-crisis management measures that can bring an enterprise out of a crisis. In particular, attention is drawn to the effectiveness of rehabilitation measures that can restore the solvency of an enterprise. In turn, taking into account the established practice of attracting investment capital as a means of improving the economic activity of an enterprise, the author analyzes the risks of losing property and non-property assets in the event of adverse conditions and proposes to create a mechanism for investment guarantees, which consist in preserving assets by the investor in the event of adverse market fluctuations. The scientific novelty lies in the proposal to amend the current legislation to guarantee the safety of the rehabilitation procedure to the investor by mitigating the risk of loss of invested assets in restoring the enterprise's solvency.
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Bree, Axel. "The Organisation of Waste Management in the European Union Member States." Journal for European Environmental & Planning Law 2, no. 6 (2005): 478–89. http://dx.doi.org/10.1163/187601005x00471.
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AbstractThe organisation of waste management raises an important question: Who has access to waste - the public waste management services or private waste management companies ? The answer has important economic consequences, since waste management is a significant market. At the same time, environmental concerns have to be observed. The framework legislation of the European Community leaves the organisational structure of waste management to the national legislation of the Member States. However, under Community legislation waste is subject to the principle of the free movement of goods, which may be restricted on environmental grounds. Furthermore EU law draws a distinction between waste for disposal, for which shipment can be restricted more easily, and waste for recovery, which is subject to less stringent control procedures. Given the broad European framework, this article explores the national legislation in most EU countries. It aims to analyse the approach taken by the national legislators to find a way between public service and private autonomy. In conclusion, it seems clear that in the countries examined an important distinction is made between household and industrial waste. Only Germany has adopted the European distinction between waste for recovery and waste for disposal as a major criterion for the allocation of the waste streams between public and private entities, whereas in the other Member States this criterion only plays an insignificant, if any, role at all.
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Martirosyan, E. G. "Legal Regulation of the EU Common Agricultural Market." Journal of Law and Administration 16, no. 2 (June 26, 2020): 89–97. http://dx.doi.org/10.24833/2073-8420-2020-2-55-89-97.
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Introduction. The article presents the analysis of legal regulation on the agricultural market of the European Union. The high growth of international economic integration, contributing to the intensification of interstate cooperation for the simplified movement of goods and services induces the harmonization of regulatory and legislative frameworks to develop uniform mechanisms of legal regulation. The diversification of agricultural exports should be considered as one of the highly promising, priority and sustainable trends of agricultural policy. EU law requirements must be taken into account by organizations engaged in foreign economic activities of food supplies. The article gives the updated analysis of the Eurasian Union regulatory framework in the sphere of agricultural products. Materials and methods. The methodological basis of the study comprises the universal dialectic method of scientific knowledge, general scientific methods (analysis, synthesis, analogy, induction, deduction, modeling, etc.), particular scientific (logical-legal method, comparative legal method of systemic analysis, etc.). Methods of content analysis of legal documentation, allowing to study key trends in the legal regulation and policies of the European Union in relation to the agricultural market were also used.The results of the study. The conducted analysis revealed that there is a confusing situation in the European Union legislation about the agricultural market. The exceptional attitude to agriculture in the European Union legislation was widely under-mined, which led to serious consequences not only for the interpretation of agricultural provisions in EU law, but also for the legal provisions about the agricultural market in other countries. The article also analyzes the changes in legislation that pave the way for a deeper understanding of agricultural law in the European Union after the reforms introduced by the Lisbon Treaty.Discussion and conclusion. Since 1974, the European Union has developed a wide range of legislative provisions related to agriculture. Pursuant to EU treaties, animals are recognized as living creatures, and therefore the EU and Member States must take due care of animal welfare requirements preparing and implementing policies in agriculture or on the domestic market. Currently, EU legislation on the welfare of farm animals contains specific provisions for the cultivation of poultry, calves and pigs, as well as to all types of agricultural machinery and livestock slaughter. Nevertheless, there are contradictions between the EU Member States stemming from the legal regulation of the common agricultural market in the European Union.The author concludes that the EU food law is comprehensive and aimed to provide consumers with safe and high-quality products, subject to timely and comprehensive information about possible risks. Taking into account the experience of the European Union in the development and correction the relevant legislative system will significantly increase the effectiveness of the measures to increase the export potential of domestic products.
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Martirosyan, Diana G. "LEGAL LABOR MIGRATION REGULATION FROM THIRD COUNTRIES UNDER EUROPEAN UNION LAW." SCIENTIFIC REVIEW. SERIES 1. ECONOMICS AND LAW, no. 1 (2022): 121–31. http://dx.doi.org/10.26653/2076-4650-2022-1-09.
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The article deals with the EU legal framework in the sphere of regulation of legal labor migration of citizens from third countries. In recent years this issue has become one of the most discussed in the European Union due to the migration crisis and the development of geopolitical transformations. By examining the relevant provisions of primary and secondary EU law, especially certain provisions of EU secondary legislation, as well as the case law of the Court of Justice of the European Union (hereinafter — CJEU), the author concludes that the European Union institutions and competent authorities need to change their approach when it comes to labor market needs. The migration crisis of 2015-2019 has shown the need to develop and further adopt a common migration policy at the supranational level, with particular attention to the regulation of labor migration. Details on improving and developing a program for the integration and assimilation of migrants in host countries are extremely important. There is also a need to develop online platforms and tools to help potential migrants better integrate, which could be similar to the European Job Mobility Portal (EURES). Particular attention needs to be paid to the implementation of European law at the supranational level, as individual countries complicate administrative and bureaucratic regulation in order to reduce the flow of migration into their countries. In general, despite some progress in the development of EU migration law, there is a need to improve it in order to bring it into line with the reality of migration regulation.
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Novicic, Zaklina. "Freedom of movement for persons in the European Union Law." Medjunarodni problemi 55, no. 1 (2003): 57–88. http://dx.doi.org/10.2298/medjp0301057n.
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In this article the author analyses the evolution of complex corpus of legislation concerning the freedom of movement for persons in European Union Law. The article deals with the subject in two aspects: the first part of the analysis considers the conceptual development of free movement of persons by way of deliberation of building-up the authority of Union in that area, and the second part analyses the contents of the right of the Union citizens to move and reside freely within the territory of the Member State. The freedom of movement for people includes the right of Union citizens to enter, move and reside in another Member State and, in that context prohibition of any discrimination based on nationality. Conceived originally as primarily an economic phenomenon, the free movement of persons was closely linked to the pursuit of an occupation. It was the mobility of human resources as a factor of production, which inspired the chapters of the Treaty establishing the European Economic Community (1957) relating to the free movement of workers, freedom of establishment and the freedom to provide services. In that sense, freedom of movement is a part of a wider concept, that of the common/internal market. Since then, through the combined effect of secondary legislation and the case law of the Court of Justice, the concept has been broadened and it tends, from the Maastricht Treaty (1992), to form one of the fundamental and individual rights of Union citizens generally. Also, the amendments of EEC Treaty, which were made by the Single European Act (1985) and specially by the Treaty of Amsterdam (1997) and the Treaty of Nice (2001), have formalised the external aspect of freedom of movement. Namely, it was recognised that freedom of movement for persons could not take place at the expense of security, protection against crime and illegal immigration. The abolition of internal controls has generated the need of the transferring checks to the external frontiers of the Union and, in this connection, the gradual establishment of an area of freedom, security and justice. In the first part of the article the author presents and analyses the development of the Union power in the policies of freedom of movement: in facilitating of free movement of people as a principle of the common/internal/single market, in achievement of the right to free movement for Union citizens, and also in the fields related to the external aspect of freedom of movement, or, actually, the issues pertaining to visas, asylum and immigration. The second part presents the specific contents of freedom of movement for persons that consists of the corpus of individual rights enjoyed by Union citizens on the territories of EU Member States that are not countries of their origin. These are the right to entry and residence and the right to engagement in gainful activity as well as the related social rights. This part of the article also explores the freedom of movement restriction regime as well as the corresponding Union legislation in preparation.
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Perišić, Đorđe. "Taxi transport, internet platforms and market liberalization." Zbornik radova Pravnog fakulteta, Novi Sad 55, no. 4 (2021): 1189–203. http://dx.doi.org/10.5937/zrpfns55-34870.
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Thinking about the legal regulation of the taxi services market in countries and cities around the world never stops. The emergence and use of internet platforms in the organization of passenger transport in large cities has led to the fact that anyone can find themselves in the role of a person who performs transport. Thus, taxi transport gained direct competitors, because it is clear that these two transport markets are largely substitutes. However, the existing, strict regulation of the taxi market does not recognize internet platforms and as such, prevents their functioning. The introduction of internet platforms in the transport system and their functioning in full capacity, as their creators imagined, means the previous abolition of numerous market restrictions on the taxi market, ie. liberalization. On the other hand, the existing market restrictions on the taxi market conflict with the liberal economic concept, present primarily in the European Union, but also in the Balkan countries. This is another reason why deregulation of this market can be expected. The paper presents the characteristics of this market and identifies the most important issues of the current legislation of Serbia and Bosnia and Herzegovina that could be disputable in the process of possible deregulation. The direction in which changes in national legislation will go can be seen to some extent by analyzing the current legal framework of the European Union and the case law of the Court of Justice.
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Yaroshenko, Oleg, Nataliia Melnychuk, Sergiy Moroz, Olena Havrylova, and Yelyzaveta Yaryhina. "Features of Remote Work in Ukraine and the European Union: Comparative Legal Aspect." Hasanuddin Law Review 7, no. 3 (December 1, 2021): 136. http://dx.doi.org/10.20956/halrev.v7i3.3218.
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The relevance of the study is based on the development of scientific and technological progress and the expansion of the labor market, including in the framework of international cooperation. Moreover, the introduction of quarantine due to the spread of Covid-19 has led to increased attention to remote work. The aim of the study is to analyze the legal aspects of remote work in accordance with the labor legislation of Ukraine and the European Union, focusing on the concept of remote work, the rights and obligations of remote workers. In our study, we determined that in the European Union, the key points in relation to the rights granted to teleworkers, which the countries parties to the agreement have undertaken to incorporate into their national legislation and collective agreements, are data protection; the voluntary nature of telecommuting; equipment; organization of working time; privacy. The originality of the study is based on more effective ways to improve labor productivity in Ukraine, labor discipline, compliance with labor guarantees for remote work. It is necessary to revise and legislatively regulate the key principles of compliance by employees with labor discipline, providing the employee with proper working conditions, supporting the employer in search of new opportunities to provide employees with work, improving the technical aspects of ensuring the relationship between business and government, responsibility for results and the labor process.
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Barskyy, V. R., and D. Yu Dvornichenko. "HARMONIZATION OF UKRAINIAN AND EUROPEAN UNION LEGISLATION ON THE PROTECTION OF THE RIGHTS TO GEOGRAPHICAL INDICATIONS: BACKGROUND, SITUATION AND PROSPECTS." Constitutional State, no. 42 (July 7, 2021): 115–24. http://dx.doi.org/10.18524/2411-2054.2021.42.232407.
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The article is devoted to the issue of harmonization of the legislation of Ukraine and the European Union on geographical indications. The study of the influence of the European experience in the field of protection of geographical indications is explained by the systemic reform of this institution in Ukraine. The protection of geographical indications is becoming increasingly important in the context of a gradual increase in trade between Ukraine and the European Union. Based on the analysis of the correlation of the EU law with the legislation of its member-states in the field of protection of geographical indications, a forecast of the development of this legal field in Ukraine is provided and the current tasks related to its revision and development are determined. The system of protection of geographical indications of the European Union is constantly adapted to the needs of the market. Current trends in its development include the gradual merging of the sovereignty of member states in the field of intellectual property protection, which in the long run may lead to the disappearance of relevant areas of national legislation of individual countries. Therefore, Ukraine must adapt to this trend as soon as possible at the legislative level. The ratio of sources of national legislation of Ukraine and acts of the European Union indicates that the latter significantly affect the development and functioning of the relevant legal field of Ukraine. Firstly, the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their Member States, on the other hand, is an element of the national legal system and can be directly applied to the relevant legal relationship. Secondly, the acts of the European Union on the protection of geographical values determine the directions and parameters of the development of national legislation of Ukraine in the relevant field. In particular, the harmonization of the legislation of Ukraine to the European Union standards on geographical indications has led to amendments to the Civil Code, Economic Code and the adoption of a new version of the law “On legal protection of geographical indications”.
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Puetz, Achim. "‘Extraterritoriality’ in European Law: Airfreight and Beyond." Air and Space Law 46, Issue 6 (November 1, 2021): 763–84. http://dx.doi.org/10.54648/aila2021048.
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Air carriers operate, almost by definition, in an international environment. Under air services agreements (ASAs) concluded by European Union (EU) Member States with third countries, with or without the involvement of European institutions, many non-EU airlines offer flights to or from the Union. However, the correlative increase in competition has not only positive effects, e.g., a wider offer and more advantageous flight rates. The fact that the obligations imposed on – and, in general, the conditions applicable to – non-European carriers in their respective countries of origin are different from those that weigh on European airlines leads to situations in which EU and non-EU carriers do not compete on equivalent terms. Furthermore, anticompetitive behaviour on the part of the airlines cannot be ruled out. The question then is whether and to which extent European legislation is applicable to non-EU carriers, both in terms of competition law and sector-specific regulations. The present article aims at reviewing the current state of ‘extraterritorial’ application of European law, mainly from an antitrust perspective, and it does so on the basis of a thorough analysis of a case currently pending before the General Court (GC), where the jurisdiction of the Commission has been challenged precisely for sanctioning non-EU carriers for acts performed outside the Common Market. Carriage by Air, Competition law, Jurisdiction, Extraterritorial Application of European Law, Air Services Agreements
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Horodyskyy, Ivan, Andriy Borko, and Mariia Sirotkina. "ADAPTATION OF UKRAINIAN CORPORATE LEGISLATION TO EUROPEAN STANDARDS." Baltic Journal of Economic Studies 7, no. 3 (June 25, 2021): 56–64. http://dx.doi.org/10.30525/2256-0742/2021-7-3-56-64.
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Defining the European vector of development of Ukraine in the model of international cooperation as a priority involves the use of European standards in the field of law. This is impossible without careful adaptation work to bring the domestic legal system in line with the system that exists in the countries of the European Union. Recent changes in legislation have been long-awaited and have been a breakthrough in the corporate and financial sectors. The authors aim to carry out a comprehensive analysis of Ukrainian corporate law by comparing the political governance of Eastern Europe, economic and political aspects of the current situation, problems of corporate governance and ways to solve them, and the current stages of adaptation of corporate law in its transformation to the EU’s norms. In February 2018, the European Commission proposed to consider 2025 a possible date for the accession of Serbia and Montenegro, which means recognizing these countries as the first league in the Balkans, even in case the EU Council does not approve this date. The second league was set by the Council in June 2018, when 2019 was marked as a possible conditional date for the opening of accession negotiations with Albania and Macedonia. While the third league is for the accession of Bosnia and Kosovo, for which no date has been set. Negotiations with Turkey have been suspended. For comparison, if we take into account both political and economic indicators, Ukraine is approximately equal to the Balkan states of the second league. The prospect of EU membership has been recognized as the strongest external factor in domestic political change in the countries surrounding the EU. In accordance with the requirements of the Association Agreement with the EU on corporate law (EU Directives No. 2001/34/EC, No. 2003/71/EC, No. 2004/109/EC, No. 2007/14/EC, No. 2007/36/EC, No. 2012/30/ ЕС, No. 2013/34/ЕС, Recommendations of the European Commission No. 2005/162/ЕС and No. 2004/913/ЕС) the Law of Ukraine No. 2210-VIII, the Law of Ukraine “On Limited Liability and Additional Liability Companies” dated February 06, 2018 No. 2275-VIII, amendments to the Laws of Ukraine №514-VI, “On Securities and Stock Market”, “On Business Associations”, the Economic Code of Ukraine, the Civil Code of Ukraine, the Criminal Procedural Code of Ukraine and other laws were made and came into force on July 1, 2021 in the Law of Ukraine No. 738-IX. European integration transformation of Ukrainian legislation in the context of protection of shareholders’ rights was manifested through the implementation of Directive 2004/25/EC in the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Concerning the Simplification of Doing Business and Attracting Investments by Issuers of Securities” dated March 23, 2017 No. 1983-VIII and the Law of Ukraine No. 514-VI. Ukraine’s economy has not yet recovered from the negative effects of the global financial crisis of 2008, the political coup, the national crisis of 2015, the current crisis caused by the COVID-19 pandemic. This situation shows declining dynamics, and changes in Ukrainian legislation are offset, not showing real effect. The harmonization of Ukrainian legislation is complicated by the unwillingness of Ukraine’s business environment to comply with EU rules. Analyzing the activities of the JSC, the dynamics of the securities market, stock market and the transformation of Ukrainian legislation, the initiatives of certain branches of government, we can say that Ukraine is moving in the right direction but not fast enough and forms a country with a real market economy. Therefore, we can conclude that the adaptation of Ukrainian corporate law to EU legislation should be carried out not only in relation to existing EU directives but in accordance with general trends and prospects for the development of European corporate law.
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BAUR, GEORGES S. "Square Pegs and Round Holes (Continued): Financial Market Surveillance Authorities and Internal Market Association." Cambridge Yearbook of European Legal Studies 22 (December 2020): 32–59. http://dx.doi.org/10.1017/cel.2020.10.
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AbstractAfter the financial crisis of 2008, the European Union (‘EU’) not only increased its substantial legislation regarding financial services, but also built up a strong and unified system of financial market supervision. In particular, central surveillance authorities were created. These were given far-reaching competences with regard to substituting dysfunctional national authorities or players in the financial services sector. The three European Economic Area (‘EEA’) and European Free Trade Association (‘EFTA’) States—Iceland, Liechtenstein, and Norway—participate in the EU's internal market through their membership of the EEA. In order to continue participating on an equal footing in the internal market for financial services and to honour their duty to maintain homogeneity, the EEA EFTA States also had to incorporate the new institutional setup regarding financial services supervision. This obligation, however, in particular relating to certain intrusive powers of the new surveillance authorities, collided with some constitutional reservations, above all of the two Nordic EEA EFTA States. This article will show how these conflicting aims could be merged into a system that on the one hand guarantees the unified overall approach needed for strengthened surveillance of the internal market for financial services, and on the other hand safeguards certain constitutional reservations of the EEA EFTA States. It also looks at how third countries that do not (fully) participate in the internal market, such as the United Kingdom and Switzerland, are likely to be treated in this context by the EU.
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Varul, Paul. "The Creation of New Estonian Private Law." European Review of Private Law 16, Issue 1 (February 1, 2008): 95–109. http://dx.doi.org/10.54648/erpl2008005.
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Abstract: The article gives an overview of how new legislation was drafted and adopted in Estonia after the country regained its independence. Estonia was one of the republics of the Soviet Union and became independent again in 1991. The new situation suddenly necessitated new legislation, which had to suit a democratic state with a market economy, and also be in line with the standards of developed European countries. It took ten years (1991–2001) to create the new legislation, the cornerstones of which are the Civil Code and the Commercial Code. The Civil Code was adopted in five parts: the General Part of the Civil Code Act (1994, replaced with a new version in 2001), Family Law Act (1995), Law of Property Act (1993), Law of Succession Act (1997) and Law of Obligations Act (2001); the Commercial Code was passed in 1995. The article introduces the content of all the aforementioned laws. The comparative method was the main method in drafting the new laws. The laws of Germany, the Netherlands, Switzerland, Austria, France, Italy, and the Scandinavian countries, as well as the Civil Codes of the State of Louisiana and the Province of Quebec were followed as the most important examples. Internationally harmonized legislation, such as the Vienna Convention on Contracts for the International Sale of Goods, as well as sample laws such as the Principles of European Contract Law and Principles of International Commercial Contracts were also used as sources. Drafting the new private law legislation largely fell into the period when Estonia was a candidate state to the European Union, which is why he European Union law was already taken into account when preparing the drafts. By the time Estonia became a Member State of the EU (2004), its private law legislation was in harmony with the EU requirements. Although the legislations of former USSR republics and socialist countries have developed at varying paces, the legislative analysis of Estonia, which is the subject of the article, also reflects the developments of the ‘countries in transition’ that are in the same situation and where new social and economic conditions necessitated new laws. A major objective in drafting the new laws was to make them understandable and acceptable to persons from other countries, thus paving the way for international cooperation. Résumé: L’article donne un aperçu de la manière dont l’Estonie, de nouveau indépendante, a procédé à l’élaboration et à l’adoption d’une nouvelle législation. L’Estonie est une ancienne République de l’Union soviétique qui regagna son indépendance en 1991. Dans ce nouveau contexte, le besoin s’est rapidement fait sentir d’avoir une législation qui soit adaptée à un État démocratique, dans lequel fonctionne l’économie de marché et qui satisfasse aux normes des pays développés de l’Europe. L’Estonie a mis dix ans (de 1991 à 2001) pour établir une nouvelle législation, dont les principaux textes de base sont le Code civil et le Code de commerce. Le Code civil a été adopté en cinq parties: la loi relative à la partie gènérale du Code civil (1994, remplacée par une nouvelle version en 2001), la loi sur la famille (1995), la loi sur les biens (1993), la loi sur les successions (1997) et la loi sur les obligations (2001), le Code de commer
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Popielas, Marek. "Harmonization of investment services in the European Union - the example of investment funds." Oeconomia Copernicana 3, no. 1 (March 31, 2012): 73–88. http://dx.doi.org/10.12775/oec.2012.004.
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This paper aims to present the level of harmonization of investment services in relation to the European investment funds’ market. The author, in an attempt to systematize different types of investment services in Europe, refers to the European Freedoms and presents the key reasons for the harmonization of investment services. An important part of the study is to present the role of investment funds in the financial sector, as well as the crucial benefits of participation in the funds. By using the method of analysis of the sources, the author makes a review of the European regulations on investment funds, both the law and the recommendations of regulators. From the perspective of recent legislation changes the study highlights their possible implications, especially for less developed countries of the European Union. Complementing the current picture of harmonization the author, by referring to the substantial transformation of the common market of the European Union in 2004, makes review of dynamics of this sector, based on basic statistics. What is worth paying attention in this context is that there is still a slight share of the newly acceding countries. Verification of accuracy of the author’s observations may become the subject of wider discussion on the harmonization of financial services in this area, taking into account time necessary to assess the impact of European regulations currently being implemented.
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Berezovska, Lyudmyla, and Anastasiia Kyrychenko. "STATE REGULATION OF CAPITAL MARKET IN UKRAINE." Scientific Notes of Ostroh Academy National University, "Economics" Series 1, no. 21(49) (June 24, 2021): 4–9. http://dx.doi.org/10.25264/2311-5149-2021-21(49)-4-9.
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In modern conditions a developed stock market is a necessary element of the country's economy effective functioning as it establishes legal and economic relations between businesses that need financial resources and individuals who can provide them. The level of business activity in this sector determines the state of economic development of the country. Exchange activity in a market economy requires government regulation in order to ensure the efficiency, balance and stability of the exchange market. The purpose of the article is to analyze the state regulation of the stock market in Ukraine. The article analyzes the dynamics of trading on the stock market of Ukraine, identifies problems with its operation. The main models of state regulation of the financial services market are considered, namely: monoregulatory and polyregulatory. It is concluded that there is a multi-regulatory model of organized markets in Ukraine, as regulatory functions are assigned to the National Commission on Securities and Stock Market and the National Bank of Ukraine on domestic government bonds, money market derivative contracts, money market instruments. The state regulation of the stock market in Ukraine in accordance with the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Simplification of Attracting Investments and Introduction of New Financial Instruments" of June 19, 2020 is studied. which includes capital markets and commodity markets; improving the organization of the depository and clearing system; introduction of a trade repository and a liquidation of the netting mechanism; enshrining in law the differences between qualified and unqualified investors; introduction of green bonds as a new type of financial instruments. It is concluded that the adoption of the above law is an important step in the development of the stock market, as this law amends the law "On Securities and Stock Market" and establishes uniform rules for all exchange traders, defines the market regulator and circulation mechanism. financial instruments, radically changes the structure of the capital market and adapts Ukrainian legislation to the norms of the European Union in the field of financial services, bringing Ukraine closer to the global financial space.
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Nijkeuter, Erwin, and Maarten F. de Wilde. "FII 2 and the Applicable Freedoms of Movement in Third Country Situations." EC Tax Review 22, Issue 5 (October 1, 2013): 250–57. http://dx.doi.org/10.54648/ecta2013027.
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In this article, the authors discuss the approach that the Court of Justice of the European Union (CJEU) adopts in deciding which of the European treaty freedoms apply to third country situations. On 13 November 2012 the CJEU delivered a landmark ruling on this matter in the Test Claimants in the FII Group Litigation case. The CJEU observed that if the tax legislation in question is of a general nature then the free movement of capital also applies where European Union (EU) resident entities derive taxable proceeds from majority interests held in companies resident in third countries. In reaching this conclusion, the CJEU adopted an approach that seems to differentiate from that applied in earlier judgments. Moreover, the CJEU's findings clearly differ from the approach taken by the Dutch Supreme Court in various recent judgments. The Dutch Supreme Court considers external cross-border investments in majority shareholding interests as acts of establishment, which are not protected under EU law, because the freedom of establishment does not apply to third country situations. Assessing EU jurisprudence, the authors seek to answer the question which treaty freedom applies in cases involving the direct taxation of proceeds from cross-border third-country corporate shareholding interests and where does the approach adopted by the CJEU differ from that of the Dutch Supreme Court? The authors further address some potential consequences that the CJEU case law on this matter could have on the future interpretation of the freedom of capital.
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Dean, Janice. "Ideal Type Organisations and Company Law in Europe." European Business Law Review 23, Issue 4 (July 1, 2012): 461–82. http://dx.doi.org/10.54648/eulr2012026.
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Different national cultures within Western Europe have very different models of what constitutes a 'well-functioning organisation'. Looking at the nations with the largest economies in the European Union (the French, Germans, Italians and British), the author considers how some of these different models (the 'pyramid', the 'machine', the 'family' and the 'market') have influenced the company laws of the countries in which they are prevalent. The piece then considers the implications for European Union company law of the variations between the predominant national models. Strengths and weaknesses of the various ideal types of organization and other possible models are considered. This article will examine companies in the quartet of European Union countries which have an annual GDP exceeding 1.5 trillion euros: Germany, France, the UK and Italy. Very broadly, two of them, France and Italy are Southern European (traditionally mainly Catholic) in culture as well as geographically, the other two are Northern European (historically mainly Protestant). The four nations remain diverse in economic structure, and particularly in average company size and the use of capital markets, although (with Germany being much the largest) the scale of the economies is similar. These major European Union countries also have different pre dominant models of effective corporate organisation, regulation and management. The discussion will contend that the diverse sets of regulations in part stem from, and are connected to, varied models of what constitutes a 'well-functioning organisation' in the four nations. These pervasive 'ideal types' of the effective organisation might be expected to influence what governments, shareholders and other stakeholders expect of the major companies and how corporate leaders behave. In the European Union, it is argued that national cultures, including views of what constitutes a well-functioning organisation, still provide the basis for social interaction including business activity. Some implications of these underlying differences of perspective for greater co-ordination of company law at European Union level will also be addressed. The strengths and weaknesses of the various 'ideal types' of organisation will be considered. Finally, some possible alternative conceptions of the 'well-organised' company in the 21st Century will be discussed. The continuing diversity of national cultures between Germany, France, the UK and Italy is reflected in their nationals' preferred ways of conceptualising organisations, including major business organisations. Hofstede quotes Owen J Stevens' study at INSEAD Business School - "The majority of the French tended to resolve [a conflict] by referring to the hierarchy; the British, through horizontal negotiation; and the Germans, through the establishment of procedures. Stevens identified the implicit model of a well-functioning organization for the French as a pyramid, that for the British as a (village) market, and that for the Germans are a well-oiled machine." As far as Italy is concerned, the 'family' model remains most salient. These observations led the current author to further examination of those models in the national contexts as they connected to company law. Questions of the adequacy or otherwise of those mental pictures also arose.
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Rezvorovych, Krystyna. "Certain aspects of the legal regulation of joint investment institutions operation in the EU." Naukovyy Visnyk Dnipropetrovs'kogo Derzhavnogo Universytetu Vnutrishnikh Sprav 5, no. 5 (December 30, 2020): 155–59. http://dx.doi.org/10.31733/2078-3566-2020-5-155-159.
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The scientific article analyzes the peculiarities of the legal regulation of the joint investment insti-tutions of the European Union. The concepts and types of joint investment institutions have been defined, the legal regime and the peculiarities of their activity have been analyzed. The state in which the right conditions for investment funds are created has in their person an ef-fective mechanism for the development of the securities market, which play a significant role in the cross-sectoral redistribution of capital, enhance the stability of the stock market, stimulate both the internal investment process and foreign investment, promote empowering the state with regard to domestic bor-rowing. The positive role of co-investment institutions in the macroeconomic context is confirmed by the preferential nature of investment funds taxation (or lack thereof), which is characteristic of the national legislation of the vast majority of countries.
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Matei, Elena Florentina, and Ioana Manuela Mindrican. "The Evolution of Nominal Convergence After Accession to The European Union. The Case of Romania." European Journal of Sustainable Development 11, no. 3 (October 1, 2022): 149. http://dx.doi.org/10.14207/ejsd.2022.v11n3p149.
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Economic and Monetary Union is the result of progressive economic integration that includes collective regulation for the free movement of goods, services, labor, capital, and products. Economic and Monetary Union presupposes a common currency and market, but also a monetary policy coordinated by the European Central Bank, which has the role of ensuring economic stability. In this context, the countries wishing to join must be prepared to deal with possible economic imbalances, this being possible through the existence of a high level of economic development. Through this paper, we want to identify the evolution of the nominal convergence criteria established by the provisions of the Maastricht Treaty to identify the level of readiness of the Romanian economy for integration into the Economic and Monetary Union.
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Kuznietsova, Nataliia S., Natalia M. Onishchenko, and Oleksii O. Kot. "Legal Aspects of the Opening of Ukraine’s Land Markets." Environmental Policy and Law 50, no. 3 (December 21, 2020): 279–87. http://dx.doi.org/10.3233/epl-200224.
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Creating a land market is one of the most debated and politicised issues of Ukraine’s environmental and agricultural policy. There is an urgent need to examine the following issues (among others): a) identifying priority measures for establishing the land market; b) studying the experience of public land management so as to further adapt the land legislation of Ukraine to the requirements of the European Union; and c) maintaining the domestic agrarian sector in the context of effective conservation of the State’s land resources. The purpose of this paper is to conduct a comprehensive analysis of the preconditions and realities of opening up the agricultural land market in Ukraine, including to formulate sound conclusions on the practical consequences of such reforms for domestic landowners. It was researched applying two basic approaches to scientific cognition – general scientific methods and special legal methods. It elaborates the conditions for the introduction of a land market in Ukraine; analyses the historical prerequisites for the implementation of land reform; identifies the main risks for landowners that come into play with the opening of the land market; and formulates further directions of improvement of relevant legal regulations and mechanisms. Noting that currently Ukrainians have the least amount of investment capital and extremely limited access to loans, it concludes that, under current legislation, without a clear definition of the right to purchase their own land, the holders of private farms and other small farmers will struggle to gain access to the Ukrainian land market.
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Soom, Annika. "Double Taxation Resulting from the ATAD: Is There Relief?" Intertax 48, Issue 3 (March 1, 2020): 273–85. http://dx.doi.org/10.54648/taxi2020024.
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Pursuant to the preamble of the Anti-Tax Avoidance Directive (ATAD), its primary purpose is to combat abusive practices in the EU and ensure that tax is paid where profits are generated without undermining the functioning of the internal market through double taxation (ATAD, recitals 1 and 5). Regardless of the aim of avoiding the creation of a double tax burden on taxpayers, the ATAD does not obligate Member States to effectively eliminate the aforesaid burden. It is, therefore, a taxpayer’s responsibility to identify the correct source of law for providing relief from double taxation. This article focuses on the double taxation that is caused by the implementation of the ATAD and identifies the correct source of law, if possible, to provide relief for such double taxation. As the potential sources of law, the OECD MC (OECD Model Tax Convention on Income and on Capital 2017 (Full Version) (OECD Publishing 2019)), and European Union legislation have been analysed. The scope of this article is limited to the rule on interest deduction limitation and controlled foreign company (CFC) rules as provided in the ATAD. ATAD, anti-tax avoidance directive, interest deduction limitation rule, CFC rules, double taxation, European Union, OECD, economic double taxation, juridical double taxation
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Ershov, Dmitry. "Liberalization of Currency Regulation: International Experience." Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika, no. 3 (October 2022): 184–98. http://dx.doi.org/10.15688/ek.jvolsu.2022.3.15.
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An analysis of the development and current state of the main instruments of liberalization of currency regulation and currency control has been carried out. The relevance of the topic is explained by the tendency of many countries to remove restrictions on foreign exchange transactions and the movement of capital funds in order to build an economy that is attractive to foreign investors and resistant to external influences. The development of the principles of capital movement liberalization at the international level, starting with the adoption of the OECD Code in 1961, is briefly considered. The experience of liberalization of monetary and financial regulation at the level of individual countries and integration associations is analyzed and generalized on the example of the USA, the European Union and the BRICS countries. The shortcomings of the current legislation of the Russian Federation in this area are identified and the conclusion is made about the need for further improvement of legislation in order to create a financial system that is resistant to external shocks and international sanctions pressure. The main reason for this is that the measures taken by Russia in 2022 to respond to sanctions do not include reform of federal legislation, but are based on the introduction of temporary restrictions on the foreign exchange market and are somewhat contradictory. In the context of strengthening external restrictions, and the introduction of retaliatory counter-sanction measures, it is necessary to develop new strategic planning documents in the field of monetary and financial regulation in order to ensure the stable functioning of the monetary and financial system.
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Perone, Gaetano. "The effect of labor market institutions and macroeconomic variables on aggregate unemployment in 1990–2019: Evidence from 22 European countries." Industrial and Corporate Change 31, no. 2 (January 11, 2022): 500–551. http://dx.doi.org/10.1093/icc/dtab074.
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Abstract This paper investigates the long-run effect of a wide set of labor market institutions (LMIs) and macroeconomic variables on aggregate unemployment for a panel of 22 European countries over the period 1990–2019. First-difference feasible generalized least squares model, Prais-Winsten regression with panel-corrected standard errors, two-step generalized method of moments estimation of the fixed effects, and fixed-effects regression with Driscoll and Kraay standard errors are estimated. The results suggest that employment protection legislation, wage bargaining coordination and centralization, minimum wage, and immigration inflows are significantly and negatively associated with the aggregate unemployment rate. Conversely, union density, product market regulation (PMR), and tax wedge have a positive and significant correlation with unemployment rate. The impact of corporate tax rate and government size is mostly positive. Moreover, the interaction between LMIs does matter and may sometimes change the interpretation of some reforms taken in isolation. Stronger wage-setting institutions may offset the negative impact of PMR and the tax wedge. Macroeconomic variables are generally consistent with the major literature and do not change LMIs interpretation. Among macroeconomic factors, capital accumulation plays the most important role in reducing the unemployment rate. Finally, my findings suggest the implementation of economic policies consistent with Keynesian theory and all those economists—such as Solow (1990)—who look at the labor market as a social institution.
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Mosakova, E. A., and K. Kizilova. "Labor market in the UK in digital era: The gender dimension." RUDN Journal of Sociology 21, no. 3 (September 17, 2021): 512–19. http://dx.doi.org/10.22363/2313-2272-2021-21-3-512-519.
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The article considers gender discrimination in the field of labor relations in the United Kingdom (UK) in the pre-covid period. In the past decades, the Western European countries have made the most significant progress in achieving gender equality in various fields, including labor relations, and became the world leader in this area. However, despite all the efforts of the international community, no country has achieved a full gender equality, and Great Britain is no exception. The authors argue that the British anti-discrimination legislation (before leaving the European Union) was based on international acts and conventions. For a long time, there were acts and laws prohibiting discrimination in the labor market, which seriously hindered the implementation of an effective anti-discrimination policy in the sphere of labor relations. It was not until 2010 that the law on equality was passed to replace all previous laws and regulations and to provide an exhaustive list of criteria for prohibiting discrimination. As a result, Great Britain began to develop a rather strict national anti-discrimination legislation in the field of labor relations. Thus, in the past decades, the UK has been achieving gender equality in the economic sphere at a faster pace than the average European Union country. The study shows a steady decline in the gender wage gap in the UK over the past two decades, which may be considered one of the countrys most significant achievements in fighting gender discrimination in the labor market. However, there is still a number of serious challenges: a relatively low female labor force participation and employment rate, a gender wage gap and income gap, horizontal and vertical segregation, a gender gap in postgraduate education, and a significant gender gap in time spent on family responsibilities. Age discrimination presents a special problem in the sphere of labor relations in Great Britain. In the European Union, the first laws prohibiting age discrimination were adopted only in the 2000s, and in the UK - in 2006. This problem still remains extremely acute for the labor market, since age discrimination in the UK ranks third among the most common grounds for discrimination - after gender and disability.
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Nawafleh, Abdullah S. "Contribution of Business Law Reform to Economic Development: Lessons from the Middle East." European Business Law Review 23, Issue 2 (March 1, 2012): 309–28. http://dx.doi.org/10.54648/eulr2012017.
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This paper explores whether business law reforms in Arab countries have contributed to their economic development, business legal environment and integration into the international market. Using Jordan as an example, it explores the role of law in economic development in the region. The analysis finds that the Jordanian legal reform has led the country to participate in international markets, by incorporating international legal norms into its own legislation. This legislative reform has also contributed to economic development, allowing Jordan to join the World Trade Organization and enter into Free Trade Agreements, such as those with the United States and the European Union. In addition, the paper shows that other Arab countries, such as Saudi Arabia, that reformed their business regulations led them to join the World Trade Organization and to be ranked amongst the top 25 countries worldwide on their business ease. In contrast, other Arab countries which lack law and its enforcement have been reported to be the worst places in the Middle East to do business. As a result this paper suggests that the Arab Middle Eastern countries should continue in reforming their legal system to make it less rigid for business, to create more jobs, increase productivity and ultimately achieve economic growth.
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Zarbà, Carla, Gaetano Chinnici, and Mario D’Amico. "Novel Food: The Impact of Innovation on the Paths of the Traditional Food Chain." Sustainability 12, no. 2 (January 11, 2020): 555. http://dx.doi.org/10.3390/su12020555.
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Novel food refers to any type of food which was not used for human consumption before the 15 May 1997 in a specific place. This date refers to the introduction of European Union Regulation (EC) No 258/1997 which regulated the placing of novel foods or novel food ingredients on the market within the community for the first time. Then, the Regulation (EU) 2015/2283 changed the existing legislation for the categories of food belonging to novel food in order to guarantee a higher level of protection of human health and consumer interests. Algae, which are not commonly consumed by people but are considered among the most widespread foods of the future, are one of the principal food products of natural plant origin in the regulation of novel foods. However, even if algae were not well-known in the past, nowadays they are integrated into the different food cultures of the EU. This circumstance led to an analysis of the contribution of trade flows, of algae for human consumption inside and outside Europe, on the trade balance of the member countries of the European Union. Analysis of the Eurostat database was used to provide an overview of the international trade dynamics affecting the trade development of algae for human consumption in the European Union, with the aim of measuring the competitive dynamics within member countries.
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Djoric, Marija, and Strahinja Obrenovic. "EVOLUTION OF EU ENERGY LAW AND POLICY: А BIG COMEBACK OF ENERGY SECURITY IN 2022?" Politika nacionalne bezbednosti 23, no. 2/2022 (December 12, 2022): 67–86. http://dx.doi.org/10.22182/pnb.2322022.4.
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The armed conflict in Ukraine in 2022 and subsequent worsening of relations between Western countries, including the EU and its Member States, and the Russian Federation, have deeply shaken the existing EU energy law and policy foundations. During the past decades, the EU attempted to develop a comprehensive energy policy based on three pillars – competitiveness and internal market principles, security of supply, sustainability and environmental protection. Starting in the 1990s, liberalization efforts dominated the electricity and natural gas markets. It did not take long for energy security and environmental protection to gain attention. Enlargement of the European Union and occasional problems with external suppliers prompted new measures regarding the security of supply, while a growing body of legislation is also present in the field of environmental protection. The three objectives of the EU energy policy are not always complementary, and some tension and even confliction between them can’t be excluded. Although the European Union and its institutions attempt to embrace all three pillars under the sustainability umbrella, this hasn’t brought a desirable outcome yet. We are witnessing the big comeback of energy security in 2022, including the adoption of some measures by the Member States that are not in line with decarbonization efforts, at least in short term.
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Ferri, Delia, and Katie Donnellan. "The Implementation of the Marrakesh Treaty in the European Union: An Important Piece in the Accessibility Jigsaw?" Legal Issues of Economic Integration 49, Issue 3 (July 1, 2022): 269–92. http://dx.doi.org/10.54648/leie2022013.
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The Marrakesh Treaty to Facilitate Access to Published Works for Persons Who Are Blind, Visually Impaired, or Otherwise Print Disabled (Marrakesh Treaty) aims to enable the creation and cross-border exchange of copyrighted works in formats that are accessible to individuals with disabilities. To that end, it requires Contracting Parties to introduce a set of limitations and exceptions to existing copyright rules. Following Opinion 3/15 of the Court of Justice, the Marrakesh Treaty was concluded by the European Union (EU) on behalf of its Member States. It was implemented by means of a Directive governing the substantive rights of reproduction, distribution and making available of published works in accessible formats, and a Regulation governing the cross-border exchange of accessible format works with Third Countries, both based on Article 114 of the Treaty on the Functioning of the European Union (TFEU). This article examines the role of the Marrakesh Directive and Regulation in enhancing access to printed material to persons with disabilities. In that connection, it discusses common trends and perceptions of such a Marrakesh framework on the basis of empirical research consisting of a set of semi-structured interviews conducted with key stakeholders across twelve Member States. It locates the Directive and Regulation within the growing body of EU legislation that aims to ensure accessibility of an array of materials, products and services for persons with disabilities, while driving forward economic integration. In doing so, it conceives of the Marrakesh Directive and Regulation as part of the broader remit of EU disability law, which is an emerging cross-cutting area of EU action. On the whole, this article argues that the Marrakesh Treaty and its implementing legislation contribute to the protection of the rights of persons with disabilities within the internal market, but form just one piece – albeit an important one – of the accessibility ‘jigsaw’. Marrakesh Treaty, Directive 2017/1564/EU (Marrakesh Directive), Disability, Copyright exceptions, Accessibility, European Accessibility Act, European Union Law, Implementation, Empirical Research
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Harnesk, David, and Sara Brogaard. "Social Dynamics of Renewable Energy—How the European Union’s Renewable Energy Directive Triggers Land Pressure in Tanzania." Journal of Environment & Development 26, no. 2 (December 8, 2016): 156–85. http://dx.doi.org/10.1177/1070496516681043.
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The European Union plays a globally influential role in environmental legislation, with policies and regulation rooted in particular norms. Through a narrative on regulatory capitalism, ecological modernization, and diffusion, we trace how the promotion of renewable energy in transport through subsidies, mandatory targets, and prescriptive criteria for liquid biofuels mobilize social forces for its market development. The study identifies prevailing norms, mechanisms of decision making, and the network of actors involved in this regulatory regime and also identifies where and through whom its expansion influenced decisions in Tanzania. The findings show how this regime emphasizes systematic eco-innovation of energy technologies, has a substitutable approach to natural capital, and subordinates social concerns to economic efficiency. The analysis shows how this regime mobilized a broader network of actors with similar interests, who mediated the political space of liquid biofuels in Tanzania in ways which conflicted with a domestic critique concerning land use.
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Biresselioglu, Mehmet Efe, Siyami Alp Limoncuoglu, Muhittin Hakan Demir, Johannes Reichl, Katrin Burgstaller, Alessandro Sciullo, and Edoardo Ferrero. "Legal Provisions and Market Conditions for Energy Communities in Austria, Germany, Greece, Italy, Spain, and Turkey: A Comparative Assessment." Sustainability 13, no. 20 (October 11, 2021): 11212. http://dx.doi.org/10.3390/su132011212.
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The Climate Pact and the European Green Deal constitute the main components of the European Union (EU)’s climate change policy. Energy transition, that is, transformation to a zero-carbon global energy system, is one of the main pillars of climate change mitigation policies. This transformation, coupled with the empowerment of individuals within the energy system, shifts citizens from their roles as customers towards a more active role. Within this framework, energy communities stand out as significant facilitators for the participation of individuals and communities in the energy system, promoting self-consumption and contributing to the social acceptance of renewable energy initiatives, among other direct and indirect benefits. The main directives introducing energy communities into the EU legal system are RED II and ED 2019. This study, conducted as a part of a Horizon 2020-funded eCREW project, assessed the adaptability and implementability of these two directives within national legislation, along with the associated legal and administrative frameworks, utilizing evidence from Austria, Germany, Greece, Italy, Spain, and Turkey. The comparative analysis also enhances the understanding of the concept of renewable energy communities and citizen energy communities, both in the EU and in nonmember countries. The results of the analysis revealed that none of the countries studied had yet completed the process of harmonizing their legislation concerning energy communities.
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Golovina, S., Aleksey Ruchkin, I. Mikolaychik, and L. Smirnova. "Local Communities Participation in Rural Development: the Experience of the European Union." Agrarian Bulletin of the 212, no. 09 (November 9, 2021): 80–92. http://dx.doi.org/10.32417/1997-4868-2021-212-09-80-92.
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Abstract. The use of the experience of implementing the Common Agricultural Policy (CAP) in the member states of the European Union (EU) is relevant both for Russia and for other countries of the world interested in the successful development of the agrarian sector of the economy and rural areas. The role of rural areas in achieving national security of countries and regions (food, biological, environmental and other) is increasing significantly due to the current challenges and threats (climate change, COVID-19 pandemic, aggravation of the international situation). The purpose of the study, the results of which are presented in this article, is to scrutinise the special approach implemented under the CAP. This approach is referred to in European law as LEADER/CLLD and refers to a close combination of comprehensive cross-sector interaction with active involvement of local communities in rural development. In the work, analytical and review research methods were used, with the help of which (1) the current (relevant to the research topic) legislation, (2) programs implemented in the EU member states, (3) significant scientific publications were subject to scrupulous study. The result of the work is a review and analysis of the findings and practical recommendations for the future use of the various aspects of LEADER/CLLD in domestic political and economic practice. The application of this approach takes into account the fact that the experience of local residents, combined with the opinions of other stakeholders, can help to better adapt rural development policy to real needs and opportunities, and to form a specific (unique) human capital within the boundaries of rural communities. Human capital includes, in addition to specific skills, (1) the ability to take constructive initiatives, (2) a sense of local identity and ownership, (3) the ability to participate as equals with other partners in defining local development strategies, (4) trust between people, private enterprises, public institutions and sectoral communities interested in successful rural development, formed through constant interaction. Theoretical and practical conclusions regarding the content of LEADER/CLLD initiatives, as well as findings related to the possibilities of introducing tools and mechanisms to support rural areas, implemented directly with the involvement of local communities with financial support from the state, are of scientific novelty.
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Gutiérrez-López, Cristina, and Julio Abad-González. "Sustainability in the Banking Sector: A Predictive Model for the European Banking Union in the Aftermath of the Financial Crisis." Sustainability 12, no. 6 (March 24, 2020): 2566. http://dx.doi.org/10.3390/su12062566.
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Given the central role of banks in financial stability and the recent impact of their insufficient capitalization, this article focuses on finding determinants of their solvency through financial variables. The study considers the European Banking Union framework and the results of the latter stress test exercises, using a panel of the 45 banks based in 15 European countries that were stress tested in 2014, 2016 and 2018. This paper models bank soundness proxied by the stressed tier capital 1 ratio by means of financial indicators representing a CAMELS (Capital, Assets quality, Management, Earnings, Liquidity and Sensitivity to market risk) approach as well as global systemically important financial institutions (G-SIFIs) additional requirements. The model also specifies a dummy covariate referred to the disclosure of corporate social responsibility (CSR) reports, adopting a comprehensive sustainability scheme. The research period starts with the European Banking Union and includes the three exercises conducted since then. We find that financial sustainability is positively correlated with higher capitalization, earnings and liquid assets, while poor quality assets (high non-performing loans) and inefficiency impact negatively on bank soundness. Moreover, it considers the year-scenario interaction either as a fixed or a random effect. The results support capital and liquidity regulation and highlight factors that reinforce banking soundness. They also reveal a positive connection between CSR and banking solvency.
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Jacobides, Michael G., and Ioannis Lianos. "Ecosystems and competition law in theory and practice." Industrial and Corporate Change 30, no. 5 (October 1, 2021): 1199–229. http://dx.doi.org/10.1093/icc/dtab061.
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Abstract One of the most profound changes in the industrial landscape in the last decade has been the growth of business ecosystems—groups of connected firms, drawing on (digital) platforms that leverage their complementors and lock in their customers, exploiting the “bottlenecks” that emerge in new industry architectures. This has created new asymmetries of power, where the “field” of competition is not the relevant product market, as is usually the case in competition law, but rather the ecosystem of various complementary products and associated complementor firms. These dynamics raise novel concerns over competition. After examining the foundational elements of the ecosystem concept, we review how ecosystems are addressed within the current scope of competition law and identify the gap in the existing framework of conventional competition law. We then move to a critical review of current efforts and proposals in the European Union for providing regulatory remedies for ex ante and ex post resolution of problems, focusing on the current (2020) proposals of the Digital Market Act on ex ante regulation, with its particular focus on “gatekeepers.” We also review recent regulatory initiatives in European countries that focus on ex post regulation and on the role of business models and ecosystem architectures in regulation before providing a deep dive into proposed Greek legislation that explicitly focuses on ecosystem regulation. We conclude with our observations on the challenges in instituting and implementing a regulatory framework for ecosystems, drawing on research and our own engagement in the regulatory process.
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Martina, S., C. Denti, and L. Garattini. "Farmaci orfani e malattie rare: un confronto internazionale delle normative di riferimento." Farmeconomia. Health economics and therapeutic pathways 2, no. 3 (September 15, 2001): 185–93. http://dx.doi.org/10.7175/fe.v2i3.732.
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Orphan drugs are defined as medicines with low economic returns, so that their production is not a profitable business far pharmaceutical companies. The present study analyses the main characteristics and the role of orphan drugs in four countries (United States of America, .Japan, Australia and European Union), by considering the regulation and the market situation of each State. All countries have introduced a specific legislation on orphan drugs to stimulate the research activity of pharmaceutical industry. The first law was the Orphan Drug Act of the United States of America in 1982. A common limit of all regulations is the strict correlation between “orphan drugs” and “rare diseases”. In fact, the term “orphan” does not refer only to rare disease, but also to other elements that can determine low economic returns for the industry (e.g. drugs with high cost of research and development, drugs that cannot be patented).
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Sirotkina, Mariia, Olena Lomakina, and Olena Shkarnega. "TOPICAL ASPECTS OF DCFTA IMPLEMENTATION IN THE JUDICIAL PROCEEDINGS." Baltic Journal of Economic Studies 7, no. 1 (January 22, 2021): 127–33. http://dx.doi.org/10.30525/2256-0742/2021-7-1-127-133.
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The Association Agreement between the European Union and Ukraine is a new format of relations aimed at creating a deep and comprehensive free trade area (DCFTA) between Ukraine and the EU with the gradual integration of Ukraine into the internal market of the European Union. Focusing on the experience of rule-making of the EU member states, it is necessary to define and implement the legal rules and principles of the national judiciary, taking into account the rules and principles of European law (Chornomaz, 2016). In accordance with the strategy of European integration of our country, the adaptation of Ukrainian legislation is to approximate it with the modern European legal system, which will ensure the development of the political, entrepreneurial, social, cultural activity of Ukrainian citizens, economic development of the state within the EU to facilitate the increase of standards of living of the population. The implementation of the provisions of European legislation provided by the economic part of the Association Agreement (AA) is extremely important in the context of reforms, as the provisions can and should serve as a basis for a new model of socio-economic development of Ukraine. The deepening of the processes of humanization and democratization of Ukrainian society, the gradual introduction of principles and rules of European law into the national judiciary through reforms in the field of justice, inter alia, have led to qualitative updating of criminal procedure legislation of Ukraine, in particular: use of differentiated approach to legal conflicts between persons who have committed criminal offences, which do not pose a great public danger, and victims; simplification and reduction of the procedure of criminal proceedings; ensuring procedural savings; reduction of the caseload; allowing the parties of the conflict to resolve issues of exemption from criminal liability in case of reconciliation between the offender and the victim independently, the appointment of the negotiated punishment and release from serving with probation, etc. Given the specifics of the approach to improving relations with neighbouring countries on a differentiated basis, the EU seeks to identify and base on existing positive sources of sustainability, as well as to monitor and respond to weaknesses with the appropriate set of methods and resources at its disposal. The purpose of the article is to study a theoretical and practical definition of challenges of adaptation of Ukrainian legislation to the legislation of the European Union, institutional and organizational mechanisms of DCFTA implementation in the field of justice and certain norms of the current criminal procedure legislation. Ukraine is undergoing the second phase of radical reform of government structures; it has been continuing for 15 years but, unlike other countries, it is much more difficult for Ukraine to get rid of the burden of past problems. Judicial reform is also underway and domestic legislation is being significantly changed, including the transformation of the judicial proceedings. The topical issue of the development of judicial reforms is an imperfection, and sometimes a contradiction of regulations, which negatively affects the process of realization of rights and responsibilities of all subjects of public relations, slows down the development of Ukraine as a state governed by the rule of law. However, the introduction of institutions of concluding agreements, simplified proceedings, probation, and later mediation, into the criminal procedure legislation of Ukraine indicates the readiness of our state to change the concept of criminal procedure in accordance with the European standards, which will improve the situation of all parties to criminal proceedings. However, they need further completion and improvement. We are convinced that the introduction of such institutions will contribute to the legal development of society to achieve the European standards of restorative justice, which will encourage the further introduction of the latter in the legislation of Ukraine, resolving criminal conflicts by reaching a compromise between parties in cases specified by law. One of the ways to solve this problem in Ukraine is to regulate the process of adoption of regulations by the subjects of rule-making and taking into account the provision that legality as an objective property of law, in general, is the necessary condition and the main principle of the rule-making process.
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Gallo, Daniele. "The Rise of Sovereign Wealth Funds (SWFs) and the Protection of Public Interest(s): The Need for a Greater External and Internal Action of the European Union." European Business Law Review 27, Issue 4 (August 1, 2016): 459–85. http://dx.doi.org/10.54648/eulr2016020.
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This article focuses on the so-called ‘sovereign investors’ (i.e., sovereign wealth funds (SWFs) and state owned enterprises (SOEs)). It is based on the assumption that sovereign investment has become a major – albeit controversial – element in emerging patterns of global governance in this century. At the heart of the paper lies the need that sovereign investors shall be regulated by pursuing a fair balance between protection of general/public interests and attraction of foreign capital. The essay deals with the main concerns related to the rise of SWFs. In this respect, the principal argument implied therein is that the quest for an equilibrium between economic benefits deriving from the entry of SWFs in the EU market and the protection of national as well as European strategic/sensitive sectors must be reached at the EU level rather than solely at the national level and that, in doing so, the EU must be more activist and bolder. The EU should give law a central role, regarding the market as an inherently political, institutional and social construct, rather than a self-referential locus that depends on its internal laws and dynamics. This seems even more urgent when market actors that, at least on paper, should be politically unbiased market-oriented investors, tend to act also as the long arm of State capitalism, that is, of foreign governments wishing to invest abroad in crucial socio-economic sectors and often connected with countries where the rule of law, in its multiple dimensions, is neither sufficiently promoted nor respected.
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Давлетгильдеев, Рустам, Rustam Davletgildeev, Ольга Сычева, and Olga Sycheva. "International and Legal Cooperation Development on Labour Migration Issues: from EurAsEC to Eurasian Economic Union." Journal of Russian Law 3, no. 6 (June 5, 2015): 0. http://dx.doi.org/10.12737/11444.
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This article is devoted to the analysis of international and legal cooperation in the area of labor migration in the Eurasian Economic Community and the Eurasian Economic Union. The authors study background for the creation and history of the Common Economic Space and the Customs Union, one of the main purposes of which is the creation and operation of a common labour market. The authors perform the analysis taking into account similarities and differences of legal regulation of the issue under consideration in the European Union, and make comparison. The authors point out to the continuity problems of labour migration legal regulation within the framework of the Eurasian Economic Union, including harmonization of legislation on labour migration of the Union’s member countries. The authors study the institutional system of the Eurasian Economic Community (Eurasian Economic Union) and powers of institutions in the field of labour migration, indicate the presence of special migration authorities in the EurAsEC and in the Eurasian Economic Union. Provisions of the Treaty on the Eurasian Economic Union devoted to labour migration are analyzed. The authors note the probability that the law harmonization function will be implemented in the Eurasian Economic Union not through model laws but through international treaties and decisions of the Union’s institutions. The authors assume that the Eurasian Economic Union will work out the desired integration model, based not only on political and economic interests, but which will take into account civilizational peculiarities of the Eurasian region.
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Wasilewska, Natalia. "The functioning of the credit market in the European Union and the consequences of legal regulations regarding the cost of credit on the example of Poland." Economic Annals-ХХI 188, no. 3-4 (May 10, 2021): 158–73. http://dx.doi.org/10.21003/ea.v188-19.
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The purpose of this work is to determine the level of financial obligations the borrower assumes when obtaining a loan in Poland, depending on the conditions under a credit agreement, circumstances related to getting and repayment of the loan. It is found that from to January 2008 to January 2021 in emerging market economies the level of credit to the non-financial sector in the percentage of GDP is increasing to 240%, in Member states of the Euro area - about 292%. The study found that in countries in the emerging market group, the level of financing increases much quickly than in Euro area. Thus, in January 2021 compared to January 2008, the level of financing (credit to non-financial sector from all sectors at market value) in emerging market economies has tripled, while in Euro area member countries this ratio increased on 33%. In Poland, the level of financing during mentioned period increased to 141.1% and as of January 2021 amounted to USD 881.8 bln. The development of bank lending is only possible if there is a transparent relationship between the banks and the borrowers that helps to minimize credit risk. The analysis of credit legislation in the EU countries made it possible to find that there is a problem with presentation of information on the calculation of the credit costs in a transparent and understandable way. It was established that the credit costs in Poland, taking into account its maximum level, can have a significant impact on the borrower’s creditworthiness and obtaining information on the «real» credit costs is necessary to make good decisions by a potential debtor. According to the results of the study, algorithms for calculating the credit cost were proposed, that make it possible to present all components of the costs and its level depending on the conditions for granting a loan. The results of the research can be used by potential borrowers before deciding to take a loan in a Poland bank to determine all the costs related to the loan. The research is in line with an idea of «economisation of law» or «financialisation of law».
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Naturkach, R. P. "Purpose of the monetary policy of the central banks of the EU participating countries." Uzhhorod National University Herald. Series: Law, no. 65 (October 25, 2021): 61–64. http://dx.doi.org/10.24144/2307-3322.2021.65.10.
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The scientific article is devoted to the study of the purpose of monetary policy of the central banks of the EU member states. The legislation of the European Union, the member states of the European Union (Germany, France, Poland, the Czech Republic, Spain), as well as the United Kingdom, which left the EU, modern approaches in the science of constitutional and administrative law to determine the monetary policy of central banks EU members. The concept of the purpose of the monetary policy of the Central Banks of the EU member states, the activities and instruments of monetary policy, the functions of the central bank of the EU member state are distinguished. Emphasis is placed on the following regulatory functions of central banks that exist in legal doctrine: 1) management of aggregate money turnover; 2) regulation of the monetary sphere; 3) regulation of supply and demand for credit. The focus is on the fact that the central banks of the EU member states support purchasing power, as well as on the well-known fact: inflation - the slope of financial policy is recognized in economic theory as the most effective. Ensuring the stability of the currency (conducting open market operations or establishing exchange rate policies or reserve requirements, etc.) is a function of the central bank of the state, not the purpose of its activities. The stability of the national unit is also a function of the central bank of the state. It is established that the main purpose of the monetary policy of the central banks of the EU member states is to ensure price stability. In addition, it is argued that this is the inflationary - inclination of financial policy is the most effective. Accounting policy, interest rate policy, regulation of reserve requirements, money supply, open market operations and credit operations, interest rates, reserve requirements of banks are the activities and instruments of monetary policy of central banks. members of the EU, not the purpose of monetary policy.
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Wang, Xiaohui, and Mohd Alsaleh. "Determinants of Geothermal Power Sustainability Development: Do Global Competitiveness Markets Matter?" Sustainability 15, no. 4 (February 17, 2023): 3747. http://dx.doi.org/10.3390/su15043747.
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As a substantially capital-intensive venture, the distribution network of the geothermal business is disproportionately clustered around the project designing phase. The profound geothermal industry is broad, and consequently the geothermal economy differs substantially from one place to another. The primary goal of this study is to analyze the effect of factors relating to global competitiveness along with economic growth on the sustainability of geothermal energy among European 27 countries. Employing auto regressive distributing lag (ARDL), the major findings suggest that a significant rise in the geothermal power production sustainable development can occur in the 14 European Union emerged economies applying global competitiveness criteria than in EU13 developing economies. Among additional criteria, a conducive environment, intellectual capital, market shares, as well as an innovation ecosystem contributes more significantly to the sustainability of geothermal energy among the 14 classed as established in this research than the 13 emerging economies. The results suggest that geothermal power sustainability among the European countries regions could attain a sustainable increased level of geothermal energy generation by putting in place the necessary global competitiveness determinants for the EU 2030 Energy Union goals to be achieved. The attainment of these Energy Union goals will assist in combating climate change and fighting environmental pollution. Three estimators were adopted to confirm that all calculated projections made in the study are said to be valid. The global competitiveness measures should be made better effective by the EU nations and this will help in achieving a pollution-free society and environment. Authorities in charge of policy and law-making in the EU regions should participate more in global competitiveness for geothermal energy production to become sustainable. Cointegrated strategies that will promote sustainability should be stressed by policymakers in the EU. This will go a long way in reducing the level of carbon dioxide emissions and also in promoting sustainability in the area of geothermal power generation.
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Rіeznikov, Valeriі. "State industrial policy in conditions European integration of Ukraine." Public administration and local government 45, no. 2 (July 23, 2020): 146–53. http://dx.doi.org/10.33287/102030.
Full textAbstract:
Since the beginning of 2020, there have been crisis phenomena around the world due to the global slowdown in economic growth and the introduction of quarantine due to the coronavirus pandemic. In this situation, the most vulnerable are developing countries with a small margin of safety, which, unfortunately, also applies to Ukraine, whose economy is open and highly dependent on external markets.
Due to the slowdown in the growth of the global economy, the situation in one of the main export industries of Ukraine – industry is deteriorating first of all. The European Union has become one of the important export markets for Ukraine’s industrial products in recent years, which has raised the issue of shaping a relevant state industrial policy in today’s challenging environment. The purpose of the article is to determine the directions of formation and implementation of state industrial policy in the conditions of European integration of Ukraine in modern conditions. In 2020, due to the economic crisis and the pandemic of the coronavirus, the Ukrainian industry may lose even more due to low demand for ferrous metals in world markets, including in EU countries.
The Agreement on Conformity Assessment and Acceptance of Industrial Products is a way of eliminating technical barriers to trade between Ukraine and the EU. The Agreement on Conformity Assessment and Acceptance of Industrial Products is a type of mutual recognition agreement that requires a partner country to align its legislation, practices and infrastructure with EU rules.It is envisaged that in the sectors covered by this Agreement, Ukrainian exporters will be able to label their products with the CE mark and to sell them freely on the EU market without additional EU certification. Potentially, the Agreement on Conformity Assessment and Acceptance of Industrial Products could cover up to a fifth of Ukraine’s exports to the EU, notably mechanical engineering products. The formation and implementation of state industrial policy in the conditions of European integration of Ukraine should take place using the following algorithm:1. Study of the new EU Regulation 2019/1020 of 20.06.2019 on market surveillance and conformity of products and elaboration of relevant amendments to the legislation of Ukraine.2. Concentration of the function of legal coordination of draft regulatory acts (including technical regulations) aimed at implementing the Association Agreement and preparation for the Agreement on Conformity Assessment and Acceptance of Industrial Products in one state instance, equipped with specialized personnel with adequate knowledge of EU law and languages.3. Strengthening the requirements for the accreditation and oversight process for accredited bodies, as well as the process of designating and monitoring conformity assessment bodies to ensure that their technical competence is adequate and to prevent fraud and the use of fraudulent practices.4. In the absence of a rapid prospect of concluding an Agreement on Conformity Assessment and Acceptance of Industrial Products, the harmonization of procedures and requirements that are too burdensome for exporters and importers, first and foremost.5. Paying particular attention to capacity building of state market surveillance authorities.6. Raising awareness of business entities and enhancing the role of business associations in raising such awareness.7. Increasing the EU’s interest in providing Ukraine with effective technical assistance for the development of legislation and the proper functioning of quality infrastructure and market surveillance authorities.
Introduce the position of Deputy Prime Minister for Industry and launch support programs for the real economy.
Thus, Ukraine’s further integration with the European Union is largely linked to the formulation and implementation of relevant industrial policy, which should be to continue reforming all sectors of the economy, in particular, to modernize the industrial complex. And the signing of the Agreement on Conformity Assessment and Acceptance of Industrial Products in the three priority sectors («industrial visa waiver») in the medium term should become one of the main foreign economic priorities of Ukraine’s European integration in the face of the current challenges of today.
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Matyukhina, E. N. "Russian and German Legislation on Personal Data: Comparative Analysis of Approaches and Practices." Lex Russica, no. 4 (May 2, 2019): 170–78. http://dx.doi.org/10.17803/1729-5920.2019.149.4.170-178.
Full textAbstract:
The paper analyzes the legislative acts on the collection and storage of biometric data of citizens and the changes in the idea of how the legal state can and should be arranged, what the guarantees of the security of providing such data to various structures in the Russian and German legislation are. The idea of a rule-of-law state was, as you know, was developed in Germany by C. T. Welker, R. v. Mohl, R.G. Gneist and J.C. Freiherr von Aretin and was borrowed by Russian statesmen — S. S. Alekseev, V. M. Gessen, N.M. Korkunov, A. F. Kistyakovsky, S.A. Kotlyarevsky, P.I. Novgorodtsev, N.I. Paliyenko. During the existence of our States, this concept has undergone many changes in both its Russian and German versions, which each time was dictated by a number of objective reasons. At the present stage, both powers are concerned with the problem of security, the threat of terrorism, fraud in the Internet space. Therefore, in the European Union, for example, the requirement for identification documents to contain biometric data is now mandatory for all member countries. European thought, as revealed in the analysis of existing concepts and experience of their implementation, was a few steps ahead — while in Russia laws are adopted without discussion with citizens infringing their rights guaranteed by the Constitution, Europe is concerned with the creation of a data storage system representing the cultural heritage of mankind. The rule of law state has become to a large extent a metaphor for which a particular citizen does not feel any content. The use of this term has become a technological tool for the state to achieve political and geopolitical goals, a way to prove that we are also among the civilized liberal democracies and market economies, which distorts the essence of the idea of the rule of law for a particular person. The Russians themselves often do not understand the idea of the rule of law and the mechanism for its achievement.