Littérature scientifique sur le sujet « Capital market – Law and legislation – European Union countries »
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Articles de revues sur le sujet "Capital market – Law and legislation – European Union countries"
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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.
Texte intégralRésumé :
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 et 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 et Natalya Semilyutina. « Information Technologies and Economic Relations : Problems of International Conventional Unification in EAEU ». Journal of Russian Law 3, no 11 (11 novembre 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, et Denis Pechegin. « Legal View on the Introduction of New Technologies ». Russian Law Journal 6, no 3 (30 août 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) (avril 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) (25 décembre 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 (31 décembre 2019) : 1994. http://dx.doi.org/10.14505/jarle.v10.7(45).07.
Texte intégralRésumé :
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 (30 décembre 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.
Thèses sur le sujet "Capital market – Law and legislation – European Union countries"
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YIATROU, Mikaella. « Behaviourally informed retail financial regulation : turning bias into bliss ? » Doctoral thesis, European University Institute, 2020. https://hdl.handle.net/1814/68156.
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Defence date: 11 September 2020 (Online)Examining Board: Professor Stefan Grundmann (EUI, Supervisor); Professor Mathias Siems (EUI); Professor Nicoletta Rangone (LUMSA University); Professor Danny Busch (Radbound University)
The thesis examines whether the existing European retail investor protection legislation can be interpreted to be taking into account behavioural heuristics, biases, and norms that the average individual exhibits in their decision-making. In doing so, the thesis observes a clear general shift towards behaviourism in the interventions underpinning the retail investor legislation. The thesis aids this behavioural turn in investor protection legislation by compiling insights from studies on effective behavioural change interventions that can render behavioural investor protection more effective in influencing behaviour. The underlying argument is that the more effective the interventions the legislation incorporates for influencing behaviour, the more likely it is that such behaviourally-informed legislation can be effective in attracting more median retail consumer participation in the financial markets, helping in turn to mobilise retail investors’ cash savings into financial assets in Europe in light of the Capital Markets Union. The thesis concludes that this observed shift towards behaviourally-informed retail investor protection regulation is conducive to a functional, market-building, perspective in investor protection regulation. This is because market-building and market efficiency are not just pursued from the trust-conferring function of investor protection regulation, but also from a directly behavioural perspective, through nudging, biasing, and de-biasing. Thus, the thesis argues that in the behavioural turn of investor protection regulation the three main theoretical foundations for regulating for investor protection cited in the literature, namely: appeal to fairness; the pursuit of efficiency; and the acknowledgement of cognitive errors and limitations, are not only interlinked as the literature holds, but they also follow a hierarchical ordering with appeal to fairness and acknowledgement of cognitive limitations being functions of the pursuit of efficiency rather than self-standing foundations for regulating for investor protection. Such prioritization of market efficiency can potentially carry dangerous implications in the absence of a thoughtful moral examination.
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Strik, Philip Philip Frederik Jozef Simon. « Shaping the single European market in the field of foreign direct investment ». Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610031.
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MOTA, PINTO Alexandre Cardoso. « The Europeanization of legal capital : searching for new ways of protecting creditors in limited liability companies ». Doctoral thesis, European University Institute, 2007. http://hdl.handle.net/1814/13174.
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Nicodème, Gaëtan. « Essays on the empirics of capital and corporate tax competition ». Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210709.
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La thèse est une collection de cinq articles académiques, chacun apportant une contribution originale à la connaissance et à la recherche scientifique dans le domaine de l’économie de l’imposition du capital et des sociétés. Les travaux empiriques de Gaëtan Nicodème se situent dans le contexte de la concurrence fiscale en Europe.Le premier chapitre ‘Corporate Tax Competition and Coordination in the European Union: What do we know? Where do we stand? (Publié dans International Taxation Handbook) revisite la problématique de la concurrence fiscale dans l’Union Européenne, discute la littérature économique théorique et empirique sur la question et analyse les réponses politiques qui y sont apportées. Après avoir remis la problématique dans son contexte institutionnel, l’auteur compare les résultats provenant de la littérature avec les caractéristiques propres à l’Union Européenne, notamment en termes de l’étendue et des conséquences de la concurrence fiscale. Il passe ensuite en revue les questions théoriques et de mise en œuvre pratique que soulèvent une possible harmonisation et consolidation des bases fiscales de l’impôt des sociétés en Europe. Tout en gardant à l’esprit la diversité des solutions qui existent dans la mise en œuvre, il montre que l’harmonisation des bases fiscales est à même de générer des gains économiques. Le deuxième chapitre ‘Comparing Effective Corporate Tax Rates’ (à paraître dans Frontiers in Finance and Economics) passe en revue les méthodes de calcul de taux effectifs de l’impôt des sociétés. Le mérite de la contribution est non seulement d’offrir une typologie des ces taux mais également de montrer que leurs résultats sont très différents selon la méthode utilisée, que ce soit en niveau ou en classement des pays. L’auteur calcule également ces taux pour un échantillon de pays Européens avec une désagrégation sectorielle. Le troisième chapitre ‘Do Large Companies have Lower Effective Corporate Tax rates ?A European Survey’ utilise ces méthodes pour étudier s’il existe un lien entre les taux effectifs et la taille des entreprises. Utilisant de multiples méthodes d’estimation, l’auteur trouve un lien robuste et négatif entre le nombre d’employés et le taux effectif d’imposition des entreprises. Le quatrième chapitre ‘Foreign Ownership and Corporate Income Taxation :an Empirical Evaluation’ (co-auteur H. Huizinga et publié dans European Economic Review) constitue la première évaluation empirique pour l’Europe des théories d’exportation fiscale. Lorsque la mobilité du capital est imparfaite et que celui-ci est détenu par des actionnaires étrangers, les Etats ont un incitant à hausser la fiscalité pour exporter la charge fiscale sur ces actionnaires. L’étude empirique trouve une relation positive robuste entre le degré d’actionnariat étranger et la charge fiscale moyenne, validant ces théories. Le cinquième et dernier chapitre ‘Are International Deposits Tax Driven ?(Co-auteur H. Huizinga et publié dans Journal of Public Economics) analyse l’impact de l’imposition de l’épargne et de la fortune ainsi que de l’échange d’informations fiscales sur les dépôts bancaires internationaux. Utilisant des données bilatérales confidentielles de la BRI, l’étude montre que ces variables fiscales ont un impact sur ces dépôts, suggérant qu’ils sont en partie effectués pour éluder l’impôt.
Doctorat en Sciences économiques et de gestion
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Koether, Philipp. « On the basis of F.A.v. Hayek's idea of a free market monetary system and his publication : "Denationalisation ofmoney : an analysis of the theory and practice of concurrentcurrencies" (1976) about currency competition on financial markets inthe times of electronic commerce and the introduction of "e-money" ». Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B31972810.
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García-Moncó, Alfonso M. « L'article 58 du Traité : une réserve de souveraineté fiscale face à la libre circulation des capitaux ». Doctoral thesis, Universite Libre de Bruxelles, 2000. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211830.
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VAN, STRAALEN Jens Marlon. « Supervisory convergence on the EU Capital Markets Union : a new incentive for strengthening the supervisory architecture ». Doctoral thesis, 2017. http://hdl.handle.net/1814/49345.
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Award date: 22 November 2017Supervisor: Professor Stefan Grundmann, European University Institute
It is no secret that the financial crisis of 2008 has had a great impact on the regulatory landscape in the European Union (‘EU’ or ‘Union’). As a result of the deep economic impact the financial crisis, the EU has set out over the past years to pass a wide scale of regulatory reform in the financial sector that was meant to close loopholes in legislation and address weaknesses in the financial systems more recently however a shift in emphasis has taken place to not only restore investor confidence through regulatory repair of the legislative framework, but also to make the financial system more resilient, and focus on economic growth an important step in this process is the creation of a Capital Markets Union (‘CMU’) for the EU. Jean-Claude Juncker, the president of the European Commission (‘Commission’), introduced this project as an important policy in his agenda of political guidelines for his Commission this project would introduce a true and genuine single market for capital across all 28 Member States in September 2015, the Commission set out a wide range of legislative objectives in order to establish the CMU in building the CMU, the Commission revises existing legislation in order to harmonize standards, or introduces new legislative proposals. More recently, in June 2017 the Commission evaluated the CMU project in its mid-term review, and underlined the necessity of the CMU project once more, as well as its intention to continue and advance its CMU policy and law making.
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KOSTA, Vasiliki. « Fundamental rights in internal market legislation ». Doctoral thesis, 2013. http://hdl.handle.net/1814/28041.
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Defence date: 17 June 2013PDF of thesis uploaded from the Library digital archive of EUI PhD theses
Examining Board: Professor Bruno de Witte (EUI Supervisor) ; Professor Hans-Wolfgang Micklitz, European University Institute ; Professor Niamh Nic Shuibne, University of Edinburgh ; Dr. Clemens Ladenburger, European Commission.
This thesis places the debate on the relationship between fundamental rights and the internal market outside the field of negative integration (where it is usually takes place) into the field of positive integration. It examines the extent to which there is an internal market competence to deal with fundamental rights and analyses new mechanisms for fundamental rights protection outside the Courts. Against this backdrop, this thesis analyses the existing harmonisation practice in the EU through the lens of four fundamental rights: (i) data protection, (ii) freedom of expression, (iii) fundamental labour rights [the right to collective bargaining and the right to fair and just working conditions] and (iv) the right to health. The research reveals that there is a considerable amount of internal market legislation dealing with fundamental rights (even pre-existing the EU Charter of Fundamental Rights) but that most of it is not couched in fundamental rights terms. This thesis identifies the determinants, which account for the current prevalent conceptualisation and assesses the consequences of such approaches both for the substantive content of legislation and for its judicial review. The thesis provides a much more differentiated account of the EU's fundamental rights policy in and through the internal market than perhaps initially expected. It builds the case for a conscious approach to dealing with and enhancing fundamental rights protection in and through internal market legislation, and advocates a leading role for the legislator in the establishment of an internal market that is firmly based on respect for fundamental rights.
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BENÖHR, Iris. « Consumer law between market integration and Human Rights protection ». Doctoral thesis, 2009. http://hdl.handle.net/1814/13302.
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Defence date: 18 December 2009Examining Board: Professor Christian Joerges, University of Bremen (supervisor), Professor Hans-W. Micklitz, European University Institute, Professor Roland Bieber, University of Lausanne, Professor Stephen Weatherill, University of Oxford
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
This thesis examines the relationship between fundamental rights and consumer protection in the European Union. Traditionally, consumer regulation has been applied as a onedimensional tool to achieve economic integration. In 2000, the Charter of Fundamental Rights broadened the scope of consumer law to include a social dimension; however, this initiative remains limited in practice, because of the abstract wording in the Charter, and because of the partly contrasting full-harmonisation strategy of the EU. Moreover, the Charter is not binding and it risks succumbing to traditional market-oriented policy tendencies. This thesis tries to build a bridge between the two approaches to consumer law - the market-oriented approach, and the fundamental-rights based approach. To do so, it suggests a new consumer concept, based upon the capability approach of the economist Amartya Sen. Such an approach enables the consumer to deal with the risks of increasingly integrated and complex markets, by focusing upon basic procedural rights. Three areas of consumer law have been gaining importance in recent times: credit agreements, telecommunications, and collective redress. Cases from these areas are considered here, as they exemplify the inter-action between fundamental rights, and participation in cross-border markets. First, cases in consumer credit illustrate the impact of fundamental rights on the provision of fair contractual conditions, and on access to responsible lending schemes. Second, the new telecommunication proposal highlights the importance of regulatory participation mechanisms for consumers, to ensure access to services of general interests and to ensure data protection in an increasingly privatised environment. Finally, collective redress mechanisms show how procedural innovations can improve judicial participation through the basic right of access to justice. The thesis concludes by proposing a new legal approach for consumer law in the EU, in order reach a compromise between social and economic demands.
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PIERNAS, LÓPEZ Juan Jorge. « The concept of state aid under EU Law : from internal market to competition and beyond ». Doctoral thesis, 2013. http://hdl.handle.net/1814/28047.
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Defence date: 3 June 2013Examining Board: Professor Giorgio Monti, European University Institute (Supervisor); Professor Hans-W. Micklitz, European University Institute; Professor Andrea Biondi, King's College London; Professor Piet Jan Slot, University of Leiden.
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
This thesis is concerned with the legal concept of State aid under Article 107(1) TFEU. It was born out of the concern that EU institutions and practitioners alike refer to it as if this concept had been immune to the evolution experienced by the context in which it has been applied: the Internal Market. Against this seemingly static background, the thesis argues that the concept of aid is a 'living instrument' that has been applied in accordance with the main policy priorities of the European Commission, a fact that had been underexplored in the literature and the implications of this connection seldom studied. The thesis also contends, contrary to what has been affirmed before by other authors, that the evolution of this concept has been influenced by the broader advancement of the case-law of the Court of Justice in different periods of the integration process. Thirdly, the thesis submits that the study of the origins of subsidy control in Europe, of the legislative history of today's Article 107(1) TFEU, and of the policy and enforcement considerations that have affected the development of the concept of aid is not only enriching from an intellectual point of view but also useful to decide difficult cases. In this regard, the thesis provides criteria to interpret and discuss cases, e.g. Sloman Neptun, Philip Morris or Azores, beyond the analysis traditionally carried out in this field, too often limited to the compatibility of these cases with the effects-based formula traditionally followed to define aid. Indeed, the emergence of that formula, of the Market Economy Investor Principle test, the Adria-Wien test for selectivity, the ups-and-downs of the De Minimis rule in this field, or the exclusion of regulatory measures from the notion of State resources, cannot be understood only by looking at the economic or even the strictly legal reasoning behind the relevant judgments. Instead, historical, policy and enforcement considerations are useful interpretative tools to fully grasp these developments, a point that this thesis contributes to making.
Livres sur le sujet "Capital market – Law and legislation – European Union countries"
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European capital markets law. Oxford : Hart Publishing, 2013.
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Europäisches Kapitalmarktrecht. 2e éd. Tübingen : Mohr Siebeck, 2014.
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Harm, Schepel, dir. State and market in European Union law. New York : Cambridge University Press, 2009.
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Law and policy of the European gas market. Cheltenham, UK : Edward Elgar, 2014.
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1970-, Vos Marc de, et Barnard Catherine, dir. European Union internal market and labour law : Friends or foes ? Antwerp : Intersentia, 2009.
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1970-, Vos Marc de, et Barnard Catherine, dir. European Union internal market and labour law : Friends or foes ? Antwerp : Intersentia, 2009.
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1970-, Vos Marc de, et Barnard Catherine, dir. European Union internal market and labour law : Friends or foes ? Antwerp : Intersentia, 2009.
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1970-, Vos Marc de, et Barnard Catherine, dir. European Union internal market and labour law : Friends or foes ? Antwerp : Intersentia, 2009.
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1970-, Vos Marc de, et Barnard Catherine, dir. European Union internal market and labour law : Friends or foes ? Antwerp : Intersentia, 2009.
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Risk regulation in the single market : The governance of pharmaceuticals and foodstuffs in the european union. New York : Palgrave Macmillan, 2008.
Trouver le texte intégralChapitres de livres sur le sujet "Capital market – Law and legislation – European Union countries"
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Peter, Nobel, et Kaempf Markus. « Part VI European Securities Markets Supervision, 17 Regulation and Consolidation of European Markets and Exchanges ». Dans Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0017.
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This chapter puts an emphasis on the regulation of marketed products, conduct of the issuers and operators, and the distribution of financial instruments. It mentions the basic provision on cross—border investment in the European Union (EU) that is found in Art 63 of the Treaty on the Functioning of the European Union (TFEU), which guarantees the free movement of capital. It also explains the difference of the freedom of movement of capital from all other economic freedoms provided by TFEU. This chapter describes how market participants from non—EU countries benefit from the freedom of movement of capital, which does not need any implementing legislation at member State level. It also discusses how the freedom of capital movement lays down a general prohibition that goes beyond the mere elimination of unequal treatment on grounds of nationality.
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Flynn, Leo. « 15. Free movement of capital ». Dans European Union Law, 479–509. Oxford University Press, 2020. http://dx.doi.org/10.1093/he/9780198855750.003.0015.
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This chapter discusses EU law on the free movement of capital. It first considers the development of the current rules on capital, focusing on their material scope, direct effect, and role in relation to third countries. It then explains how the concept of restrictions, which is a feature of all internal market freedoms, operates in relation to capital. Next, it deals with the power of Member States to limit capital flows between different parts of the Union, as well as into and out of the Union. Finally, it examines the effects of case law regarding capital movement in relation to philanthropic and charitable activities, in order to see how the free movement of capital affects the ability of Member States to design the instruments by which they organize the delivery of services they consider are in the public interest.
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Flynn, Leo. « 15. Free movement of capital ». Dans European Union Law. Oxford University Press, 2017. http://dx.doi.org/10.1093/he/9780198789130.003.0015.
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This chapter discusses EU law on the free movement of capital. It first considers the development of the current rules on capital, focusing on their material scope, direct effect, and role in relation to third countries. It then explains how the concept of restrictions, which is a feature of all internal market freedoms, operates in relation to capital. Next, it deals with the power of Member States to limit capital flows between different parts of the Union, as well as into and out of the Union. Finally, it examines the effects of case law regarding capital movement in relation to philanthropic and charitable activities, in order to see how the free movement of capital affects the ability of Member States to design the instruments by which they organize the delivery of services they consider are in the public interest.
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Alexander, Kern, et Vivienne Madders. « Financial market regulation in the internal market ». Dans The EU Law of Economic and Monetary Union. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198793748.003.0044.
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The chapter considers some of the main post-crisis European Union (EU) financial legislation from the perspective of high-level principles (Level 1) that apply to credit institutions and certain investment firms under the Capital Requirements Directive IV (CRD IV), including prudential requirements to hold minimum capital and liquidity requirements and prudential governance standards. The chapter also analyzes the EU legislation that regulates investment funds and the sale of investment products and the distribution of financial products, particularly the Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR), the Undertakings for Collective Investments in Transferrable Securities (UCITS), the Personal Retail Investment Products Regulation, and the Alternative Investment Funds Managers Directive (AIFMD).
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Grubb, Philip W., Peter R. Thomsen, Tom Hoxie et Gordon Wright. « Patents and Competition Law—United Kingdom and European Union ». Dans Patents for Chemicals, Pharmaceuticals, and Biotechnology. Oxford University Press, 2016. http://dx.doi.org/10.1093/oso/9780199684731.003.0029.
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This chapter focuses on competition law in the UK and EU. Most countries, as well as the EU, have developed a body of competition law to provide countermeasures against what are regarded as abuses of monopoly by patentees. Abuse of monopoly is the use of a patent simply to exclude others, while not working the invention oneself. Provisions of the Paris Convention enable compulsory licences to be granted if the patent is not worked within a certain time. In the UK, they may also be granted if the patentee is preventing the working of a dependent patent by refusing to grant a licence. In the EU, competition law for the internal common market is within the exclusive competence of EU institutions; the national governments of member states only assist these institutions when it comes to implementation of the legislation. The remainder of the chapter explains EU patent licence agreements.
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Will, Pearce. « Part II UK Securities Markets, 5 UK Listing, Prospectus, and Disclosure Regime ». Dans Financial Markets and Exchanges Law. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198827528.003.0005.
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This chapter talks about the current UK listing regime that stems from the EU legislation that was enacted as part of the European Commission's action plan for the Capital Markets Union (CMU) and Financial Services Action Plan (FSAP). It describes the aims of the CMU and the FSAP in order to achieve a single financial services market with no obstacles to cross—border activity and a sound supervisory structure. It also highlights the key EU legislation that governs the UK listing regime, which includes the prospectus regulation that regulates the prospectus to be published when a company's securities are to be offered to the public or admitted to trading on a regulated market in the European Economic Area (EEA). This chapter discusses the Market Abuse Regulation (MAR), which covers the disclosure and control of inside information and the offences of market manipulation and insider dealing. It also mentions the Transparency Directive that harmonizes transparency requirements for issuers whose securities are admitted to trading on a regulated market.
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Masciandaro, Donato, et Davide Romelli. « The Economics of European Monetary Integration : The Pros and Cons of EMU Membership ». Dans The EU Law of Economic and Monetary Union. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198793748.003.0004.
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The recent global crisis challenged the stability of the European monetary integration process. That process, which is closely linked to the evolution of the European Monetary Union (EMU), has gone through two stages: the Common Market era, which ran from 1958 until 1993, and the Monetary Union era, which started in 1994 and gained new impetus after the global crisis with the publication of the Four Presidents’ Report in December 2012. The aim of the EMU has been to exchange rates, inflation and interest rates in order to boost capital mobility and trade, thereby promoting the growth of member countries. Thus far, the data shows that there has been nominal convergence of inflation and interest rates, while real convergence of per capita income has not occurred among the original euro area participants.
Actes de conférences sur le sujet "Capital market – Law and legislation – European Union countries"
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Karluk, S. Rıdvan. « EU Enlargement to the Balkans : Membership Perspective to the Balkan Countries ». Dans International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01163.
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After the dispersion of the Soviet Union, the European Union embarked upon an intense relationship with the Central and Eastern European Countries. The transition into capital market and democratization of these countries had been supported by the Ministers of Foreign Affairs at the beginning of 1989 before the collapse of the Soviet Union System. The European Agreements were signed between the EU and Hungary, Poland, and Czechoslovakia on December 16th, 1991. 10 Central and Eastern Europe Countries became the members of the EU on May 1st, 2004. With the accession of Bulgaria and Romania into the EU on January 1st, 2007, the number of the EU member countries reached up to 27, and finally extending to 28 with the membership of Croatia to the EU on July 1st, 2013. Removing the Western Balkan States, Serbia, Montenegro, Albania, and Bosnia and Herzegovina from the scope of external relations, the EU included these countries in the enlargement process in 2005.The European Commission has determined 2014 enlargement policy priorities as dealing with the fundamentals on preferential basis. In this context, the developments in the Balkans will be closely monitored within the scope of a new approach giving priority to the superiority of law. The enlargement process of the EU towards the Balkans and whether or not the Western Balkan States will join the Union will be analyzed.
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Bodul, Dejan. « WILL THE IMPLEMENTATION OF THE DIRECTIVE ON RESTRUCTURING AND INSOLVENCY HELP THE RECOVERY OF THE CROATIAN MARKETS AND STRENGTH THE ABILITY OF THE DEBTORS TO RESPOND TO NEW CHALLENGES ? » Dans The recovery of the EU and strengthening the ability to respond to new challenges – legal and economic aspects. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2022. http://dx.doi.org/10.25234/eclic/22409.
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It must be pointed out that the issue of bankruptcy proceedings in countries with a long market tradition is a dynamic area where new solutions are sought that will follow the trend of change in the international economy. The European Union, which in 2019 adopted the Restructuring and Insolvency Directive, is also making an exceptional contribution to this issue. With the adoption of the Directive, the European Union has joined the general trend of deviation from traditional, formal bankruptcy proceedings by opening a wide area to private regulation, with all the associated opportunities and risks. From the current point of view of Croatian law, the Directive does not provide “revolutionary” solutions, especially in terms of preventive restructuring, given that Croatian rules on prebankruptcy proceedings are essentially in line with the solutions contained in the Directive. Therefore, the subject of the analysis are valid norms as well as those from the Final Proposal of the Bankruptcy Law from 2022 (February 2022) related to collective legal protection in (pre) bankruptcy proceedings, having in mind the possible consequences of incomplete and inadequate regulation on the rights and interests of participants. The analysis starts from the fact that the issue of legal protection is regulated by each state independently and that such autonomy of member states is limited by EU rules. Therefore, in addition to the legal analysis of legal protection, as it is according to the existing (valid) legal framework (de lege lata), this paper also includes the question of what such protection should be in view of the requirements of European law (de lege ferenda). A limiting factor in the context of this analysis is the lack of well-established judicial practice, given that the implementation of new legislation is in process of public debate. Therefore, the analysis is not based on practical problems, but on detecting possible problems that could cause difficulties in practical implementation of (pre)bankruptcy proceedings.