Articles de revues : « Securities – European Union countries »

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Savchenko, M. « Integration of Ukraine into European Union securities market ». Galic'kij ekonomičnij visnik 69, n^o 2 (2021) : 168–78. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.02.168.

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The paper deals with the main parameters of the Ukrainian securities market at the current stage, identifies its functioning problems, gives a set of measures for the effective implementation of Ukraine's desire to integrate the national stock market into the European Union. Compared with the stock markets of the EU countries, the domestic securities market is underdeveloped, poorly regulated and illiquid, therefore there is the need to develop it and implement the European legislative initiatives. The paper covers the basic laws in the field of legal regulation of the Ukrainian and EU securities market. The investigation includes the results of the research of the current experience in leading European countries in terms of capitalization of the largest stock exchanges in Europe. The classification of 5 largest European stock exchanges is given and the influence of COVID-19 virus on their activity is analyzed. The main trends in the field of securities investment market of the largest stock exchanges in Europe and Ukraine are led. While examining statistical data concerning the capitalization of European stock exchanges in comparison with the PFTS of Ukraine in 2019, the LSE (London Stock Exchange) ranks 1st with €3.86 bn., 2nd place is taken by Euronext – €3.4 bn., 3rd place by Deutsche Börse having capitalization volume at the level of €1.9 bn., and PFTS Ukraine – €0.17 bn., which indicates that Ukrainian securities market is insufficiently elaborated. Nowadays, the Ukrainian securities market repeats European historical development trends, and at this stage it largely depends on the directions of development that international stock markets can take. Changes in European securities markets are extremely rapid and require competent response from regulatory structures. The rapid development of the European stock market, accompanied by the emergence of advanced technologies in the field of securities and new financial instruments, make it necessary to monitor all the changes and innovations that happen in the Ukrainian securities market in order to develop more effective recommendations for improving its functioning and regulation. In addition, integration with the European Union requires deeper and more radical reforms of the domestic state administration, macroeconomic regulation, property relations, and anti-corruption policy. Only a large-scale and complete reform will enable progressive renewal and effective, socially responsible integration into the EU countries, taking into account national interests.

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Кириловская, Н. Н., Ю. В. Мишальченко et В. В. Чернов. « International and national legal aspects of securities turnover regulation in the European Union member states ». Ius Publicum et Privatum, n^o 2(17) (10 juin 2022) : 144–51. http://dx.doi.org/10.46741/2713-2811.2022.17.2.016.

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В рамках данной статьи проводится анализ основных особенностей правового регулирования рынка ценных бумаг в странах Европейского союза. Главной из них является наличие трехуровневого законодательства, позволяющего более комплексно регулировать вопросы, касающиеся рынка ценных бумаг. В работе анализируются основные директивы и некоторые вторичные документы, что позволяет прийти к выводу о формировании максимально прозрачной, привлекательной, а также безопасной среды для инвесторов The article analyzes key features of legal regulation of the securities market in the European Union countries. The main feature of the system is the presence of a three-tier legislation that allows for a more comprehensive regulation of many issues related to the securities market. The paper considers the main directives and some secondary documents and concludes about formation of the most transparent, attractive, and safe environment for investors.

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Conac, Pierre-Henri. « The International Organisation of Securities Commissions (IOSCO), Europe, Brexit, and Rethinking Cross-border Regulation : A Call for a World Finance Organisation ». European Company and Financial Law Review 17, n^o 1 (5 mars 2020) : 72–98. http://dx.doi.org/10.1515/ecfr-2020-0005.

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The need to promote cross-border regulation and cooperation between supervisors of financial markets has become acute ten years after the 2008 global financial crisis. This is due to a rise in extra-territorial legislation and cross-border access to foreign markets conditioned on “equivalence” and “deference” among jurisdictions. Brexit has made the issue more critical in Europe because the United Kingdom will rely on “equivalence” decisions on many aspects of its future cross-border financial relationships with the European Union. Equivalence decisions by the European Commission are based on a technical assessment but also include a political dimension which can punish or reward the other party. It is not just a European issue since the financial world will be more connected in the next twenty years and will need to rely even more on cross-border cooperation and equivalence. In addition, the amount of bilateral equivalence assessments and decisions could very quickly become unmanageable with dozens of jurisdictions dealing with hundreds of various regimes. The global financial architecture needs to be adapted, market fragmentation to be pre-empted, and international standards to become more granular. The International Organisation of Securities Commission (IOSCO), made up of all securities supervisors in the world, should play a leading role in cross-border regulation and deference. It is the interest of many Europeans countries, and not just the European Union, to be the driving force to strengthen IOSCO so that a more rule-based and cooperative system can prevail and prevent future market fragmentation. For this goal to be achieved, IOSCO should become a new treaty-based World Finance Organisation.

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Proksová, Denisa, et Mária Bohdalová. « Bond Yield Spreads in the Eurozone ». Annals of the Alexandru Ioan Cuza University - Economics 62, n^o 2 (1 juillet 2015) : 222–40. http://dx.doi.org/10.1515/aicue-2015-0015.

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Abstract Euro Area sovereign bond yield spreads fell significantly after the creation of the monetary union and moved in unison until the recession of 2008, when investors’ risk pricing changed considerably. Rising bond yield spreads caught the attention of economists who tried to find the factors influencing their size. Evolution of bond spreads was mostly related to various macroeconomic factors as well as the soundness of the countries’ banking sectors and a general level of risk aversion in the financial markets. Analysis presented in this paper compares bond yield spreads of Euro Area member countries and relates them to their debt levels as well as the liquidity of the securities and a general level of risk aversion. Apart from the usual variables, we also analysed differences in purchasing power to assess the impact of the common monetary policy in the pre-crisis period. After adjusting the model to better explain movements of linear regression residuals, we could not prove a systematic assessment of the above-mentioned factors except for time periods of high market volatility. We explain sudden changes in the importance of idiosyncratic factors as consequences of policies of the European Central Bank and other European Union institutions following such time periods, which, as our analysis suggests, distorted pricing of risk in the markets.

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Peeters, Bruno. « The Design of Covid-19 Recovery Contributions : Taxes or Social Security Contributions ? » EC Tax Review 30, Issue 5/6 (1 décembre 2021) : 236–41. http://dx.doi.org/10.54648/ecta2021024.

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To cover the large financial spending caused by the Covid-19 pandemic, countries worldwide are forced to take substantial fiscal actions. This contribution takes a closer look at the extent to which EU law has an influence (restrictive or otherwise) on the freedom of Member States to opt for (additional) taxes and/or social contributions as a means to finance the (additional) deficits in their social security system. First, a brief numerical overview will be given of the various sources of financing and expenditures of social security in the European Union (II). Subsequently, the question will be addressed to which extent the concept of social security contributions under European Union law interferes with the national definition of taxes (III). The most relevant rulings of the European Court of Justice (CJEU) in this respect will be discussed (IV) followed by a number of final considerations (V). Covid-19 Recovery Contributions, Concept of tax, Social Security Contribution, Wealth Tax, Tax on (Real) Estate, Financing of Social Security, Regulation (EC) No 883/2004, Double Tax Convention, National (Tax) Sovereignty, Annual Tax on Securities Accounts

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Hofmann, Christian. « Vertical Price Fixing in Europe and the U.S.- The Way to a Uniform Approach for Both Markets ». European Business Law Review 24, Issue 6 (1 décembre 2013) : 699–730. http://dx.doi.org/10.54648/eulr2013035.

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The United States (US) and the European Union (EU) rely on different regimes for vertical price fixing. At first glance, this is hardly surprising. There are similar discrepancies in other fields of business law, e.g. securities regulation and corporate law. However, the fact that differences are common does not necessarily mean that they are justified. The US and the EU (as a whole as well as its member countries) are based on comparable market regimes and consumer needs. Globalization has assimilated both markets. US companies operate on the European market as actively as on their domestic turf and vice versa. They usually even use the same labels (e.g. iPad, Aspirin, Playmobil). This leads to the core question: if the markets are alike, should not the antitrust regime be as well, and if so, how should this shared regime treat vertical price fixing?

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Bobrov, A. « Transformation of the EU Monetary Policy in an Age of Financial Instability ». World Economy and International Relations 66, n^o 2 (2022) : 33–41. http://dx.doi.org/10.20542/0131-2227-2022-66-2-33-41.

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Challenges the European economy began to face 12 years ago raised the question about actions European Central Bank (ECB) have to undertake to maintain the financial sustainability, considering its objective to ensure price stability while coping with a changed economic environment. Provision that the ECB is obliged to take efforts to ensure financial stability as well as potentially serious consequences of crisis’ impact on the banking system and industrial production, led to an expansion of its role beyond standard monetary policy measures, with the unconventional steps being taken in addition to conventional to combat the adverse impact of the financial crisis. While reducing the interest rate, ECB also provided a cheap financial capital for banks via fixed-rate “Long Term Refinancing Operations” (LTROs), and three “Covered Bond Purchase Programmes” (CBPP). Purchases of debt securities were also conducted via “Securities Market Programme” (SMP) and, later, with then ECB’s President Mario Draghi declaring that ECB will do “whatever it takes to preserve the euro”, possibility of their increase was announced with the start of “Outright Monetary Transactions” (OMT) Programme. A mere announcement of the OMT was enough to calm financial markets, as none of the eurozone countries applied for financial support within this programme’s framework. Then ECB proceeded with a full-fledged quantitative easing, starting to buy sovereign bonds under its Public Sector Purchase Programme (PSPP), having spent 2.6 trillion € on its implementation. Understanding that a monetary union without an efficient banking union is unacceptably dangerous, the European Banking Union, under which supervision of largest eurozone banks has transferred directly to the ECB, was progressively established. While ECB’s anti-crisis policies achieved their goals, prolongation of the strategy it adopted may create new risks for the financial stability of the euro area, such as excessive dependence of credit institutions on monetary support and excessive inflationary risks under a zero interest-rate policy. Still, EU institutions’ coordinated financial management played an important role in overcoming the existing turbulence, with fiscal and monetary policy measures reinforcing each other.

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Chang, Dongfeng, Ryan S. Mattson et Biyan Tang. « The Predictive Power of the User Cost Spread for Economic Recession in China and the US ». International Journal of Financial Studies 7, n^o 2 (18 juin 2019) : 34. http://dx.doi.org/10.3390/ijfs7020034.

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The predictive power of the yield curve slope, or the yield spread is well established in the United States (US) and European Union (EU) countries since 1998. However, there exists a gap in the literature on the predictive power of the yield spread on the Chinese economy. This paper provides a different leading recession indicator using the Chinese and US economy as comparative examples: the user cost spread, being the difference of the opportunity costs of holding government securities of different maturities. We argue that the user cost spread, based on the Divisia monetary aggregate data like the ones produced by the Center for Financial Stability, provides improved predictive ability and a better intuitive explanation based on changes in the user cost price of holding bonds.

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Tholl, Johannes, Tobias Basse, Samira Meier et Miguel Rodriguez Gonzalez. « Risk premia and the European government bond market : new empirical evidence and some thoughts from the perspective of the life insurance industry ». Zeitschrift für die gesamte Versicherungswissenschaft 110, n^o 1 (février 2021) : 49–78. http://dx.doi.org/10.1007/s12297-021-00503-2.

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AbstractWe study yield spreads between government bonds in the European Monetary Union. This segment of the global fixed income market is of particular importance for insurance companies in Europe. Our empirical research strategy is inspired by Gunay (2020) who has analyzed the relationship between credit and liquidity risk in the United States using Granger causality tests. More specifically, we employ the procedure developed by Toda and Yamamoto (1995) to test for Granger causality among yield spreads in five different member countries of the European Monetary Union (namely Austria, Belgium, France, Italy and Ireland) relative to Germany. We examine interest rate data from bonds with three different maturities (5, 10 and 30 years). Given the importance of long-term bonds as asset class for European life insurers and pension funds, the empirical results from the often ignored market for government bonds with a maturity of 30 years should be of interest. With regard to long-term sovereign debt, there is no evidence for Granger causality among the time series examined here. Consequently, the risk premia required by investors to hold government bonds of one specific member country of the EMU do not help to forecast the risk premia that have to be paid by other countries. Given the structure of their liabilities, this empirical finding should be of high relevance for portfolio and risk managers in the European life insurance industry and in pension funds. With regard to the yield spreads to be observed in the market for 10-year government bonds, there seems to be no clear picture. Focusing on fixed income securities with a maturity of 5 years, there is one very interesting empirical finding. The test results reported here seem to imply that there is unidirectional Granger causality running from the yield spreads in all other four countries to Austria. Given that Austria is a comparably small country which is assumed to be in a fiscally stable position, this result could be interpreted as evidence for credit risk premia as being helpful to forecast liquidity risk premia in the market for medium-term government bonds issued by member states of the European Monetary Union.

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Ukwueze, Festus. « Cryptocurrency : Towards Regulating the Unruly Enigma of Fintech in Nigeria and South Africa ». Potchefstroom Electronic Law Journal 24 (20 août 2021) : 1–38. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a10743.

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One of the most modern inventions of financial technology (FinTech) since after the global financial crisis of 2008 is the crypto or virtual currency/asset. Since the creation of the first cryptocurrency, the Bitcoin, in 2009, it is estimated that over five thousand variants of the Bitcoin and other cryptocurrencies have emerged. Virtual currencies have become widespread across the globe but their legal status and uses in various countries have remained uncertain. They have been variously classified as currencies, securities, properties, assets, commodities and tokens, and used as means of exchange but are not legally recognised as legal tender. In many jurisdictions their emergence was greeted with scepticism and express or tacit rejection by financial and securities markets regulators, but over time, owing to their increasing popularity, characteristics, positive and negative potentials, there has been a gradual shift towards their formal recognition and regulation. Regulatory authorities in many countries are now grappling with designing appropriate policy and regulatory framework for the crypto phenomenon. This paper interrogates the current legal status and efforts to regulate cryptocurrencies in two leading African nations, Nigeria and South Africa, and highlights the challenges of designing an appropriate regulatory framework for this enigmatic technology. The paper adopts the doctrinal legal research methodology, employing the descriptive, analytical, and comparative approaches. It follows a structured review and analysis of relevant extant legislation on currencies and securities in the countries to ascertain whether they cover cryptocurrencies. It then compares the current position of the law on the subject in the two countries. Bearing in mind that it may not be possible to totally ban dealing in cryptocurrencies, the paper concludes that regulation has become imperative. Drawing from the position on the subject in more developed nations, the United States of America (US) and the European Union (EU), this paper proposes a model of regulation of virtual currency not only for Nigeria and South Africa but also for other African countries.

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Gerner-Beuerle, Carsten, Esin Küçük et Edmund Schuster. « Law Meets Economics in the German Federal Constitutional Court : Outright Monetary Transactions on Trial ». German Law Journal 15, n^o 2 (1 mars 2014) : 281–320. http://dx.doi.org/10.1017/s2071832200002959.

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The Eurozone banking and sovereign debt crisis has brought the fragility of the European monetary union into sharp focus and exposed the lack of effective instruments at the European level to maintain financial stability. As a response to the crisis, the Member States and the institutions of the Union adopted in short succession several financial assistance measures that have given rise to much political and legal controversy. The European Central Bank (ECB) played an active role in the institutions' efforts to contain the crisis and prevent the disintegration of the Eurozone by deploying a number of so-called non-standard or unconventional monetary policy measures, namely its Securities Markets Programme, Long-Term Refinancing Operations, and in September 2012 the Outright Monetary Transactions Programme (OMT Programme). The OMT Decision envisages unlimited purchases by the ECB of specific types of sovereign bonds issued by Member States participating in an EFSF/ESM macroeconomic adjustment or precautionary program in the secondary market. Without the program having been activated, i.e. without the ECB actually implementing the decision and without any purchases of government bonds, yields on bonds of the affected Eurozone countries decreased markedly after the announcement of the OMT Decision. The OMT Programme has accordingly been credited with having been instrumental in restoring financial stability and preventing a breakup of the Euro area and with being one of the most effective announcements any central bank has ever made.

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Morrissey, Dan. « The EU’S Struggles with Collective Action for Securities Fraud ». Texas A&M Law Review 7, n^o 1 (octobre 2019) : 125–52. http://dx.doi.org/10.37419/lr.v7.i1.3.

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Notwithstanding the apparent exit of the United Kingdom, the European Union (“EU”) has grown in membership and power since its modest beginnings after World War II, now rivaling the U.S. in economic strength. With the goal of promoting the security and prosperity of all the citizens of the countries that belong to it, the EU is pressing ahead to adopt laws that will promote their political and financial integration. Along those lines, it has also recently acknowledged a deficiency in the legal systems of its member states when it comes to allowing collective actions for victims of various types of economic harm. To address that, the EU is now developing guidelines for such procedures that can redress those injuries. In the area of securities fraud, establishing such measures has taken on more importance after both a spate of financial frauds by European companies and a significant decision from the United States Supreme Court, Morrison v. National Australia Bank. That ruling cut back on the jurisdiction of American courts to adjudicate these claims against foreign defendants—even when a significant amount of the wrongdoing has occurred in the U.S. This EU initiative to develop a collective jurisprudence to redress securities fraud also supports another goal that would foster European economic well-being. It would promote a shift in the financing of businesses there from debt to equity. That would particularly help small- and medium-size firms by giving confidence to investors in those enterprises that if they were cheated they would have an effective means to remedy that wrong. As it is now, such stock frauds can typically involve a large number of investors, many of whom have relatively small holdings. Individual actions in those situations are not only too expensive to maintain but are often inadequate to compensate all their victims and deter future misconduct. The availability of effective collective remedies would help Europeans overcome their reluctance to make equity investments and therefore provide more flexible capital structures to businesses. The European Commission10 (“Commission”) is therefore trying to fashion legal tools to address that problem. This involves enhancement of the EU’s mechanisms for stockholder litigation—what one commentator defines as “an umbrella term for various forms of suit and a range of claims brought by shareholders against the company in which they hold shares or against its directors and officers.” The EU’s proposals in that regard seek to encourage what it calls “collective actions,”—its analog to U.S. class actions—where many stockholders with small claims can join together and adjudicate them in one suit. Without such a corrective mechanism, the costs of litigation would be too great for those individuals, and they would not be able to counter the substantial resources that the defendants typically have. The EU’s proposals, however, lack features that have made American class actions so effective. The Commission is reluctant to embrace that model because of what it calls our “abusive practices.” Chief among them are contingent fees that compensate lawyers who represent shareholders harmed by these frauds. In addition, the Europeans appear determined to hold on to several rules that discourage lawyers from taking these cases. One is “loser pay,” which makes those who are unsuccessful in litigation liable for the legal fees of their counterparties who prevail. The potential of that heavy extra charge is a disincentive for lawyers who would take these cases. Another is that only plaintiffs who directly consent to be parties can be part of these actions (opt-in), as opposed to the more generous opt-out practice which includes all victims of the common fraud as plaintiffs unless they specifically choose not to participate. This Article will therefore offer comment on those deficiencies in the developing European model and encourage our friends across the Atlantic to take a more realistic approach to their reforms. The American experience with securities class actions certainly has its detractors and may have had some failings which have now been corrected. All and all, however, the U.S. approach has served our economy well by protecting investors, checking corporate wrongdoing, and affording compensation to defrauded investors. First, this Article will give a brief overview of the historic problems that European companies have had with an over-reliance on debt financing. It will then discuss how reforms like better redress for fraud can change that by giving equity investors a stronger belief that they will get a fair shake. The EU’s proposals are a step in the right direction to address that concern, and the Article will go on to describe the current state of their development. After that, it will use an American perspective to point out their shortcomings with the goal of highlighting the benefits of the U.S. model to European policymakers.

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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, n^o 5 (30 décembre 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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Fernandez, Rodrigo, et Manuel B. Aalbers. « Capital Market Union and residential capitalism in Europe : Rescaling the housing-centred model of financialization ». Finance and Society 3, n^o 1 (30 octobre 2017) : 32–50. http://dx.doi.org/10.2218/finsoc.v3i1.1937.

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This article examines the effects of implementing the proposals of the European Commission to institute a Capital Market Union (CMU) on the diverse landscape of residential capitalism in Europe. The CMU will bypass existing national institutional blockades that left core countries of the Eurozone, namely Germany, France and Italy, largely untouched by the housing-centred model of financialization that developed in countries like Spain, Ireland, the UK and the Netherlands. It is widely acknowledged that the rise in securitized mortgage debt contributed to the global financial crisis. As part of the CMU, the new European Commission is promoting mortgage securitization throughout the EU and thereby rescaling the political economy of housing finance that was hitherto rooted in national, institutional models. We argue that countries which ‘missed’ the previous housing boom will not be able to prevent future housing-centred financialization. CMU thus signifies a spatial expansion of the debt-led accumulation model.

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Horodyskyy, Ivan, Andriy Borko et Mariia Sirotkina. « ADAPTATION OF UKRAINIAN CORPORATE LEGISLATION TO EUROPEAN STANDARDS ». Baltic Journal of Economic Studies 7, n^o 3 (25 juin 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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LYUTY, Ihor, et Yuliia TERES. « DEBT POLICY IMPLEMENTATION IN EU COUNTRIES : LESSONS FOR UKRAINE ». WORLD OF FINANCE, n^o 4(57) (2018) : 7–19. http://dx.doi.org/10.35774/sf2018.04.007.

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Introduction. The implementation of debt policy in the EU countries is associated with a range of problems, in particular, rising social spending, and increasing budget deficits. In recent years, Member States have had a negative impact on the debt crisis, which is primarily due to unbridled fiscal policies of individual countries and the banking crisis. Purpose. The article is devoted to issues of implementation of debt policy in the EU countries and the problems of overcoming the consequences of the debt crisis, which began in 2008 and extends to today. An estimation of the possibilities of using this experience in Ukraine is made considering the fact that the country is on the verge of a debt crisis. Results. It has been determined that the sovereign debt crisis is a crisis of confidence for the EU, in particular the euro zone. This required adjusting both the socio-economic and financial policies of the EU. It can be argued that the Stability and Growth Pact did not take place and that now Europe needs to form a qualitatively new budget system that could more effectively cope with the adverse economic consequences or even the failure of a Member State to fulfill its obligations. It has been determined that one of the main items of budget expenditures of the European Union countries is government debt service costs. Public debt management, above all, is carried out through government debt securities. There is a tendency to reduce the share of shortterm public debt and increase the long-term, which provides reduction of budget expenditures for servicing public debt. In particular, in some EU countries there are strict rules that determine the conditions for external borrowing, for example, new loans should not exceed the annual amounts of debt to be repaid. Conclusions. It has been established that a number of measures have been implemented in the EU countries to address the consequences of the debt crisis, in particular: diversification of sources of state debt financing and optimization of terms of circulation of government debt securities; fiscal consolidation; increase maturity of debt obligations and optimize the structure of the public debt portfolio. It is concluded that the measures taken by the EU countries to overcome the consequences of the debt crisis may be useful for Ukraine and, in fact, is a step-by-step guide for the presentation of crisis phenomena, taking into account positive and negative experiences.

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Ermolaev, S. S., T. I. Galiev et A. G. Glebova. « Features of modern electronic trading in international financial markets ». E-Management 5, n^o 3 (27 septembre 2022) : 90–97. http://dx.doi.org/10.26425/2658-3445-2022-5-3-90-97.

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The subject of research is the Internet trading in the American and European financial markets for individuals from the Russian Federation. The relevance of the topic is due to the huge influx of Russian private investors into the global financial market over the past few years, caused by the simplification of the process of opening brokerage accounts, automation of taxation, the possibility of trading via web terminals, as well as significantly changed conditions of online trading in 2022. The whole work is the development of a report on investing in the financial markets of the United States of America and the European Union for citizens of the Russian Federation. The study was conducted using the methods of systematization, grouping and comparison, with their help, analysis and generalization of the results obtained were carried out, conclusions were drawn. It has been established that in the current geopolitical situation and the restrictive measures taken by many multinational banks and companies, private investors of Russian origin have risks of freezing their own assets on brokerage accounts, which can be reduced by opening a brokerage account in companies registered in the territory of countries friendly to the Russian Federation. The article suggests two least risky options for investing in securities of issuers from Europe and USA.

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Dritsakis, Nikolaos, et Pavlos Stamatiou. « Causal Nexus between Government Debt, Exports and Economic Growth for Three Eurozone Countries : A Panel Data Analysis ». Journal of Economics and Public Finance 3, n^o 1 (30 décembre 2016) : 47. http://dx.doi.org/10.22158/jepf.v3n1p47.

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<em>The relationship between government debt, exports and economic growth has been the focus of a considerable number of academic studies in recent years. The economic crisis, which started in the United States mortgage market, quickly went global when mortgage-backed securities traded by financial institutions. Europe’s response was immediate regarding the measures to tackle the crisis. The establishment of common strategies was the long term goal of the European Union (EU). This paper examines the relationship between government debt, exports and economic growth in the EU countries with the highest level of government debt, using panel data over the period 1990-2014. The Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) methods are used to estimate the long run relationship between the variables. In addition, the Vector Error Correction Model (VECM) is used in order to investigate the causal relationship between the examined variables. The empirical results of the study revealed that there are both short and long run relationships. Findings suggest that that there is a unidirectional causality running from exports to economic growth as well as from exports and economic growth to government debt. The results provide evidence to support the export led-growth hypothesis. Exports are an important factor for economic development. Moreover, the results reveal that government debt is affected by exports both directly and indirectly through economic growth. Policy implications are then explored in the conclusions.</em>

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Girich, Maria, Ivan Ermokhin et Antonina Levashenko. « Comparative Analysis of the Legal Regulation of Digital Financial Assets in Russia and Other Countries ». International Organisations Research Journal 17, n^o 4 (15 décembre 2022) : 176–92. http://dx.doi.org/10.17323/1996-7845-2022-04-07.

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Today, a crypto economy is actively developing throughout the globe based on the use of cryptographic technologies for the creation of new digital products, including the issuance of digital financial instruments. The topic of regulation of digital financial assets (hereinafter referred to as DFA) is relevant in the world: since 2019, some countries, including Russia, began to introduce legal norms regarding the issuance of DFA, as well as the sale and turnover of such assets on the market. This article compares approaches to the regulation of DFA in Russia and globally, including the issue of determining financial instruments that will be related to these assets, aspects of the procedure for issuing, storing, and trading them, including the basic rights and obligations of issuers and investors in such assets, and the features of the operation of trading floors and platforms for issuing DFA. In general, two approaches to the regulation of DFA can be distinguished. The first approach is the application of existing rules to tokenized assets (for example, laws on securities and financial instruments); this approach is used in the United States. The second is regulation through the introduction of a new framework for the application of distributed ledger technology in financial services, for example, in Russia, Germany, Luxembourg, the European Union (EU), and Switzerland. This article examines the second approach, which is currently implemented in Russia, to identify differences with foreign regulation, for example, the use of custodian institution for accounting and storing digital assets, converting DFA into traditional financial assets, and creating rules for trading digital financial assets.

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Ćurić, Predrag, Rodoljub Topić et Bojana Vilendečić. « Banking Sector of the Republic of Serbian in Terms of Transition ». ECONOMICS 4, n^o 1 (1 juin 2016) : 45–58. http://dx.doi.org/10.1515/eoik-2015-0028.

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Summary Privatisation of the banking sector is an inseparable part of development strategies used by the countries in transition. The process of transition and building a financial and market-oriented system is a complex and long-term task which, in addition to a variety of legal arrangements, involves also several institutional options, such as the Central Bank of Bosnia and Herzegovina, Banking Agency of the Republic of Srpska and Banja Luka Stock Exchange of Securities. The transition process of the banking sector in the Republic of Srpska was not implemented by rehabilitation of existing domestic banks, but by opening the banking system for the entry of foreign, more efficient banks. The level of trust in the banking sector grew in parallel with the process of bank privatisation and the arrival of foreign banks. Throughout the previous period, all the banks in the Republic of Srpska recorded a significant increase in the amount of deposits and loans placed, which implies the growth of investment and economic activities, therefore indicating the increase of the Republic of Srpska’s GDP in general. These are positive trends that demonstrate a decrease in the current lagging behind the European Union.

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Sadat, S. Abdul Wahid. « EVALUATION OF LEGAL INFRASTRUCTURE OF DIGITAL CURRENCIES IN TURKEY ». SOCIAL SCIENCE DEVELOPMENT JOURNAL 7, n^o 32 (15 juillet 2022) : 132–45. http://dx.doi.org/10.31567/ssd.659.

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In order for the crypto money tax to be collected, it must first be regulated by law. The first thing to do is to legalize cryptocurrencies as assets and money and then tax them accordingly. We will first examine the attitudes of some states towards cryptocurrencies and then touch on tax issues in the next step. A study of attitudes in the European Union (EU) shows that only four EU countries guarantee cryptocurrencies (EU). In the statement of the Bank of Turkey Regulation and Supervision Agency dated 25 November 2013 and numbered 2013/32; According to the Law No. 6493 on Payment and Securities Payment Systems, Payment Services and Electronic Money Institutions, bitcoin cannot be issued as digital money, and there is no accreditation and inspection requirement within the scope of this decree. In transactions with Bitcoin and similar cryptocurrencies, there is no risk of accessing the personal information of the buyers, the use of virtual money for illegal activities and theft or loss of market equivalent currency. Due to some similar risks, such as the use of electronic packages or unauthorized use of transactions or irreversible transactions, citizens who deposit funds need to be careful. In this study, it was tried to examine the crypto money tax in Turkey.

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Dugan, Michael T., Elizabeth H. Turner et Clark M. Wheatley. « Liability of Foreignness : The Impact of Elimination of the Reconciliation Requirement on International Asset Allocation by U.S. Investors ». Journal of International Accounting Research 17, n^o 2 (1 octobre 2017) : 75–95. http://dx.doi.org/10.2308/jiar-51951.

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ABSTRACT In 2007, the Securities and Exchange Commission (SEC) eliminated the 20-F requirement to reconcile IFRS financial disclosures to U.S. GAAP. We find that this change in SEC regulation is associated with an overall decrease in the international asset allocation of U.S. institutional investors in European Union (E.U.) firms that are cross-listed on U.S. stock exchanges. We also find that U.S. mutual fund investors were more likely to invest in firms in countries with greater levels of investor protection and higher global visibility in the post-elimination period. A learning effect (measured as the length of time a firm is cross-listed on a U.S. stock exchange) is not, however, associated with U.S. institutional ownership. These results are robust to tests involving removal of OTC ADRs, firm-level controls, country controls, and financial controls resulting from the elimination of the 20-F reconciliation. Our results suggest that the increased information processing costs were not offset by information preparation cost savings. Our results indicate that the elimination of the 20-F reconciliation of IFRS to U.S. GAAP resulted in a loss of valuable information for U.S. institutional investors and thereby resulted in a divestment in cross-listed E.U. firms.

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Kryeziu, Refik. « Reflection of public debt in financing deficit, capital investments and economic growth in Kosovo and level comparison with other countries ». International Journal of Management Excellence 14, n^o 2 (29 février 2020) : 2083–90. http://dx.doi.org/10.17722/ijme.v14i2.1141.

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In this paper, we present the processes of public debt development in Kosovo for the period of its functioning, respectively from 2009 until 2018. There is no long history of it, but there is a dynamic constant growth. The methodology used in this paper is based on empirical study analysis, and the scientific literature we have elaborated has found that many thinkers who support public debt with arguments justify this non-fiscal instrument to finance the budget deficit as well as some others who object it. In addition to the international debt with 42% share, in 2012, the domestic debt began to function, with securities issuing at 58%. Along with the country's economic growth, we have also increased budget, and GDP growth. While every year we have an average economic growth of 3.2% to 3.5%. In 2013, compared to 2012, the budget increase is 1.96%, in 2016 compared to 2015 is 7%. In 2017 compared to 2016 we have a growth of 8.31%. In 2009, the debt-to-GDP ratio had a share of 6.12%, in 2014 it reached 10.65%, in 2017 the share of debt to GDP (GDP) was 16.63% and in Q3 of 2018 it was 16.92 %. In the countries of the region and the European Union we have different levels. Most states have a high level of debt to GDP.The study of the literature review was carried out using selected four databases containing publications. Research has been done to find out how much the public debt level is based on the specifics of the economy and fiscal policy in Kosovo. In addition to the dynamics of public finance development, public debt has also been realized.

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Borovsky, Y. V., et O. V. Shishkina. « Securitization of Energy Supply within the European Integration ». MGIMO Review of International Relations 14, n^o 3 (27 juin 2021) : 57–81. http://dx.doi.org/10.24833/2071-8160-2021-3-78-57-81.

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The article uses the constructivist securitization concept to analyze the European Economic Community (EEC), and the European Union (EU) approaches to ensuring energy security. It seeks to establish whether the energy supply has been securitized within the European integration process and if so when it happened. The literature review does not give a definitive and comprehensive answer to this question which is essential for all the history of the EEC and the EU. The authors of this study use an extensive documentary database available on the EU websites. They established that for the EEC/EU the energy policy securitization is a long-lasting ongoing process that came into being in 1973. Within the European integration, the securitization is justified by the dependency of the member states on the imported energy resources, which is regarded through the prism of securing reliable, affordable, and (since 2000s) environmentally sustainable supply. The authors identified two waves of energy supply securitization in the EEC/EU. The first wave was triggered by the oil embargo of the OPEC Arab countries and, generally, the world oil crisis of 1973-1974. The second wave of the 2000s and 2010s was triggered by the Russian-Ukrainian gas conflicts of 2006 and 2009 and the sharp deterioration of Russian-Ukrainian relations in 2014. For both waves, the Commission was the main ‘securitizing actor’. However, during the second wave, the European Parliament, some EU countries, and even the United States made their own ‘securitizing moves’. The ‘audience’ (EEC/EU countries) expressed its opinion towards the ‘securitizing moves’ through the European Council and the Council decisions. The research conclusions can be useful for a profound scientific explanation of the EU energy policy as well as for the operationalization of the securitization concept.

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Kovalenko, Yuliia, Valentyna Martynenko, Iryna Chunytska, Liudmyla Didenko, Ivan Yatsenko et Tetiana Shulha. « THE NEWEST SCIENTIFIC AND METHODICAL APPROACH TO ASSESSING THE OPENNESS OF INVESTMENT FINANCIAL SERVICES MARKETS ». Financial and credit activity problems of theory and practice 6, n^o 47 (30 décembre 2022) : 230–41. http://dx.doi.org/10.55643/fcaptp.6.47.2022.3899.

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The scientific article is devoted to the development of a scientific and methodological approach to assessing the level of openness of the investment financial services market. Regarding the basic concept of the scientific article – “openness” - it is proposed to interpret it according to the flow approach, according to which three types of markets should be distinguished - markets with a net outflow of investment resources, markets with a net inflow of investment resources and markets with a balanced movement of investment resources.It is proposed to evaluate the openness of investment financial services markets by the k-means method, that is, by the cluster analysis approach, the purpose of which is to divide m observations into k clusters, while each observation refers to the cluster closest to its center (centroid). The advantages of the k-means cluster analysis method are as follows: firstly, the possibility of using this method with relatively small amounts of data, since it is not necessary to meet the requirements for the normal distribution of random variables, which are mandatory for classical methods of statistical analysis; secondly, to divide a set containing n objects into k clusters, the number of clusters must be specified in advance.Approbation of the methodological approach was carried out on the example of various national models of investment financial services markets, namely: on the example of the countries of the European Union and Ukraine.In general, the markets of investment financial services of post-socialist EU countries (Bulgaria, Estonia, Latvia, Lithuania, Slovakia, Slovenia, Poland, Romania, Hungary, Czech Republic) and Ukraine belong to the group of countries with a low level of market openness, compared to other markets of EU countries.The article develops a scientific-methodical approach to evaluating the openness of investment financial services markets, which, unlike other approaches, involves: distinguishing between markets with a net inflow of investment resources, markets with a net outflow of investment resources, and markets with a balanced movement of investment resources; distribution of markets using the iterative method of "k-means" cluster analysis into three clusters: 1) markets with a high level of openness; 2) markets with an average level of openness; 3) markets with a low level of openness; determination of the average volumes of portfolio investments in securities issued by non-residents, as well as liabilities for securities in which portfolio investments were made by non-residents, for each cluster.

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Galiński, Paweł. « DEVELOPMENT OF THE MUNICIPAL BOND MARKET IN POLAND AFTER 1989 ». Ekonomika 92, n^o 2 (1 janvier 2013) : 122–36. http://dx.doi.org/10.15388/ekon.2013.0.1410.

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Abstract. The purpose of the paper is to present the development of the municipal bond market in Poland between 1989 and 2012, a characteristic of municipal bonds and their types, issued in this period. The empirical research conducted by the author provides some main financial indicators that determine the development of this market and its role for local governments in Poland. Moreover, there are analysed the types of investors on this market, organizers of the placements or the meaning of this market against the background of the municipal bond markets in the European Union (EU) countries. The study is mainly based on the miscellaneous reports and statistics of the National Bank of Poland, Ministry of Finance, Central Statistical Office of Poland, Warsaw Stock Exchange or rating agency Fitch Polska. An important source of information was also the research conducted by the author, which concerned the perspective of servicing the local governments by commercial banks and the associated risk. As a consequence, the author indicates that the value of municipal bonds issued in Poland is still relatively low in comparison with its gross domestic product and the leading EU countries. Therefore, there are possibilities of the further growth of this market in Poland. First and foremost, municipal bonds are positively perceived as an investment instrument by the investors, i.e. mainly commercial banks. Besides, these securities have a small share in the investment portfolio of pension funds and investment funds. However, one of the main obstacles of the further development of the municipal bond market in Poland is its relatively low liquidity.Key words: municipal bond market, municipal bonds, local governments

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Mazllami, Jeton. « Fiscal Decentralization and Alternative Financial Sources for the Local Self-Government in Republic of North Macedonia - Overview ». SEEU Review 16, n^o 1 (12 juin 2021) : 14–29. http://dx.doi.org/10.2478/seeur-2021-0006.

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Abstract Local governance in developing countries demonstrates many problems related to financial sources and good governance of their finances. Local Self-Government (LSG) units in the Republic of North Macedonia are very small which results in a lack of capabilities to raise enough funds to offer delegated services. The local government in the Republic of North Macedonia centralizes almost all public finance. Local budgets depend heavily on state transfers and donations from the central budget. The lack of funds remained a crucial problem even though there were some attempts for the decentralization process. Practically, governments in many of the local governments in North Macedonia could not secure their resources. In this way, they could come with specific charges, but all taxes are decided by the central government. The practice showed that local governments before borrowing needs to be approved by the Ministry of Finance. The Republic of North Macedonia as a potential candidate to join the European Union should make several changes regarding the legislation during the process of accession to benefit from being a small candidate country. The main aim of this paper is to investigate alternative financial sources such are Municipal Bonds, Partnership Sukuk securities, and PPP. Unfortunately, many financial alternatives have not been able to be implemented due to failures in reforms and good financial governance. But they remain an open opportunity for developing a local government in the future.

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Schindler, Felix. « International Real Estate Review ». International Real Estate Review 14, n^o 1 (30 avril 2011) : 27–60. http://dx.doi.org/10.53383/100133.

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This paper analyzes long- and short-term co-movements between 14 international real estate stock markets based on cointegration and correlation analyses. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less long-run linkages between real estate markets in different continents. Thus, investors would benefit from broadening their investment horizon from their domestic continent to Australia, Europe, and North America. Furthermore, it is shown that within each region, there are one or two key markets that influence neighboring markets, such as Australia in the Asia-Pacific region, the US in the Anglo-Saxon countries, and France and the Netherlands in the European Monetary Union (EMU). Therefore, from an investor!|s point of view, it is implied that it should be sufficient to only focus on these central markets. With respect to the efficient market hypothesis, the findings by the cointegration analysis further question its validity for securitized real estate markets.

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Giglio, Ferdinando. « Fintech : A Literature Review ». International Business Research 15, n^o 1 (17 décembre 2021) : 80. http://dx.doi.org/10.5539/ibr.v15n1p80.

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This article analyzes the Fintech evolution. After describing the process of this phenomenon, some of the main definitions are provided both nationally and internationally. Finally, six main models of Fintech are analyzed. Through a systematic literature, 14 articles have been selected that deal with the phenomenon of Fintech. Six Fintech business models implemented by the ever growing number of Fintech startups have been identified, payment, wealth management, crowdfunding, loan, capital market and insurance services. Internationally, Fintech has already been defined by the International Monetary Fund (IMF), the World Bank Group (WBG), the Financial Stability Board (FSB), the Organization for Economic Cooperation and Development (OECD), the International Organization of Securities Commissions (IOSCO), the Bank for International Settlements (BIS). On a national level, on the other hand, Fintech has been analyzed by various countries, USA, United Kingdom, Singapore, China, Switzerland, China, Australia and the European Union. Fintech refers to a broad set of innovations - observable in the financial field in a broad sense - which are made possible by the use of new technologies both in the offer of services to end users and in the internal production processes of financial operators as well as in the design of market enterprises, without thereby compromising new possible configurations of intersectoral activities. Fintech appears to be representative of innovative methods - based on technology - of carrying out activities directly or indirectly connected to financial services rather than being a pre-defined industrial sector. Following the logic of the digital economy, Fintech contributes to designing an open and continuous network of modular services for businesses, individuals and banking, financial and insurance intermediaries, becoming a powerful acceleration force for the integration policies of the financial services markets in the EU.

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Da Costa Mangueira, Ana Beatriz, et Filipe Reis Melo. « Acordos entre Espanha e países do Norte da África como mecanismos de controle das migrações irregulares nos anos 2000 | Agreements between Spain and North African countries as a mechanism of irregular migration control in the 2000s ». Mural Internacional 12 (10 octobre 2021) : e59962. http://dx.doi.org/10.12957/rmi.2021.59962.

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Este artigo analisa como a Espanha securitizou fluxos migratórios irregulares do Norte da África na primeira década dos anos 2000. Esse processo realizou-se com medidas de segurança nas fronteiras, especialmente nas regiões de Ceuta e Melila. Por outro lado, os governos espanhóis ao longo daquela década reavivaram acordos firmados com os africanos ainda nos anos 1990 para readmissão de migrantes e para admissão de indivíduos no mercado de trabalho espanhol. A relação entre Espanha e países africanos foi contraditória, pois enquanto se buscava conter as migrações indesejadas, pretendia-se usar a mão de obra estrangeira para reduzir os custos trabalhistas. Essas contradições são influenciadas pela presença da União Europeia que delibera e atua na temática de migrações na região, um assunto que tem sido um dos principais interesses da agenda de segurança europeia nos últimos anos. Palavras-Chave: Espanha. Fluxos migratórios. Norte da África. ABSTRACTThis paper analyses how Spain securitized irregular migratory flows from North Africa in the 2000s first decade. This process was carried out by security actions at the borders, specially at Ceuta and Melilla regions. On other hand, over the years of 2000s Spanish governments renewed agreements that were signed with Africans in the 1990s to foster readmission of migrants and promote the admission of individuals to the Spanish labor market. Furthermore, the relationship between Spain and African countries was inconsistent due to the fact that at the moment which the contention of unwanted migration was the focus, it was intended to use foreign labor to reduce labor costs. These contradictions are influenced by the presence of the European Union, which deliberates and acts on the issue of migration in the region, a subject that has been one of the main interests of the European security agenda in recent years. Keywords: Spain. Migration flows. North Africa. Recebido em: 24 mai. 2021 | Aceito em: 01 out. 2021.

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Athanassiou, Phoebus. « Towards a more integrated primary issuance market for securities in the EU : Legal and policy issues ». Maastricht Journal of European and Comparative Law 27, n^o 2 (avril 2020) : 137–57. http://dx.doi.org/10.1177/1023263x20904233.

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In the wake of the second decade of the 21st Century, European securities markets remain fragmented along national borders in terms of the rules, procedures and practices that regulated markets in different Member States apply for the primary issuance and distribution of transferable securities. This paper explores how the creation of a European Central Securities Depository for the primary issuance and distribution of securities across the European Union could help overcome fragmentation in the primary issuance market. We conclude that, even if desirable, the creation of a European Central Securities Depository could only achieve its objectives in combination with the introduction of a de minimis body of European private securities law to complement and render its creation meaningful and effective. It is the introduction of precisely such a body of law that would represent the most significant (even if only indirect) contribution of a European Central Securities Depository towards more harmonisation in primary issuance processes across the European Union.

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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, n^o 7 (31 décembre 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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Bilohur, Vlada, et Roman Oleksenko. « THE EUROPEAN SPORT MODELS MANAGEMENT IN THE EUROPEAN UNION COUNTRIES EUROPEAN UNION ». HUMANITIES STUDIES 90, n^o 13 (2022) : 59–68. http://dx.doi.org/10.26661/hst-2022-13-90-07.

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Stec, Małgorzata. « Innovation in European Union Countries ». Gospodarka Narodowa 236, n^o 11-12 (31 décembre 2009) : 45–65. http://dx.doi.org/10.33119/gn/101233.

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Rodríguez-Gulías, María Jesús, Vítor Manuel de Sousa Gabriel et David Rodeiro-Pazos. « Effects of governance on entrepreneurship : European Union vs non-European Union ». Competitiveness Review : An International Business Journal 28, n^o 1 (15 janvier 2018) : 43–57. http://dx.doi.org/10.1108/cr-06-2016-0035.

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Purpose The purpose of this paper is to analyse the effect of six governance indicators on the rate of creation of new companies between countries that are members of the European Union (EU) and those that are not. H1 states that the various dimensions of governance help to explain the immediate creation of new businesses in European and non-European countries. H2 states that the various dimensions of governance help to explain the deferred creation of new businesses in European and non-European countries. Design/methodology/approach The paper uses two types of analyses: firstly, univariate analysis, which is a descriptive statistics of the dependent, independent and control variables, and the results of a t-test; and secondly, multivariate analysis, which estimates using the fixed-effects estimator under the specifications previously raised for the subsample of 28 EU countries and for the subsample of 103 non-EU countries during the period 2004-2014. Findings The results show that the variables of governance are not significantly higher in the EU, although the density of the enterprises is. Within the governance indicators, government effectiveness is significant in the EU. The results obtained for the EU confirmed H1and H2, with a significant positive effect of government effectiveness on entrepreneurship, while the other governance variables were not significant in the EU subsample. The results obtained for non-EU countries suggest no significant immediate effects (H1) and a slightly significant delayed effect of rule of law on the entrepreneurship (H2) concerned. Research limitations/implications Future research in this area could consider introducing another regional division or other types of methodology as variables affect models. Practical implications Governance can be defined as the ability of a government and its public institutions to provide services and design, and implement rules, which is a factor that affects the creation of new companies. However, the effect of governance could differ depending on the country and its economic environment. This paper analyses the effect of six governance indicators on the rate of creation of new companies considering two different geographic regions as countries are presumably heterogeneous. Therefore, these results indicate that the effect of governance variables on entrepreneurship differs according to the region. Social implications The effect of governance variables on entrepreneurship according to the region is also known. Originality/value This study applied panel data analysis to two samples of countries during the period 2004-2014, one formed by 28 countries of the EU and the other by 103 non-EU countries. No other paper considers this number of countries for this period. To assess the impact of governance on the creation of new companies, this paper considered the existence of immediate and deferred effects of governance on entrepreneurship.

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Jurevičienė, D., et M. Borovikova. « IMPROVEMENT OF THE SECURITIES SETTLEMENT SYSTEM IN THE EUROPEAN UNION ». Bulletin of Taras Shevchenko National University of Kyiv Economics, n^o 154 (2014) : 40–43. http://dx.doi.org/10.17721/1728-2667.2014/154-1/8.

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Boury, P. M. « Does the European Union need a securities and exchange commission ? » Capital Markets Law Journal 1, n^o 2 (1 novembre 2006) : 184–94. http://dx.doi.org/10.1093/cmlj/kml013.

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Keijser, Thomas. « Non-intermediated Securities : A European View on the Draft UNCITRAL Model Law on Secured Transactions ». European Company Law 12, Issue 1 (1 février 2015) : 7–12. http://dx.doi.org/10.54648/eucl2015002.

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A major challenge for the drafters of the UNCITRAL Model Law on Secured Transactions would seem to be the coordination with EU legislation that is relevant to securities. In particular, the current text of the draft Model law does not reflect the fundamental distinction made in the EU Financial Collateral Directive between transactions involving securities that enhance liquidity in the financial markets and other types of securities, resulting in distinct legal regimes in the European Union.

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Joumard, Isabelle. « Tax systems in European Union countries ». OECD Economic Studies 2002, n^o 1 (7 mai 2003) : 91–151. http://dx.doi.org/10.1787/eco_studies-v2002-art4-en.

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Hsieh, Jin-chi, Ching-cheng Lu, Ying Li, Yung-ho Chiu et Ya-sue Xu. « Environmental Assessment of European Union Countries ». Energies 12, n^o 2 (18 janvier 2019) : 295. http://dx.doi.org/10.3390/en12020295.

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This study utilizes the dynamic data envelopment analysis (DEA) model by considering time to measure the energy environmental efficiency of 28 countries in the European Union (EU) during the period 2006–2013. There are three kinds of variables: input, output, and carry-over. The inputs are labor, capital, and energy consumption (EC). The undesirable outputs are greenhouse gas emissions (GHE) and sulfur oxide (SOx) emissions, and the desirable output variable is gross domestic product (GDP). The carry-over variable is gross capital formation (GCF). The empirical results show that first the dynamic DEA model can measure environment efficiency and provide optimum improvement for inefficient countries, as more than half of the EU countries should improve their environmental efficiency. Second, the average overall scores of the EU countries point out that the better period of performance is from 2009 to 2012. Third, the output variables of GHE, SOx, and GDP exhibit a significant impact on environmental efficiency. Finally, the average value of others is significantly better than high renewable energy utilization (HRE) with the Wilcoxon test. Thus, the EU’s strategy for environmental energy improvement should be to pay attention to the benefits of renewable energy (RE) utilization, reducing greenhouse gas emissions (GHE), and enhancing the development of RE utilization to help achieve the goal of lower GHE.

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Gajos, Edyta, Sylwia Małażewska et Konrad Prandecki. « EMISSION EFFICIENCY OF EUROPEAN UNION COUNTRIES ». Annals of the Polish Association of Agricultural and Agribusiness Economists XX, n^o 6 (10 décembre 2018) : 55–60. http://dx.doi.org/10.5604/01.3001.0012.7732.

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The aim of the study was to compare the total greenhouse gas emissions in the European Union countries and their emission efficiency. Emission efficiency was calculated as the ratio of emission volume and value to gross value added generated by the economy of a given country (size of the economy). The necessary statistical data was obtained from Eurostat. It was found that in 2015 most of greenhouse gases were emitted by: Germany, United Kingdom, Poland, France and Italy. At the same time, France and the United Kingdom were characterized by one of the best emission efficiency in the European Union, Germany and Italy obtained average results, while Poland was in the group of countries with the lowest emission efficiency. Therefore, it can be concluded, that the volume of emissions is significantly affected by the size of the economy. Some large emitters have economies based on relatively “clean” technologies and thus their potential to further reduction is not very high. The reverse is true for some low-emission countries, such as Estonia and Bulgaria. This indicates the need for a more comprehensive look at the problem of reducing greenhouse gas emissions.

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Shahgaldiyeva, Nigar Yadulla. « VALUE ADDED TAX IN THE EUROPEAN UNION ». SCIENTIFIC WORK 62, n^o 01 (8 février 2021) : 186–89. http://dx.doi.org/10.36719/2663-4619/62/186-189.

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Value-added tax is an indirect tax based on the sale value of goods, production and non-manufactured goods as an object of taxation. According to the mechanism and procedures for the calculation and payment of value added tax, this tax is not directly imposed by a particular person, but applies to consumers in the process of return. In this case, the value added tax is neutral for securities. In addition, value added tax is universal and is characterized by the difference between purchases at each stage of production and turnover. In connection with the calculation of value added tax, the taxpayer's tax liability to the budget consists of the difference between the amount of tax assessed on taxable turnover and the amount of tax to be deducted in accordance with the documents. Key words: European Union, value Added Tax, tax, tax system

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Müller, Michael F. « Approaches to the law applicable to proprietary effects of transactions in securities taken in uniform law : a lesson for the EU ». Uniform Law Review 24, n^o 4 (22 novembre 2019) : 711–23. http://dx.doi.org/10.1093/ulr/unz037.

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Abstract The modern practice of securities trading has led to almost insurmountable tensions with classical conflict-of-laws doctrine. The Hague Securities Convention set out to provide for a new and uniform solution. In a recent communication from the Commission, the topic has resurfaced on the European agenda. Against this background, this article poses the question of whether the discussion around the Convention can serve as a lesson for the European Union (EU). It is submitted that neither the status quo of EU law is satisfactory nor does the adoption of the Convention offer a fully convincing solution but that the problem should be targeted at its root: the outdated concept of some national substantive laws in intermediated securities.

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Hansen, Jesper Lau. « Coping with Emerging Federalism – Working with Securities Trading in the European Union ». Nordic Journal of International Law 80, n^o 3 (2011) : 351–67. http://dx.doi.org/10.1163/157181011x581218.

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AbstractOnly fairly recently has the law on securities regulation been subject to legislation, first and only on a framework basis on the national level and lately, but very profoundly on a European level as a consequence of the Financial Services Action Plan, that was carried out from 2000–2005. The ensuring legislation has produced a body of harmonised law that is highly detailed and mostly implemented verbatim in national law. The introduction of European Union (EU) law has complicated the traditional use of national law, partly by changing the reliance on preparatory works in traditional Nordic jurisprudence, partly by introducing new layers of legislation and new parties to the legislative process. The emerging federalisation of EU law is just entering a new and even more pronounced phase following the entry into force of the Lisbon Treaty. This article assess the development up to now by first presenting the distinct legal discipline of securities trading law and then exploring the problems arising from the rapid introduction of EU law within this narrow area of law.

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Głuchowski, Jan, et Krzysztof Adam Górski. « Regulation of financial supervision in the European Union ». Annual Center Review, n^o 14-15 (2022) : 14–21. http://dx.doi.org/10.15290/acr.2021-2022.14-15.02.

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This contribution offers a broad theory on the regulation of the financial supervisory architecture in the European Union. It discusses the macro- and micro-prudential competences of the specialised agencies that are now ranging from direct supervision of individual financial institutions to the ability to impose market-wide restrictions on financial activities. The regulatory response to the financial crisis of 2007/08 centralised and strengthened the EU competences of monitoring financial markets and enforcing cooperation between the national competent authorities, especially in cross-border situations. It is however observed that – with some notable exceptions – the supervisory model in the European Union remains fragmented. Lack of direct supervisory powers – especially in the securities and payments markets – means that many international institutions remain without appropriate supervision. This results not only in weaker consumer protection and increased systemic risk, but also in jurisdictional arbitrage and, ultimately, damaged competitiveness of the European financial sector.

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Tridimas, Takis. « I. Company Law and Trade in Securities ». International and Comparative Law Quarterly 46, n^o 1 (janvier 1997) : 202–5. http://dx.doi.org/10.1017/s0020589300060188.

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In the last two years there has been significant legislative activity in the field of company law. The most important development in the field of securities law has been the adoption of a directive amending, inter alia, the Investment Services Directive1 and the directive on undertakings for collective investments in transferable securities2, with a view to reinforcing prudential supervision3. A number of initiatives have been taken with a view to preparing for economic and monetary union. In particular, the Commission has submitted a proposal for a directive on cross-border credit transfers within the European Union which, if adopted, will increase efficiency of cross-border payments4. The regulation of trade in financial services between the Community and third States is of increasing importance, following the conclusion of the General Agreement on Trade in Services5.

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Kraciuk, Jakub. « FOOD SECURITY OF THE EUROPEAN UNION COUNTRIES ». Annals of the Polish Association of Agricultural and Agribusiness Economists XIX, n^o 3 (22 août 2017) : 150–55. http://dx.doi.org/10.5604/01.3001.0010.3238.

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The aim of the study was to show the state of food security in European Union countries and defines the basic factors determining the level of this security. There is a large disproportion in the state of food security between individual European Union countries, especially between old and new EU countries. It was determined that in the analyzed years average prices of products and their quality deteriorated in the countries of the European Union. The unfavorable changes that have taken place were not too great. On the other hand, the average indicator for the analyzed countries regarding access to food has clearly improved.

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Grabowska, Barbara. « Education of teachers in European Union countries ». Osvitolohiya, n^o 3 (2014) : 40–41. http://dx.doi.org/10.28925/2226-3012.2014.3.4045.

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Gajewski, Paweł. « Public Finance Sustainability in European Union Countries ». Gospodarka Narodowa 251, n^o 10 (31 octobre 2011) : 21–38. http://dx.doi.org/10.33119/gn/101072.

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Elbashir, Rania. « LIBYA'S FOREIGN TRADE WITH EUROPEAN UNION COUNTRIES ». MEST Journal 10, n^o 2 (15 juillet 2022) : 64–70. http://dx.doi.org/10.12709/mest.10.10.02.07.

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The subject of this empirical and theoretical work is the exchange of foreign trade in Libya with the countries of the European Union. The scientific objective of the research is to make a scientific classification of the volume of foreign trade between Libya and the European Union countries and to discover the factors that hinder foreign trade and explain them scientifically. European countries also support this cooperation and contribute significantly to the formulation of future cooperation policies with Libya in various social, political, and economic fields. However, this cooperation takes place in light of objective difficulties arising from the conflicting interests of Western countries in North Africa and Libya. Since these relations are burdened with many problems of different nature, we started this paper from two assumptions: The first premise is that in the trade relations between Libya and the European Union, there are common interests for foreign trade that are more feasible. The second premise is that more encouragement and protection for investments by the countries of the European Union helps in new qualitative development and economic growth in Libya, which will significantly improve trade relations between Libya and the countries of the European Union.

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