Pub Date : 2020-05-15DOI: 10.1080/17521440.2020.1759240
Ferdous Rahman
Due to time constrain and uncertainties in getting payment through litigation, the sovereign creditors and the debtor prefer restructuring to litigation upon default. However, all the creditors may not agree on restructuring. Some of them may go for enforcement despite the detrimental effects on the restructuring process. After the experience of the sovereign debt crisis in several states, many legislative and contractual proposals were submitted and none of them achieved the desired success. This paper explores the challenges of the restructuring process and the national and international initiatives to mitigate these obstacles, especially the Collective Action Clauses (CACs). The findings express a skeptical view of the effectiveness of CACs to reduce the impediments in the restructuring process. Its overriding effect of majority debtholders’ decisions on exit or stay increases the borrowing costs for the state because of the decrease in the independent decision-making power of the creditors.
{"title":"Critical review of the international and contractual measures for optimal restructuring","authors":"Ferdous Rahman","doi":"10.1080/17521440.2020.1759240","DOIUrl":"https://doi.org/10.1080/17521440.2020.1759240","url":null,"abstract":"Due to time constrain and uncertainties in getting payment through litigation, the sovereign creditors and the debtor prefer restructuring to litigation upon default. However, all the creditors may not agree on restructuring. Some of them may go for enforcement despite the detrimental effects on the restructuring process. After the experience of the sovereign debt crisis in several states, many legislative and contractual proposals were submitted and none of them achieved the desired success. This paper explores the challenges of the restructuring process and the national and international initiatives to mitigate these obstacles, especially the Collective Action Clauses (CACs). The findings express a skeptical view of the effectiveness of CACs to reduce the impediments in the restructuring process. Its overriding effect of majority debtholders’ decisions on exit or stay increases the borrowing costs for the state because of the decrease in the independent decision-making power of the creditors.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"249 - 254"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1759240","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48697587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-02DOI: 10.1080/17521440.2020.1760454
J. Truby, R. Brown, A. Dahdal
Despite an emerging international consensus on principles of AI governance, lawmakers have so far failed to translate those principles into regulations in the financial sector. Perhaps, in order to remain competitive in the global race for AI supremacy without being typecast as stifling innovation, typically cautious financial regulators are unusually allowing the introduction of experimental AI technology into the financial sector, with few controls on the unprecedented risks to consumers and financial stability. Once an unregulated AI software causes serious economic harm, a public and regulatory backlash would lead to over-regulation that could harm innovation of this potentially beneficial technology. Artificial intelligence is rapidly influencing the financial sector with innumerable potential benefits, such as enhancing financial services and improving regulatory compliance. This article argues that the best way to encourage a sustainable future in AI innovation in the financial sector is to support a proactive regulatory approach prior to any financial harm occurring. This proactive approach should implement rational regulations that embody jurisdiction-specific rules in line with carefully construed international principles.
{"title":"Banking on AI: mandating a proactive approach to AI regulation in the financial sector","authors":"J. Truby, R. Brown, A. Dahdal","doi":"10.1080/17521440.2020.1760454","DOIUrl":"https://doi.org/10.1080/17521440.2020.1760454","url":null,"abstract":"Despite an emerging international consensus on principles of AI governance, lawmakers have so far failed to translate those principles into regulations in the financial sector. Perhaps, in order to remain competitive in the global race for AI supremacy without being typecast as stifling innovation, typically cautious financial regulators are unusually allowing the introduction of experimental AI technology into the financial sector, with few controls on the unprecedented risks to consumers and financial stability. Once an unregulated AI software causes serious economic harm, a public and regulatory backlash would lead to over-regulation that could harm innovation of this potentially beneficial technology. Artificial intelligence is rapidly influencing the financial sector with innumerable potential benefits, such as enhancing financial services and improving regulatory compliance. This article argues that the best way to encourage a sustainable future in AI innovation in the financial sector is to support a proactive regulatory approach prior to any financial harm occurring. This proactive approach should implement rational regulations that embody jurisdiction-specific rules in line with carefully construed international principles.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"110 - 120"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1760454","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45626787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-02DOI: 10.1080/17521440.2020.1759218
David G Millhouse
Australia is replete with commissions and inquiries into egregious behaviour in its financial sector. This author has quantified the effects of those behaviours on individuals and the wider economy. 1 These investigations include Heydon 2 (elimination of unhealthy culture), Hayne 3 (confluence of law and morality) and the Productivity Commission 4 (trust). The most important Hayne recommendations 5 – which would reduce Australia’s international reputation as a regulatory outlier and better reflect community expectations remain unresolved. Confused parliamentary leadership has facilitated corruption of the financial regulatory system which has for many people been an abject disaster. 6 The Australian government must act. It must do so strategically. It must establish the nexus between the intent of the law and its practical implementation for those it purports to serve. Parliament has yet to debate the underlying causes focussing instead on tactical and punitive responses. If it does, then it must confront the distinction between prescriptive statute and principles-based supervision, recognising the power of antecedent fiduciary law. These are philosophical as well as legal questions. Hayne pointed to the need for a framework for the re-integration of the intent and spirit of the law with its statutory manifestations, presently scattered and inconsistent. This paper is that framework. Without it, much of the financial services and products sectors may continue their descent into the Stygian gloom of costly and inconsistent multi-layered bespoke regulation. An unintended consequence of paternalist policy will be fewer market participants, less choice and fewer opportunities to develop financial literacy.
{"title":"W[h]ither Australia? Will Parliament Act?","authors":"David G Millhouse","doi":"10.1080/17521440.2020.1759218","DOIUrl":"https://doi.org/10.1080/17521440.2020.1759218","url":null,"abstract":"Australia is replete with commissions and inquiries into egregious behaviour in its financial sector. This author has quantified the effects of those behaviours on individuals and the wider economy. 1 These investigations include Heydon 2 (elimination of unhealthy culture), Hayne 3 (confluence of law and morality) and the Productivity Commission 4 (trust). The most important Hayne recommendations 5 – which would reduce Australia’s international reputation as a regulatory outlier and better reflect community expectations remain unresolved. Confused parliamentary leadership has facilitated corruption of the financial regulatory system which has for many people been an abject disaster. 6 The Australian government must act. It must do so strategically. It must establish the nexus between the intent of the law and its practical implementation for those it purports to serve. Parliament has yet to debate the underlying causes focussing instead on tactical and punitive responses. If it does, then it must confront the distinction between prescriptive statute and principles-based supervision, recognising the power of antecedent fiduciary law. These are philosophical as well as legal questions. Hayne pointed to the need for a framework for the re-integration of the intent and spirit of the law with its statutory manifestations, presently scattered and inconsistent. This paper is that framework. Without it, much of the financial services and products sectors may continue their descent into the Stygian gloom of costly and inconsistent multi-layered bespoke regulation. An unintended consequence of paternalist policy will be fewer market participants, less choice and fewer opportunities to develop financial literacy.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"101 - 84"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1759218","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44772825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-02DOI: 10.1080/17521440.2020.1759219
J. Singleton, J. Reveley
By failing to consider that the types of financial misconduct witnessed in Australia in recent years are relatively commonplace in other countries, the Hayne Royal Commission exaggerates the level of miscreance within the local financial sector. This paper seeks to rectify this neglect by offering an explicit comparison of misconduct in Australian and major British and American banks. It also suggests that the Commission’s work and findings inadvertently provide support for the populist view that Australian financial institutions are exceptionally unethical in their treatment of customers and clients. Given the emergence of Fintech and the potential for Big Tech firms to penetrate financial services markets, large incumbent Australian firms are already facing a serious challenge. If the net effect of the Royal Commission is to deepen mistrust of large Australian banks and insurers, their capacity to resist this challenge will be diminished with potentially far-reaching consequences.
{"title":"How exceptional is Australian financial sector misconduct? The Hayne Royal Commission revisited","authors":"J. Singleton, J. Reveley","doi":"10.1080/17521440.2020.1759219","DOIUrl":"https://doi.org/10.1080/17521440.2020.1759219","url":null,"abstract":"By failing to consider that the types of financial misconduct witnessed in Australia in recent years are relatively commonplace in other countries, the Hayne Royal Commission exaggerates the level of miscreance within the local financial sector. This paper seeks to rectify this neglect by offering an explicit comparison of misconduct in Australian and major British and American banks. It also suggests that the Commission’s work and findings inadvertently provide support for the populist view that Australian financial institutions are exceptionally unethical in their treatment of customers and clients. Given the emergence of Fintech and the potential for Big Tech firms to penetrate financial services markets, large incumbent Australian firms are already facing a serious challenge. If the net effect of the Royal Commission is to deepen mistrust of large Australian banks and insurers, their capacity to resist this challenge will be diminished with potentially far-reaching consequences.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"77 - 83"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1759219","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45996962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-02DOI: 10.1080/17521440.2020.1759233
Oriol Espar, J. Castell
English law is the preferred law for banking and finance transactions whether they take place in the United Kingdom or not. When opting for English law to govern a contract, the choice of the jurisdiction of the English courts usually follows suit. The European Union’s favourable regimes of several recognition and enforcement of Judgments, especially the Brussels I Recast regulation, have made it even more attractive for member state’s banks. But given that this regime changes after Brexit, will this privileged position of the UK be jeopardised?
{"title":"Choice of law and jurisdiction in banking and finance contracts after Brexit: a perspective from Europe","authors":"Oriol Espar, J. Castell","doi":"10.1080/17521440.2020.1759233","DOIUrl":"https://doi.org/10.1080/17521440.2020.1759233","url":null,"abstract":"English law is the preferred law for banking and finance transactions whether they take place in the United Kingdom or not. When opting for English law to govern a contract, the choice of the jurisdiction of the English courts usually follows suit. The European Union’s favourable regimes of several recognition and enforcement of Judgments, especially the Brussels I Recast regulation, have made it even more attractive for member state’s banks. But given that this regime changes after Brexit, will this privileged position of the UK be jeopardised?","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"121 - 127"},"PeriodicalIF":0.0,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1759233","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45366897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-03-17DOI: 10.1080/17521440.2020.1726617
Howard Chitimira, Pontsho Mokone
The debate on the regulation of insider trading has existed for several decades and it remains unresolved to date. For instance, proponents for the deregulation of insider trading argue that it should not be treated as an offence while proponents for the regulation of insider trading contend that it is an offence that could, inter alia, give rise to a host of problems such as poor market efficiency, poor market integrity and low public investor confidence in the financial markets of any country. It appears the Zimbabwean policy makers also view insider trading as an offence in the Zimbabwean financial markets. Consequently, insider trading is currently outlawed in Zimbabwe. Notably, insider trading is mainly prohibited to enhance public investor confidence, market efficiency and market integrity in the Zimbabwean financial markets. Accordingly, insider trading activities are statutorily prohihited in Zimbabwe under the Securities Act 17 of 2004 [Chapter 24:25] as amended (Securities Act). Given this background, the article investigates the merits and demerits of the insider trading regulation and deregulation debate. The authors submit that adequate insder trading laws that are consistently enforced by the relevant enforcement authorities and other key role-players could effectively combat insider trading activities in the financial markets of any country.
{"title":"The Pros and Cons for Insider Trading Regulation in Zimbabwe","authors":"Howard Chitimira, Pontsho Mokone","doi":"10.1080/17521440.2020.1726617","DOIUrl":"https://doi.org/10.1080/17521440.2020.1726617","url":null,"abstract":"The debate on the regulation of insider trading has existed for several decades and it remains unresolved to date. For instance, proponents for the deregulation of insider trading argue that it should not be treated as an offence while proponents for the regulation of insider trading contend that it is an offence that could, inter alia, give rise to a host of problems such as poor market efficiency, poor market integrity and low public investor confidence in the financial markets of any country. It appears the Zimbabwean policy makers also view insider trading as an offence in the Zimbabwean financial markets. Consequently, insider trading is currently outlawed in Zimbabwe. Notably, insider trading is mainly prohibited to enhance public investor confidence, market efficiency and market integrity in the Zimbabwean financial markets. Accordingly, insider trading activities are statutorily prohihited in Zimbabwe under the Securities Act 17 of 2004 [Chapter 24:25] as amended (Securities Act). Given this background, the article investigates the merits and demerits of the insider trading regulation and deregulation debate. The authors submit that adequate insder trading laws that are consistently enforced by the relevant enforcement authorities and other key role-players could effectively combat insider trading activities in the financial markets of any country.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"102 - 109"},"PeriodicalIF":0.0,"publicationDate":"2020-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1726617","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47491218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-27DOI: 10.1080/17521440.2020.1717170
Phoebus Athanassiou
The assignat, the French Revolution’s innovative but failed currency experiment, is amongst the most instructive in the entire history of currency innovations. Although the example of the assignat is often invoked to demonstrate the importance of restraint in the issuance of token money, and to illustrate the evils of uncontrolled inflation, it has so far received little attention in the debate surrounding contemporary currency innovations, such as crypto-currencies and stablecoins. This paper pursues a three-pronged objective: first, to explore the core lessons of the unsuccessful assignat experiment for money, in general, and for contemporary currency innovations, in particular; second, to identify, on their basis, the main determinants for the success of currency experiments; and third, to apply to twenty-first Century currency innovations the lessons drawn from the assignat experiment’s failure, with a view to assessing the prospect of their success, as viable alternatives to fiat currencies, relative to the assignat.
{"title":"New Forms of Money for the Twenty-first Century and the Legacy of France’s Assignat Experiment","authors":"Phoebus Athanassiou","doi":"10.1080/17521440.2020.1717170","DOIUrl":"https://doi.org/10.1080/17521440.2020.1717170","url":null,"abstract":"The assignat, the French Revolution’s innovative but failed currency experiment, is amongst the most instructive in the entire history of currency innovations. Although the example of the assignat is often invoked to demonstrate the importance of restraint in the issuance of token money, and to illustrate the evils of uncontrolled inflation, it has so far received little attention in the debate surrounding contemporary currency innovations, such as crypto-currencies and stablecoins. This paper pursues a three-pronged objective: first, to explore the core lessons of the unsuccessful assignat experiment for money, in general, and for contemporary currency innovations, in particular; second, to identify, on their basis, the main determinants for the success of currency experiments; and third, to apply to twenty-first Century currency innovations the lessons drawn from the assignat experiment’s failure, with a view to assessing the prospect of their success, as viable alternatives to fiat currencies, relative to the assignat.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"176 - 181"},"PeriodicalIF":0.0,"publicationDate":"2020-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2020.1717170","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44018647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-02DOI: 10.1080/17521440.2019.1602695
C. Buttigieg
The paper aims at identifying the main challenges faced by the National Competent Authorities responsible for securities regulation and supervision of small EU and EEA EFTA Member States (SNCAs), within the context of the existing EU regulatory and supervisory framework. The central argument of the paper is that SNCAs face human, technical and financial resource limitations, which have an impact on their level of participation in the discussion at the European Securities andMarkets Authority (ESMA) and with regard to supervision when compared to their larger peers. The paper also makes the point that the likelihood of regulatory capture is another challenge faced by SCNAs, which may also have an impact on their level and quality of supervisory engagement. These structural disadvantages may be addressed by SNCAs if they form alliances and pool resources for this purpose. The paper makes a number of proposals in this regard. The research question this paper aims at addressing is: What are the challenges faced by the NCAs responsible for securities regulation of small EU and EEA EFTA Member States in the context of the evolving European framework for financial regulation and supervision? The hypothesis of this paper is that the challenges faced by SNCAs that result from the lack of resources and the likelihood of regulatory capture may be alleviated or resolved if SNCAs are willing to form alliances and pool resources to: [a] set up a network of SNCAs to discuss the challenges faced and come to common positions; [b] invest in supervisory technology; [c] establish an academy for financial supervisors to train their staff; [d] put proportionality back in Europe’s regulatory and supervisory agenda; and [e] discuss the possible implementation of robust governance measures to mitigate the risk of regulatory capture. In terms of methodology, the author identified the main challenges of SNCAs and the possible solutions in this regard. This exercise was based on the author’s eighteen years of experience as a financial regulator/ supervisor in Malta, EU’s smallest Member State by population, and twelve years representing the Malta Financial Services Authority in EU related fora, including the Committee of European Securities Regulators and ESMA. The identified challenges were discussed with the former deputy-governor of the Central Bank of Malta and two former experienced financial regulators, who provided their views in this regard. These challenges and the proposed solutions formed the basis of a questionnaire which was sent to high officials of SNCAs of eleven EU Member States and three EEA EFTA States. A copy of the questionnaire sent to SNCAs has been included as annex 1 to this paper. The selected jurisdictions have a population below 5.5 million and are considered as Europe’s small states. Thirteen SNCAs replied to the questionnaire which represent 93% of the sampled population. The replies to the questionnaire, which have been analysed to identify ge
{"title":"EU regulation and supervision of securities business: a critical analysis of the challenges faced by the National Competent Authorities of small EU and EEA EFTA Member States","authors":"C. Buttigieg","doi":"10.1080/17521440.2019.1602695","DOIUrl":"https://doi.org/10.1080/17521440.2019.1602695","url":null,"abstract":"The paper aims at identifying the main challenges faced by the National Competent Authorities responsible for securities regulation and supervision of small EU and EEA EFTA Member States (SNCAs), within the context of the existing EU regulatory and supervisory framework. The central argument of the paper is that SNCAs face human, technical and financial resource limitations, which have an impact on their level of participation in the discussion at the European Securities andMarkets Authority (ESMA) and with regard to supervision when compared to their larger peers. The paper also makes the point that the likelihood of regulatory capture is another challenge faced by SCNAs, which may also have an impact on their level and quality of supervisory engagement. These structural disadvantages may be addressed by SNCAs if they form alliances and pool resources for this purpose. The paper makes a number of proposals in this regard. The research question this paper aims at addressing is: What are the challenges faced by the NCAs responsible for securities regulation of small EU and EEA EFTA Member States in the context of the evolving European framework for financial regulation and supervision? The hypothesis of this paper is that the challenges faced by SNCAs that result from the lack of resources and the likelihood of regulatory capture may be alleviated or resolved if SNCAs are willing to form alliances and pool resources to: [a] set up a network of SNCAs to discuss the challenges faced and come to common positions; [b] invest in supervisory technology; [c] establish an academy for financial supervisors to train their staff; [d] put proportionality back in Europe’s regulatory and supervisory agenda; and [e] discuss the possible implementation of robust governance measures to mitigate the risk of regulatory capture. In terms of methodology, the author identified the main challenges of SNCAs and the possible solutions in this regard. This exercise was based on the author’s eighteen years of experience as a financial regulator/ supervisor in Malta, EU’s smallest Member State by population, and twelve years representing the Malta Financial Services Authority in EU related fora, including the Committee of European Securities Regulators and ESMA. The identified challenges were discussed with the former deputy-governor of the Central Bank of Malta and two former experienced financial regulators, who provided their views in this regard. These challenges and the proposed solutions formed the basis of a questionnaire which was sent to high officials of SNCAs of eleven EU Member States and three EEA EFTA States. A copy of the questionnaire sent to SNCAs has been included as annex 1 to this paper. The selected jurisdictions have a population below 5.5 million and are considered as Europe’s small states. Thirteen SNCAs replied to the questionnaire which represent 93% of the sampled population. The replies to the questionnaire, which have been analysed to identify ge","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"21 - 5"},"PeriodicalIF":0.0,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2019.1602695","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43235430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-02DOI: 10.1080/17521440.2019.1612629
T. Bodnar, V. V. Reznikova, N. Patsuriia, Valeria V. Radzyviliuk, I. Kravets
The article is devoted to today's most pressing issues of adaptation of the Ukrainian legislation on accounting and financial reporting of economic entities to the standards of the European Union. The paper defines the concepts of accounting, accounting statements, financial reporting, accounting organization, establishes the key task of accounting, the purpose of financial reporting. The article provides grounds for the conclusion that the economic relations regarding organization and management of accounting in Ukraine, compilation, presentation and disclosure of financial statements by economic entities are regulated by a multilevel system of normative legal acts with different legal effects. The paper has analyzed the novelties of the accounting legislation and provided suggestions for further improvement of legislation on accounting and financial reporting regulation. The article has explored the status and outlined the prospects for further adaptation of the provisions of normative legal acts, which regulate procedures of accounting management and financial reporting.
{"title":"Accounting and financial reporting of economic entities: adaptation of Ukrainian legislation to the standards of the European Union","authors":"T. Bodnar, V. V. Reznikova, N. Patsuriia, Valeria V. Radzyviliuk, I. Kravets","doi":"10.1080/17521440.2019.1612629","DOIUrl":"https://doi.org/10.1080/17521440.2019.1612629","url":null,"abstract":"The article is devoted to today's most pressing issues of adaptation of the Ukrainian legislation on accounting and financial reporting of economic entities to the standards of the European Union. The paper defines the concepts of accounting, accounting statements, financial reporting, accounting organization, establishes the key task of accounting, the purpose of financial reporting. The article provides grounds for the conclusion that the economic relations regarding organization and management of accounting in Ukraine, compilation, presentation and disclosure of financial statements by economic entities are regulated by a multilevel system of normative legal acts with different legal effects. The paper has analyzed the novelties of the accounting legislation and provided suggestions for further improvement of legislation on accounting and financial reporting regulation. The article has explored the status and outlined the prospects for further adaptation of the provisions of normative legal acts, which regulate procedures of accounting management and financial reporting.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"14 1","pages":"22 - 28"},"PeriodicalIF":0.0,"publicationDate":"2020-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2019.1612629","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46210527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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