Pub Date : 2023-09-26DOI: 10.15407/econlaw.2023.03.003
O.P. Podtserkovnyi, O.A. Belianevych
The article examines the negative tendency towards excessive interference of state courts of Ukraine in international commercial arbitration by cancelling and refusing to enforce arbitral awards on grounds that go beyond the principle of legal certainty as an element of the Rule of Law. It was concluded that the expansive interpretation of the category of public order, applied in some decisions of the Supreme Court, will prevent the normal functioning of international commercial arbitration as an alternative way of commercial disputes' resolution in Ukraine, which not only undermines the investment prospects of Ukraine's economy, but also destroys the possibility of classifying Ukraine as a legal systems of civilized countries of the world, creates ample opportunities for abuses in the process of contesting and recognizing in Ukraine decisions of international commercial arbitration. It is substantiated that a violation of public order as a basis for refusing to recognize and enforce international commercial arbitration awards in Ukraine can be qualified in the case of clear disregard for direct prohibitions established by the state regarding the protection of sovereignty, fundamental human rights and freedoms. One of the ways to solve these problems is to the establish a legal ban on the execution of an arbitral awards in favour of the occupying country and persons related with it. Types of violations of the arbitration procedure as grounds for contesting an international commercial arbitration award or refusing to enforce it are comprehensively regulated in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958), and cannot be based on expansive interpretation by the court of the arbitration procedure from the point of view of compliance with the norms established by the Civil Procedure Code and the Economic Procedure Code of Ukraine.
{"title":"ON THE APPLICATION BY COURTS OF THE CATEGORY “PUBLIC ORDER” IN RELATION WITH DECISIONS OF INTERNATIONAL COMMERCIAL ARBITRATION","authors":"O.P. Podtserkovnyi, O.A. Belianevych","doi":"10.15407/econlaw.2023.03.003","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.003","url":null,"abstract":"The article examines the negative tendency towards excessive interference of state courts of Ukraine in international commercial arbitration by cancelling and refusing to enforce arbitral awards on grounds that go beyond the principle of legal certainty as an element of the Rule of Law. It was concluded that the expansive interpretation of the category of public order, applied in some decisions of the Supreme Court, will prevent the normal functioning of international commercial arbitration as an alternative way of commercial disputes' resolution in Ukraine, which not only undermines the investment prospects of Ukraine's economy, but also destroys the possibility of classifying Ukraine as a legal systems of civilized countries of the world, creates ample opportunities for abuses in the process of contesting and recognizing in Ukraine decisions of international commercial arbitration. It is substantiated that a violation of public order as a basis for refusing to recognize and enforce international commercial arbitration awards in Ukraine can be qualified in the case of clear disregard for direct prohibitions established by the state regarding the protection of sovereignty, fundamental human rights and freedoms. One of the ways to solve these problems is to the establish a legal ban on the execution of an arbitral awards in favour of the occupying country and persons related with it. Types of violations of the arbitration procedure as grounds for contesting an international commercial arbitration award or refusing to enforce it are comprehensively regulated in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958), and cannot be based on expansive interpretation by the court of the arbitration procedure from the point of view of compliance with the norms established by the Civil Procedure Code and the Economic Procedure Code of Ukraine.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722184","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.080
N.M. Khorunzhak, T.R. Portovaras, I.R. Lukanovska
The article highlights the current issues of formation and use of information to ensure effective management of the economic entity. The components of management information support are substantiated. The interrelationship of the information resource, management information support and management information (including result-outcome) is argued, and the order of information data formation according to the proposed structural-logical scheme is systematized. The ways and possibilities of the most optimal implementation of the process of forming information data at the economic entity level according to their types have been identified. This will allow effective and timely processing of information from the internal and external environment in accordance with information needs. It was established that the main elements of ensuring the quality of analytical information are the stages of its analysis in accordance with the task and control over the process of such assessment. The content of the stages of the analysis, its sources and main elements, as well as control over the process of formation and methods of information analysis are substantiated. It is confirmed that the accounting and analytical system of the economic entity in instability should act as the basis for the analysis, control and audit of its activity. This makes it possible to make the most effective management decisions in the short and long term. It is proposed to consider the audit as an element of control over the implementation of management decisions, which enables the improvement of the processes taking place at the economic entity and ensures better efficiency of the flow of all its processes. Attention is focused on the relevance of the introduction of information technologies for analysis and audit. Popular software products and their capabilities in management issues were analysed, the main information threats associated with the use of IT were identified. The components of information protection, which are proposed to be grouped into three groups (managerial, legal and technical protection), are identified, their content and meaning are identified. The imperfection of information protection at modern economic entities is confirmed and it is proposed to include in this system such elements as the identification of threats in the formation and transmission of information, the selection of a software product, determining the method of calculating economic indicators and their grouping, forming a rational sequence in the process of organizing and processing information. This will make it possible to outline the boundaries of information security and control the confidentiality of information use.
{"title":"SYNERGISM OF INFORMATION FROM ANALYSIS, CONTROL AND AUDIT FOR QUALITY MANAGEMENT OF ECONOMIC ENTITY ACTIVITIES","authors":"N.M. Khorunzhak, T.R. Portovaras, I.R. Lukanovska","doi":"10.15407/econlaw.2023.03.080","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.080","url":null,"abstract":"The article highlights the current issues of formation and use of information to ensure effective management of the economic entity. The components of management information support are substantiated. The interrelationship of the information resource, management information support and management information (including result-outcome) is argued, and the order of information data formation according to the proposed structural-logical scheme is systematized. The ways and possibilities of the most optimal implementation of the process of forming information data at the economic entity level according to their types have been identified. This will allow effective and timely processing of information from the internal and external environment in accordance with information needs. It was established that the main elements of ensuring the quality of analytical information are the stages of its analysis in accordance with the task and control over the process of such assessment. The content of the stages of the analysis, its sources and main elements, as well as control over the process of formation and methods of information analysis are substantiated. It is confirmed that the accounting and analytical system of the economic entity in instability should act as the basis for the analysis, control and audit of its activity. This makes it possible to make the most effective management decisions in the short and long term. It is proposed to consider the audit as an element of control over the implementation of management decisions, which enables the improvement of the processes taking place at the economic entity and ensures better efficiency of the flow of all its processes. Attention is focused on the relevance of the introduction of information technologies for analysis and audit. Popular software products and their capabilities in management issues were analysed, the main information threats associated with the use of IT were identified. The components of information protection, which are proposed to be grouped into three groups (managerial, legal and technical protection), are identified, their content and meaning are identified. The imperfection of information protection at modern economic entities is confirmed and it is proposed to include in this system such elements as the identification of threats in the formation and transmission of information, the selection of a software product, determining the method of calculating economic indicators and their grouping, forming a rational sequence in the process of organizing and processing information. This will make it possible to outline the boundaries of information security and control the confidentiality of information use.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722179","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.061
I.V. Zablodska, S.I. Hrechana, S.O. Burbelo
In accordance with the formed-methodical approach to the assessment of socio-economic productivity and effectiveness of the viability of territorial burdens in the military, the time of its composition is allocated. The essence of the concepts of “efficiency” and “effectiveness” for the socio-economic assessment of the vitality of territorial communities has been clarified. It was noted that such an assessment is necessary and appropriate in order to realize the investment potential of communities in the post-war period. It was developed the methodical approach to determining the effectiveness and efficiency of life activities of communities in the conditions of war is based on the use of available data on the functioning of territories – information on the implementation of local budgets. It provides for the use of the following indicators: revenue to the general fund of the budget (total and calculated per resident), the amount of local taxes and fees (total and calculated per resident), expenditures of the general fund of the budget (total and calculated per resident), capital expenditures (in total and per inhabitant), expenditures to ensure the vital activities of the territory (in terms of total articles and per inhabitant), the amount of official transfers. To evaluate the performance, an analysis of the dynamics of changes in the specified indicators and the achievement of planned indicators was carried out. Also to evaluate the efficiency, It is proposed to consider the formation of positive budget effects by individual components, as well as the growth of the community rating by the main financial indicators in the regional or all-Ukrainian dimension. It has been proven that due to the greatest impact of the budget component on the development of territorial communities, such a temporary toolkit can produce results close to the relevant ones. An evaluation of the socio-economic effectiveness and efficiency of life activities of the Kramatorsk urban territorial community and the Oleksandrivsk settlement territorial community and the Donetsk region in the conditions of war was carried out. It was determined that the life activity of the Kramatorsk community is conditionally effective, based on the signs of budget efficiency. The obtained result indicates the high capacity of the community to develop/restore and implement investment potential in the post-war period. The evaluation of the life activity of Oleksandrivsk community showed insignificant results, especially in terms of restoration works, as well as works to increase the safety of residents and a positive budgetary effect, which was achieved thanks to the significant support of the state. Using indicators of budgetary efficiency, it is proven that in wartime local self-government bodies are able to provide conditionally effective and efficient life activities of territorial communities and the quality of life of the population.
{"title":"SOCIO-ECONOMIC EFFECTIVENESS AND EFFICIENCY OF LIFE ACTIVITIES OF TERRITORIAL COMMUNITIES AND THEIR INVESTMENT POTENTIAL IN WARTIME","authors":"I.V. Zablodska, S.I. Hrechana, S.O. Burbelo","doi":"10.15407/econlaw.2023.03.061","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.061","url":null,"abstract":"In accordance with the formed-methodical approach to the assessment of socio-economic productivity and effectiveness of the viability of territorial burdens in the military, the time of its composition is allocated. The essence of the concepts of “efficiency” and “effectiveness” for the socio-economic assessment of the vitality of territorial communities has been clarified. It was noted that such an assessment is necessary and appropriate in order to realize the investment potential of communities in the post-war period. It was developed the methodical approach to determining the effectiveness and efficiency of life activities of communities in the conditions of war is based on the use of available data on the functioning of territories – information on the implementation of local budgets. It provides for the use of the following indicators: revenue to the general fund of the budget (total and calculated per resident), the amount of local taxes and fees (total and calculated per resident), expenditures of the general fund of the budget (total and calculated per resident), capital expenditures (in total and per inhabitant), expenditures to ensure the vital activities of the territory (in terms of total articles and per inhabitant), the amount of official transfers. To evaluate the performance, an analysis of the dynamics of changes in the specified indicators and the achievement of planned indicators was carried out. Also to evaluate the efficiency, It is proposed to consider the formation of positive budget effects by individual components, as well as the growth of the community rating by the main financial indicators in the regional or all-Ukrainian dimension. It has been proven that due to the greatest impact of the budget component on the development of territorial communities, such a temporary toolkit can produce results close to the relevant ones. An evaluation of the socio-economic effectiveness and efficiency of life activities of the Kramatorsk urban territorial community and the Oleksandrivsk settlement territorial community and the Donetsk region in the conditions of war was carried out. It was determined that the life activity of the Kramatorsk community is conditionally effective, based on the signs of budget efficiency. The obtained result indicates the high capacity of the community to develop/restore and implement investment potential in the post-war period. The evaluation of the life activity of Oleksandrivsk community showed insignificant results, especially in terms of restoration works, as well as works to increase the safety of residents and a positive budgetary effect, which was achieved thanks to the significant support of the state. Using indicators of budgetary efficiency, it is proven that in wartime local self-government bodies are able to provide conditionally effective and efficient life activities of territorial communities and the quality of life of the population.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722180","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.041
V.Н. Oliukha, V.А. Shepeliuk
The article is devoted to the research of the environmental tax as an indirect method of state influence on the activities of economic entities in order to achieve the environmental goals of sustainable development. It is proven that although the Economic Code of Ukraine does not directly provide for environmental policy as a component of state economic policy, the latter must be determined and conducted taking into account the environmental component. It is noted that the legal economic order includes the need for compliance with environmental norms by subjects of economic activity. One of the appropriate indirect methods of state influence for the implementation of sustainable development tasks is an environmental tax. It has two main functions – fiscal and nature protection. It is expedient to ensure a balance between these two functions, which can be achieved only within the framework of the proper economic policy of the state. In modern conditions in Ukraine, the fiscal function of the environmental tax prevails, because the money received from the collection of this tax is directed to other purposes. It is necessary to make changes to the Budget Code of Ukraine, which will establish the purpose of the funds received from the collection of this type of tax exclusively for ecological (nature protection) purposes. In the European Union, environmental or green taxes, which include taxes on energy, transport, pollution and resources, are one of the appropriate methods of influencing the behavior of economic entities to stimulate their fastest transition to a sustainable economy. Proper implementation of the nature protection function by the state within the framework of tax policy can have not only a stimulating nature, but also a restrictive and preventive one. This makes it possible to prevent or significantly reduce the negative impact of economic activity on the natural environment, and not to overcome the consequences of such negative impact. In the European Union, the carbon border adjustment mechanism СВАМ (Carbon Border Adjustment Mechanism) is being introduced, which makes it necessary for Ukraine to stimulate domestic economic entities to significantly reduce the level of CO2 emissions, because otherwise they may lose access to the markets of the European Union from 2025. The tax policy of Ukraine to increase environmental tax rates for environmental pollution is expedient. It is recognized as necessary to raise the level of environmental taxes to the level of rates of similar taxes in the member states of the European Union. One of the expedient economic methods of reducing the transaction costs of an economic entity for the introduction of “green” technologies and equipment is the use of accelerated depreciation of fixed assets for environmental protection purposes, which allows faster (compared to traditional depreciation methods) write-off of the cost of equipment used for environmental goals.
{"title":"LEGAL ASPECTS OF USING THE ENVIRONMENTAL TAX TO INFLUENCE THE GREENING OF ECONOMIC ACTIVITIES","authors":"V.Н. Oliukha, V.А. Shepeliuk","doi":"10.15407/econlaw.2023.03.041","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.041","url":null,"abstract":"The article is devoted to the research of the environmental tax as an indirect method of state influence on the activities of economic entities in order to achieve the environmental goals of sustainable development. It is proven that although the Economic Code of Ukraine does not directly provide for environmental policy as a component of state economic policy, the latter must be determined and conducted taking into account the environmental component. It is noted that the legal economic order includes the need for compliance with environmental norms by subjects of economic activity. One of the appropriate indirect methods of state influence for the implementation of sustainable development tasks is an environmental tax. It has two main functions – fiscal and nature protection. It is expedient to ensure a balance between these two functions, which can be achieved only within the framework of the proper economic policy of the state. In modern conditions in Ukraine, the fiscal function of the environmental tax prevails, because the money received from the collection of this tax is directed to other purposes. It is necessary to make changes to the Budget Code of Ukraine, which will establish the purpose of the funds received from the collection of this type of tax exclusively for ecological (nature protection) purposes. In the European Union, environmental or green taxes, which include taxes on energy, transport, pollution and resources, are one of the appropriate methods of influencing the behavior of economic entities to stimulate their fastest transition to a sustainable economy. Proper implementation of the nature protection function by the state within the framework of tax policy can have not only a stimulating nature, but also a restrictive and preventive one. This makes it possible to prevent or significantly reduce the negative impact of economic activity on the natural environment, and not to overcome the consequences of such negative impact. In the European Union, the carbon border adjustment mechanism СВАМ (Carbon Border Adjustment Mechanism) is being introduced, which makes it necessary for Ukraine to stimulate domestic economic entities to significantly reduce the level of CO2 emissions, because otherwise they may lose access to the markets of the European Union from 2025. The tax policy of Ukraine to increase environmental tax rates for environmental pollution is expedient. It is recognized as necessary to raise the level of environmental taxes to the level of rates of similar taxes in the member states of the European Union. One of the expedient economic methods of reducing the transaction costs of an economic entity for the introduction of “green” technologies and equipment is the use of accelerated depreciation of fixed assets for environmental protection purposes, which allows faster (compared to traditional depreciation methods) write-off of the cost of equipment used for environmental goals.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722181","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.053
R.B. Bedriy
The article reveals the peculiarities of the organizational and legal support of the recovery and economic development of cities in the context of the post-war reconstruction of Ukraine. It is emphasized that the armed aggression of the russian federation in Ukraine, which began on February 22, 2022, led to such large-scale destruction and human casualties, which have not been seen in Europe since the Second World War. At the same time, it is indicated that the restoration of Ukraine and its cities is a comprehensive transformation, the essence of which is not so much the reconstruction of the country to its pre-war condition but its deep modernization. It includes reforming vital elements of the economy and society, such as infrastructure, technology, business – environment, institutions, education, health care and others. It is substantiated that Ukraine is an urbanized country since most of its population lives in cities, representing a particular phenomenon of human civilization, concentrating the primary human, economic and other resources. Therefore, the stable economic development of the country as a whole depends on practical organizational and legal support for the reconstruction and restoration of the economy of our cities. Normative and legal acts related to the procedure for reconstruction of residential buildings and infrastructure damaged due to armed aggression, as well as organizational and legal instruments for ensuring the economic development of cities under conditions of war and post-war reconstruction, are determined. Attention is focused on the importance of developing a Local Economic Development Program in the urban territorial community, including a list of specific projects for the medium term. The need for assistance to our state in solving the problems of restoring the local economy and destroyed infrastructure from foreign partners is elucidated.
{"title":"ORGANIZATIONAL AND LEGAL SUPPORT OF THE RECOVERY AND ECONOMIC DEVELOPMENT OF CITIES IN THE CONTEXT OF THE POST-WAR RECONSTRUCTION OF UKRAINE","authors":"R.B. Bedriy","doi":"10.15407/econlaw.2023.03.053","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.053","url":null,"abstract":"The article reveals the peculiarities of the organizational and legal support of the recovery and economic development of cities in the context of the post-war reconstruction of Ukraine. It is emphasized that the armed aggression of the russian federation in Ukraine, which began on February 22, 2022, led to such large-scale destruction and human casualties, which have not been seen in Europe since the Second World War. At the same time, it is indicated that the restoration of Ukraine and its cities is a comprehensive transformation, the essence of which is not so much the reconstruction of the country to its pre-war condition but its deep modernization. It includes reforming vital elements of the economy and society, such as infrastructure, technology, business – environment, institutions, education, health care and others. It is substantiated that Ukraine is an urbanized country since most of its population lives in cities, representing a particular phenomenon of human civilization, concentrating the primary human, economic and other resources. Therefore, the stable economic development of the country as a whole depends on practical organizational and legal support for the reconstruction and restoration of the economy of our cities. Normative and legal acts related to the procedure for reconstruction of residential buildings and infrastructure damaged due to armed aggression, as well as organizational and legal instruments for ensuring the economic development of cities under conditions of war and post-war reconstruction, are determined. Attention is focused on the importance of developing a Local Economic Development Program in the urban territorial community, including a list of specific projects for the medium term. The need for assistance to our state in solving the problems of restoring the local economy and destroyed infrastructure from foreign partners is elucidated.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722182","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.091
A.S. Vorontsova, E.O. Agafonova, S.A. Bilan
To date, processes of regulatory coordination of responsible or ESG (Environmental, Social, and Corporate Governance) investing are characterized by a combination of fragmentation and unification efforts. On the one hand, there is a noticeable degree of fragmentation of the regulatory landscape for responsible investing. At the level of different regions and countries, their own regulatory frameworks, standards and guidelines for disclosure of ESG information and sustainability reporting are being actively developed and improved. In particular, the European Union (EU), Great Britain, the USA and Canada, some countries of the Asia-Pacific region (Australia, China, Hong Kong, New Zealand, Singapore, etc.) have made special progress. For example, the EU has taken a significant step with the introduction of the so-called triad of regulatory instruments: the Sustainability Taxonomy, the Corporate Sustainability Reporting Directive (CSRD) and the Sustainable Finance Disclosure Regulation (SFDR), aimed at standardizing ESG reporting and classifying investments in sustainable development in member countries. This fragmentation creates difficulties for investors and companies operating in different jurisdictions as they must navigate and comply with different requirements. On the other hand, efforts to unify and harmonize ESG disclosure and regulatory rules are increasing. Recognizing the global nature of ESG challenges, international organizations are working to establish common principles and standards. Initiatives such as the Global Reporting Initiative (GRI), the International Sustainability Standards Board (ISSB), the Task Force on Climate-related Financial Disclosures (TCFD) have gained prominence worldwide, promoting transparency and consistency ESG reporting. While the trend toward unification is promising, achieving full regulatory coordination of responsible investing remains challenging. Different political priorities, cultural and economic differences between countries prevent the creation of a universally recognized regulatory framework. However, the growing recognition of the importance of ESG and the collective efforts of stakeholders around the world indicate a gradual convergence towards more coherent ESG regulations.
{"title":"DIRECTIONS OF REGULATORY COORDINATION OF RESPONSIBLE (ESG) INVESTMENT IN THE WORLD: FRAGMENTATION OR UNIFICATION?","authors":"A.S. Vorontsova, E.O. Agafonova, S.A. Bilan","doi":"10.15407/econlaw.2023.03.091","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.091","url":null,"abstract":"To date, processes of regulatory coordination of responsible or ESG (Environmental, Social, and Corporate Governance) investing are characterized by a combination of fragmentation and unification efforts. On the one hand, there is a noticeable degree of fragmentation of the regulatory landscape for responsible investing. At the level of different regions and countries, their own regulatory frameworks, standards and guidelines for disclosure of ESG information and sustainability reporting are being actively developed and improved. In particular, the European Union (EU), Great Britain, the USA and Canada, some countries of the Asia-Pacific region (Australia, China, Hong Kong, New Zealand, Singapore, etc.) have made special progress. For example, the EU has taken a significant step with the introduction of the so-called triad of regulatory instruments: the Sustainability Taxonomy, the Corporate Sustainability Reporting Directive (CSRD) and the Sustainable Finance Disclosure Regulation (SFDR), aimed at standardizing ESG reporting and classifying investments in sustainable development in member countries. This fragmentation creates difficulties for investors and companies operating in different jurisdictions as they must navigate and comply with different requirements. On the other hand, efforts to unify and harmonize ESG disclosure and regulatory rules are increasing. Recognizing the global nature of ESG challenges, international organizations are working to establish common principles and standards. Initiatives such as the Global Reporting Initiative (GRI), the International Sustainability Standards Board (ISSB), the Task Force on Climate-related Financial Disclosures (TCFD) have gained prominence worldwide, promoting transparency and consistency ESG reporting. While the trend toward unification is promising, achieving full regulatory coordination of responsible investing remains challenging. Different political priorities, cultural and economic differences between countries prevent the creation of a universally recognized regulatory framework. However, the growing recognition of the importance of ESG and the collective efforts of stakeholders around the world indicate a gradual convergence towards more coherent ESG regulations.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722178","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 : 2023-09-26DOI: 10.15407/econlaw.2023.03.018
O.Yu. Kurepina
Scientific approaches to delineating the stimulating legal regime of economic activity as a key element of the special economic regime within the framework of Economic law are substantiated. A definition of the stimulating legal regime of economic activity is proposed as a system of legal norms aimed at regulating economic relations through the use of a complex of legally stimulating means, which pursue the goal of creating conditions for the implementation of state economic policies along its priority directions in a manner that ensures sustainable development of the state and society. Drawing upon theoretical developments within the field of Economic law, it is proposed to recognize the stimulating legal regime of economic activity as a sub-institute within the institution of the special economic regime, highlighting its structure. It is argued that the subject of the stimulating legal regime of economic activity, as a component of the special economic regime, is characterized by a certain specificity. Approaches prevalent in the economic-legal literature for defining the scope of the special economic regime, namely as parts of the state's territory, individual economic sectors, or types of economic activity, are deemed inappropriate for identifying the subject of the stimulating legal regime of economic activity. Particularly, the position is advocated that the scope of the stimulating legal regime of economic activity should encompass economic entities. It is argued that in order to achieve the objectives of the special legal regime of economic activity as a whole, and specifically the stimulating legal regime of economic activity, certain legal constructs developed within the corresponding institutions of economic law acquire particular features, which are enshrined in the legislative acts of Ukraine. Within the framework of the stimulating legal regime of economic activity, legal conditions are integrated into the content of economic contracts, which reflect means of state regulatory impact on economic activity (e.g., conditions related to state support) or determine the extent of guarantees of the rights of economic entities against potential changes in legislation, thereby creating regulatory safeguards. Emphasis is placed on the coordinated operation of legal norms constituting the content of the stimulating legal regime of economic activity, achievable through adhering to legal principles during the construction of specific legal constructs.
{"title":"STIMULATING LEGAL REGIME OF ECONOMIC ACTIVITY WITHIN THE SYSTEM OF ECONOMIC LAW: CONCEPT AND RELATIONSHIP WITH SPECIAL ECONOMIC REGIME","authors":"O.Yu. Kurepina","doi":"10.15407/econlaw.2023.03.018","DOIUrl":"https://doi.org/10.15407/econlaw.2023.03.018","url":null,"abstract":"Scientific approaches to delineating the stimulating legal regime of economic activity as a key element of the special economic regime within the framework of Economic law are substantiated. A definition of the stimulating legal regime of economic activity is proposed as a system of legal norms aimed at regulating economic relations through the use of a complex of legally stimulating means, which pursue the goal of creating conditions for the implementation of state economic policies along its priority directions in a manner that ensures sustainable development of the state and society. Drawing upon theoretical developments within the field of Economic law, it is proposed to recognize the stimulating legal regime of economic activity as a sub-institute within the institution of the special economic regime, highlighting its structure. It is argued that the subject of the stimulating legal regime of economic activity, as a component of the special economic regime, is characterized by a certain specificity. Approaches prevalent in the economic-legal literature for defining the scope of the special economic regime, namely as parts of the state's territory, individual economic sectors, or types of economic activity, are deemed inappropriate for identifying the subject of the stimulating legal regime of economic activity. Particularly, the position is advocated that the scope of the stimulating legal regime of economic activity should encompass economic entities. It is argued that in order to achieve the objectives of the special legal regime of economic activity as a whole, and specifically the stimulating legal regime of economic activity, certain legal constructs developed within the corresponding institutions of economic law acquire particular features, which are enshrined in the legislative acts of Ukraine. Within the framework of the stimulating legal regime of economic activity, legal conditions are integrated into the content of economic contracts, which reflect means of state regulatory impact on economic activity (e.g., conditions related to state support) or determine the extent of guarantees of the rights of economic entities against potential changes in legislation, thereby creating regulatory safeguards. Emphasis is placed on the coordinated operation of legal norms constituting the content of the stimulating legal regime of economic activity, achievable through adhering to legal principles during the construction of specific legal constructs.","PeriodicalId":53012,"journal":{"name":"Ekonomika ta pravo","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135722183","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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