Legal regulation of public-private partnership's principles implementation

The relevance of research The article is devoted to the study of current problem of the lack of several legislative acts regarding regulation of public-private partnership and concession as the form of public-private partnership. The study is based on searching and analysis of international practice of public-private partnership principles. Author analyzed national scientists' positions on this issue, as well as recommendations of European Economic Commission about improvement of regulation of public-private partnership, enhancement of its effectiveness, implementation of new principles and legal models. At the meantime, it was analyzed the international financial organizations' policies, namely policy of European Bank of Reconstruction and Development in respect of existing approaches to public-private partnership and financing as well as consulting in transport sector in general. Author identified lack of regulation of some principles of public-private partnership and conditions of its implementation. The purpose of the article is to review the scientific approaches of studying the principles of legal regulation of public-private partnership and outline the problematic issues of harmonious development of relations between participants of public-private partnerships. The results of the research This article demonstrates draft laws, which can become a trigger of a lot of projects in the spheres of public-private partnership and concession as its form. At the same time, the settlement of many issues by adopting the existing draft laws at the time of writing of this article is insufficient. Thus, the article covers issues and principles that require additional legislative regulation to improve the investment attractiveness of public-private partnerships in the transport sector in general. The author concludes that it is necessary to implement several principles, which are established in the practice of other countries, and should be implemented in the national legislation on public-private partnerships and concessions. Such principles should include the principle of transperancy, the principle of "fair conduct", the principle of accountability, the principle of sustainable development, the principle of long-term budget planning of the public partner. It is also noted that in the absence of regulation of these principles and conditions for their implementation, there are practical problems with the implementation of public-private partnership projects, namely the financing by private partners of public-private partnership projects and the guarantee issued by financial institutions of the risks assigned to a private partner. Key words: public-private partnerships, concessions, principles, budget planning, accountability, tranperancy, sustainable development.