|
Perm University Herald. Juridical Sciences. 2021. Issue 2 (52) |
||||||||||
| Title: | CORPORATIONS AND CORPORATE FINANCIAL INSTRUMENTS IN RUSSIAN AND FOREIGN LAW |
|||||||||
| Authors: |
R. V. Chikulaev, Perm State University, Perm State Agro-Technological University named after Academician D. N. Pryanishnikov |
 |
This email address is being protected from spambots. You need JavaScript enabled to view it. | |||||||
| ORCID: | 0000-0002-1506-3499 | ResearcherID: | Q-6257-2017 | |||||||
| Articles of «Scopus» & «Web of Science»: | DOI: 10.1051/bioconf/20201700223 | |||||||||
| Requisites: | Chikulaev R. V. Korporatsii i korporativnye finansovye instrumenty v rossiyskom i zarubezhnom prave [Corporations and Corporate Financial Instruments in Russian and Foreign Law]. Vestnik Permskogo universiteta. Juridicheskie nauki – Perm University Herald. Juridical Sciences. 2021. Issue 52. Pp. 285–320. (In Russ.). DOI: 10.17072/1995-4190-2021-52-285-320 |
|||||||||
| DOI: | 10.17072/1995-4190-2021-52-285-320 | |||||||||
| Annotation: |
Introduction: the paper investigates the legal regime of corporate financial instruments in the context of the convergence of the world legal systems taking into account historically determined national differentiation. We study the legal regime of corporate financial instruments with respect to the status peculiarities of a corporation as a subject of legal relations and the regime characteristics of a financial instrument as a legal object. The purpose of the study is to analyze and generalize the legal experience of economically developed countries and to explain the modern legal content of the concept ‘corporate financial instrument’ against the related legal terms ‘securities’, ‘financial instrument’, ‘corporation’; to reveal major problems in the doctrine and positive legal regulation. Methods: comparative-legal, formal-logical, historical, analytical, empirical methods, and legal modeling. Results: the analysis of Russian and foreign experience made it possible for us to explain the specific nature of the legal status of corporation as the main component of modern economic systems, which determines special legal regimes of financial instruments that provide certain corporate rights. Conclusions: in terms of comparative analysis, of special interest is legal experience of such countries as Germany, France, Great Britain, and the USA since these countries show a higher level in the development of corporate legal forms and financial markets. Since early 1990s, Russia has been demonstrating high rates in the formation of the system of financial instruments circulation, which, with respect to the legal development of the corporate legal entity doctrine, brings Russian legal system closer to the world major legal systems. In the light of the focus on the sustainable economic development and defense of state interests with the use of modern digitalization methods, this also objectifies and makes currently relevant the development of the national legal regime of the corporate financial instrument based on the international legal experience. |
|||||||||
| Keywords: | corporations; financial instruments; securities; shares; stocks; corporate financial instruments; economic entities; financial organizations; depository; clearing; financial market |
|||||||||
 |
download the full-version article | |||||||||
| References: | 1. Andreev V. K., Laptev V. A. Korporativnoe pravo sovremennoy Rossii [Corporate Law of Modern Russia]. Moscow, 2018. 352 p. (In Russ.). 2. Belykh V. S. Pravovoe regulirovanie pred¬pri¬nimatel'skoy deyatel'nosti v Rossii: Mono¬gra¬fiya [Legal Regulation of Business Activities in Rus¬sia: Monograph]. Moscow, 2009. 432 p. (In Russ.). 3. Bondarenko N. L. Effektivnoe grazhdan¬skoe zakonodatel'stvo kak faktor, snizhayushhiy transaktsionnye izderzhki [Effective Civil Legislation as a Factor Reducing Transaction Costs]. Vestnik Permskogo universiteta. Juridi¬cheskie nauki – Perm University Herald. Juridical Sciences. 2016. Issue 1 (31). Pp. 35–39. DOI: 10.17072/1995-4190-2016-1-35-40. (In Russ.). 4. Grazhdanskiy kodeks Frantsii (Kodeks Napoleona) = Code civil des Français (Code Napoléon) [The Civil Code of France (the Napoleonic Code) = Code Civil des Français (Code Napoléon)]. Transl. from French by V. N. Zakhvataeva. Moscow, 2012. 624 p. (In Russ.). 5. Gribanov V. P., Krasavchikov O. A. Kho¬zyays¬tvennoe pravo [Commercial Law]. Moscow, 1977. 480 p. (In Russ.). 6. Kashanina T. V. Korporativnoe pravo (Pravo khozyaystvennykh tovarishhestv i ob-shhestv) [Corporate Law (Law of Business Partnerships and Companies)]. Moscow, 1999. 802 p. (In Russ.). 7. Kuznetsov K. I. Ponyatie "khozyayst¬vu-yushhiy sub"ekt" v predprinimatel'skom prave [The Concept 'Economic Entity' in Business Law]. Pravo i ekonomika – Law and Economics. 2018. Issue 12. Pp. 18–25. (In Russ.). 8. Leont'eva E. L. Yaponskie korporatsii i korporativnye gruppy. Evolyutsiya institutov [Japa¬nese Corporations and Corporate Groups. Evolution of Institutions]. Moscow, 2009. 78 p. (In Russ.). 9. Lukoyanov N. V. Korporativnye bezdoku¬mentarnye tsennye bumagi v prave Rossiyskoy Federatsii, Ispanii i Meksiki: dis. ... kand. jurid. nauk [Corporate Uncertified Securities in the Law of the Russian Federation, Spain and Mexico: Cand. jurid. sci. diss.]. Moscow, 2018. 172 p. (In Russ.). 10. Makarova O. A. Korporativnoe pravo. Uchebnik i praktikum dlya bakalavriata i ma-gis¬tratury [Corporate Law. Textbook and Workshop for Bachelor and Master's Degree Programs]. Moscow, 2019. 413 p. (In Russ.). 11. McConnell C. R., Brue S. L. Ekonomiks [Economics]. Transl. from English]. Moscow, 2003. 983 p. (In Russ.). 12. Mirovoy fondovyy rynok i interesy Rossii [The Global Stock Market and the Interests of Russia]. Authors: I. G. Doronin, B. B. Rubtsov, A. M. Sarchev et al. Ed. by D. V. Smyslov. Moscow, 2003. 319 p. (In Russ.). 13. Pokrovskiy I. A. Istoriya rimskogo prava [History of Roman Law]. Moscow, 2004. 540 p. (In Russ.). 14. Rubinshteyn B. M. Sovetskoe khozyayst¬vennoe pravo [Soviet Commercial Law]. Moscow, 1935. 182 p. (In Russ.). 15. Teoriya gosudarstva i prava: uchebnik dlya yuridicheskikh vuzov i fakul'tetov [Theory of State and Law: textbook for law schools and faculties]. Authors: S. S. Alekseev, S. I. Arkhipov, V. M. Ko¬rel'skiy et al. Moscow, 1998. 456 p. (In Russ.). 16. Khozyaystvennoe pravo. Uchebnoe posobie [Commercial Law. Textbook]. Ed. by V. V. Laptev. Moscow, 1967. 395 p. (In Russ.). 17. Chikulaev R. V. Voprosy pravo¬sub"ek-tnogo sostava otnosheniy oborota tsennykh bumag [The Issues of Personable Structure of the Securities Turnover Relations]. Vestnik Permskogo universiteta. Juridicheskie nauki – Perm University Herald. Juridical Sciences. 2012. Issue 3 (17). Pp. 191–200. (In Russ.). 18. Chikulaev R. V. Voprosy klassifikatsii i pra¬vovoy konstruktsii tsennykh bumag [The Securities Classification and Securities Legal Construction Issues]. Vestnik Permskogo univer-siteta. Juridicheskie nauki – Perm University Herald. Juridical Sciences. 2012. Issue 2 (16). Pp. 160–168. (In Russ.). 19. Armour J., Hansmann H., Kraakman R. The Essential Elements of Corporate Law: What Is Cor¬po¬rate Law? Discussion Paper No. 643 7/2009. Har¬vard Law School, Cambridge, MA 02138. (In Eng.). 20. Bloomberg Financial Glossary. Available at: https://isotranslations.com/resources/Bloomberg %20Financial%20Glossary.pdf. (In Eng.). 21. Diemer A. Systemes Financiers et Mone¬taires. Université d'Auvergne, Clermont I, 2012. (In Fr.). 22. Emerson R. W. Business Law. Fourth Edi¬tion. New York: Barron's, 2004. 708 p. (In Eng.). 23. FCA Handbook. Available at: https://www.hand¬book.fca.org.uk/. (In Eng.). 24. Galer R. 'Prudent Person Rule' Standard for the Investment of Pension Fund Assets. Available at: https://www.oecd.org/finance/private-pensions/2763540.pdf. (In Eng.). 25. Harvard College v. Amory. Available at: http://www.altruistfa.com/prudentinvestorrule.htm. (In Eng.). 26. Helper S., Hochfelder D. Early Supply Relationship in the U.S. Beyond the Firm. Business Groups in International and Historical Perspective. Ed. by T. Shiba, M. Shimotani. Oxford, 1997. (In Eng.). 27. BAFIN. Recht & Regelungen. Available at: https://www.bafin.de. (In Germ.). 28. System of National Accounts 2008. Euro¬pean Commission. International Monetary Fund. Organization for Economic Cooperation and Development. World Bank. United Nations. New York, 2009. (In Eng.). 29. SEC of USA. The Laws That Govern the Securities Industry. Available at: https://www.sec. gov/answers/about-lawsshtml.html. (In Eng.). 30. Trustees of Dartmouth College v. Wood¬ward, 17 U.S. (4 Wheat.) 518, 4 L. Ed. 629. 1819. (In Eng.). 31. U.S. Corporate Law Materials. Presen-tation Materials and Selected Statute and Case Law Excerpts. Materialy po korporativnomu pravu SShA. Prezentatsionnye materialy i izbrannye statuty i vyderzhki iz sudebnykh resheniy. USRF, 2011. Available at: http://www.arbitr.ru/_upimg/ 8B4729A66A4574D8B652815751AC0A68_USRF. (In Eng., in Russ.). |
|||||||||
| Received: | 01.12.2020 | |||||||||
| Financing: |
--- |
|||||||||
614068, Perm, street Bukireva, 15 (Faculty of Law), +7 (342) 2 396 275
vesturn@yandex.ru
ISSN 1995-4190 ISSN (eng.) 2618-8104
ISSN (online) 2658-7106
DOI 10.17072/1995-4190
The certificate on registration of mass media ПИ № ФС77-33087 from September, 5th, 2008
The certificate on reregistration of mass media ПИ № ФС77-53189 from Marth, 14th, 2013
The magazine is included in List ВАК and in the Russian index of scientific citing
The founder & Publisher: the State educational institution of the higher training
“The Perm State University”.
Publishing 4 times a year