Investment Activities as the Subject Matter of Legal Regulation

Keywords: investment activities, investments, investment relationship, composition of investment relationship, subjects of investment relationship, objects of investment relationship, substance of investment relationship

Abstract

In Ukrainian legislation there is the Act on Investment Activities passed by Ukrainian Parliament in September 1991. This Act
defines the Investment Activities as a complex of practical actions of natural persons, artificial persons and states on realization of
investments. From legal perspective this definition makes no sense, since Ukrainian law does not define/explain what “practical actions
on realization of investments” means. In this regard the author of this paper has tried to clarify how the notion Investment Activities
can be explained from the legal point of view, i.e. by way of legal concepts and terms.
The author, based on Ukrainian legal concept providing that the subject matter of legal regulation shall be social relationship,
provides that from legal perspective the Investment Activities is not а set of practical actions, but specific social relationship called
Investment Relationship.
Further the author specifies the Investment Relationship as follows. Subjects of Investment Relationship may be natural and legal
persons, including the central and local governments. The objects of the Investment Relationship may be tangible and intangible assets
that can be amortized as well as stock, securities, derivatives and the like. The substance of the Investment Relationship are the rights
and responsibilities of the subjects of the Investment Relationship specified in the contracts and the constitutional documents of corporations
based on which the Investment Relationship raised.
Based on the said analysis the author advises to amend the Act on Investment Activities as follows. To replace the term Investment
Activities with the term Investment. To replace the definition of the term Investments specified as any type of property with the
definition of the said term given in the Tax Code of Ukraine defining the investments as purchase of tangible and intangible assets that
can be amortized as well as stock, securities, derivatives and the like.
The author specifies that the Investment Activities by its nature are private legal relations and so they may not arise from admi -
nistrative/imperative acts regardless that the Act on Investment Activities may advise to the contrary.

References

1. Yurydychna entsyklopediia: V 6-ty t.: T.5 P-S ; Red. kol.: Yu.S. Shemshuchenko (holova) . ─ K. : Ukrainska entsyklopediia imeni M.P. Bazhana, 2003 . S.736. S.40 [in Ukrainian].
2.Kyrychenko V.M., Kurakin O.M. Teoriia derzhavy i prava. URL: http://pidruchniki.ws/16011013/pravo/pravovidnosini (data zvernennia: 12.07.2020) [in Ukrainian].
3. Ibid.
4. Vinnyk O.M. Investytsiine pravo. Navchalnyi posibnyk. – K.: Attika, 2000. S.264. S.5 [in Ukrainian].
5.Skakun O.F. Teoriia derzhavy i prava: pidruchnyk. URL: https://pidru4niki.com/1942120343147/pravo/obyekti_pravovidnosin (data zvernennia: 12.07.2020) [in Ukrainian].
6. Podatkovyi kodeks Ukrainy: Zakon Ukrainy vid 02.12.2010 № 2755-VI // Baza danykh «Zakonodavstvo Ukrainy» /VR Ukrainy. URL: https://zakon.rada.gov.ua/laws/show/2755-17 (data zvernennia: 12.07.2020) [in Ukrainian].
7.Kyrychenko V.M., Kurakin O.M. Teoriia derzhavy i prava. URL: http://pidruchniki.ws/16011013/pravo/pravovidnosini (data zvernennia: 12.07.2020) [in Ukrainian].
8. Friedman, Jack P. Dictionary of Business Terms. Second Edition. – USA: Barrons Educational Series, Inc., 1994. P.692. P. 313.
9. Podatkovyi kodeks Ukrainy: Zakon Ukrainy vid 02.12.2010 № 2755-VI // Baza danykh «Zakonodavstvo Ukrainy» /VR Ukrainy. URL: https://zakon.rada.gov.ua/laws/show/2755-17 (data zvernennia: 12.07.2020) [in Ukrainian].
10. Zaichuk O. V., Onishchenko N. M. Teoriia derzhavy i prava. Akademichnyi kurs. Pidruchnyk. – Kyiv: Yurinkom Inter, 2006. URL: http://www.ebk.net.ua/Book/law/zaychuk_tdp/zmist.htm (data zvernennia: 12.07.2020) [in Ukrainian].
11. Zahalna teoriia derzhavy i prava: [Pidruchnyk dlia studentiv yurydychnykh vyshchykh navchalnykh zakladiv] / M. V. Tsvik, O. V. Petryshyn, L. V. Avramenko ta in.; Za red. d-ra yuryd. nauk, prof., akad. APrN Ukrainy M. V. Tsvika, d-ra yuryd. nauk, prof., akad. APrN Ukrainy O. V. Petryshyna. — Kharkiv: Pravo, 2009. S.584. S.336. URL: http://library.nlu.edu.ua/POLN_TEXT/KNIGI_2009/TEorijaDerjav_2009.pdf (data zvernennia: 12.07.2020) [in Ukrainian].
12. Uhoda pro subsydii ta kompensatsiini zakhody: mizhnar. dok. vid 15 kvitnia 1994 r. // Baza danykh «Zakonodavstvo Ukrainy» /VR Ukrainy. URL: https://zakon.rada.gov.ua/laws/show/981_015 (data zvernennia: 12.07.2020) [in Ukrainian].
13. Fedorchak O. Problemy derzhavnoho investuvannia v Ukraini. Bulletin of the NAPA under the President of Ukraine (Series “Rublic Administration”). 2017. № 4. S. 45-55. S.46. URL: http://visnyk.academy.gov.ua/pages/dop/74/files/01502d68-86dd-4dcd-9c8a-fe697330c2fb.pdf (data zvernennia: 12.07.2020) [in Ukrainian].
14. The Global Competitiveness Report 2017–2018. The World Economic Forum. URL: http://www3.weforum.org/docs/GCR2017-2018/05FullReport/TheGlobalCompetitivenessReport2017%E2%80%932018.pdf.
15. Corruption Perceptions Index (2018). Transparency International 2018. URL: https://www.transparency.org/cpi2018.
Published
2020-11-10
How to Cite
Petryna, V. (2020). Investment Activities as the Subject Matter of Legal Regulation. Law Review of Kyiv University of Law, 1(3), 109-115. Retrieved from https://chasprava.com.ua/index.php/journal/article/view/482
Section
State governing and administrative law issues. Financial law. Information law