Legal Regulation of Listing of the Securities in the European UnionJournal: LAW AND INNOVATIVE SOCIETY (Vol.1, No. 5)
Publication Date: 2015-11-11
Authors : GLIBKO S. V.; SYDORENKO Y. V.;
Page : 46-53
Keywords : listing; securities; exchange; trading system; stock market.;
Problem setting. Integration changes and globalisation of the markets influence operating conditions and national economy developments, therefore in modern conditions of eurointegration for Ukraine the analysis of features of listing of securities in the European Union and adaptation of the legislation of Ukraine to EU legislation is important. Target of research. The overall objective is to define directions of regulation of a securities market in EU on an example of listing of actions and other securities. Analysis of resent researches and publications. The following scientists were engaged in research of the specified question: N. S. Kuznetsova, I. G. Nazarchuk, V. L. Jarotsky, A. V. Kologojda, J. V. Bezruchko, A. N. Vinnik, V. V. Reznikova, V. V. Poyedinok. Article’s main body. According to classification IOSCO, all organizers of trade in stock market in EU are able to be divided into three big groups: the exchange trading market systems presented by the adjustable basic markets of stock exchanges. Not exchange trading market systems in which in the European Union multilateral trading systems (Multilateral Trading Facility, MTF concern). An off-exchange securities market which all other organizers of trade who do not enter in first two groups concern. One of key aspects of system of legal regulation of release and the reference of securities in the EU countries is the principle of a mutual recognition, is fixed in standard documents of EU. So, it agree p.1 article 17 of the Instruction 2003/71 / EU, the prospectus approved in the state of its origin (home Member State), will be considered as the lawful basis for carrying out of public placing or the admission to the auctions in any other country of the participant where such activity (host Member State), under condition of the notice of competent body of this state will be carried out. Among conditions that concern the companies under which actions the demand for the admission to official listing are made, it is possible to allocate the following: predicted market capitalisation or if it cannot be estimated, the capital and company reserves for last fiscal year should make not less than one million euro if the given requirement is not carried out, the admission probably in the event that there is a belief that for such actions to exist the corresponding market; the company should publish or publish the annual reports made according to the national legislation, for three fiscal years, previous representation of the demand for the admission to official listing. As the exception not to satisfy this condition it is possible, if it is desirable and is equitable to interests of the company or investors and if competent bodies are convinced that investors own the necessary information to manage to make a substantiated conclusion about the company and actions in which relation the demand for admission reception to official listing is submitted. Conclusions and prospects for the development. Listing of securities takes an important place in complex legal regulation of functioning of the markets of financial services in EU, including financial tools and spheres of their reference, an order of functioning of intermediaries in the financial markets of EU and the third countries, and also substantive provisions about the rights of emitters and protection of the rights of investors. The corresponding system of regulation of stock market should occur and in Ukraine.
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