Questions of the Legal Regulation of Investment Funds in EU

Abstract

 For appropriate attraction of retail investors it is necessary to
improve legal regulation of institutes of joint investment and to investigate
investment's existing forms in the foreign legislation, first of all in EU.
Recent research and publications analysis. To research of a legal and
economic condition of activity of institutes of joint investment the considerable
attention of scientists, as lawyers and economists, such as was paid by A. V.
Garagonich, Ju. M. Bisjaga, O. Ju. Kampi, O. M. Vinnik, A. M. Dyba, E. A. Sidorov,
V. V. Reznikova, Armin J. Cammel and others.
Paper objective. Article's purpose is to carrying out of research of economiclegal
regulation of institutes of collective investment in EU as example on a way of
adaptation of the legislation of Ukraine to EU law.
Paper main body. UCITS can be based in such traditional organizational-legal
forms: 1) the common fund which actives cope a management company - the contract
form; 2) share fund (unit trust) (the concept confidential (trust) law in general law
systems); 3) the investment company - the corporate form.
The alternative investment fund, except the Directive 2009/65, functions on the
basis Directive 2011/61/EU of the European Parliament and of the Council of 8 June
2011 on Alternative Investment Fund Managers and amending Directives
2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No
1095/2010.
European social entrepreneurship funds (EuSEF) are funds which are directed
on achievement of positive social consequences and the decision of social problems
and put their corporate purposes, unlike usual investment funds in which an overall
objective is profit accumulation.
European venture capital funds (EuVECA) are directed on assistance to
development of venture investments into the innovative SME.
Funds of long-term investment are separately regulated in EU. Investment
through European long-term investment funds (ELTIF) provides wider approach,
than EuVECA and EuSEF, namely investments in a wide range of long-term actives
private investors.
Conclusions of the research. Existing statutory acts and actual tendencies of
regulation in the law of EU of institutes of collective investment testify to a
diversification of possibilities for investors regarding placing of investments into
various actives depending on the purpose of placing, kinds of the actives, different
degree of investment risks, placing terms that, on the other hand, gives possibility to
recipients of various branches of economy and social groups to have access to
inexpensive non-bank financing.