ФІНАНСОВО-ПРАВОВА СКЛАДОВА ЄВРОІНТЕГРАЦІЙНОГО МЕХАНІЗМУ УПРАВЛІННЯ ПРИРОДНИМИ РЕСУРСАМИ В ПУБЛІЧНІЙ СФЕРІ

Abstract

The article is devoted to mechanisms of securitization of natural resources through issuance of securities (stocks, bonds, derivatives, etc.) by companies that use natural assets. The necessity of creation of territorial corporations on management of natural resources on the basis of public-private partnership in the process of decentralization of management of natural resources is substantiated. It has been proved that in order to attract investments into the natural assets utilization in the national economy, it is necessary to transform the structure of management of natural assets in such a way that, in the organizational aspect of financing of territorial corporations on the management of natural resources, the leading role, along with banking institutions, should play collective (joint) investment institutions (institutional investors). Territorial corporations for managing natural resources can be created on the basis of public-private partnership in the process of decentralization of environmental management. International experience in the creation and operation of such structures is extremely relevant for Ukraine in the context of further development of the financial market and European integration. The advantage of a joint investment institute overt the banks is that a professional institutional investor can provide not only full confidence in the professional management of investment portfolios, but also brokerage services in those cases where the ultimate beneficiary is able to professionally manage his own investment capital by making a purchase or sales of securities and acting as a financial intermediary. Particularly attractive this form of investment is for a foreign investor who can invest in the national sphere of the use of natural assets through a professional intermediary who is well-informed and know both the national and local (regional, municipal level) securities markets. One and the objectives of the development of specialized joint investment institutes, which will operate in parallel with the project companies, territorial corporations for the management of natural resources, may be joint (consolidated) investment of specific investment projects through the formation of appropriate target investment portfolios. That is, an appeal to the institution of joint investment in this case may be bilateral – from the investor side – in order to find the desired investment instrument (shares, bonds, investment certificates, shares of a corporate investment fund, mortgages as well privatization and commodity securities) and on the part of the issuer of securities in order to find an investor. Thus, the institution of joint investment can perform the function of professional fundraising, the formation of asset pools for business entities operating in the field of the use of natural assets. The article presents the institutional and financial component of the eurointegration mechanism of management of natural resources. The EU legal base in the sphere of joint investment is analyzed.