РЕГУЛЮВАННЯ ЕМІСІЇ ТА ОБІГУ КОРПОРАТИВНИХ ОБЛІГАЦІЙ У СХІДНОЄВРОПЕЙСЬКИХ КРАЇНАХ

Abstract

The formation and development of the corporate bond market is influenced by global regulatory reform and other government policy initiatives that affect all financial markets. Political, legislative, regulatory and fiscal changes must be well adapted to support the viability of corporate bond markets (both domestic and international). Financial market policy in general should not slow down bond markets, but should ensure optimal interaction between investors and issuers. Historical examples show how regulation, legislation, and other aspects of public policy can stimulate or slow down corporate bond markets. Currently, access to bond markets is limited for most companies due to the high cost of issuance, but the corporate bond market continues to expand. Regulation of the corporate bond market is a key factor that determines the possibility of attracting financial resources through this debt instrument from domestic and foreign investors. In this respect, it is important to pay attention not only to the issue of specific new regulatory and policy initiatives, but also to a careful review of the overall legal and regulatory framework. The purpose of the article is to systematize and analyze the legal framework for the issuance and circulation of corporate bonds in Eastern Europe. The article lists the main transactions in corporate bonds during their life cycle. The difference between the concepts of "corporate bond issue" and "corporate bond circulation" is substantiated. An analysis of the specifics of corporate bond regulation on the example of Ukraine, Bulgaria, Poland, Romania, Slovakia, Slovenia, Hungary and Croatia is carried out. The list of the basic laws of the countries of Eastern Europe regulating issue and circulation of corporate bonds is given. The common and distinctive features in the reporting and methods of information disclosure by corporate bond issuers in Ukraine and other Eastern European countries are analyzed. The structure of the corporate bond issue prospectus is determined. The main innovations in the Ukrainian legislation on the regulation of the issue and circulation of corporate bonds are analyzed.