ЗАХИСТ ІНВЕСТОРІВ ЯК КЛЮЧОВА ПЕРЕДУМОВА МОБІЛІЗАЦІЇ КАПІТАЛУ ДЛЯ ПІСЛЯВОЄННОГО ВІДНОВЛЕННЯ УКРАЇНИ

Abstract

The article investigates the problems of protecting the rights and interests of individual investors in the Ukrainian stock market, which have become especially urgent in the context of russia's full-scale military aggression. The study aims to identify the key problems of the Ukrainian stock market, particularly in the context of protecting the interests of individual investors, as a necessary prerequisite for the effective mobilization of capital for the post-war reconstruction of the Ukrainian economy. The research methodology combines general scientific and special approaches. The key challenges identified in the study include the blocking of access of investors to their assets, the lack of reliable legislative guarantees for the inviolability of private property rights, and the insufficient institutional capacity of the regulator. The article analyzes the recent court decisions, which demonstrate that the current legislation of Ukraine allows for the forced alienation of the shares of individual investors in favor of the state during martial law without their participation and full compensation. The study concludes that the key problem in protecting the rights of individual investors in Ukraine is the insufficient institutional capacity of the National Securities and Stock Market Commission and the lack of a necessary legislative framework. The article proposes a set of measures to improve the regulation of the stock market in order to create a favorable investment climate and ensure reliable protection of the rights of individual investors. These measures include ensuring the fundamental principle of inviolability and the constitutionally guaranteed rights of investors, creating an analogue of the American SIPC, developing a dedicated website for investor protection, aligning national legislation with global standards, creating conditions for the active development of collective investment institutions, revising tax policy, increasing the transparency and accountability of public companies, and facilitating the digitalization and innovative development of stock exchanges. The implementation of the proposed complex of measures will contribute to the formation of a full-fledged capital market in Ukraine with reliable guarantees of the preservation of assets and legitimate interests of individual investors, which will become a key prerequisite for the active mobilization of domestic and foreign investments in the process of rebuilding the national economy after the war.