Basic approaches to the definition of the concept and legal nature of the repurchase agreement

Abstract

At this article determined the concept and the legal nature of the repurchase agreement. The relevance of research the repurchase agreement caused by the gradual increase of the intensity the civil circulation of securities after Ukraine's transition to the market economy. Accommodation and securities trading generates public relations, which requiring its regulation in the contracting form, namely in the form of the repurchase agreement. At this article determined the concept of the repurchase agreement, which proposed by different scholars, investigated the etymology of the repurchase agreement concept and described basic scientific approaches to determining legal nature of the repurchase agreement. It was concluded that nowadays, there are three approaches to understanding the legal nature of the repurchase agreement. Supporters of the first approach consider that the repurchase agreement is two sales contracts, which are opposite because they contain mutually inverse process of buying / selling securities. Supporters of the second approach believe that the repurchase agreement is a kind of the loan agreement. Supporters of the third approach, pay attention to the dual nature of the repurchase agreement objects and they consider that the repurchase agreement combines elements of legal construction of the sales agreement and the loan agreement. The position of the supporters of the third approach is more justified. Considering the definitions of the repo transactions concept listed in the Applications by the National Bank of Ukraine and the concept of the repurchase agreement, which proposed by different scholars, can say that the repurchase agreement is the agreement in which one party (the seller) undertakes in due time to transfer the ownership of the other party (the buyer) securities and the buyer agrees to accept the securities and pay them a sum of money (the first part of the repurchase agreement) and for which the buyer agrees to pass in due time are the same securities (the same issue of securities, denomination) in the property seller and the seller agrees to accept these securities and pay them a sum of money (the second part of the repo agreement).