Abstract
Joint investment institutes, in particular, venture capital funds, constitute a significant part of the economies of developing countries, as they stimulate the investment of individuals and legal entities and play an essential role in the development of young companies that are building their business on the basis of innovations and innovative technologies (start-ups). In addition, the use of venture capital funds for legitimate tax optimization or as financial intermediaries within the group of companies is a very common phenomenon on the market of goods and services, in particular, in Ukraine. The activities of the venture capital funds in Ukraine as a whole are constructed in accordance with the European model, but there are still some differences and imperfect legal regulation, which is a problem in understanding the approximation of Ukrainian legislation to unified EU regulations.
 The subject of the article (study) is the analysis and comparison of the venture capital funds as joint investment institutes in Ukraine and EU law on the basis of the national legislation of Ukraine and the relevant EU directives. Similar studies in Ukraine are practically absent, with the exception of the thesis by Polianska I.Y. "Investors 'Rights in Joint Investments: Comparison with European Legal Models", devoted to the study of the nature of investors' rights in the implementation of joint investments and the determination of the laws of legal regulation of the status of joint investment institutes under the legislation of Ukraine and legislation of foreign countries, in particular Western European States, scientific publications Hlibko S. V. and Sydorenko YU. V. "Issues of legal regulation of investment funds in the EU", Svikhrov S.O. and Schastlyvtseva R.V. "On the necessity to bring commitments on the activity of institutional investors in Ukraine to the legislation of the European Union", Inna Lobas "Foreign experience of state support of venture investment of innovation activity".
 The purpose of the publication is to study the general legal regulation of activities of venture capital funds and joint investment institutes in the EU countries, to compare it with such regulation in Ukraine and to bring proposals to improve the specified legal regulation in Ukraine.
Highlights
Можна дійти висновку, що альтернативним інвестиційним фондом в ЄС може бути ІСІ як закритого, так і відкритого типу, якщо відповідатиме ознакам та критеріям для AIF, визначеним Директивою AIFMD, а венчурний кваліфікаційний фонд, за правом ЄС, є видом альтернативного інвестиційного фонду, що управляється акредитованим менеджером та до якого можуть застосовуватися положення Директиви EuVECA
Official Journal of the European Union 2 L 302/3 від 17.11.2009 р.) передбачено зобов’язання держав членів ЄС щодо акредитації інститутів спільного інвестування, що, по суті, є аналогом ліцензування компаній управління активами в Україні відповідно до Рішення
Summary
Можна дійти висновку, що альтернативним інвестиційним фондом в ЄС може бути ІСІ як закритого, так і відкритого типу, якщо відповідатиме ознакам та критеріям для AIF, визначеним Директивою AIFMD, а венчурний кваліфікаційний фонд, за правом ЄС, є видом альтернативного інвестиційного фонду, що управляється акредитованим менеджером та до якого можуть застосовуватися положення Директиви EuVECA.
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