Regulatory Ones Research Articles

Regulatory role and anticarcinogenic properties of certain vitamins' active derivatives and vitamin-like substances

Vitamins are low-molecular compounds consisting of an essential part of the human diet. After entering the human organism vitamins or their precursors can undergo chemical modification, changing their biological properties and regulatory activity. For many decades, vitamins were considered mainly as precursors of enzyme cofactors, and hypovitaminosis was interpreted as a deficiency of a particular metabolite resulting from enzyme's insufficient activity. However, with the development of molecular biology techniques and breakthrough in understanding of gene expression regulation and cell signaling mechanisms, as well as in molecular mechanisms of diseases associated with impaired functions, it became clear that there are significantly more active forms of vitamins, and their functions in the human body are more diverse than it had been suggested previously. The purpose of this review was to consider vitamins' and vitamins' derivatives regulatory and anti-tumor role and their potential for clinical application as main or adjuvant drugs for malignant neoplasms treatment. Material and methods. The present review is based on the results of literature analysis conducted in the Scopus, PubMed, Science Direct databases for the keywords «vitamin A AND cancer», «retinoids AND cancer», «vitamin D AND cancer», «vitamins AND cancer», «vitamins AND cancer». The search depth was 6 years (2016-2021). Results. Active forms of hydrophilic and lipophilic vitamins are key participants in the processes of chromatin remodeling, genome stability maintaining, covalent modification of proteins, including signaling and regulatory ones, and also act as chemical messengers themselves. Therefore, vitamin deficiency is associated with autoimmune and chronic diseases such as cancer, atherosclerosis, diabetes mellitus, etc. This review considers the regulatory role of active forms of vitamins, their derivatives and vitamin-like substances as well as their involvement in the process of carcinogenesis. Conclusions. Modern studies confirm the high therapeutic potential of vitamins: the use of pharmacological doses of vitamins or their derivatives may help to prevent or fight non-communicable diseases, including cancer.

Criminological legislation of Ukraine in the field of road safety

The level of road safety in Ukraine cannot be estimated as high. According to the reports of the Patrol Police, in Ukraine in recent years, on average, 3.5 thousand people die from road accidents every year.
 An increase in the level of road transport safety determines the development of a theoretical basis for legislation to ensure the prevention of offenses, primarily criminal ones. The criminological legislation in the field of road safety can be such a theoretical basis.
 The legislation, the norms of which are aimed at ensuring road safety, is significantly branchy and widely held in norms of laws of different legal force, forming, on the one hand, a large layer of legal norms, and on the other, laying the foundations for the prevention of offenses in this area.
 Criminological legislation in the field of road safety is a separate structural element of the criminological legislation of Ukraine. The subject of legal regulation in this case is public relations in the field of regulation of the prophylaxis and prevention of offenses (both administrative and criminal) in the provision of road traffic.
 According to their functional purpose, the norms of the criminological legislation of Ukraine in the field of road safety can be divided into conceptual, programmatic, regulatory and preventive ones.
 Conceptual norms include the norms through which the system of views and constructive ideas of the state about the road safety improving is revealed. The program norms of criminological legislation in the field of road safety include the provisions of documents aimed at the implementation of conceptual norms. Regulatory norms are the norms of legislation aimed at observing the rules, norms and standards for the operation of transport, ensuring the rules for organizing road safety and other prescriptions that determine the rules for road users. Preventive provisions include the norms of administrative and criminal legislation that determine responsibility for violations in the field of road safety and transport operation, thereby performing prophylactic and preventive functions.

Digitalization of the monetary-credit system: institutional and regulative aspects

Objective: to consider the institutional and regulatory aspects of digitalization, to reveal the institutional features of the digital monetary-credit system, to classify the digitalization models, to describe the phenomenon of the central bank digital currencies, to consider the main trends in the regulation development, and to propose improvements in the monetary systems regulation.Methods: methods of systematization, classification, analysis and synthesis were used in the work.Results: it was shown that the monetary systems digitalization is characterized by signifi changes not only in the organizational and technological aspects, but also in the institutional and regulatory ones. They affect both the functioning features of the monetary system subjects and the methods of conducting operations, as well as the role and tasks of the financial regulators. It is marked that the monetary system long-term institutional development is characterized by the formation of a new digital investment and finance space, which is expressed in the change in the transaction costs structure, the formation of new institutional qualities of the monetary system, the emergence of new types of risks, the transformation of the existing and emergence of new players, due to the active introduction of digital financial technologies. The influence of digital transformation models on changes in the regulatory environment is analyzed, which implies a change in both approaches to regulating the activities of financial service providers and the role of regulators. The main models of monetary systems regulation are also analyzed.Scientific novelty: consists in identifying and systematizing the main institutional aspects of digital currencies development and determining the digital image of the financial and credit sector of the economy. As a result of the study, the main measures aimed at managing the process of monetary systems digitalization are formulated.Practical significance: the main proposals based on the study results can be used by financial regulators in the development of measures for the financial market development and the monetary system digitalization; systematization of regulatory models and digitalization models can be used by higher educational institutions to design the appropriate programs for retraining and advanced training of specialists in the field of finance.

Institutional Dimension of the “Soft Power” Policy: Analytical Method and Russian Experience

Despite the high interest of political scientists in the “soft power” concept, little attention is paid to its institutional dimension. The paper attempts to fill this gap by systematizing knowledge in this area, defining conceptual questions and suggesting analytical tools. The paper is based on three established approaches to define the political institutions: regulatory, organizational, and practical (activity-based) ones. In its turn, an understanding of the “soft power” concept is reflected by the approach of J. Nye. On this basis, the author clarifies the content of the institutional dimension in the “soft power” policy context and suggests an institutional model of a modern state’s “soft power” policy as an analytical tool. The potential use of the suggested model is considered by the example of Russia. This paper calls for a discussion about the institutional manifestations of the “soft power” policy, clarification of the subject area, and development of tools to study this phenomenon.

In Vitro Characterization of Human CD24hiCD38hi Regulatory B Cells Shows CD9 Is Not a Stable Breg Cell Marker.

Regulatory B (Breg) cells are endowed with immune suppressive functions. Various human and murine Breg subtypes have been reported. While interleukin (IL)-10 intracellular staining remains the most reliable way to identify Breg cells, this technique hinders further essential functional studies. Recent findings suggest that CD9 is an effective surface marker of murine IL-10 competent Breg cells. However, the stability of CD9 and its relevance as a unique marker for human Breg cells, which have been widely characterized as CD24hiCD38hi, have not been investigated. Here, we demonstrate that CD9 expression is sensitive to in vitro B cell stimulations. CD9 expression could either be re-expressed or downregulated in purified CD9-negative B cells and CD9-positive B cells, respectively. We found no significant differences in the Breg differentiation capacity of the CD9-negative and CD9-positive B cells. Furthermore, CD9-positive B cells co-express CD40 and CD86, suggesting their nature as B cell activation or co-stimulatory molecules, rather than regulatory ones. Therefore, we report the relatively unstable CD9 as a distinct surface molecule, indicating the need for further research for a more reliable marker to purify human Breg cells.

НАПРЯМИ УДОСКОНАЛЕННЯ ДІЯЛЬНОСТІ ФОНДУ ГАРАНТУВАННЯ ВКЛАДІВ ФІЗИЧНИХ ОСІБ: ЕКОНОМІКО-ПРАВОВИЙ АСПЕКТ

Досліджено особливості діяльності Фонду гарантування вкладів фізичних осіб у системі гарантування вкладів фізичних осіб.
 Проаналізовано повноваження Фонду гарантування вкладів фізичних осіб. Визначено, що його виконавча дирекція здійснює повноваження у сфері забезпечення діяльності Фонду, щодо джерел формування коштів Фонду, у сфері забезпечення відшкодувань за вкладами, у сфері регуляторної діяльності, у сфері виведення неплатоспроможних банків з ринку. Запропоновано повноваження адміністративної ради Фонду гарантування вкладів фізичних осіб поділити на функціональні, погоджувальні і розпорядчі.
 З’ясовано проблеми формування ресурсної бази Фонду гарантування вкладів фізичних осіб. Наголошено, що розширення джерел формування коштів Фонду безпосередньо пов’язано з колом учасників системи гарантування вкладів фізичних осіб. З метою збільшення коштів Фонду гарантування вкладів фізичних осіб запропоновано включити до складу учасників Фонду небанківські фінансові установи.
 Розглянуто окремі аспекти контролю за діяльністю Фонду гарантування вкладів фізичних осіб. Наголошено, що річний звіт Фонду потребує вдосконалення. Запропоновано закріпити форму річного звіту Фонду в законодавстві та визначити такі його розділи: основні показники діяльності Фонду у звітному періоді, внутрішнє управління Фонду, законодавство та регуляторна діяльність, інформування громадськості, аналіз банківського сектору, регулятивна діяльність Фонду, управління фінансами, виведення неплатоспроможних банків з ринку, захист інтересів вкладників, фінансова звітність Фонду.
 Сформульовано напрямами удосконалення діяльності Фонду, а саме: перегляд повноважень Фонду в частині здійснення контролю за проблемними банками, розширення кола суб’єктів та об’єктів системи гарантування вкладів, удосконалення контролю за діяльністю Фонду, запровадження нових механізмів здійснення виплат відшкодування вкладникам неплатоспроможних банків, розширення переліку джерел формування коштів Фонду.

ДІЯЛЬНІСТЬ НАЦІОНАЛЬНОГО БАНКУ УКРАЇНИ ПІД ЧАС СПАЛАХУ ПАНДЕМІЇ COVID-19

The article considers the impact of the COVID-19 pandemic on the regulatory activities of the National Bank of Ukraine. The interdependence of the banking and economic systems and the impact of their inefficient interaction on banking in general and each individual commercial bank in particular are analyzed. It is established that before the onset of the pandemic crisis in the world, the banking system of Ukraine was characterized as stress-resistant, taking into account the reforms of liquidity and recapitalization. The stability of the banking system is affected by economic pressures caused by the spread of coronavirus and lower oil prices. According to one of the world’s three reputable rating agencies, Fitch Ratings, the level of pressure on banks depends on the depth and duration of the economic downturn, specific risks to the national economy and external finances (for example, tourism revenues or remittances), national government measures and individual banks. The implementation of anti-crisis measures developed by the National Bank of Ukraine as tools to increase financial and economic security in the country as a whole, and financial institutions in terms of increasing banking risks caused by the outbreak of the COVID-19 pandemic. The spread of this infection also has negative consequences for the economy and financial system of Ukraine. Therefore, the National Bank of Ukraine has introduced a system of anti-crisis measures during quarantine in the country. The NBU covers information about events in the economy through its own website, social media pages, and the media. These measures are implemented to mitigate the impact of coronavirus disease on citizens and businesses, and to ensure the quality and smooth operation of the financial system. The banking system continues to operate, without imposing any restrictions on the operation of banks and their operations. As a result of the study, a system of measures of national support for the banking sector by the National Bank of Ukraine and the International Monetary Fund was proposed through the prism of a number of guidelines and regulatory points, which are supporting instruments rather than control and regulatory ones.

Cultural ecosystem services and disservices in an urban park in Bogota, Colombia

Abstract Cultural Ecosystem Services (CES) are important for contributing to the physical and mental health of humans, but they have been little studied in low-income populations. It is intended to understand the meaning of the “Entrenubes” Ecological Park (PEN) for visitors, through: 1) identifying the sociodemographic variables associated with the different ecosystem services and disservices; 2) Define how the relative importance of interactions with these variables differs between ES. A questionnaire was applied to 281 visitors. A Multiple Correspondence Analysis (MCA), chi-squared test and ordinal logistic regression were performed between ES and visitor profile. 7 CES and 3 regulatory ones were identified. No significant associations were found between ES preferences, disservices and sociodemographic characteristics of the visitors. Recreation presented the highest average perception. Drug abuse was the predominant disservice. These results provide criteria for decision-making in urban green infrastructure planning.

Theoretical foundations and practice-oriented technologies for the development of professional competence of music teachers in the in-service training system

The article is devoted to the development of music teachers’ professional competence in the in-service teachers’ training system. The contradiction between the requirement of professional standards for the music teachers’ work and their preparation in the in-service teachers’ training system is discussed. The basic concept of the research - “professional competence” was specified, its structure was analysed, and the content was substantiated. The model of music teachers’ professional competence included such components as key components (informational, regulatory and communicative ones); an operational component; intellectual and educational component. The music teachers doing in-service training course were the participants of an experimental group and a control group. The results of input diagnostics showed the priority of using active forms of study for the experimental group. The detailed description of teaching technologies, used for the experimental group, was presented in the article. They included problem lectures, role games, business games, discussions, etc. The reliability of the output diagnostic results was proved with the help of t-test. The results showed decrease of the number of the music teachers with the low level of professional competence and increase of group members with high level of professional competence. Thus, the findings of the research proves the effectiveness of the model of music teachers’ professional competence.

About the Classification of Housing Legal Relationship to Regulatory and Protective

Statement of the problem. The question of the classification of housing legal relations into regulatory and protective ones is not debatable. But not because there is a consensus on this issue in the doctrine, but because until now it has not become the subject of special research. In some works, one can find a brief mention of the division of housing legal relations into regulatory and protective, but it is difficult to find a detailed presentation of the author’s position on this issue. Against the background of the active development of the classification of civil legal relations into regulatory and protective inattention to this issue in the science of housing law looks like a serious omission over the past decades. Goals and objectives of the study. The article discusses the main provisions justifying the classification under consideration, examines the attitude towards it in the literature of a housing legal nature. Research methods: the article uses a logical method, and above all such techniques as analysis and synthesis, functional and comparative legal methods. Results, brief conclusions: ignoring the classification in question leads to contradictions in the doctrine of housing legal relations, to the ingraining of unreliable ideas about the ratio of the categories included in this doctrine. It seems important to carry out further research of housing legal relations on the basis of a consistent classification of housing legal relations into regulatory housing legal relations and protective housing legal relations.

Improving the regulation of the economic development in the large cities economy of Western region in the context of priorities for the construction of a circular economy model

Implementation of elements of the circular economy concept in the economic models of large cities creates the preconditions for building environmentally sustainable urban socio-economic systems, the transition to circular thinking, and the creation of new opportunities for economic growth. According to the results of the analysis of the structural transformations efficiency in the economy of Western region’s large cities, the paper argues that their socio-economic systems enter the initial stages of transition from the traditional linear model of the economic system to the system based on the concept of the circular economy. The paper defines that the level of the circular economy development in the Western region’s large cities is insufficient due to a number of regulatory, socio-economic, and technological ones. Concentrated efforts of government and business to reduce and overcome these obstacles can play a positive role in shaping the circular economy in the regions of Ukraine, and the intensification of technology transfer and best practices, new methods of product and material design can significantly enhance its development. Transformation of the linear model of Ukrainian large cities’ economies towards the circular economy should take place in stages in the form of short-, medium- and long-term measures system within a specialized state strategy for the development of the circular economy, because in today's conditions the country has not formed the appropriate institutional, infrastructural, technological, and socio-cultural conditions for a rapid and high-quality transition to a circular economy. Within the step-by-step scenario of Ukraine’s linear economic system transformation into a circular one, the paper offers the Roadmap for the construction of a circular economy, which combines target guidelines and a step-by-step plan for its formation. The Roadmap for the formation of a circular economy in Ukraine combines the strategy, targets, and development plan of the process, outlining its main stages in a certain period of time.

Development of a Model for Assessing the Potential Impact of Blockchain Technologies on Economic Growth Dynamics in Financial Markets

Over the past years, blockchain technologies have become one of the outstanding innovations in the financial sector of the economy, enhancing and facilitating transaction procedures in many spheres. Moreover, these technologies are of great significance concerning the financial market, including regulators. However, it may well involve a certain level of uncertainty of the generated effects both for themselves and for the national economy. It is worth mentioning that quite many works devoted to the problems posed focus on qualitative assessments and conclusions, focusing either on the study of the technological component of the technologies or on the regulatory and legal ones. This study aims to reinforce the positions of formalized approaches to the study of the scientific and practical problems posed. The paper proposes an algorithm for studying the influence of blockchain technologies on the GDP dynamics through the prism of the transformation of key functioning parameters describing the financial and real sectors of the economy. A cointegration model has been built that allows one to determine the main effects and the potential impact of possible transformations (as a result of the penetration of blockchain technologies into the system of economic relations) of individual functional areas in the financial sector of the economy on GDP dynamics. The obtained estimates of the sensitivity of economic dynamics to the considered adjustments of the financial market demonstrated the potential for economic expansion, provided the possible integration of blockchain technologies in the business environment.

Human and civil rights as a determiner of national state-building

At the present stage of their development the Ukrainian society and the state are characterized by their pursuit to provide maximum realization of human and civil rights and to create a full-scale civil society. Obviously, in this context, a significant attention is paid to the human rights in Ukraine, however there is insufficient research systematically conceptualizing the human rights employing philosophical and legal instruments and methodology. The author highlights that particular attention in the mechanism of organizational and legal remedies is paid to judicial and extrajudicial protection of human and civil rights. In accordance with the Article 55 of the Constitution of Ukraine the judicial protection of human and civil rights is maintained through the system of general jurisdiction courts of Ukraine. The state ensures the right of every person to appeal in court against any decisions, actions or inactivity of the state bodies, local self-government bodies and government officials that violate human and civil rights. In case of exhausting all remedies of his/her rights and liberties protection in national courts the person can appeal to the international courts, e.g. to the European Court of Human Rights. At present, Ukraine holds the third position in the number of its citizens’ appeals to this distinguished international legal institution. Every person is able to appeal to the extrajudicial institutions authorized to protect the constitutional human and civil rights and liberties. In Ukraine there is a special body for this purpose — the Ukrainian Parliament Commissioner for Human Rights, whose activities are determined by the Law of Ukraine «On the Ukrainian Parliament Commissioner for Human Rights» of 23 December, 1997. In case when all extrajudicial remedies of human rights protection are exhausted, a person has the right, guaranteed by the Constitution of Ukraine, to appeal to the international human rights organizations (Art. 55). In terms of the current theory and practice of guaranteeing the constitutional human and civil rights, together with the national regulatory, organizational and legal guarantees, it is worth to distinguish the international guarantees of the constitutional human and civil rights and liberties in Ukraine. The special international legal guarantees of the human and civil rights and liberties are usually divided into regulatory and institutional ones. Key words: human and civil rights and liberties, constitutional state, national legal doctrine, international law, imitation of human rights, constitutional and legal mechanism for ensuring human rights and liberties.

Can payment tools substitute for regulatory ones? Estimating the policy preference for agricultural land preservation, Tianjin, China

As policies of agricultural land preservation, regulatory tools and payment ones usually operate independently or complementarily. However, under the policy of the dynamic balance of total cultivated land and taxes/fees of agricultural land conversion in China, there is a substitution relationship between the regulatory and payment tools. This article reviews this substitution mechanism, theoretically evaluates the policy system of Chinese agricultural land preservation from the perspective of nonmarket value and then estimates the public preference for those policy tools and agricultural land types using the choice experiment method. The results show that first, the effects of the regulatory and payment tools are different. While the regulatory tools preserve current agricultural land, the payment ones tend to improve cultivated land for the function of food security. Second, in the choice experiment, respondents support the hybrid tools combing the regulatory and payment tools, regulatory ones and payment ones from high to low, which means that the substitution relationship is reasonable to some extent. These suggest that the interaction of policies needs to be identified in the policy system of agricultural land preservation, and the theory of nonmarket value and choice experiment can be effectively used to evaluate the policy and provide references for the improvement of the policy system.

Regulatory guarantees of the internally displaced person’s rights and freedom

The state cannot be considered democratic, social and legal in the absence of normative legal guarantees that ensure the unimpeded realization of the rights, freedoms and interests of a person and a citizen, including internally displaced persons, and in case of their violation, protection and restoration. Encountered in 2014 with military aggression, the occupation of part of Ukraine, the authorities faced not only the problem of internal forced migration, but also the need to create effective safeguards for the rights and freedoms of internally displaced persons, in particular, regulatory and legal ones. It is highlighted that in the context of ensuring the rights and freedoms of internally displaced persons, one of the issues of discussion is the correlation of international and national law, which requires doctrinal study. After analyzing the correlation between international and national law, it is noted that in Ukraine superiority is given to the monistic theory, which is characterized by preservation of the supremacy of the basic law of the state, with the recognition of the priority of international law over the national one. It is stressed that the norms of international and national legal acts on protection and assistance to internally displaced persons provide an opportunity to ensure the effective functioning of public authorities and local self-government bodies for the protection and support of such a category of persons as IDP. It is noted that normative-legal regulation in the field of protection of rights and freedoms of internally displaced persons is characterized by imperfection and imbalance in various aspects of public life. On the basis of a comprehensive analysis of international and national normative legal acts in the field of ensuring the rights and freedoms of internally displaced persons, author’s classification is given. The advantages of classification of normative legal acts in the context of ensuring the rights and freedoms of internally displaced persons are noted.

In and Beyond COVID-19: US Academic Pharmaceutical Science and Engineering Community Must Engage to Meet Critical National Needs.

The supply of affordable, high-quality pharmaceuticals to US patients has been on a critical path for decades. In and beyond the COVID-19 pandemic, this critical path has become tortuous. To regain reliability, reshoring of the pharmaceutical supply chain to the USA is now a vital national security need. Reshoring the pharmaceutical supply with old know-how and outdated technologies that cause inherent unpredictability and adverse environmental impact will neither provide the security we seek nor will it be competitive and affordable. The challenge at hand is complex akin to redesigning systems, including corporate and public research and development, manufacturing, regulatory, and education ones. The US academic community must be engaged in progressing solutions needed to counter emergencies in the COVID-19 pandemic and in building new methods to reshore the pharmaceutical supply chain beyond the pandemic.

СТРАТЕГІЧНІ НАПРЯМИ ДЕРЖАВНОГО РЕГУЛЮВАННЯ ТОРГОВЕЛЬНОЇ ДІЯЛЬНОСТІ В УКРАЇНІ

The subject of the study is the strategic aspects of state regulation of trade activities in Ukraine. The article presents the state of domestic and foreign trade activities, as well as the place of the state in the regulation and development of the domestic and foreign markets. The concept of a mechanism for regulating the activities of commercial enterprises in the context of a fall in the level of national production with a significant import volume at the same time is revealed. The role and place of the state in the management of foreign and domestic trade, as well as the relationship between the state and the subjects of the domestic and international market, are considered. It is established that the system of state regulation measures should ensure the functioning of a competitive environment for all market participants, while ensuring the effectiveness of fair legal regulation of consumer protection, replacing managerial FSCS with regulatory ones. The objective necessity of regulatory policy and its impact on the effective development of retail trade of each individual enterprise and the domestic market as a whole is justified. The tools of the state body regulating the sphere of trade and the possible consequences of their application with clearly defined functions and powers to support innovations in this sphere of activity are considered. The analysis of the most significant legislative documents is made. The main problems and imbalances in the development of trade activities as a result of inadequate attention of the state to trade issues are identified. According to the results of the study, promising areas for improving the state's regulation of domestic and foreign trade are identified, based on the examples of world experience and the laws of progressive development of trade activities, which demonstrates the need for the state to guarantee a balance of interests of consumers, producers and network trading companies.The directions of improvement of the state regulation policy that will contribute to the development of trade and effective entry of Ukraine into the world community are highlighted.

Hedging Strategies for Net Interest Income and Economic Values of Equity

The changes in Interest rate risk in the banking book ( IRRBB ) of Basel capital frameworks Pillar 2, where the regulator prescribed a set of stress scenarios and shocks to a standardized interest rate risk measures on changes of Economic Value of Equity (EVE) and Net Income Interest (NII) force banks to model interest rate risks and develop hedging strategies to mitigate the sensitivity to interest rate shocks. In this work we define, model and compute both the NII and the EVE indicators. We study early renegotiation models, based either on an optimal exercise or a statistical model. Finally, we discuss hedging strategies for the NII and the EVE based on both variance and sensitivities minimization. The framework is flexible enough to take into account a wide variety of operational situations, including regulatory ones. To test it, we analyze numerically hedging strategies aiming to reduce the sensitivity of ALM risk measures. Notably, we show that the NII and the EVE are opposite measures: lowering the sensitivity of one of this measures increases the sensitivity of the other. However, anticipated refunds and renegociation effects might temper this conclusion. To reach these goals, we shift from a classical scenario-based definition of the NII and the EVE to a stochastic one, that is quite similar to a Front-Office portfolio analysis. However, there is a drawback in this approach: the targeted applications require not only to compute the EVE and the NII indicators, but also all their conditional futures prices and sensitivities' values. In an operational context, where the number of risk sources can be large, classical numerical methods face the so-called curse of dimensionality problem. To tackle this difficulty, we conduct our numerical experiments using a financial mathematics framework, embedding a partial differential equations (PDE's) solver, that overcomes the curse of dimensionality.

FINANCIAL TECHNOLOGIES: THE CONCEPT AND TYPES

The article is devoted to the study of the influence of digital economy on financial law. It is determined that in the context of economy digitalization, new technologies, on the one hand, lead to the expansion of the subject of legal regulation, and, on the other hand, they represent a tool that promotes regulation, administration, financial control and supervision. The paper discusses various types of financial technologies, primarily regulatory (RegTech) and supervisory (SupTech) ones. According to the results of the study, the author concludes that the term regulatory technologies is generally inappropriate. In addition, it should be said that, in a narrow sense, financial technology provides for a set of instruments and methods used exclusively in financial markets and, in broad terms, used in all areas related to financial regulation, control and supervision.

Identifying causes and potential consequences of financial fraud

Introduction. The article claims that due to the rapid growth of financial relations, advancement of globalization processes, the impact of IT and the Internet on financial performance, the number of economic crimes in Ukraine has increased recently, especially financial fraud offences. The authors provide evidence that fraudulent schemes have targeted not only public and private finance, but all social relations.Purpose. Therefore, the aim of the paper is to address financial fraud as a global threat and identify its causes and potential consequences.Methods. For addressing the causes and effects of financial fraud, the following general research methods are used: analysis, synthesis, induction, deduction, abstraction and grouping.Results. It should be noted that the problem of financial fraud has not received sufficient attention in domestic research literature and practice. The paper presents the leading causes of financial fraud, which include economic, moral and psychological causes as well as regulatory, infrastructural and organizational ones. Financial fraud has a negative impact on the national economy and the welfare of citizens, and therefore leads to the multimillion losses. In order to identify consequences of financial fraud, a combination two types of evaluating such consequences is suggested: quantitative (involves the calculation of pecuniary damage, economic losses and lost economic profit due to fraud offences, and qualitative (logically explains circumstances of financial fraud, risks of losing corporate reputation, image and investment attractiveness). There are three major reasons why financial fraud occurs, which constitute the so-called fraud triangle: the opportunity to commit fraud; the pressure on the individual or the motivation behind the crime; the ability to rationalize the fraud. Therefore, the most important tasks for state bodies, economic entities and individuals include neutralizing the factors which lead to financial fraud and exercising effective control over the prevention of fraud offences in social and economic areas in general, and in financial area in particular.Discussion. Further studies should focus on a comprehensive analysis of the most common types of financial fraud, which take place in Ukraine. The authors argue that this will lead to establishing a set of policies aimed at reducing this negative phenomenon.