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CERCETĂRI PRIVIND IMPLEMENTAREA CONTROALELOR OPERAȚIONALE ÎMPOTRIVA PRACTICILOR ABUZIVE DE PIAȚĂ ÎN CADRUL FIRMELOR ROMÂNEȘTI DE INVESTIȚII

Author(s): Ioan-Ovidiu Spătăcean,Anca-Elena Cerghizan / Language(s): English,Romanian Issue: 8/2014

This article presents investment firms, especially brokerage companies, in terms of violations of regulations and legislation related to capital market. The first stage of the research highlights the responsibilities of investment firms from Romania to prevent fraudulent practices and market abuse. In the second study we aim to identify possible deviations of governance structures and how they were punished by F.S.A. The last part presents some important cases of fraud and market manipulations made by investment firms.

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FUNDAMENTALS OF PROJECT FINANCE APPLIED TO PRIVATE PUBLIC PARTNERSHIPS IN COLOMBIA

Author(s): Monica Liliana Ibagon / Language(s): English Issue: 02/2018

PPPs, structured under Project Finance standards, form a system determined by a normative complex organized by subsystems and interacting and interdependent elements conditioned by a process of control and communication. This systematic nature has an effect on the legal configuration of the content of the PPP contract. It was shown that financing depends, on the one hand, on budgets that condition it and, on the other, it acts as a determinant of other elements of the system; so that there is a close relationship between the financing of the project and the challenge of contractual management. The correspondence between the components of the project finance system is of reciprocal conditioning and is determined by the communication between its parts.

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THE EFFECT OF AGRICULTURAL INVESTMENTS BY GOVERNMENTS ON ECONOMIC GROWTH AND FINANCIAL MARKETS: AN APPLICATION ON DEVELOPED AND DEVELOPING COUNTRIES

Author(s): Abdulkadir Kaya / Language(s): English Issue: 14/2021

In this study, Bound Test Analysis (ARDL) was applied for the 2001-2016 period in order to examine the effects of the Agricultural Orientation Indices (AOI) representing the agricultural investments of countries on the Stock Exchange Index (SE) and Gross Domestic Product (GDP) of developed and developing countries. The independent variables of the two ARDL models created are AOI and the dependent variables are SE and GDP. To estimate the relations between the variables, yearly panel date series belonging to the period of 2001 - 2016 are taken into account. According to the results of the analysis of border tests, Agriculture Orientation Index (AOI) and the Stock Exchange Index (SE) and Gross Domestic Products (GDP) variables are cointegrated in both developed and developing countries. AOI variable has no statistically significant effect on SE variable, GDP variable is negatively affected by the AOI variable in the long term both developed countries and developing countries. In developed countries, the AOI variable has a negative relationship with the SE variable. In addition, it was determined that the AOI variable has a negative effect on the GDP variable in the short term. AOI variable does not affect on both SE and GDP variables in the short term.

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THE IMPORTANCE OF APPLYING INTERNATIONAL ACCOUNTING STANDARDS IN REDUCING PROFIT MANAGEMENT PRACTICES - APPLIED STUDY ON A SAMPLE OF PRIVATE BANKS IN IRAQ

Author(s): Fedaa Abd Almajid Sabbar,Thamer Mahdi Muhamed Sabri,Abbas Naser Saadoon Almshabbk / Language(s): English Issue: 32/2019

In light of the changes witnessed in the global economy, and the need for investors to find understandable financial statements that assist them in making investment decisions, it becomes important and necessary to apply international accounting standards that contribute to providing specific characteristics of information of the financial statements, such as accountability, transparency and comparability, and enhance the quality of accounting information of the financial statements. However, the requirements of applying these standards through the use of judgments, estimates and changes in the financial reports in terms of numbers and supply, allows the management of companies and banks in the field of discretion and the use of accounting estimates and choices to affect the information in the financial statements based on their personal interests. This represents the so-called management of profit phenomenon.

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CONSUMERS PROTECTION FROM THE PERSPECTIVE OF SANCTIONING DOUBLE QUALITY STANDARD OF PRODUCTS AND SERVICES IN THE EUROPEAN UNION

Author(s): Raluca Dinu / Language(s): English Issue: Supliment1/2019

The ”New Deal for Consumers”, developed by the European Commission, is an important step forward in improving consumer rights and legal certainty for businesses in areas such as cross-border portability of content, roaming charges and geoblocks, being implemented through updated rules of consumer protection, adapted to the challenges of the constantly evolving markets. This proposal contributes to ensuring fairness and confidence building in the single market through collaboration with all Member States and stakeholders in a public debate to ensure that there are no second-class consumers in the European Union. To this end, the Commission will ensure the implementation of the rules aimed at equal treatment of consumers in the single market, in order to promote a new culture of compliance with Union law in this area.

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SUZBIJANJE PRIVREDNOG KRIMINALA I KORUPCIJE NA TRŽIŠTU KAPITALA REPUBLIKE SRBIJE

Author(s): Milan Milošević,Mirjana Stanimirović / Language(s): Bosnian,Croatian,Serbian Issue: 5/2014

Understood in its original meaning as "corrupting society" corruption since ancient period considered reverse face of social development. Manifesting itself in various forms, corruption eventually penetrated deeper into the so-called. Corridors of power apparatus states that in the present conditions rose to the level of the most serious threats to democratic order and the realization of the rule of law. In terms of developed market economy and the stock exchange business, corruption is more important exhibits in the form of so-called. insider trade as one of the most striking forms of economic crime in the securities market. Accordingly, Capital Markets Act of the Republic of Serbia 2011th year provides new crimes, with the aim of preventing corruption and the introduction of greater discipline, principles and responsibilities of entities involved in transactions of securities, especially stocks. It is believed that all three new charges in the function of additional investor protection, securing a fair, efficient and transparent capital markets and reduce systemic risk in the capital markets, and that a special importance in this context has a felony of use, discovering and recommending insider information from member 282 said Law, who was conceived by the Austrian model.

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KORUPCIJA U POSLOVNIM TRANSAKCIJAMA IZMEĐU JAVNOG I PRIVATNOG SEKTORA

Author(s): Vasko Stamevski / Language(s): Bosnian,Croatian,Serbian Issue: 5/2014

In the public and private sectors, can be indicated numerous problems and opportunities referring to various abuses, including: public spending of budget funds of state institutions (with a tendency of budget overflow through public-private partnerships or concessions in the private sector), budget spending (public procurement) in a transparent manner but with selectivity and various privileges. The public sector has an important role in the modern society. There are several important factors that affect its functioning, including a completely decentralized management of public assets. The centralized management system of public assets permits too high concentration of power among individuals, so authorized persons undertake the obligation on behalf of the institution. Also, the lack of relevant guarantees for the consistent implementation of operating procedures creates legal and factual uncertainty, not only for the citizens, but also for employees in the public administration. It is important to add that a numerous public administration institutions do not have a proper established system of risk assessment point, in terms of subjection to corruption, which directly affects the capacity and effectiveness of control mechanisms in preventing and detecting the corruption, which is a major handicap in their work.In the private sector there are areas in which the corruption preventive tools are poorly developed such as the insufficient information about the law on protection of competition, the capacity of the Commission for protection of competition law to implement the law, as well as the lack of transparency of sponsorship, behind which hides the possibility of corruption, abuses, public procurement, etc..

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UZROCI I KARAKTERISTIKE KORUPCIJE U BANKARSTVU

Author(s): Marinko Kresoja / Language(s): Bosnian,Croatian,Serbian Issue: 5/2014

Given the fact that corruption is old as human society, in the banking industry, we can say that it appeared the emergence of banks and banking. Bankers are respectable people in the middle of where they live and work, and a small number of ordinary world that anything can trigger suspicion of unfair and unlawful operation of this category of people. Individuals who carry out fraud in banks and various forms of corruption offenses, subject to very easily tempted to take their personal needs money to them under the law given to the care and handling. Grafter in the previous period were reliable people, of them prevailed opinion as men of honor and humble citizens. Because that is a different view prevailed on them, they would not be given huge funds for care and handling. Therefore, a very startling and shocking act news about arrests of bankers and criminal affairs in this sector of business, because customers or users of banking services bankers generally considered respectable and honest people, who have no need for the appropriation of money illegally because they are rich and everyone else in environment they considered elite. Banker, especially cashier who handles millions daily amounts of cash and values, it is undisputed in serious temptation. Huge amounts of money every day in his sight, as he usually receives a pittance. Thus, the banking officer very easily come up with the idea that he lives like a real banker. The first steps towards corruption in the banking sector are to be stealing a bit and that it is not detected. Further steps are going to credit fraud, money laundering, which is tantamount to exploiting weaknesses banks as financial institutions and the individuals in it. Ineffectiveness in protecting the bank and its operations, especially by internal audit, external auditors, controllers, those who carry out risk assessment and other financial professionals in one bank can threaten the very existence of the same in every sense of the word.

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THE EFFECT OF POPULATION AND FINANCIAL DEVELOPMENT ON ENVIRONMENTAL HEALTH IN NIGERIA (1980-2019)

Author(s): Temitope Sade Akintunde,Mathew Adagunodo,Oluwatosin Mary Aderajo,Bosede Esther Akanbi / Language(s): English Issue: 3/2021

In recent times, environmental health quality has raised issues on dynamics of population, financial development and environmental health quality in Nigeria. The present study has made an attempt to explore interlinks among these variables using Autoregressive Distributive Lag (ARDL) bound cointegration approach. The study period is from1980 to 2019. The coefficient of population has a positive and statistically significant effect on carbon emission proxy for environmental quality for both short and long-run. The coefficient market capitalization (MCP) is statistically significant at 5% level and with the positive sign in the both short-run and long-run. However, credit to private sector has negative and significant impact on carbon emission. Nigeria should develop its financial sector to enhance investment in energy saving equipment that will reduce carbon emission, hence improve environmental quality. Also, the growing population should be encouraged to use the clean form of energy for their daily activities.

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Băncile populare săteşti din judeţul bacău la începutul secolului al XX-lea

Author(s): Cornelia Cucu / Language(s): Romanian Issue: XLVIII/2019

An important role in the economic and social development of Romania, at the beginning of the XXth Century, had the popular village banks, which aimed to improve the situation of the peasants through access to cheap loans, the removal of the usury and the learning of the economy. Together with cultural circles, popular libraries, adult schools and school gardens, all of them represent a component part of S. Haret’s school policy, which aimed at raising the village through extra-curricular activity of teachers. This study presents the beginnings of the cooperative movement in Bacău, insisting on the role of teachers who, like apostles, through useful advices, viable solutions and personal example, have removed the old mentalities and formed a solid economic thinking in rural areas.

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Commodity Market Structure and Risk Factor Analysis in Bulgaria

Author(s): Victor Yotzov / Language(s): English Issue: 2/2021

Analyzing the Bulgarian raw material, crude oil and natural gas markets is an important step in setting up an early warning system (EWS). The Comprehensive Price Index is based on the weighting of imports from the energy and non-energy sectors, including the crude oil sector. The explanatory variables that describe the crisis index are analyzed and predicted by the ordered Probit model. The EWS system developed in this study takes into account the most important measurable variables that affect the raw material market, and based on this understanding, we focus on which variables can represent risk.

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The Transfer of Seat of Companies within the European Single Market

Author(s): Ovidiu Ioan Dumitru / Language(s): English Issue: 01/2020

The company law in Europe continues showing a difference of opinions in relation to the transfer of a company seat from one system to other, affecting the well functioning of the Single Market and the principle of freedom of establishment provided by the Treaty, no matter the way those organisations want to move, the Court of Justice being the only one offering, in time, clarifications and decisive solutions, many of them limiting the member states’s action in restraining the freedom of establishment of companies. As a consequence, the caselaw on transfer of seat of companies from one member state to another, rather timid at the beginning, but approaching a more bold attitude recently, become more favourable towards the acceptance of the freedom of establishment in most cases of transfer, the national company law, especially the provisions on conflict of law, facing a new challenge in the harmonisation of the provisions related to incorporation, functioning, merger/division/conversion or the creation of secondary establishments. Moreover, the development of the market, leaning towards a speedy digitalisation, forces both the institutions and the members states to take measures to solve the problem of transfer of seat of companies in a more integrated market and one of the steps made in this way was the adoption of the Company Law Package, by which the European Union addressed two crucial issues: the use of digital tools by the companies and the crossborder conversions, mergers and divisions. The article follows the main developments of the treaty provisions and caselaw in relation to freedom of establishment and transfer seat of companies, especially the pivotal decisions of the Court of Justice which made possible for the new attitude in the field and analyses the possible structural implications of the new provisions on cross-board conversions .

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Ability To Administer Justice By The Supervisor Of Credit Institutions (European Central Bank And Bank Of Spain) Regarding The Application Of The Penalty System For Improper Operations Of Banks When Practicing The Functions They Are Allowed To

Author(s): Diego Perdigon De La Rosa,María p. García Miguélez / Language(s): English Issue: 02/2020

This paper aims to determine: i) the administrative capacity of the European Central Bank as Supervisor and the Bank of Spain as Competent National Authority, regarding the supervision of Spanish credit institutions, namely in terms of imposition of sanctions according to the legal system; and ii) the effectiveness of the sanctioning regime within the Single Supervisory Mechanism. The methodological approach is based on the description and interpretation of provided data. The findings show that the action of the Supervisor is supported by a coherent framework for compliance with the sanctioning regime at the national and EU level, according to the data on sanctions to banks due to serious or very serious failures from 2018 and to date as published in the website of the Bank of Spain. However, the fact that such sanctioning function is shared with the European Central Bank within the procedures of the Single Supervisory Mechanism could increase the management risk, as a permanent flow of information and collaboration between both supervisors is required in order to guarantee the suitability of the applied procedure as well as the due right to defence of the banks against unfavourable decisions (if so), always seeking balance, equity and justice principles.

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Formiranje Afričke monetarne unije: kriteriji konvergencije i daljnji izazovi

Author(s): Gordana Kordić,Vlatka Bilas,Monika Obad / Language(s): Croatian Issue: 7/2021

According to the Abuja Agreement, the creation of the African Monetary Union and the introduction of the single African currency are cited as the ultimate goal of African regional integration. Integration of Africa is considered a driver of economic and social development, trade and competitiveness. The existing eight African regional economic integrations should represent the foundations of future continental integration, although their integration is not proceeding at the same pace. Towards deeper economic integration, Africa faces many challenges such as low intra-regional trade, weak financial integration, underdeveloped infrastructure and large disparities between African countries. The aim of this paper is to review the progress made so far in regional economic integration and the laid foundations for continental integration in Africa, to analyze the fulfillment of convergence criteria and to define specific challenges in the regional integration of Africa. The expected contribution of the paper is reflected in the conducted research and systematization of previous achievements in the field of economic and monetary integration of Africa, which form the basis for the formation of the African Monetary Union and defining the challenges of future development of this regional economic integration.

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Global trends and competitiveness of the food industry

Author(s): Sanja Franc,Emanuel Kujevac / Language(s): English Issue: 7/2021

Food industry has a strategic role in the global economy and it greatly contributes to achieving the Sustainable Development Goals, but at the same time it causes significant ecological pollution and resource depletion. Maximizing the benefits and minimizing the costs of the food industry is therefore a challenging task. The subject of this paper are contemporary global trends and factors of competitiveness of the food industry. The purpose of the paper is to determine what contributes to the competitiveness of the food industry and to analyze recent global trends in the food industry in order to draw conclusions about the role and contribution of this industry to sustainable development and competitiveness. The analysis has shown that innovation in the production and processing of food and also diversification of the supply are key contributing factors. The main driver of innovation in the food industry are new consumer expectations and requirements. Consumers are increasingly concerned about their own ecological footprint, which increases the demand for those food products whose production has a minimal negative effect on the environment, and they often choose products of enterprises with socially responsible business practices.A

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The Efficiency of Global Measures Aimed at Limiting the Effects of Economic and Financial Crises Produced by Handling of Stock Exchanges and Capital Markets

Author(s): Roxana-Daniela Păun / Language(s): English Issue: 14/2021

The economic crisis of 2008 in the USA and globalized rapidly, generated macro and micro economic imbalances that had short, medium and long term effects on all countries of the world. A lot of measures have been taken in all countries of the world, including the European Union. This study aims to analyze some of those measures applied after the crisis of 2008, all the more so as the current state of global economies confirms the imminence of a new global economic and financial crisis.

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Administration and Regulation of Capital Markets in Hong Kong and the Role of Judicial Review

Author(s): Muruga P. Ramaswamy / Language(s): English Issue: 14/2021

Public administration could play a critical role in ensuring a fair and effective functioning of the capital markets. Promoting a vibrant and sustainable financial market warrants a delicate balance between the administrative powers and the rights and interests of the involved stakeholders. The present paper examines the structure and powers of specific administrative mechanisms in HKSAR to assess the scope and limitations of public administration in influencing the functioning of the capital markets. The paper investigates how the instrument of judicial review in HKSAR has sought to serve as a check and balance of the powers conferred upon the administrative mechanisms and other relevant rights and interests. The paper concludes with an analysis of the critical features of the regulatory, administrative and judicial mechanism in HKSAR to determine whether public administrative instruments and bodies have a positive role to play in enhancing the attractiveness and the confidence in capital markets for local, regional and international stakeholders.

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Cywilnoprawne konsekwencje wpływu postanowień umowy kredytowej na zdolność kredytową

Author(s): Marcin Kotlarz / Language(s): Polish Issue: 1/2022

The obligation to carry out a creditworthiness assessment set out in Article 70 § 1 of the Banking Law is usually considered a norm of public law significance which does not affect the private law sphere of a credit agreement. However, this view is based on an idealized assumption that loan agreements are neutral towards the borrower’s risk, which does not correspond to the conditions of the contemporary economy. Practical experience shows that creditworthiness, and consequently also creditworthiness assessment, may also depend on the structure of an adhesive loan agreement. In such cases, the erroneous message about the existence of creditworthiness becomes a form of pre-contractual information, which implies not only the public law liability of the bank, but also judicial interference in the sphere of relations between the parties of the agreement. Change in the interpretation of Article 70 § 1 of the Banking Law, which allows its informative function and private law sanctions for violating its disposition, is justified by developments in European Law and has already been initiated in the jurisprudence of the Supreme Court and Courts of Appeal.

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Трансформация образа капитализма в общественном сознании в период перестройки

Author(s): A. D. Popova / Language(s): Russian Issue: 37/2021

This article examines the transformation of the image of capitalism in Russian public opinion during Perestroika. The opposition between socialism and capitalism was a key aspect of Soviet ideology and the Soviet system of values. Perestroika triggered new economic practices, such as leasing and cooperatives, which were the first steps in the transition from communism to capitalism. Using various sources (periodical articles, Russian citizens’ letters to officials and to editorial boards), this article investigates Russian people’s attitudes to the development of capitalism in Russia. The early history of capitalism in Russia was turbulent, and people’s attitudes to capitalism were versatile. An analysis of letters by Russian citizens reveals some characteristic features of the Soviet mentality and assesses Soviet people’s attitudes to capitalism through the prism of a Soviet mentality that rejected the idea of wealth accumulation, preached social equality, extolled social labor, but admired dictatorship as the best form of social organization. Hence, people expressed their vehement disapproval of cooperatives and demanded that the latter should be immediately closed. The author underlines that the image of capitalism underwent a certain transformation in public opinion, which can be seen in infrequent but comprehensive letters written by Soviet citizens who highlighted the necessity of market economy, stressing its advantages.

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Limitele neclare ale integrării fiscale în materia impozitelor directe: descifrarea rețelei de justificări folosite de statele membre în jurisprudența Curții de Justiție a Uniunii Europene

Author(s): Alexandru-George Moș / Language(s): English Issue: 5/2021

Following an indolent harmonization process in the area of direct taxation, the Court of Justice of the European Union (CJEU) largely undertook the mission to evaluate the compliance of national legislation with the principles of the Internal Market. In this process of negative integration, Member States have increasingly introduced novel justifications meant to counterbalance the application of the fundamental freedoms enshrined in the founding Treaties. This paper mainly focuses on Court of Justice’s rulings where various tax-specific justifications were employed under the “public interest” umbrella. Under the Court’s expansive and hesitant approaches, lies a large network of interrelated arguments, ranging from the need to preserve a coherent tax system to the imperative of preventing tax avoidance. The aim of this paper is to provide a contextual account of these justifications and comment on the suitability of their future usage.

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