Philipenko E. Legal regulation of shares issue and circulation

Research object: economic relations that arise up in the process of shares issue and circulation. Research purpose: ground of suggestions of perfection of the legal adjusting of shares issue and circulation on the basis of new theoretical positions taking into account foreign experience and practical necessities. Research methods: dialectical, analytical synthetic, comparative legal, formal logical, logically legal. Theoretical and practical value: conclusions, positions and suggestions perfect the legal adjusting of shares issue and circulation in Ukraine, perfects a legislation on shares issue and circulation with the purpose of increase of management efficiency. The project of Law of Ukraine on perfection of norms of Law of Ukraine "About securities and fund market" is directed for consideration in Verkhovna Rada of Ukraine. Research results drawn on: by the Control-revision management in the Donetsk area; by the Donbas territorial management of the National commission on securities and fund market; by the Public joint-stock company of "Donbassenergo". Scientific novelty: the study presents improved definition of the legal nature and concepts of shares, issue (emission) of shares, circulation of shares. The double nature of shares was revealed, namely: as an object of property right when the share is a stock exchange instrument, and as an object of obligation law when the share is a security that confirms the part in the authorized capital. It was proved that the issue of shares by the legal nature is a complicated juridical private-public construction that includes corporate acts and acts of the state bodies on issuance of documents and allocation of shares. The concept "circulation of shares" was improved taking into account its characteristic as the routine operations on transfer of shares from one shareholder to the next one as different from the allocation when the transfer of shares is made by the issuer to the first shareholder. The rules concerning the order of shares issue and circulation have been further developed and improved. The grounds are given in favour of using the economic and legal remedies to prevent unfair emission and circulation of shares. Sphere of the use: subjects of legislative initiative; management subjects; higher educational establishments.