Smolyn Y. Peculiarities of international factoring operations legal regulation.

The thesis is devoted to the theoretical and practical research of the international factoring legal institute. The author explores the origin of the international factoring contract and the main stages of its development. This thesis is also about the period of time when the financial factoring emerged. The paper analyzes the features of the international factoring contract, as a variety of binding relations, as well as types of the factoring operations. The conflict of national law and the substantive legal regulation of factoring is explored. The main unified legal acts in the field of factoring at the international level are being studied, in particular, the 1988 Ottawa Convention on International Factoring, the 2001 UNCITRAL Convention on the assignment of receivables in international trade, the General Rules of International Factoring, as well as national legislation. The problems of the factoring legal regulation unification, the nature of the correlation of the legal orders (especially those, determined through the autonomy of the will, lex mercatoria and the conventional one) under the contract of international factoring are revealed. The basic trends in transnational factoring operations legal regulation development are defined. The legislative approaches towards determining the applicable law under the factoring contract are explored. Upon exploring of the conflict of law legal regulation the most acceptable conflict of law rules for the legal regulation are discovered. The legal nature of relations arising under the factoring contract within the framework of the national legal systems is explored. A special attention in this scientific research is paid to the assignment of receivables under the factoring contract and the nature of such assignment. This thesis is also about the global assignment of receivables and its influences on the services which are provided by the factor under the contract. This thesis is also about the possibilities for providing the intermediary services by the factor under the assignment of receivables. The financing of a supplier under the assignment of receivables as a legal form of a contract is being depicted in this thesis. Upon the abovementioned researches the conclusions about the need for a separate legal concept in legislation are made. Based on the conducted research, a conclusion is drawn regarding the legal nature of an international factoring contract. Some proposals to improve the national regulation of the international factoring legal concept and amendments to the Civil code of Ukraine are made. The problematic aspects of the legal regulation of contractual relations between the parties, related to the formulation of an international factoring contract, the rights and obligations of subjects of international factoring relationships, the parties' liability under the contract are discussed. In the course of the following scientific research the author finds out that the acceptance of an offer is not enough for the fulfillment of the parties obligations under the contract and there is a need for a proper legal regulation for creating the offer and concluding the contract. Considerable attention is paid to the nature of legal relations between the parties of international factoring relations and to providing for the delivery of the suppliers obligations under the contract. Methods of securing supplier’s obligations under the contract are being studied. This scientific research is also about the other types of secure transaction. The possibility of applying the security assignments of receivables under the factoring contract is explored. In this context, some proposals to improve the legislative approaches for making of such assignments are made. Much attention in the proper thesis is also paid to resolving the issues of liability in international factoring relations subjects existing in the international conventions, especially, the responsibility of factor between the debtor. The models of such liability under the international factoring contract are being considered.