Rym T. Legal regulation of investment relations in the field of construction: civil law aspect

Based on the dissertation research results, the concept of civil law regulation of investment relations in construction is formulated. Investment activity can be considered as certain stages, which are characterized by the peculiarities of legal regulation. Investments are made in the legal forms prescribed by law. The form of investment activity depends on the purpose pursued by the participant of investment activity and the type of investment invested in investment objects. The form of investment depends on the investor's results - the receipt of a measurable construction object in the property or income from real estate transactions. An agreement that mediates investment in construction projects is the basis for the emergence of investment relations. There are refit contracts of investment nature, agreements on equity participation in the construction, joint (collective) investment agreements, agreements between the housing cooperative and the investor (shareholder). Investment agreements have the legal nature of forward contracts. The investor undertakes to transfer funds to the management company, housing cooperative, developer, or combine them with other investors to implement the investment project. The result in the form of a completed measuring object is achieved after a specific investment process period. Joint investment institutions are among the most common forms of investment. Collective investment presupposes a relationship between an individual investor and an investment intermediary and involves the accumulation of borrowed funds in the investment fund with further use under the main activities defined in the investment declaration. Therefore, the formation of an optimal mechanism for regulating the management of collective investors' raised funds is necessary for effective regulation of joint investment in constructing and implementing investment projects. In housing construction, investment attraction via construction financing funds and real estate funds are specialized forms of investment activity under the Law of Ukraine "On Financial and Credit Mechanisms and Property Management in Housing Construction and Real Estate Transactions". The structure of relations in the investment mechanism through the construction financing fund is complex, including obligatory and material relations. The funds are transferred by the management founder (investor) to the manager in trust ownership. Transfer of funds to the management is possible by purchasing certificates of the real estate fund. The issuer of certificates is the manager of this fund. The manager uses the funds raised in the certificate holder's interests on the terms of property management to carry out real estate transactions for profit. In concluding a contract with the developer (general contractor), the manager of the real estate fund is obliged to control the intended use of the invested funds. The paper substantiates the position that in case of violation of the technical characteristics of construction, provided by design and estimate documentation, the real estate fund manager has the right to demand their elimination at the expense of the developer. Besides, suppose the manager identifies a risk of breach of contract. In that case, the manager has the right to terminate the financing of construction, demand termination of the investment agreement, and the return of funds by the developer to finance the construction object. Violation of the terms of the investment agreement and the mandatory requirements of the legislation is the basis for the emergence of a protective legal relationship, which protects the violated rights of participants in investment activities. Methods of protection of investment entities can be differentiated into suspensory and compensatory-restorative. Both private and public law entities participate in the investment process of the construction of state and local self-government bodies. In the case of illegal intervention in personal relations, the right to apply civil law methods of protecting violated rights arises.