The
bill (Reg. No2167) sets the
legal basis for the
operations with
beneficial ownership of the financial assets, legal and organizational basis of
the professional activity with beneficial ownership as civil-legal relations
between the grantor and the authorized person in the
result of operations with beneficial ownership of financial assets, subjects of beneficial ownership sui
juris, at the expense and in interests of granter or beneficiary.
The People´s Deputies expressed several remarks to the bill.
Namely, the term ‘beneficial ownership´, a fundamental category of the bill, is not envisaged in chapter 70 of the Civil Code of Ukraine that regulates the procedure of asset administration.
The Committee members are convinced that certain principles of the bill "fail to eliminate fundamental principles of the operations with beneficial ownership of financal assets, legal and organisational principles of professional activity with beneficial ownership as it is stated in the preliminary statement."
According to the parliamentarians, "if the bill is adopted as a Law in entirety, it will lead to the conflict bertween the respective norms and inadequate legal regulation, as it does not contain sufficient and finalized legal mechanism of implementing separate principles, as required by the legal state principle mentioned by the Constitutional Court of Ukraine (case No7-рп/2001 of May 30, 2001 on liability of legal entities)."