Determining the status of subjects of investment activity

Abstract

Background. National investment legislation does not contain a single definition of investment activity subjects, which makes it difficult for legal regulation.
Analysis of recent researches and publications. The question concerning the subjects of investment activity was investigated by such scientists as M. M. Blikhar, O. M. Vinnyk, V. V. Poyedynok, and O. G. Khrimli.
The aim. Analysis of the provisions of national and international legal acts, doctrinal works on the definition of the term«subject of investment activity» and the formulation of proposals for the improvement of domestic legislation.
Materials and methods. Methodological basis selectedthe following methods: dialectical, system-functional, comparative-legal, method of generalization.
Results. Subjects of investment law are a broad concept that includes subjects of investment activity and participants.In accordance with the Law of Ukraine «On Investment Activities», the subjects of investment activity may be two categories of persons – investors and participants. According to the Law of Ukraine «On the Foreign Investment Regime», a foreign investor is a legal entity created in accordance with legislation other than Ukrainian legislation and physical persons – foreigners who do not havea permanent residence on the territory of Ukraine and are not limited in capacity. This law excludes stateless persons. In the national legislation, the criterion of citizenship (for individuals) or the place of registration(forlegal entities) is applied to identify persons who can enjoy the rights and guarantees of theforeign investor.In accordance with international agreements, an investor is anynatural person who is a citizen of a member country not being a host country, as well asa commercial legal entity established in the territory of a member country, provided that suchmember country is not thehost country.
Conclusion. Investment law is a sub-sector of economic law; therefore, subjects of investment activity are only those persons who carry out investment activities. From the circle of investment activity subjects, it is necessary to exclude participants, as such, who do not carry out this activity, but only accompany it. Also, to determine the subject of investment activity, the civil category of «naturalperson»should be used, instead of the constitutional one «citizen», which is used in the Law of Ukraine «On Investment Activity». In addition, among the legislatively defined list of investment activity subjects, a mistake seems to be the removal of stateless persons. The problem of the existence of various criteria for the definition of a foreign investor, which enjoys international legal guarantees, remains open.