“Pravova derzhava”. Issue 35 (2024), pages 545–552.
DOI: 10.33663/0869-2491-2024-35-545-552
Venetska Marina
Problems of applying legal mechanisms for housing construction financing
The article is devoted to the issues of distinguishing the legal mechanisms of housing construction fi nancing, which are used in the activities of construction fi nancing funds and joint investment institutions (JII) . It is argued that the specifi ed legal mechanisms are diff erent and cannot be applied together — by one business entity, fi rst of all, due to the fact that the subjects of relations arising from the application of these fi nancial and legal mechanisms are legal entities with a special status, that diff erent types of licensed activity on the capital markets, and which operate on the basis of special laws, the application of which has priority over general legislation. On the basis of the analysis of current legislation, the conclusion is drawn that the legal mechanism of investment and fi nancing of housing construction with the involvement of JII can be carried out only in accordance with the special legislation regulating the activity of JII , and should include the attraction of investors’ funds through the sale of CII securities and further fi nancing of construction housing at the expense of such funds with the subsequent sale of the built housing to buyers with the purpose of obtaining income in the interests of the participants, or the sale of the invested housing to its participants in the ways provided for by the legislation on the JII (liquidation of the JII and distribution of assets, redemption of own securities, etc.). At the same time, the status of funds received by JII from counterparties — investors under investment contracts cannot in any way be considered joint investment funds, since such investors did not purchase JII securities and did not become JII participants. According to the results of the conclusion of these contracts, a person who contributes funds to the account of investment funds does not become a member of the JII, but actually transfers funds for the construction of real estate on the basis of investment contracts, which may be declared invalid due to defects in the subject structure of the transactions.
Key words: investments, investment contracts, construction fi nancing funds, joint investment institutions, housing construction fi nancing.
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