CURRENT PROBLEMS OF THE LEGAL REGULATION OF INTERESTED PARTY TRANSACTIONS IN JOINT-STOCK COMPANIES
( Pp. 146-153)

Background: Currently the Russian legislation regulating interested party transactions is not a consistent and structured system. Lacunas in legal regulation, insufficient enforceability of legal provisions, complicity of laws, absence of unified court practice create problems for companies. This results in the instability of business and decreases the investment attractiveness of the state. The object of the article is to outline the key problems relating to the performance of the interested party transactions, taking into account the current civil law reform. Foreign researchers examining the problems of interested party transactions are: D. Legeais, Ch. Larroumet, F. Lefebvre, J. Morandière, M. Kozian, A. Viandier, P. Malorie, F. Terr, P. Simmler, R. Kraakman, P. Davis, H. Hansmann, Dz. Fan, M. Jhiang, Т. Wong, Ch. Chen, P. Cheng, H. Uan, R.H. Coase, Т. Hanna, K. Palepu. Materials and methods: When conducting the research the author mainly used the analytic and synthetic methods. The author analyzed the legal regulation of the procedure for approving interested party transactions and other related procedures as well as the specifics of certain legal provisions on the interested party transactions in joint-stock companies. The author used the technical method when analyzing the regulatory framework of the research, and concrete sociological method when analyzing court practice. In course of analyzing the institute of independent directors, the comparative method the was applied. Results: The article covers the following current problems of the legal regulation of interested party transactions in joint-stock companies: the problem of outlining the persons which may have interest in performing a transaction, the problem of formal approach to determining the presence of the interest in a transaction, the problem of structuring the boards of directors in large joint-stock companies. Currently the courts try to decide separate issues by interpreting laws in different ways. However much more time is required in order to establish unified practice of law enforcement. Improvement of laws is more efficient and is vital for normal business of joint-stock companies. When developing legal changes it is necessary to consider foreign and national court practice as well as foreign experience of legal regulation of interested party transactions. Framework of the research / possibility of future use of the legal research results: The article covers current problems of the legal regulation of interested party transactions in joint-stock companies as the legislation and the court practice consider more extensive list of legal problems in relation to this type of legal entities. The research may be used for further deeper analyzing the problems related with the legal regulation of interested party transactions and developing the ways of their resolution. Practical importance: The conclusions of the research may be used as a ground for legal changes. The research can help to form the courts' position in relation to certain issues of legal regulation of interested party transactions in joint-stock companies. The article can be used for preparing university lectures in civil and corporate law. The overview of legislation and court practice will be helpful for practicing lawyers. Originality / value: The study is destined for the researchers dealing with the problems of civil and corporate law as well as for practicing lawyers. The article contains thorough analysis of Russian civil legislation as well as court practice in relation to definitions of persons interested in performing a transaction, affiliated parties, persons entitled to give mandatory instructions to a company; covers the legal regulation and practice of use of the independent directors in large joint-stock companies. In addition, a chart of persons which may be interested in performing a transaction under the Russian law, is provided as Annex I to the article

Stakheeva Y.A., (2015), CURRENT PROBLEMS OF THE LEGAL REGULATION OF INTERESTED PARTY TRANSACTIONS IN JOINT-STOCK COMPANIES. Business in Law, 5 => 146-153.

Alieva K.M. Sdelki aktsionernogo obshchestva, v sovershenii kotorykh imeetsya zainteresovannost // Pravo i ekonomika , 2006, № 1. http://www.alldocs.ru/download/ index.php id 2177.
Bol shoy yuridicheskiy slovar . Akademik.ru. 2010.
Vershinina E.V., Stakheeva YU.A. Klassifikatsiya nedeystvitel nykh sdelok v Rossii i Frantsii: sravnitel no-pravovoy analiz / Voprosy mezhdunarodnogo chastnogo, sravnitel nogo i grazhdanskogo prava, mezhdunarodnogo kommercheskogo arbitrazha: LIBER AMICORUM v chest A.A. Kostina, O.N. Zimenkovoy, N.G. Eliseeva / sost. i nauch. red. S.N. Lebedev, E.V. Kabatova, A.I. Muranov, E.V. Vershinina. M.: Statut, 2013. 382 s.
Vershinina E.V., Stakheeva YU.A. Usloviya deystvitel nosti sdelki v Rossii i Frantsii: sravnitel no-pravovoy analiz // Vestnik MGIMO-Universiteta , №5(32), 2013.
Gabov A.V. Sdelki s zainteresovannost yu v praktike aktsionernykh obshchestv: problemy pravovogo regulirovaniya. M.: Statut, 2005. 412 s.
Grishchenko O.I. Institut nezavisimykh direktorov i gosudarstvo: opyt vzaimodeystviya // Predprinimatel skoe pravo. 2012. № 3. S. 34 - 37.
Dedov D.I. Konflikt interesov. M.: Volters Kluver, 2004.
Nikulina N. N. Finansovyy menedzhment organizatsii. Teoriya i praktika. / N. N. Nikulina, D. V. Sukhodoev, N. D. Eriashvili. - M.: YUNITI-DANA, 2012.
Slovar biznes-terminov. Akademik.ru. 2001.
Surikov A. Sdelki s zainteresovannost yu // Ural skiy rynok metallov, №6, iyun 2005. http://www.urm.ru/ru/75-journal114-article1434.
SHitkina I.S. O probleme obyazatel nykh ukazaniy osnovnogo obshchestva dochernemu // Predprinimatel skoe pravo , 2007, № 1.
Ekonomika i pravo: slovar -spravochnik. - M.: Vuz i shkola. L. P. Kurakov, V. L. Kurakov, A. L. Kurakov. 2004.

related party transactions, a conflict of interest, affiliates, affiliation, requirement, independent Director.