Constitution and determination of the key information document of the investor of the institute of joint investment in Ukraine

Анотація

Introduction. The article is devoted to substantiating the need to introduce and develop a standardized Key Investor Information Document (KIID) in Ukraine as the main tool for increasing the transparency of the activities of collective investment institutions and reducing information asymmetry in the capital market. Problem Statement. The relevance of the problem is due to Ukraine's European integration obligations, which require the transposition of EU norms, as well as the presence of gaps in domestic legislation regarding the clear definition and standardization of key information documents. The purpose is to justify the need to introduce a mandatory Key Investor Information Document in Ukraine, to develop its scientific definition and a single standardized structure to increase the transparency of collective investment institutions and protect retail investors. Methods. The study used methods of content analysis of regulatory legal acts of Ukraine and international legislation of the EU to identify the goals, mandatory elements and legal status of analogues of KIDI information documents to identify their common and distinctive features, the synthesis method to formulate its own scientifically based definition of the term KIDI. Results and conclusions. The inconsistencies and shortcomings of the current Ukrainian analogues of KIDI were identified, and the definitions of “securities issue prospectus” were analyzed. It was found that these definitions are legally vague and do not contain a direct mention of the result (the function of protecting investors and ensuring transparency), unlike voluminous European analogues, which are clearly investor-oriented. The need for a KIDI instead of the “Basic (Key) Information for the Participant” (K(K)IDU) is justified, a critical gap is identified in the draft Law of Ukraine “On Investment Funds”, which introduces an unclear term (K(K)IDU), which creates a risk of heterogeneity in application and nullifies the goal of reforms. The author’s definition of KIDI is developed. A structural and logical model of KIDI is formed, a three-component model (Essence – Content – Result) is used to define the concept of KIDI, which reflects its functional purpose. The elements and structure of a standardized Key Investor Information Document (KIID) in Ukraine have been developed, reflecting the content, purpose, and requirements for each of the elements of this key transparency tool.

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