Quy định pháp luật về đầu tư nước ngoài tại Việt Nam

8B HacTomlee BpeMA B MHðMeTIVICH Ipollecc COMAeHUA pas Ju HHX TOJMTUKO-MpaBOBHX C HCTEM, KOTOPHH OOyCIOBLeH, mpemme Bcero, 113MGHBHH©M IIOzmTusect£toÏ oỐ ~ OTAHOBKB, IOT€IUJI€HHEM M©⁄HYH

Trang 1

KVEBCKMA YHMBEPCMTET WM TAPACA HZBWEHRO

E 3 HA COWHCKAHW© yWe@eHỘ cTeneHu KAHJIH7T3Ta

L 3547 DpUIMYeCKNX HAK

' Cnennamenocrb 12.00.03 - npazaHc£oe IpaB0; cemeliHoe HIDpABO;

TPpAXJIaHOKHđ mpowuecc; M@#THADOTHO@

yactHoe IID35O

| HaygHHÄ DYyKOBOTHTG7E

#AHINIAT ØDHIBđQ©OKHX HAYK;

1OIeHr lloBpTnepr A.C.

Kuesp —- 1992

Trang 2

PO TAN A SOE (as a be a oe

ana I CPABHUTENBHO-IIPABOBO AHATM3

FELY-POBAHMA WHOCTPAHHMX VHBECTUUM B

PA3IIWHHX GTPAHAX

1,1 Tlonatue, ToymTuyeckue, KOHOMHKO~

IPpABOBH6 ÿOZJIOBH WHOOTDAHHHX HB9©~

rum 1 WX BIMAHHe Ha p23BHTH9

Ha-UMOHAHOM 8KOHOMNKH - + ss eset tt Pe

1.2 WcTrousuKa mpaBoBoro peryJm DOBaHHA

2.1 3£OHOMWUSCKAf xapakTepucTukKa MHOCT—

DAHHHX IiHBeorniml Bo BB9THAMO +++ + so ° -88!

2.2 CuctemMa HOPMATHBHHX aKTOB OỐ WHOGT- ij

DAHHHX yHBeCTUIMAX BO Bbð9THAM6, «++ + + + ° „8 2,3, OCHOBHHe HODMH; perysmpynmme OCYH€~ ie

CTBIIGHUS BHHOCTDaHHHX uiÐeoTwurml BO

1 069 9622:2173 ee ee ° ohh St “4 T06

Txasa TIT ðOPMH OCYMECTBIEHMA HHOCTFAHHUD

VEBECTMUM BO BEETHAME |

3.T loHàrue 1 I1pAB0BO€ GOIepzanne OPM

ocyijecTBICHHA VMHOCTDAHHHX UB ecTtuimi

Trang 4

Âr?VA7EHOGT vecrenopaHna 8B HacTomlee BpeMA B MHð

MeTIVICH Ipollecc COMAeHUA pas Ju HHX TOJMTUKO-MpaBOBHX C HCTEM,

KOTOPHH OOyCIOBLeH, mpemme Bcero, 113MGHBHH©M IIOzmTusect£toÏ oỐ ~

OTAHOBKB, IOT€IUJI€HHEM M©⁄HYHApOHHOTO II4218 II HOBUMM IOTXƠ—

IAMM1 B `OPMđPCOBAHHH pHenmel 8 BHYyTpeHHeA HOJIITHKH T0GV8pG T~—

Ba.

DHaqnne/IbHo6 MecTO 3/160b 3aHHMAT 3KOHOMIKO-IP380B8H6 ac—

IBKTH B3AUMOOTHOWEHHE M@/KHY TPOGOÿIApOTBAMH, UB qacTHOCT U,

BO-IDOCH peryJHpoBeaHis HHBeCTHIUMOHHEX OTHOIEHHÍI.

[[oBeHbe UM pasBUTHe HHBECTHIMOHHOTO 38KOHOJØT@7bGTB A B

rocyapcTBax, OỐØpa30BABII4XOđ Ha TeppUTOPUU GHBUELO CcccP, BoC~

Toqioe8pon8lic1X đ IDYTwMX 0TAH GRBIn@T@JbBCTBY9T O BospacTa p—

well pOJM M©zyHapommoii 9KOHOMWeGCItOli #HT@TDAHHH ư MIH OBOM

TIDOIBOC69 pasBITHA CRo5D©!4©HHV® sKOHOMMUeCKY! IOJHMTHKY 9T HX

GTpaH XapaKT€pH3Y€T OỐmađ T©HIGHIHI“ K TIIDHBJI€ 16HII0 WHOCT DA HHUX

liBecrwunnl, OHa í1B491607 OTDA)£OHW©IM4 HHT©PGOB IIDMHIIIAIH X TO cynapoTB; Hađpa8eHHHX Ha pemeHue GOIIIAJIEHO—3KOHOMIS©01IC 1X

mpodsem ¢ IOMOIIbS HHOCTDAHHOTO IAIMT813.

Bo BbeTHaM6 HROGT DAHHHE IIHBGCTHIDM GJIÿy4AT OFHUM Hồ a0 @ K~

THBHHX ©P9I©1T8 GOLI37EHO-8KOROII4@0XOTLO pA3BINTIUI G©TAHH, On

-Hako B IDOI@G©GB ocyljecTBIIGHNA WHOCTpaHHOro WHBECTMPOBAHU A BO

BreTHame BosHuKaeT emit PAN mpodseMm , OGyCIOBICHHHX Kak CIOK—

-HOCTBI 08MHX WHBOCTHITMOHHLLDS OTIIOIGHH, HX IđpABOBOFTO p@ry 7DO~

BAaHHW, Tak H Ienozmoroli: 1 WECOBE PUCHCTBOM OTH@JTEHHX TIOJIO©HmÏÏ

Bb@THAaI14GItO1"O IIHB6GTIIIOHHOTO 3aFOHOTIAT©JEG6T33‹ Boe 9TO

Trang 5

CO3-yaeT H@MAJIO TDYJHOCT6ii B JIPHBJI6W@HII H OCVIIGCTBJIGHHH

MHOCT-DAHHHX đHBSCTHITUI,

CroRuBMeeCA IOJIOZ@HH@, MO MHGHHIO aBTCpa, OỐYCJIOBI@HO B

ompenemeHHolt Mepe OTCYTCTBUeM BO BbeTHAMCKOl lopummuecKkoll Hay—

Ke YHH2MI©€HTAJIbHHY 1ICOJI6IOBAHHÏ, IOGBHII@HHHX BOHDOOAM MpaBo—

Boro D@TYZHDOBAHHT HHOOTDAHHHX IIEBecTrnnABƯ, Ora paØoTra — 07đHa

W3 I9PBHX B JAHHOiÏ OỐ/ACTH.

ÁKTYAJIEHOCTb HDOỔ/I@MH HPABOBOFO D€TY/IHIOB3HIWSZ

HWHOCTDAH-HEX HHbB@CTHIAỦ BO Bb@THAM@ ompefemma 387AV1 TICCGPTALHIOHHOipaổØoTH,.

Ue HHCGC@DTAHIH - IICC6H0BAI19 HPABOBOTO

perysmpopa-HUA HHOCTDAHHHX HHB€CTHIMIỔ B DpA3JHMHHX GTDAHAX H HAÿy9HHđ aHA~

JmH3 9TO0TO WHCTHTVTA M@IUUWH3DOIHOTO yacTHOTO MmpaBa BO

Bb@THA-Me.

B miccepramonHHofi padoTe IDOBOHHITCR

CDABHHT€.TIEHO-HPADO-Bolt 2HAJM3 D@TYJHDOBAHHH HHOCTDAHHHC IHHB€CTHHMỦ B pA3/THHHHX

cTpaHax PackpHBaeTCA NOHATMe, CÿAUIOCTBb 11 OCHOBHHe IpI3HAKM

IHOCTDAIIHIDC AHBECTHING, TaeTca oOmjad XADA1T6DIGTHXA IHO/HTMH-—

_CKUX, SKOHOMUKO-MpaBOBHX ÿOJIOBIH MHOCTPaHHOTO /UIBGCTHOBAHHIH,

paccmaTpnBaeTCsH BIMAHWe HHOCTD3HHHX HHBeCTHUINE Ha D33BHTH9

HAUMOH@IBHON SKOHOMHKM MpnumMammx rocynapcTs lÍOHOỐHO

pac-CMATPUBANTCH UCTOWHUKH IpABOBOTO D6TY/HDOBAHH HHOCTAHHHX HH~

B@CTHHMÏÌ U AH23JH3HDYETCA4 comepmalecH B HILt OCHOBHHe IpaBoBHe

TPHHIWNH HW HOPMH.

VccnemyeTca mpaBoBoe D@TY/HDOB3HH@ WHOCTDAHHHX HHB9G1H~

mitt po BhetHame B YaCTHOCTH, IA9TC 3KOHOMHW@CKA4 XapakTe—

PHCTHNA HHOCTDAHHHX HHB@CTHIUUI BO BheTHame, paccMaT puBaeTca

OICTGMA BbƠ@THAMQKOTO WHB©CTIHHOHIIOTPO 3A1OHOTATGJIBCTBA3,

Trang 6

8HA-aHamm3 `ODM OcyMecTBIeHAA IEOCTPSHHHX HHBecrnwImii BO BheTHaMe.

Banayelt uccenopaHua Oua TakRe paspadoTKa 1IDe1o5emnii

no GOB©pmeicrBoBaHnn BO BbeTHaMe IDpABOBOTO DBTY7UDOB8HHf #HO—

GTDAHHHX HHBeCcTnumii,

TeopeTuyecKaA W MộTOIOJIOFTHUS9CKA1 6aza IMNCCeprallMOHHOli

padoty, B OcHOBe JIOOC@PTALIIOHHOTO HGCJI61OBAHHW JIÊXIHT

HCTOPH-qeckuli, ODABHHT©JIEHO-IpABOBOl M6TOI H CUCT@MHLI AHAJI13.

B HHOOơDTAIIM HOHOJI63ỲTCH M 2H3/3HÐY@TCS HOJHOS6HHI,

comepxammeca B Tpynax J.P.Adpamoza, A.T.Eorarupesa,

i1./.Bo-T'yOJaBGKOTO, !I.H.Boaneoenckgộ, I.I,Tanenckoi, 3.1.Đy4epa,

B.1nrkeBaua, JÚ.A.JiyHna, T.K.Marpeeza, P.Hananerbimna, qaoBA;, Vi: Gai reise 4.A.PyOanosa, C.“4.TBepmuuena, À THH6—~

10.He-mm, H,A.IeĩanoBofi, H.T.epounu, 2.11,allQBa H HD., a TâKt9 B

paốØorax Bb©@TH8*ICTiX ig el Ty Ban Tat, HryeH ibiHb

XoaH mM TDVHAX mo OỐmel| T60pHH IpA5A, !I@@TVHADOTHOMW qaGTHOMY ;

14©;JTVHADOHOMY 3KOHOMIWOCKOMY, M©ZJWIADOHHOMY IÿOJMWHOMY HE3—

By.

HayaHan HOBI3HA MCCICHOBSHUA COCTOHT B ODaBHIT6JEHO TIpaBOBOM aHAIUse D@TY/THPOBAHHW HHOCTD3AEHHX nuBectumli Ha OC~

-HOB@ BHYTPCHHeTO WHB©CTHIJIOHHOFPO 3AKOHOHäT€/IEC+53 MHOTHX

To-GCVyIApCTB H COOTBeTCTBYIUMX M@SJÿH3OTHHX coryamesnii H packKpH— THU HA 9TOM MOHe OCHOBHHX XapaKTePMCTHK TaHHOPO HWHCTUTYTA M@X%IIYHADOHHOTO yacTHOTO Ip3B3 BO Bb@THaI9, JủOCODTAIHOERHOð

IIOOJIGIOBSHI9 I€ICTABJLUI6T coốoÏ nepBy BO Bb@THAMCKOl

ØPMJE1-qeCKoÏ HayK@ padoTy, B KOTODỌÏ OMILUIEKCHO HOGJI€HY9TG H

ala-mMsupyeTca mpanopoe D©TY/MOBAHI© HHOOTDAHHHX HHBECTHIM BO

Trang 7

Bpetuame B mbapoBoli Hayke POOYTAPCTB ỐHBlISTO CCCP Takge H0O—

wa He ỐHIO DAỐOT, B KOTOPHX WaHHaA TeMa DACCMATPIB37AGb OH B

H3ốpAHHLX A@BTOPOM XPOHOJIOTMYeCKUX PaMkax.

Ha 3AIDITY BHHOCATCA CJI6TVIDII1G MOJOKeHUA:

I P@3ÿ/ISTATH ©CDpABIHT€/IEHO-HIPABOBOTO ICC/16HOBAHHH HHBC~

THIHIOHHOTO 33KOHOTIAT@/TbGTBA MHOTEX CTpaH Mupa ƠDp@IH HHX:

a) WHOCTPAHHI@ UHBECTUIMM HD€HCTABJUHOT SoốoÏi y©TraHOB/IGHHUu9

TOGVJAPCTBOM — D@IHII€HTOM BIJJI HMVHOCTB©HHHX M HHH16GJ0161—

TÿAJIEHHX II€HHOGTeÏ, KOTODHG MHOCTPaHHNH 3/IÊM@HT

BKIAHHBA-eT B He 3AID©IIHHH@ 9THM TOCYJAPCTBOIM OỚb@KTH 1O3BOJIEEHOH

TID©JIIDHHII4AT©JISOKỌi UNH TPYTỌ MeATeJHHOCTU C HJIb HOJÿ~

q4©HI14 HIDHỐIUIS (TOXOHA) WIM JOCTWAGHHZ COIHiAEHOLO 258174,

[pH 970M OID©I97I9HH@ HWHOCTDAHHHX IỬHB6CTWImMl BoTpeyaeTCA B

DA3JHWHHX HDABOBHX anTax KAK BHYTPeHNeTO HAIHOHSJPHOTO 3a~

KOHOIAT@/ISCTPBA, Tak đ B M@WIYH3DOIHHH% COIJAIICHI/EY (meycTo—

POHENX H MHOPOCTOpOHHHX) HMeHHO TAIi9 I0DHJHIW@CKH9

OIP€H©O-JICHUA OOZTANT IpABOBI9 NOCIeNCTBNA TI NHOCTPaHHUX HHBeC—

_ TODOB, BKJI8IHPAIIIX RAHHT8TI B TocymapcTBe — peljuniente.

OngattO mo CBOeÏ CeMAHTHKO-CUHTAKCHYeCKOM KOHCTpyKOAN onpe—

T©JIGHI4 HHOOTDAIHRHX HHBCTHIỦ B MpaBOBHX akTax p33/HIHHHX

T0GOYAPCTB 3HAWWT€JIBEHO OTJÀTGN HUỆIT oT HUY1A, B OI1H8X

CTDAH3X, IOMHMO BHIOB H OPM, 32@TGđ1 T6 0HHIHIUIS MHOCT PaHHHX

yupectunmmit (coma OTHOCATCA, B WACTHOCTH, 3AKOHHI 06 HHOCT—

| D8HHHX HHB@CTHIWLX JLITBH, Poccun, YKpaHH) B mpyrux -

Hâ-eTCA IMIS MepeveHb OỐb@KTOB, OTHOCHMEX K nHpectmimam

(Eru-HeT, Tiopnanns) , B TD@TBHX — 32KOHOTAT9/IbCTBO He IIDe7WÿCMATDH—

BpaeT ' TaKOTO MepedHA,

6) oGA3aTeXBHHM 9/I2MơHTOM HHOGTD3HHEX 1IBơCTIimẰ HOJPRHO GUTS

Trang 8

RCHHHM KAIHWTAOM, Tak Kak B ©CJÿ4a8, 9G7H #H0OCT DaHHHI

BRJIAIWđK TepAeT HDABOBY CBASh C Wi4yHJCTBGHHIHMN WM HHT€71— N@KTYQIBHWMM H@HHOCTØMM, KOTOPHE OH BKJIAđHHBaeT B HYTOM

TOGyIAPCTBG (HalpuMep, HơPp€XOH IIpaBa COOCTBEHHOCTH Ha WeH— HOCTH OT Hero kK JHI TocywapeTsa ÊHHHH€HTA B CHJIV IOTO-—

Bopa mapenus), TO Take KeHHOCTH H@1b3ä CđTaTb HHOCTDPAH—

HHMH KHBECTHIMAMM, MOCKOJIbKY 31eCb IP©[HBAITGA MpaBOOTHO—

wena (npaBoBaf CBA3b) HM CB38HHH C HMMA KONHIUISKRC o6a3aH— HocTefi I0 IHIGIO/Ib3OBAHHI IP9OGTABJI6HIHX CPeNCTB ioqeaaeT

B De3y2Israre paapHBa 1 TaKol KDIT©pHH MHOCTPAHHEX #HB9GTH— mit Kak HA/H1WH6 ÿ HHOCTDAHHOLO IIHB@CTODpA WeIM HOJÿW6HH“I

IpHỐH7m (10XOHA) ;

38I(OHOJAT€JEGTBO D33J0INHH% TOCY4CTB — D@HMHBSHTOB, JIDVII€G HHOOTDAHHH€ HHB@GTHHH, 3HAUHTeIBHO 0T7U1a8TGf

pery-HDYT ot Apyra B OHHIX CTDAHAX, Takux Kak, HanpuMep, xKpa

MHHA, POCGWH, Ys0exucTaH, lnrsa, Asepdatimxan, IHipTPH3GT3H,

*Í[OHTOJHU““, OHO TOJIEKO H3WHHA361 @opMupoBaTbea, B HDYTHX BOBHX CHCTeMax BOOỚIIG OTOYTCT5YET 12KW6-~JIHỐO BHYTƠHHHI AKTH, D@TJIAMHTHDYEIE4O MeATeEHOCTS HHOOTDAHHHX MHBECTOPOB,

mpa-B TD€Tmpa-BHX TOCÿIAPCTmpa-BAX cymecTmpa-ByeT CJIOWHAN CHCTeMa 3AaKOHOmpa-B

MU IIOH38KOHHHX 8KTOB, OID@I®JLIHWIX UHBECTUIMOHHYI IOJHTHKY

TocyHapceTBa HO OTHOUSHHD K WHOCTDAHHOMY KAIHTAJY

2 IÏeHTPAJEHO© M€GTO B Hp2B0BOi H€PADXEH UHBeCTHITMOHHOT'O

3aKOHOIAT€/ECTBA TAKHX TOCYH3PGT5 Kak Asepốĩạinxan, a3aXC1aH,

lnrBa, MOHTOJHfW, POCCIU, TaeKncraH, xKpawHa, Bb9THAM H H6/0~

To pana IDYTHX 34FEHUA6T WHB©CTWIHJWOHHH 3AKOH.

Eom J1ITOBGKHI, poccnlickull mM TDYTH9 BAaAKOHONMATeJIM MOM

Trang 9

` m0 IIYTH HAHỐ0JI69 HOJIHOTO 3AKDGHLJISHUW B MHBOCTHIMOHHHX 33KOHAX

pA3JIMSHHX IDABHI HHBBCTWIHIOHHỌ 1©đTGJISHOCTH, TO BB@THAMCKHH,

HaoØOpOT, 0I€I6JI9H19 MHOTHX B3#HHX TIIOJ7O/46HHÏ OCYIECTBIICHHA

HHOOTDAHHOPO HHBECTUPOBAHMA BOSTORUN Ha Opal WOIOTHWT67bHOf

piactu (Conet Munactpos CPB IPHRSI TOBONBHO mompoduoe

HoctTaHo-Bemne ot 5 cenTaGpa 1988 r, J I39 "0 I]p2KTHS€OGKOM HDHM€H©HIH

3aIOHA OỐ HHOCTDAHHHX MHBECTUUMAX EO Dbernawe"), Tatofi

mpaBo-BỌ MONXON B PeTyIMpOBAHMM HHOCTDAHHHX HHB€CTIIỢI ABIIeTCA HE

COBCeM B@DHHM, Tak Kar ỐOJI€6 HOJHO9 38XDơ6HJIEHM46G D@A3/THSHHX

HO-nozenull OCYIIECTBICHHA MHOCTD3HHHX IIHB@CTHHM B 3akOHe BHPAXtA—

eT COBY IPABOBVI0 CTAGHJIBHOCTS IIHBƠCTHHHOHHOj HOJMTHKH TO~

cylapcTBa, YeM B HOPMATHPBHHX AKTäX ODTAHOB HACHOUHUTe HOH

BJI2CTH, HOO IOGJI9HHZUI oOMamaeT I6/HIM DO NpaSOBHX cpenCTB,

C IOMOIEIO KOTOPHX MOMHO OTHOCITG/IBHO OHCTPO H3MeCHUTS CVyHCT~

BOBABIMG pavee HOPMATUBHUS IpABIA, HHBeCTULMONHM 3aKOH, Kak

akT 3AKOHOJHAT€/IEHỌ BIAOTH, ABMAeTCH, MO cymecTBy, 6omee

cTa-ỐIIEHHIM, @BTOPUTeETHEM, YM HHOỦ HODMATHBHHÍI aKT, H,

CJI9I0BA-TeNbHO, HAHỐOJI@@ WMpOKOe 33KD@HJISHHG B HeM MHOrux TIOJIO7teHWl

_ HHOCTPARHOTO HHB€CTIpOBAHHT Ốy€T CIOCOỐCTBOBTE ỐOJEUM6MY

O~-B@DH CO GTODOHH NOTCHIMAILHUX HHOCTDAHHHX HHBCCTOPOB [MOHHO

OH OID@H@3LIT OCHOBHY KOHIIHHIIID MHBeECTHIMOHHOH HOJHTIH TOCÿ~

IApGTBA, yCTAHABIMBaeT IODWIOI OCYI©OTBJIOHMW HHOOTDAHHEX HHƠ~

©Tnipii, B OTJHWH6, Hampumep, oT cTpaH @BpOIeiicKoro ©OoỐm@©T~

Ba (E20), Tie đHOOTPAHHOG IHB@CTHDOBAHHS perysmpyeTca, B

0G-HOBHOM, DHMCKIM NOTOBOPOM, B BHIIOH33BAHHHX CTpaHax (ma aT0 CJIOBJIBHO OTCYTCTBUeM B MPOUWIOM PHHKa HHOCTPpAHHHX IIIBeCTWULHä

OOy-BCeICTBUe 8BTADKUH, HOJHTWS6CKOEL A 3KOHONHG©CIKOl 3aMKHYTOC—

TH, CAM 9KOHOMAYECKUM pasBUTNeM AM CTDOVMUIOHHCM B HAaCTOfISX

Trang 10

#IBIIMHO ID3BOBHMH TD3THLgUAMI) HOHYCK HH HPAB0806 6TApOBS ~

H19 HHOGTDAHHHX HHBeoTwHmÏi Ha HAWaIbHOM 9T8H8 OGyIIeCTBJUIOT©G21

TI00D@7GTBOM ©03/8HH1 đpabospoil IIHBSCTWIIROHHO Sash, TJI2BÊHG1~

Bymjee IOJIOR#ơ@HHơ B KoTOpOL 3aznMa@1T VHBeCTMMMOHHHE 3AKOH.

3 BuyTpeHHee clelmasbHoe VHBECTUIMOHHOe B3AKOHOTATCIb—

crnso BbeTHamMa, B OTJHMWI9 OT SêOHOJIAT©/IECTBA HeKOTOPHX

TOCy-apcTs ZBDOHH (uanpumep, B9JIbTBH, DPT, IlaelnapwuH u mp.),

IDMHATJ€XUT K Tpymme cTpax CO GJIOXHHM TIDABOBHM pery IN pOBaHi—

eM IIHOCTDAHHHX HHBecrnHnlÏi, KoTOpoe, B CBOW Owepenb, xapaKtTe

pu-ByeTCAH 3HAWHT©JIPHHM WHCJIOM NONBAKOHHHX HODMATHBHHX @KTOB, HƠ~

MOCPEACTBeHHO 16@T8J137DÿBUMX OCVHICTBJICHHG HHOGTDAHHOTO HHS~

OGTHOBSH11I,

4, Bb@THAMCKROS HHS56CTHIIIORHOƠ 3aAOHOHAT6JEOTBO NpeqocTa—

BJIeT ỐO/IBHOl OỚb@M HDAB HHOOTDBHEIIM nuBecTopam IIA ocyilecTs—

IeHHH WHB@OTHDOBSHMN, ƠHNH3K£O B ODABIICHHH, HAHPHI6D, C

H6GHAB-HO TIDHHNTHMM IHBGCTHIIOHHHMM aKTaMH À3eDpØaiinwana, POoOGHH H

KDAWEH, WHB©CT1IUIOHHO9 3AI:OHOIAT67IbCTBO 3b@THAMA 3H2 UT eIbHO yotyuaeT uM B macUTade BHIISHA3BB8HHHX pap 3T0 BH3B3HO H87HM

pAHOM ocoØennoeTeiÏi (ðat£opoB), cBOlicTBeEHHHX IiHBSGTHHHOHHO~

IpABOBOMY D©TY/HOBAHH5,

Mpexme Boero, H@OOXOHHMO ÿHTHBATb, ATO HHBECTHIMOHHOE

3aKOHOHAT62IbGOTBO SBIACTCH "IDOH3BOTNHUHM” OT cymecTBymmel B

KOBKPeTHOM TOGYADGTB9 IpaBoBoÏ Øa3H, OP6HH, H B mepBylo O49~

p9Ib, OT AKTOB, HOPM, p@Ty2DY10HIX xoaalorBeHHy®

(Tp€IIDHHI-ManeJIbcKy) IST6JIBEHOCTB IDDHIHU©CEKHX u xH3H96CEKHX jm J2HHOTO

TocylapcTsBa ; 3@MGJbHH@G OTHOIGHHH, OTHOLISH11 COOCTBeHHOCTH i

Mp.

Trang 11

S9 Ilo OD3BHƠHI C HHB©OTIHIIIOHHWNMH 33KOHAMM JIMTBH, MoHrTo—

yom, YxpauHH, Saxo od wHocTpaHHHX BHBeCTHIMAX BO Bb@THAMe

VJOTAHAB/IIBA@T M@He@ JBTPOTHHỔ Ha@IOTOBHE pexUM JVI MHOCTPAHHHX

IAaIHT87IOBJIOZ@HHL ƠTNHAKO, HHBECTHIMIOHHHe 3A1OHH BbeTHama,

JÏnrBH, xKD3MHHH xapaKTepasyer OỚmạ HaupaBeHHOCTL B

Ipemoc-TABICHHH ỐO/IBHWX HQIOTOBHX JIBTOT COBMECTHHM HD€IJIDHTTBSM,

q@M pe WIpuAT HAM co [OO-NpoueHTHEM WHOCTD3HHHM yuacTuem.

6 3aKoH od HHOOTDaHHHX MHBeECTHIMAX BO Bb@THAMG He OPTDA~

HHWđBA@T TO HHBSGTIImil HHOCTPaHHOH CTOPOHH B ycT@BHOM HoHTe

COBMeECTHOTO IIP@IIIDHNTHH, OIHA3KO ÿCT3HARIHBA3©T HHWXHHỔ npener

IW BEJI3IJ'BA9MHX WHBeCTUMIMmä — He Menee 30 % oitero ðonna B

OTJTIS1© OT Bb©THAICIOTO, ÿHDAWHOKUHII 3aKOH "06 HHOCTDAHHHX MH— B9CTHIMIX” DA©TpOCTD3HW€T cBoe H€ÏOTBH6 HA HP€IIIDHZTHNH c HHO-

CTD@HHEMH HHPOCTHIW¯NI, 3 KOTODHX OJR MWHOCTD3HHOTO NHBeCTOpAa

cocTapmgeT He MeHee 20 % OODABICHHOO YCTABHOTO KAHHTAJA H¯U

He MeHee 1OQ Tucagd Zomnmapos CILLA Taxol HOJXOIH B mpasoBom

pe-TYJTIDOBAHUW HHOCTDAaHHOTO yuacTHA ABIAeTCA Gonee THỐIHM, | YHH— B6DCAIEHHM H 3akpeleHue ero BO BLCTHAMCKOM 3AKOH@ OỐ AHOCT—

DAHHHX NHBCCTHOMAX GIOCOỐGTBOB37IO ỐH HDHBJIGW@HH ComBMero Wđ~—

Cia HHOCTDAHHHX IVAITHTA7OBJIOZ©HH” W CO3T@HUD COBIIVCTHIX HIDS/JI— IpnnTnii Ha TeDDHTOpuW Bb@THAMA,

— 7, BReTHAMCKO@ HHB@CTHIIIOHHO@ BaKOHOMATeIECTBO He comnep—

HUT HO7IOR@EHW OTHOCHTeCJBHO GO3IAHHW HP©HHPHHTHRM.Ặ C HHOCTpaH—

HMM WHBECTHIMAMM CBOHX ð2I13710B M HID6HCTA3BIT€JIbCTB Ha T6DPpH-—

TopHu BbeTrHaMa, B HI€JUX COBeDIICHCTBOBAHNA MHSBeECTHUMOHHOTO 3â~

KOROMATeIECTBA I1 JĨGDAJH13A1I1H UHBCCTHIMOHHOTO DƠT0'MA, B

3aKO-He 06 IIHOCTDAHHHX WHBCOTHIMAX JOJXHO ỞHTb OTBeLeHO MeCTO IIACOOTBETCTBYIUIX MPABM, KOTODHE OH 381p@HJ# mpapa mpempna-

Trang 12

IlpaxTnueckKad 3HaW1MOCTB padoTH COCTOMT B BOSMOKHOCTH

Hc-ToJb30BAHUA e6 NomoeHU HPH GOB©DpIICHCTBOBAHIW W1 pA3BHTHH

Eb@THAMCKOFTO HHB@CTHIJIOHHOTO 33KOHOHAT©/bGIB; B ycoBepmeHCT—

S0BAHIH IDABOIDHM€HHT€JIEHOH TeaTebHOCTH TOCY7ADGTB6HHHX raHoB Bb@THAMA; B HaÿyHO-ICCJI61OBAT€/ECKOil padote ñ B Mpouec—

Op-ce T@HHNI Kypca M@XJIYHAPOIHHOTO ACTHOTO HPABA BO Bb9THAMCKIX

BHGIMX ÿW©@ỐHHX 3AB6I©HIIX.

ATIDOỐaIrmn ne3vbTaroB ICCJISTOBAHIL OCHOBHH6 IIO0JIOMEHIA padoTH OTDAR@HH B OKIAHAX Ha TEOPETIUECKUX KOHMEPCHIMAX,

JI@KIMLAX, IDOWIT8HHEX ABTOPOM BO Bberuame Ha pHJHMð9GCKOM

ja—-KymbTeTe KueBckoro ÿHHBGPGHT6TA (1990 - 1992 ?.P.).

CrpyRTVDA Il OCHOBHOe Come DMaHNEe DaỐØOTM, J1GGODTAIHLUI CO-—GTOHT 13 BB@H€HHZ, Tpex rap (I-A TJ2BA - 3 naparpagja, lÌ-ñ -

3 naparpaJa, IIl-ã - 2 ñaparpaJa), 8HBOHOR H OIHCIA H©HOJb8O—

B3IHOiI 7nIT6DATYDH,

Trang 13

Tnasa I GPABIHHTEJIEIO-IIPABOBỌÌ AHAJIMS PETYJIMPOBAHMA

WHOCTPAHHKX WHBEGTHIWf B PA3JTHHHX CTPAHAX

I.I l(OHfWrne, IOJINTMS@OKH©, 9KOHOMHKO-IIpABOBH©

YCJIOBUA MHOCTPAaHHHX MHBECTUIMA W UX

BIMA-Hu6 Ha DA3BHTHG HaUMOHAJIBHOM 3KOHOMHKW

IHOCTDAHHH6 MHBECTRIMA —- OHHA W3 O7I0#H€fHUX ODM MexTyHa— DOIHHX 9KOHOMIWS©CKWX OTHOIHHf#., B M@#yHADOIHỌ T©ODHH A IpAK-

THKE CyMeCTByeT MHOTO CAMHX PaSJIMUHHX B3I17THIOB Ha NOHATMe

MHO-ctpaiHHX unBecrummt.

TIpodmema WBeCTWNHMÏ, Wane T©DMMH ”“WHB@CTHLJI”, OTMGWA6T

H.H.Bo3neceHcKa, ðaKTWW©€OKW He YNOMMHAIMCL B MHOTOUNCIIGHHHXpadotax IO M€TVH3DpOTNHOMY YaCTHOMY TipaBy, W3H123HHHX, tEAIIDRMSD,

Bo Opanuum mo 1955 T.; JO 2TOTO BD©MGHW IIHB©CTHIIIH He YVIIOMHHA-—

JHCb W B M@XMYHAPODHHX IOTOBOD3X, oO wemM CBWI€TG/IbOTBV6T MOHT B CBO©M IOIUIAI® ”OHD@/J@JIOHUHN W THHH WHBSCTHHM#”, CH@JIAHHOM |

ÏÍ.PWMUW-Ha ]l©##yHA3DOHHOM fØODWJIIIM©CKOM KOJUIOKBHYM@ Mo BOIDOOAM WHB@CTnLHHỦ

‘B Hapnxe B I967 Ps

flo cBoemy comepmaHWo NOHATUe ”“HHOCTDAHHH© NHBeECTHIMM"

Be-CEMA MHOPorpaHHO A CJIOZHO Jima TOTO, 4YTOOH Haudomee HOJHO

ID@HI-CTABUTL MPABOBYH U SKOHOMMYECKYH CYWHOCTS HHOGCTD3HHHX

HHB@CTH-mii, H@OỔXOTIMO paccMOTpeHMe I19J70TO Paya BOIDOGOB, KACaAXCA

SAKOHOLATeIBHOM IpaKtn DA3MWHMX: TocyHapcTB B 2T0Ä odacTu.

Kax IIP9RCTAB/I19TGf, paccmoTpeHue MOHATUA "MHOCTPaHHHe

HHB@CTH-imm" He OTDAHHSHBA9TCä TOJKO BHIeeHMeM M KJACCMỹHKAIMeÏl @aux

Ì Bosnecencxan H.H WHOCTDAHRH© MHBECTMILMM W OMSIIAHHH6-

ID9I-TIDBãrma B cTpaHax Â`ðpnKu - M., 1975 - 0 178.

Trang 14

56 WHOCTPAHHUX UHBeECTMUMAX, IpWHSTH6 B TocynapcoTBax OuUBMerO

2CRP, yoTaHaBmmBanT, HOMEMO TaKolÏ tiacCWðWHKALMM; Ipas0BH@ OHD©

-I©7I9HWS WHOGTD3HHHX WHBGTHHMä, To, B CBOW ouepelb, paemmpae 1

chepy ñOCJI6HOBAHHf.

Tlo Hallemy MHeHMIO, HA7MHH6 TIpOOJeMH MHOCTPAaHHHX nuHpecrnImii,

AX ID3BOBOTO OIP8H€JI6HHW H peTY7MOBAaHW% OỐYCJ10876HO DIIOM

mak—-TODOB.

Bo-nepBHx, He0ØX0TMO W@TKO IIpIOTABJHTb HHI6PGGH

KanWTA-TO3KOIODfMDÿØIIX CTpav ( MWHOCT pAHHHX WHBSSTOD0B) mw MHTepecH

To-cynapcTB-pelMIMeHT OB Bod mpaBoBad NOJMTUKA B To o6nacTH

Ha-IIDABJIeHA Ha TapMoHMuHoe coequHeHNe STIX GT8JIKWBA'OI1XCf WHT©p@—

cop B IpOTMBHOM CJIyuae MHOCT paHHoe UỬHB@GTDOBAHW6 OOePHETCA

win xe "3AXBATOM” DHHKOB MHOCTPaHHHM IAHHTAJIOM WIM yMeHEWeHHeM

u mpekpamjeHwem MoToKa gapy6eaHHX HHBeCT HINH.

Bo-BropHx [[puopuTet B 'oQỐJacTW D@TYJHPOBAHUZ MHOCTPaHHOLo

IIp9TPMWHWMAT€JIbEGTBA HAXOHWTOñä y HAI4OHAJIEHOTO r0Oy1aporpa, OHO

ompelemseT, B KAKHX pugax H mopmax oynyT OCYIECTBIATECH WHOC T—

DAHHH© MHBeECTMIUMUM [IpaBOBHX cpencTB 3©0P TOGTATOWHO — “usmaHne

GIIII3JIEHIX WHBECTHIMOHHHX KOT€KCOB (3aKOHOB), D€TYJIMDOB3HU6

WHOGTDAHHHX xanura7oaJIoweiif G IOMOIIbØ OỐI@TO 3aK0H0IAT971b0TBA

M1 Op.

B-rp©TbUX, xGIOBMf 9KOHOMMYeCKOrO pocta BenyT K WHT9DHAII—

OHAJ381q” KOHOMWKB, BH3HBAI1 K HeOOXOMMMOCTU, H@CMOTDfR Ha Ha— IMOHAIIBHUS pa31wwui (ñcTOpH4@OKW6, T€OIIOJMTHWOOEKH, 3KOHOMMU E—

GKB®; nome@ruyecke) , QÓJIuK@H"9 IIDABOBHX KOMILIeKCOB HO

pery7m-DOBAHHIO WHOOTPAHHOtO WHB©OTHDOBAHUØW, ITO BHHHO, HañnpwMep, B 9~

T6JEHOOTWñ TOCYHACTB — gJenHobB ESC mo BHpadoTKe UHBeECTMIMOHHO!

NOJMT UKM.

Trang 15

B-eTBeDTHX 3AKJI046H16 M@#ÿHADOHHHX cormalenul oO IOOII—

peHmn đ B3aHMHỌỞ 3aI4T9 W#HOCTDAHHHX MIBecTrnunl tpedyeT of

CTO-DOH JOCcTWXeHHA OỐđX IOJXOIOB B IpaBOBOM ollpemetenun đ perysm-—

DOBAHHH WHOCTDAHHHX BJIOReHnii,

ru đ TDYTB #aXTODPH IIp8B@JHM K H®OỐXOTJIMOCTH OTBeTUTL Ha

poupoc, WTO xe ooĩođ IIDEHCTABJUIOT B 3KOHOMMWSCKOM H HDABOBOM

BHD3#@HHH MHOCTPaHHHe WHB@CTHLIIH,

CGC I966 T., Korma COCTOAJICA KOHTpecc Accommaimu mMexTyHapol-—

HOTO papa B X@JIbCHHKH, H6HHDHHHMA/HCb MHOTOUNCICHHUe IOIHTKH

OIIp679/IHH“ #đHBecruuu Kak B pamKax ƠDpTAHH3AIH11 O6benMHeCHHHX

Ham, Tak M B pAMKAX Upyrux M©#IyH3pOIHHX opranusalui Takne

IIOHHTKM MemaMich H B OTJ€JIBHHX cTpaHax B HHX ye

OỐHADpyxuBaeT-CA CTpemmeHHe, DA3TDp3HWHSHTB HHOOTAHHHC€ GHBECTHIMA HDOWHW€S OTDAHHH@ NocTyMMeHuA Kak oTMeuaeT H.H.BoaHecencra#, ACcolMalmMa

BHO-M@iUIYHApOTHOTO IIpaBA IP@/I04114 cmerywulee KpaTKoe, HO OTHIBHE

He đGHO® OIP€JI€I@HHe WHB@CTnlgii: "JÏHB€CTHIMH - 3T0 1BU#4©eHU©

KANUTAIOB 3 CTPaHH-MHBecTOpa B CT Pany—NOJIb3 0OBaTeJIb 6e3

H©GM©T-J@HHOTO pacwera”, I

B orpeTax Ha pa3OCaHHH BOIDOCHMIK CTPAHH — DeUMNMeHTH

` WAIHTAJA, ABIALOWMeCH yYACTHMKAMA ACCOIHIAHHIH, Mas crenynuue OII—

pemeweHud WHB@GTHIMỦ: "HHBeECTMUMA - 910 IBUMEHME KANUTAJIOB U3

CTPaHH-MHBeCTOpa B ©TDAHY-TOJb30BA16J5 C H@JIBI 00372T5 TaM

Ka-KO©-JMĨO IIpOUSBOACTBEHHOe IipedipuATne Wim npemmpnarue mo

Oka-ganmo yoryr"; "MHBeCTUIIMA - TBUXeHMe KAHHIAIOB W3 cTopa B OTDAHY-IOJb30BAT€/Ib, ucKMoUAaA CPð@JO1BA Ha 3AKYTKY IO- TDỐWT67ECKUX TOBADOB 9TỌ OTDAHỌ mm Ha DACXOHH, He HMGIHI©

CTDAHH-IHHBO-I BosHeceHcKaa H.H WuocTpaHHue uHBeCTHCTDAHH-IHHBO-IMA uM CMGCTDAHH-IHHBO-I2HHH9

HDN-gee B OTpAaHax Adpuxu - M., 1975, - 0 28 ;

Trang 16

BoaHeoenocKoÏ, KOTOpad cuuTaeT, TO B 9TUX OID@J/I@HWZX He pac

KPHBaeTCA NOMHOCTHIO TIIOHØTne MHBeCTUIMH, HO ÒHapyx#EaeT©đ T6H~

TeHM He GWSHT8TE module GDIOTB3, HO7ÿ4©HHH@ 13-33 TpARWHH WH—

B@OTHI/IMB HanpwMep, TOBapHHe K€HHIH UCKMOGaNTCA 13

RaT6TO-DMW HHB@OTHLM, ©C/TM MocTaBILAeMHe T0BADH He ABIMOTCH

odopylo-BaHIeM M MAT@DpIA1AMH DA IPOMSBOLCTBEHHHX Hÿ#J HanporwB, CT pa HH-3KCIOPTGDH KAIMTA7A, 3aMHTepeco OBAHHH6 B IOJYMơ6HH”4 Kak MOKHO

-donee IIDOKMX 9KOHOMWU©CIIX JTPTOT IpM Ip@IOGTABJ6HH1 ODSICIB,

Ip0IOJKAM OWMT81B WHBCTHI—MSMH "BG@ TO, WTO HOOTYIHGT B crp

a-Hy 3 Mpyroro TOCVH3PC1B3 WMơSET SKOHOMMUCCKY 1IeHHOGTB”

(npeneraBwT©216 Pommanman) °

Hexotopue ÿyWAGTHWII KOHTpecca Accolmaimu M©GZ@YH3DOHHOTO

ipaBa B X©/IbCHHKH KDHIT€DPHðM OIID@/ISJIGHW“ UHB@GTMLIHB CUNTAlWT OHJIb ; nosy W6HHÿY® IIHOCTDAHHHM WHBSCTODOM BCUM BaAoKeHHHe OD€HGO T~

HU-Ba He IIpMHOCAT IpMỐHUM, TO OHM He cunraurca HHB@CTHHHSMH, lIO~

IOỐHH8 IOJOX@HHØ MH HAXOIBM B IpMHATHX HeETAaBHO 3aKOEAX OỐ

#HO-0GTDAHHHX WHBECTMIUMAX B Poccun, OỐ WHBECTMIIMOHHOM I@NT6JIBHOOT34 Bb

YupanHe, B 3aKOHax YKDAWHH O BH6IIHGSKRPOMuS©OKOÉ MeATeJIBHOCTH MÃ

06 MHOCTPAHHHX mHBectummax.®

t BoaHeoeHcgan H.H MHocTpaHHHs UHB@CTWMLMM M CMeMaHHHe apna B ctpanax A@puru - M., 1975 = Os BB:

IGHHPH-2 Tam xe - C IGHHPH-28-IGHHPH-29

3 Oĩ MHOCTDAHHHX MWHBSCTHIHASX B Bp PCðGP: 3akoH PCDCP iE: Be oe Che3ma HADpOTHHX I61ÿyT210B PCOCP u B@DXOBHOTO Copeta P

-Toor, = 29, =0 1008 - C T1523 A con a a JIBHOCTWM: 3aKOH YK aun -// Moers xOBHOrO CopeTa

x£pan-HH, — 1991 - # 4 646 351; 0 BH6IH@3KOHOMIWØC - KOM e@ATCAbHOCTH: 3aKOR "‡oÉP oy 967ongori oe XOBHoTO CopeTa YCCP, - I991 - 29 cer 377, - C Hp THoseMHL

IHBeCguntl; 3aKOH Yxpalun // Tou0c hase” Ti ob8 RU

-25 KBITHR, — C 6.

2G

Trang 17

CaelyeT OTM@THTb, WTO MeXMyYHAPOTHAA SKOHOMMYeCKaA IDARKTH—

Ka DA3JđWA©T OJI9HYHUHI BWIH MHOCTPAHHHX HHB@CTHHMÏ: HDSMHG,

IOPT©JHH@, TAKW© WHB€OTHIWMH Ổ©3 BIORCHMA B 3KIHOH€PHHỦ

KA-IHHTA7I, T.€ HWHBCTHIHH, CBA3aHHHeE C 3@K/IOSSHI©M COT2JIA3I©€HHx o

TipeHOCTABICHAM JHH€H3HÏ, NaTeHTOB, TODTOBHX 3HAKOB,

YID3B/I@HW©-CKHX yCJIÿT.

K HDZMHM MHOCTP@HHHM UWHBECTUIMAM OTHOCAHTCAH Kak HOBHE B7I0— K@HWA !AIHT3IA B TOT WM HHỌỦ OObeKT 3a Tpannueli, TA M D©HH-

Bectuuun (T.e IDƠBDAII@HHG B KAHHTAJI WACTW MpPMOHJIM WHOCTDAHHOTO

IPG MIpUATUH WIM HDYTOTO odbektTa B cTpaHe, Ha TeppuTopau KOTOpOK OHM HAXOIATCA), KOTODH® OỐ@GII@WHBAIOT KOHTPOJIb WHB@CTOpA Hay 3a- DYO©XHHMM IID©IHDWNTWNMH WM KOMMaHMAMU B MG#TYHAPpOHHỌ CTATHO- TUKE IIPMMCHAIOTCH pPasHHe OIP©IHOJISHHN HPWAMUHX #HB@CTMI"Iäđ, Tax, HO OIpeneJenwio MBO, MHBECTHIIMM CUMTAWTCH IDSMHMH pm Hamu y

MHOCTPaHHOPO MHBecTOpa He MeHee 25% aKIHHÏ HIpSHHpWWTHI, a HO

©STrarucrwke CIA - He MeHee 10% axumoHepHoro KAIw#TA7A.

Ilo SKOHOMMYCCKOMY OOI@DX#AHHO IIPAMHe KAIITAJIOB7OX€HHS, COT- |

NacHO ollpezeseHuio 3Kceprop OOH, 1đpe1ncTaBJLIOT codott ”“HB@oTH—

lun, IOW3B@I©HHH6 3a rpaHuuell OMA COSNAaHUA TAM IOOTONHHOTO

TIpeLIpHATuA WJW PacllMpeHUA ye CYyWeCTBYloero U BIeKyuMe 3a

CO-Ook olpelereHHylo GT©H€Hb KOHTPONA Hay ero ynpanrexuem” „1 3TnM,

đorgepwuBaer M.MaueB, OHM OTJH43Õ9TGđ1 OT IODTj®JIbHHX

WHBECTU-Imai, KOTOPHe OB3AHH TJI3BHHM OỐPA3OM C BJOX@HH©M B IICHHH©

6y-Maru C HeJTE IIOJIÿW©HH WIM ÿB@JMW6HI Moxona (a He KOHTpoIA)

B MOpMe HDOHSHTOB, J4BHH9HTOB WIM DA3HHIH ỐHDW@BHX

Trang 18

OHHMM W3 I6DBHX HOKYMGHTOB, IPHHATHX Ha OGHOB ONHOK u3

aszareli PumcKoro Shớa at _ỐH/I8 IWpe£TruBa ©0B@TA 01 II Mađ

1960 T, ƠHA BHT@D@CHA TeM, WTO H361 ©đ#Ho9 U OOH3ATeJIEHOS TA

8oeX OTDpAH-yaCTHđN ompeneneHue HDZMHX uHBecTnIil.

lo IpđMHMI KalMTaJOBIOReHLAMA TIIOHWMAT mo6uHe MHBeCTHINU, ocyulecTBIAeMHe QGUSMIeCKMMA Wit IDHJJ44ƠCKMMW JTHHAMH © II©JIBI0 OO— 31ATEb WM OOXPAHHTB IpOTOJIWT©JEHH U HeENOCDeNCTBeHHHe OTHOI€HI “

W©XTÿY OGHOBATG/UIMH IDp®HIPBSTHB W ux pyxonommresamn ”

TpemycmMoTpeHy Tp ƯOPMH IDZMHX WHB@OTHWIMÏ :

I Co3maHue mu pACIMD@HE9 ÿW11A10B H TOq@DHIX KOMIaHHl, Kak HOJIHOGTÈO IDHHAJ/I6#WAHMX UHBECTUTOPY, Tak OMOIIAHHHX.

2 Yaactue B HOBHX H yRe OYIICOTBYIDHMX KOMIAHWØX, @CJM 9T0

yyacTne cosqaeT NpodHHe 1 IIMTeIbHHe SKOHOMMYeCKMe CRASH Tox,

yuacTueM TIOHIMAT oPPEKTMBHHA KOHTPOJIB Hall KoMMaHnell, MONOOHHM

tomy, KoTOpH cymecTByeT B X⁄OHII9DHAX.

3 ]ozmocpoqHH9 KSIHHIH ODOKOM ỐOJI96 !IM Ha 5 mer, 00371310—,

me HDOWHH 9KOHOMHWSOEKMG CBASH, HAIDpWM@P IOTOBOD M€Zÿ MAT©~

puHocRoÏi w 1oqepHeli 1⁄OMnannsnm °

B HaOTòie© BD@MZ NpAMHe HHOCTD3HHHð WHBGCTHIW GJÿXAT OH-~

HUM W3 Handomee 9ÿ©KTHBHHX MHCTPyMeHTOB OOII137IbHO-9KOHOMMW6©~

KOTO DA8BHTIH, He oywaÄHO ỐHBII6 COBeTCKMe peoTyố7mK", 4 HHHƠ

GyBepeHHH9 T0CÿADGTB8, maKue Kak KagaxcTaH, JiuTBa, Y30exucTaH ,

1 Kmames l0 CrumysmpoBpaHne HD/MHX WHOOT DAHHHX vunectuumi //

XoanÏicTBO W MpaBo ~ M., 1988 - T12 = Qiiảnn

⁄ Iwauep 10.M I)papoBoe pery7mpoBaHne TIPAMHX WHOOTDAHHHX K8IHH-~ ma1oBoweHni B HOC - M., T988, ~ 65D.

3 man Xê„.< Ge 59

Trang 19

YRpanHa, Poccna MPOABIAIOT K HUM Gelñgao ÓOIbuofi wHrepec, 31Gb

cremyet OỐPATWTE BHHMAHWM9 H3;TOT ÿ3KT, WTO Gomee Tpex Teil BCeX IDñMHX HHOCTDAHHEX KAII8T2LIOB7IOX⁄@HWMä COCDeTOTOUCHO B

W©@TB@D-3ananHol Eppole u B Weppylo owepenh B TOCY1APCTBAX — wieHax

zc.7

{ro KacaeTCA IODTÿ©JIEHHX WHOCTDAHHHX IHB©CTWIWMÏ, TO OHU

Ip9JOT2B/UI0T codolt BIOKeHMA KAHMTJ3 B AKIIMM B3apyOexHHX

ID©H-npnaruii (ea npuoépeTeHua KOHT DOJTEHOTO Ia£@era), odmmrammn u

pyre UeHHHe GyMarm WHOOTDAHHHX Tocyfapers, MexIyHapODTHHX

Ba-JI0THO—KD€JHMTHHX ODTAHM3AIÖ, a TaKKe B eBpoOOsmMTalmn Cc IWeJbI

MONYYSHRA IIOBHIIHHOTO WOxofa Ha KAHWTAT 3a CyeT HA7OTOBHX JIBI'OT,V3MeCHEHNA BAJIOTHOTO Kypca 1 T.H,

IÏHOCTDAIHH@ MHBECTHIIIM, CBA3aHHHe C 381CTI04GHI©M OOTaileHuä

O IID@IOCTABJIVHHH mueHsui, NaTeHTOB, TOPLOBHX SHaKOB, ylpaBseH—

dCCKUX VCJYT HEKOTOPHE ABTOPH B Z3anamiol mteparype OốØO3HaWaIoT

TepMMHOM "HOBHe opMy unBecTummli" Mu COT/JIAOHH c TeM, “TO I1AH—HH© BUH WHBECTHPOBAHUA CJI91Y@T OTHECTU K HAÿSHO-T©XHIHCKOMW

corpymmuectzy ” ;

OmpeneyeHue MHOCTPaHHHX mHBectuumi B TDSA6TCñ B D33JHMWHHX

" TIpaBOBHX AaKTaX KaK BHYTDGHH€TO HalMOHAIBHOTO 3AKOHOTATe IbCTBA,

TaK ñ B MCHYHAPOMHNX ©OTJIAH€HHZX (TBYCTODOHHWX KM

MHOTOOTOPOH-Hux) WMeHHO Takne lopmmmuecKue OlpeleseHuA G03/1A10T MpaBOBHe

IIOCJI9ICTBWW IIA HHOCTDAHHHX UWHB@CTODOB, BHIATHBAWIMX #4HH1AT B

TOCY78DGTBG—D6IIII1©HT© OnHaKO IO GCBoe CeMaHTUKO-CRHTAKCKUeC—

‘ Kmames 10 CrumysmpoBaHie HDNMHX MHOCT paHHHX unpectumii //

XosslicTBo ï MpaBo — M., 1988 - #12 -C 72

⁄ Camm Xacan Aum Cevmim l(paBOBO9 D€TY7H1ÐOBAHI€ MHOCTP@HHHX

KA-IIATA7IOBJIOX@eHHÏ B apadcKUX CTpaHax (ua mpumepe Amxmpa, Erunta

u IÍOpHaHwH): ABToped mc Kaun IDpHJH., HayK — M., 1989

-Ge 6.

Trang 20

AKTAX pA3/SHHX TOOÿ/3POTB 3H2WHT€/IEHO OTJn4àrc# IDYT of

HDY-ra, B 0HWX cTpaHax, NOMMMO BYOB u d@opm, 136101 T©xMWHHIMI HHO-—

GTD3HHHX unBecrnimử (cola OTHOCATCA, B YacTHOCTH, BAKOHH 06

WHOCTPAHHHX MHBCCTUIMAX JinBH, Poccun, YKpavHH, 3aKOH O

BHeLHe-gKOHOMMYeCKOM TetTembHOOTH xKDAWHH, 3awoH xKpAWEH 06

HHB6CTHIM-oHHolR mearembHocTa) B HDYTHX - A6107 JMU MepeueHb OOLEKTOB,

OTHOCWMHX K MHBECTKIMAM (EnwneT, 1iopuann3), B TD@TBäX — 38KO~

HOIAT6JbBCTBO He npenyomarpuBaer Mu TAKOTO NMepedHA (Aap) T

B yaCH€HØ1đ NOHATNA HHOOTpSHHHX turpecTrwnw8 HeOĨXO/AM, Ha

Hal B3IJUI, 3H33 MHBeCTMIMOHHHX OTHOIICHMÏ C WHOOTDAHHHM

3JIe—-MeHTOM.

Kak onMoqaer A.P.Boratupes, OTHOIICHW3, BOSHMKaWIMe B CBA

3u C MWHOCTDAHHHM MHBECTHPOBAHMeM, OTHOCATCA K PASPATY 0J10%XHHX

oTHOWeHUM Kak "DODH3OHTAJISHOTO", Tax uw "NHaTOHAJIBHOTO” IUIAHOB,

B CHJÿ TOTPO WTO B HHX ydacTByWT CyObeKTH DA3HHX ypoBHeli m0

cBoell mpapomeeciocooHocTn (uHocTpaHHHe Ouswueckne H 0DHTäW6CKU© ,

JMHA, rocynapeTBa M4 mexrlyHapomHHe oprannsanun)* OmHaKO

CJIOK—-HOCTb WHBƠCTHIIIOHHHX OTHOIICHMÏ, TO HalleMy MHGHM, OObACHAeCTCA

He TOJIbKO MHOTOOOpasHEM OVỐb©KTHHM COCTABOM Onu xapakTe pAsyht—

CA TAKKG:!

~ OIID@J6JIHHHM OỐb@KTHHM COCTABOM, TO @OTb COBOKYNHOCTBH paspe—

Ì GaMm Xacan Amu aJT1M IIpapoBoe DpeTy7IpOBAHI€ WHOCTPAHHHX

Ka-muranonroxenuli B apadcKux cTpaHax (Ha mpumepe Amkupa,

EPHH-ma w Mopnanun): Aproped Muc KAHI pun HayK — M.,

1989 - C 5 |

2-:BoraTtipeB A.U', O p©Tny/1OBAHHH IIHOCTAHHNHX WHB©CTHHMỦ B

Ha-TỤIOH3JEHOM M M@XJYH3DOHHOM IpaBe // Cop TrocylapeTBO 4

ypa-SỐ: = Mt 1992. kh 1 - Clee:

Trang 21

MeHHHX TOCVJHADCTBOM OPM MpWIOKmeHUAH KalmMTA71A (BHOBB

co3yaBae-MH@ W MOMEPHUBUpyemMHe OCHOBHHe MOHTH H odopoTHHe cpencTBa,

IIOHHH ỐYMATH, I©JI@BH© /©HOW#HH© BK73HH, HAÿNHO-T6XHIHW6GKAH

IpOMyKIMA, IpABA HA HHT€JLIƠRTYAJIEHH© I€HHOCTH, UMylleCTBeHHHE papa) ;

— OIP6J6JIHHHMI ÿODMAMW OOYHICCTB/IHIWH HHB©CTHIUIOHHỌ

H6đT61BHO-orn (no/IeBO9 yyacTue B HID©HHDWHNTWX, O03132B3©MHX COBMECTHO C

HPUTVISCKUMA JI8IAMM HH TDA#AH3MI TOCYIADCTBA-DGLIHII©HTA, 1aHwW© ID@THIDWSTUể, IIOTHOCTBbB IDWHAH¿/I6%21X UHOCTPaHHHM HHB@G-

G03-TopaM, IDIOỐPpeT€H1ơ ID€/JIIDIZSTHỦ, HMYICTB©HHHX KOMIJI€ROOB,

9HAHnÏ, COODVKGHHƯ, Doel yWAOTHWN B ID€IHIDWNITHZX, NaeB, ak— unlit, oOmrauui, mpuodpeTenue HDAB HOJIB3OB@8HHN 3©MJI€ï M MMA

IDHOTHMMM D@CVypCAMH H T.H.);

- OIID@H©JIVHHHMH BHIAMM HMYUICTBGOHHLX M I#HT€JLI©KTY3/bHHX me], B KOTODHX TOCYHAPCTBO paspellaeT OCGVLIOCTBJOHW@G WHOOTDAH-

H@HHOC-HOTO HHB@GTHDOBAHHNI (MeHexHHe OP©ICTBA, II@JI@€BH@ CaHKOBCKHe

BWIA, Mau, AKU uM HDYTH II@HHH9 ỐYMATH, HBIWiMOS 1 H©UB1- , RUMOe IHMYIIOCTBO, HMYUHICCTBGHHH6 lipaBa, BHT7@KAlII49 W3 ABTOPCKO—

ro IPABA, OHHT H /JIDVTH HHT@JUIVKTYSJIbHH© I@HHOCTH, "Hoy—xay",

papa MONb30BaHUA 3@MJI€Ï, BOHỌ, D@CYDCAMH u eo.) }

- HAIMIMeM IeJM NouyueHuA HPMOHJM (goxona) wim TocTMkeHUA

COLM-8JEHOTO siPeKTA H, CIeTOBATeJIbHO, IPABOBỌ CBW3H MexXTY

UHO-CTDAHHHMW WHB©CTODAMH UM BJIOKCHHEMM IỊCHHOCTRMH,

MÊXONH u3 93TOTO, đHOCTD3HHH® IIHB©OTWII““ HD@HCOTABJE9T COỐỌ yCTaHOBJIeHHHe T0CY3ApCTBOM-DGIIIIH©HTOM BUH WMYHECTB6HHHX H AH- T6/LI9KTVAIEHHX I@HHOGT@, KOTOPHe HHOCTDAHHHÏ 9JI9M€HT BEI3AIHBA-

eT B HE 3AID©II@HHH@ 9TWHM T'OCYTADCTBOM OOBEKTH 108BOJI9HHỌ

Ip€T~-TIDNHđMAT€/IECKỌ# uM JDYTỌ I©T€JIbHOCTH Cc IỊ6/IEƠ HOJÿH€HWZ Gum (noxona) WIM JHNOOCTHW©HHH COLMAIBHOTO oj`ekra.

Trang 22

cTaBIAeTCH, HOJHO ONT H316 IDABOBỌ CBASH M€WTÿ HHOCTDAH-~

HHM BHBECTOPOM 1 B/IOW©OHHHM KAIHMTAJIOM, Tak KAaK B GJÿ9â9, ecm

UHOCTPAHHH BEJIAIWHK T9pZ@T HD3BOBỲ CBASE O WMYIIVCTB@HHHMH WM

HHTn@JUIÊKTY8JIEHHMM H@HHOOTSMH, KOTODHG OH BKJI3HHBAð6T B DYTOM

.T0CYyHADGTB© (HaHpHMGD, I©p©XOT H3B8 QOỐCTB@HHOCTM Ha H@HHOCTH

` om Hero K JIHY TOCVAPGTBA-P6IMIHGHTA B GHHÿ moropopa 1Ap€HMZ) ,

TQ Takue I@HHOGTH Heb3A CuuTaTh WHOGTDAHHHMH WHB€CTHHISMH, HO—

GKOJIbKỹ 3ech HDơPHBARBTCf IpABOOTHOIISHHRS (mpaBoBaA CBHSb) H

CBH3AHHEM C HMMM KOMILI9KO o6a3aHHOCTeM MO đGHOJIb83OBAHH”0 HOHRO

-CTABJeHHHX CpencTB li@W6338T B pe3yiibTaTe paspHBa ii Takouw

Kpu-TBpHÏ WHOCTDAHHHX WHBeorwIunl KAK Hammune ÿ MHHOOCTPAHHOTO BHHB8C~ ropa Wem NomyyeHMA HDHỐHDH (noxona).

B oTom aciextTe HaM IP6IGTAB8/46TCđä B€GEMA VJJAaWHHM ollpenese—

Hue UHOCTDAaHHUX WHBeECTUIMA B 3aKoHe OO W#HOCTpAHHHX WHBeCTHIMAX

b PCOCP (or 4 mona I99I r.):"MHocTpaHHNMA UHBECTHUMAMM ABJIANTCH

BC@ BUDH WMYICTB©HHHX A WHTGJLI€KTVAJIBHHX IWeHHOCTeH, BIIATHBac—

MH@ WHOOTDAHHHMH MHBeECTOpaMA B OObeKTH Ip©JHPHHMMAT€/5CKỌ H

NDYTEX BHIOB J1@đT6/1BHOGTH B IH©JHZX TOI YeuMA HHỐHZH xưma)"

.-“2w

-— gr Re aS

OmHako, NO GIPAB97JBOMY, Ha Halll BSTIIAL, 38M@W8aHđ19 KAHHHI3TOB

WJMJ0149CKHX HAÿK H.T.JoponwHoji w H.T.C€eMW2đOTHHỌ, B 3aKOHe B

KauqơoTB9 UHBeECTUIM pAaOCMATDWBA6TGf yuu TO MMylleCTBO, KOTODO9 WOGIO/JIE3ÿ9TG B H9JX USBIETOHUA IPMỐHJM W, TAâKHM OỐpA30M, HOHH-~

Tne "#HOOTP3HHHƠ #HB©CTWIMM ` orparrases9ttl”"

I 06 unocnpaHHHX nHBecrnnax B PCOCP: Baxon PC8GP // BemomocTu

Rb@3IA HAD0THHX 611ÿy1A105 PG8RP u BopXoBHoTO CopeTa "sẽ

-1991, - 29 — CT T008, - ¢ T15 Ệ

z Heuaep l9, lI(paBOBH9 IIDOỐJIOMH HHOOTD3HHHX wHBecrwuul B CCCP // Buewnaa moppoBd - M., 1991 - fe 12, ~5//:

Trang 23

B 3aKOH© Y£pauHH "06 HHOCTPAHHHX HHB@CTWIUUX” oT l3 MâpTA

1992 1 IOHđTHO "HHOCTDAHHH© IWHB9CTHnMN” TPAKTY©TCf Ốoee mmpe:

BHOCTPAHHWe WHB@QTHIJIH - BCe BUT ije@HHocTeli, BEKI@IHBaeMHe HelO—

CPeNCTBeHHO HHOCTDAHHHMH HHB@CTOPAMI B OOBeCKTH IPCI PMHMMAaT eJb—

cxoll m IDYTMO BUD TÊT6JIBHOCTH C esrb IOJÿS6HHf IpnỐØwzm

(1no-xona) WIM HOOTWX@H1U ©OIII22IEHOTO abberta.- Takum OỐPA30M,

ðop-MY/MPOBKA ”OOIA7bHHỦ 3Äÿ@KT” 3H3W4T€G/IBHO PaclMpAeT cäepy

meli-CTBUA HHBSOTHHHOHHOTO 3AKOHOI2T@JI⁄CTBA Ha Dpyrue BUH 1 OPMH

NHHOCTDAHHHX UHBeCTuIMH

‘lags BakoHe OỐ WHOCTDAHHHX MHBECTMIMAX BO beTHaM€(orm 29

ne-Kadpa 1987 ae B cTaTbe 2 TOBODHTCfØ, WTO “IHOCTDAHHH€ UHBeECTU—

umn" - 9T0 HIOOD@ICTBGHHH© B/I0W@HHZ WHOCTPAHHHX opraHu3ammit

wm TpAXHAH BO BbeTHaMe B WHOCTPpAHHỌ B3JI0TG WIM B BUTE JI0ĨOT'O

WiMyUeOTBA, OIOỐP@HHH@ IIDABHT@JIbGTBOM BheTHAaMa, DWH 1Ơ/IOBOTO CO~ TDÿHHW@CTBA Ha OCHOBG OTOBODA Wm B GOpMe COBM@CTHHX H€TRHPH~

qmnMli wm nnpennpwauä co IODØ WHOCTpAHHHM ÿAOTMI©M B

COOTBeTCTBHM C HACTOSHWAM 3aKoHoM.“ B cTaTbe 7 HA3BAHHOTO 33KOHA ONpene—

-JIAMTCA BATH HHOCTDAHHHX UHBeECTHMIMA, B KOTODHX WHOCTpaHHaA

CTO-DOHA MOKeT GI6JI4Tb BEKJIAT B YCTAaBHHM OOH CoBMecTHOrO

HP@IHPMH-mug: "I WHOCTpAHHA B3JIO0TA, 2 lÏDOWđ3BOHCTB€HHH© 313HM1, DYTH©

coopykeHma, OỐODYTOBAHH©, MAIHHHH, MHCTpyMeHTH, YS, metas.

3; Tlareutu, "Hoy-xay", T@XHOJIOTMA, T@XHHW©OKO9 OỐCJÿ71B8HHG,

TEXHAYECKaA noxymentamua" ?

ah he

I TIpo IHoaoMHT.TIHBecTnnTlI: 3axou YxpalHn // Tonoc Yxpaluu

-1} ‘= Thu la SỔ Belo OC Da |

2.06 WHOCTDAHHHX DHBeCTHIMAX Bo Bsernawe: 3awow CPB // 3aKOR u

IIOI3AKOHHH® AKTH OỐ WHOCTDAHHHX WHBeCTMUNAX BO BbheTHaMe —

Xano8, 1988 - quái le SỈ: bo viên +

3 Tam xe - C 44,

Trang 24

ces B OTJHSHẹ, HAHPHMẠP, OT YKpAHOKOTO (xoopHẢ BKJIOA6T B

-IORRửTH6 ỢWHOOTDAHHH WHHBSCTHII4MỢ "ỘBCe BHHH IoHHoéTeẢỢ),

TepMM-HOM "ỘnụMYIOTBOỢ OxBaTHBaeT UMylle CTBEHHHS (1ipOWSBOTRGTBOHHHG 3na

-LÌ ma, IDyTD6 OOODỮSẹHMT, OỔODỮJOBAHIẹ, MAIIHHH, HIHOTDYMẹHTH,

y3-im neTam) Wu HHT@/LUIẠKTYA7IEHHẹ (naTeHTH "Hoy-XxayỢ; T@XHOJIOTf )

| WeHHOCTH Ham mpegctaBiaetca, WTO Te pMaH "sce BHJHM WeHHocTei"

ỘpUrJANT Comee ỮAWHO Mo ODABHẠHIHO C Te PMAHOM "uMyII9GTB0Ợ

He yKasHBaeTCH BO BbeTHAMCKOM 3aKOHE B OIIpẹI6JI@HWM MHOCTỞ

pAHHHX wiaecrnuuảẢ Ha Takol KpuTepult Kak IIOJYẠHMẹ IIDMỐH11 (xS~

Ấ xona) MJIH OOTTUEOHIẹ OOHMaJIbHOTO 2đẹ@KTA XoTA yKA38H19 ỷB

orIpe-; TĐre7IeHmnủ Ha OPMH OCYHẹCTBJI@HIIS HBSCT TM (ựe:10BoẠ GOTDYHME6Ở Ẽ_@TBO Ha OCHOBE T0POBODA3; COBMECTHOE ID9HHPBRHTEẹ ; IIpẹ7.MDuự4TH9 C O

-100# MHOCT PAHHLIM yacrneM) IIp@J7IO.IATA6T IIO/TỮ46HHẹ mpudwm

(TO-XOHA), TM He MeHee, HAJHMWH6 Takoro KPHTOHA BHeECIO OH B

oripe-IẹJI9HH6 HựHOCTDAHHHX UWHBeECTUIMM ỐOJIBUYEử ACHOCTS ự OPOPMJIEHHOCT SH.

Uro KacaeTcaA Ợẹ@0I137BHOTO 9đeKra", TO 3aKOH 06 WHOCTPAHHHX MH-

-B@CTMIIISX BO DE6THAMẹ Boodle He IID@JỮCMATDWBA6T Tae đO PMH

_WHOGTDAHHOTO IIHB@GTWDpOBAHH#, KOTOpHe Ou mpennomaram Hamme

- mQJIBKO 3TOỳ Dem Ữ WHOCTPảAHHOLO LuHBSCTOPA,

: B OBựan C 9TM Ham IP@HOTBB/EIẹTGf, TO noHatue

ỘWHOCTDAH-HHe MHBeCTUIMA" 3AKOHOHAT6JIEHO OđODMIZẹ@TGự B 3aBUCHMOCTH OT

: 8ROHOMMS@GKOfi u, Mpexme Bcero, nozmrwrqeokoli OHWOHKTVDH,

KOTO-par CKUIAHHBAẹTCự HA MOMeẠHT HPMHHIMII IIDABOBOTO aKTa OO #HOOT~

l j DARHHE WHBẹGTmIIZX., VIHHMM CJIOBAaMM, Pedb 3IBOb Met He CTOJbKO O

ieOOBẹpteioTBe OTTẹJIEHHX nomomenuit 3aKặOHA, perysmpylwuero HHB60 ~

TWIWAOHHYệ IẹựTẠJIEHOOTB, CKOABKO OỐ OllpeneseHHDu 9koHOMAYeC Kor

HOJIMTWX6 rocynapeTBa HO OTHOHICHHD E MHOOTDAHHHM KAIMT8JI0BJ;O/ặẹỞ

HốốA

Fe

Trang 25

IIpodmema MpwBIeueHUA HHOOTDAHHHX UHB©CTHIMl, Ố©COHOPHO,

ABIACTCH He TOJISKO SKOHOMMKO-IPABOBỌ, HO H IO711đ96CKOI, B

IAHHOM CJIyA© JO/D4€H ỐHTb YOTAHOBISH Tako IDAB8OIODRHOK, pH] 0ố©GI9WWBAJT ON MHTepecH TOGYADCTBA, OỐI€CTBA A fHB@CTODOB.

KOTO-Me#IyHApOTHAđ IpAaKTnKXA CBHJITG/JIbCTBY©T, WTO KAZHỦ WHOCT-— DAHHHÏ HHB€CTOD BCECTOPOHHe OH€HIBA@T YCJIOBMA KANUTANOBIORCHUA

B KOHKpeTHOM cTpaHe Mx OI@HKA IDOI3BOIHTCđ CaMHM TIAT©JIBHHM

o6pa3somM © yW©TOM MHOTWX OỐCTOWT@JISGTB, IleppocTemeHHoe 3HA9€Hm©

HM@@T IDHỐHJIb — OCHOBHOM HOỐYHWT€JIEHHÍ MOTUB QA OusHeca l(pH

9TOM YNHTHBAWTCđ He TOJIBKO 3AKOHOTATGUJIEHH© HOPMH, KacallmMeca

H87OTOB, HO M TDYT18 BOIHIDOCM:¿: BOSMOXHHE IIDCIISKTMBH COHTAa ROTC

TYKIMH, BOIDOCH IHOOỐPA30BAHHW, CTOMMOCTE CHPbA M MAT@DHAOB, OIOCOỔH CHAGHEHMA CHPbeM, CTOHMOGTb MU Hammune padouel Cum,

DA3BWTn9 HHDPACTPyKTYPH, BO3MO#HH® ODMH TOCYHADCTB€HHOPO

BO3-neticTBUuA M KOHTDOJII, YCJIOBMA HI@P@BOJI3 IDHỐH.I6i W @IATDWAIIH

KAIITAA, CT€IHB IDGIOCT8BJUIEMHX TAPp@HTHÏ( OT KOHfWCKAIHH,

Ha-IKIOHAJ13AIM W T.0 OCHOBAHMeM JUUI IDWHfTHỚZI D@IHIHHII ABIIAeTCA

BC@CTOPOHHAA OI@HKaA BCe GOBOKYIIHOCTW YKA38HHHX yCJIOBHÄ,

B cBolo O4©@Dp©Ib, ©TDAH3-D€IUIIISHT OI@HIBA©T KOHKDƠTHHX VUHBECTOPOB: pasmMep đ ÿODMY MX BAOKeHUM, Chepy HHBSCTHDOBAHHR,

HOBW3HV W KAWeCTBO BHOCMMHX TOXHOJIOTHä W OỐODYHOBAHUW,

"HOy-_ Xây" W T.1, M I€IOCTAB/I€T B DâMKAX 3AKOHOHAT@/TECTBA ỐO7IbII9

ị tim M@HBUMG METOTH, HđOXOJ W3 HHT€D@OOB HAIHOHAJIEHỌ 3KOHOMHEKI,

: los tomy YaCTO B HHB©CTMIDIOHHHX KOI@KRCAX COMepKUTCA He ODMH, a

H@OKOJTEKO IDABOBHX D@WWMOB JIA WHOCTD3HHHX BKIARWAKOB KaluTasa

- odumit w ommH WM HECKOMBKO IHDHBIUISTHDOBAHHHX,

4 "mo MHGHWIO HHOCTDAHHHX M BBECTHAMCKUX CII€LIHZ8JIHCTOB, B8BIIX B pÀOT© `ODYMA HO mpodmeme WHOCTD3HHHX uiipecrwuum8l ,(Xo-

yÿHAOTBO-IIMMWH, Mapt I99I r.), DA MpMBMeYeHNA MHOCTPaHHNX KalMTasoBso—

Trang 26

oHHOTO ỮAKOHOIAT67EOTB3, SKOHOMMYeCKOM MHDpACTpyKTYPH, HOJHTH ~

geckad GTAÓHIEHOGTE B IDMHWMAIDHẹM WBOCTHHMAH rocynapeTBe

HeKO-, TODH9 ABTODH yKasHBaloT TaKặ#@ Ha IGWXOJIOT86GEH Ố7IATO#@J1AT 67IbBHO8Ộ

"| OTHOMEHUE oomecTBA HHOCTDAHHEM YVHBECTUUMAM.

ib TỳHIB@OTHIHIOHHOE SAKOHOMATebCTBO T00YHADẹTBả, IIDHHBMAIOIIẹT'O (| wxpeoTnitun HOJDHO YETKO OHP9HG/LITE cep HDHUIOW@HHS MHOCTPaHH O- ''TO KặaựuTa113, KOHKDOTHHẹ JIbTOTH M TADp8HTHM; IIDSIOGT3BJUIOMHG WHOỞ

GTDAHHOM WHB6CTODỮ B 32BHCWMOGTH OT PASMePOB H ỮOpM ero codcTỞ

BOHHHX JIOXẹHHẢ, gaTpaT Ha TIOTTOTOBKV MẹCTHHX KAnDOB; B TOM

| ụWGIe yHPAB8JI@H4@GKOTO I@DOOHA1A, H OT MHOPUX mpyrux Ữ@AKTODOB, B

| H@JIOM OTpaKaloux BauHTe pecOBaHHOCTS rocymapeTBa B IAHHHX

HHBGO-`

|

| [HB@CTWIIOHHH 3AKOH ABJACTCA opmol OID@H@JISHHOTO

KOHTPO-JIA Hall WHBECTUUMAMM, Ip6HOCTABJLCMHÔ rocyHapcTBOM JIBrOTu

TOJDAHH GUT OỐ@GII@W@HH 2KOHOMIgeCkOỳl oỮđẹKTHBHOCTBIO KOHICDẠTHHX KaIựTA7OBJIOXẹ@HHự VHBeCTAIMOHHOe 3AKOHOLATeEILCTBO MMeeT HẠ/IE

odecnemTs shPeKTMBHOe MCHOJIE30BaHvE WHOCTDAHHHX HHBECTMUMM

Ero orcyTcTBue HDẠIWTCTBYST IHHBJIGGHHI WHOCT paHHOrO KammtTasia 3

| MPeMHOCHINA OỐeCnegqeHúa DẠaJH3AIHHII THB eC Thana MpoeKTOB.

HỆ PaaBurn9 YHpACTpyKTYPH BHPpAXAẹTCf B GOOTB6TG.TBVI0IIẹM pasBuTun

l\ mpaHocnopTHHX cuctem, OIMOTẹM WH`OPMAHMIH 1 ẹBH3H, OỐGJTyKHBaI0IA*

BH6IIHe3KOHOMWWSCEYệ TIeãTẹJIEHOCTb TocymapctTBa u UHOGTDAI.HHX on BECTOPOB; Hain OỐb@K1OB M CoopyxeHMu, OỚeCựe1iB8aửII4X oxpaHy

i oxpymalujeli opeT; p33BITHH cucTemH ỐâHKOB, T9CTWMHWH, G`ẠPH ỮC~

II RoB9pIieHẹCTBOBAHI6 HW pasBurue VHDPACT pykTy pH O08746T ónaro+any

lỆ

se

rie eee JIỮT; Hamu padowel cus 1 1.1.

Ấ pa

Trang 27

IDHWTHH6 YCJOBUA IA HHBJI@S@H1 WHOCTDAHHHX WHB@CTHIM,

TâK-MRO INIT PACWMPeCHMA M@XIYH3DOTHOTO 3KOHOMIS€C1%OTO COTDYTH1u©6GTBA3

DA319/I9H1 TDYTA.

CrenyeT OTM€THTb, WTO Taxol `4KTOD Kak HOJHTHW6GKAH Clã~

ỐHJIEHOCTE B TOCVJADOTBƠ, urpaeT 3HA3W41T6/IBPHY DOJIS B HDHBJIOHGHIH

HHOCTDpAHHHX #ifB@CTHHWMf, TAĨHJIbHOCTb IOJITW6CKỌ OđTVAIHWM B

TOOVHAPGTB@, IDHHIMAIMHI€M W#HOCTDAHHH© MHBeCTAIMM, BHDA%A6TGf B xapakTepe ero BHYyTpeHHel u BHermeli NOJMTMKH, OTHOIIHSW MexXTy

TOGYHApGTB€HHHMW YIIpaBIeHueCKUMA CTDYKTY3MH H OỚIJ@CTB©HHHMW

ODT'aHH32aI4MH.

A.T .Boratupes, IDOAHAJW3MDOBAB HAI[1OH3IBHO6 33KOHOHAI€Jh~

OTBO IO DeTÿIMpOBaiiriio MHHOOTDAHHHX WHB@GTHIWÏ HeKOTOPHX CTpaH

Asun, A®puxa 4 JatmHcKo ÂM©DHKH 60-X TOHIOB, oTmMewaeT, WTO STU

GTDAHH KaK OH COPeCBHOBAJMCh MeKDY cool B ID6IIOCTAEJIHWW JETOT

M IDWBWLISTMÏ WHOOTDAHHHM WHB@CTOpAM ƠHHAKO D@3ÿ/IETATH 3KOHOMI~

{@Q@KOTO pOOTA, IDOHOJXA6T OH, CBHI€T6JBCTBYI0T O TOM, HIO

HHOOTDAHHHO WHB@CTHUHH IDWH@CJM CI@X Mameko He BCeM CTpaHaM, HPM

-9TOM IID8MỌÏ 3BHCWMOCTW OT OTGI€HH Ố/IATOIDISTHOCTH MpaBoBoro

_ pexuma He Hadmonaetca 3Hagwr, 3aKmouaeT A.I’.boraTupeB, TO/EKO SKOHOMMYeECKUX UM MpaBOBHX VOJIOBWMÏ ee HenocTaTOUHO 1đ HOpMaJib—

_ HOPO pasBUTUA WHB@OTWI"AOHHHX OTHOIISHM, KAK BHYTD@HHHX

(HALIAO-H8JIbEHHX), TAK W BH@HHWX (Me#yHaponmuX), B 7đ0ố0Ï cnpawe ốobuloe

gHadeHne #M©IOT IIo7mruveowue yCNOBUA, T.@ NOMMTUYECKAA CTAĨHJE~HOGTb, IÏM©HHO ee-TO mM He XBATAJIO B TOT H€PHOI B H33BAHHHX BHII©

onpanax.L

: Boratupen A.T O perymmpoBaHMu WHOCTDAHHHX IHB@CTMIIAä B HA111—

OHAIBHOM 1Ú M@XJIÿHApOHHOM mpape // CoB TOCYAPCTBO Hđ HpABO —

Trang 28

ATHHS ỮQJIOBHN TUUỨN ựHOOTD3HHHX MHBECTOPOB, BC6JHT YBEPCHHOCTE B: TOM, WTO MX KAIHTAJH H9 ỐYHỮT HAIIOH3JT3HựDOBAHH WM peKBUsupo-

a

Ì MupoBa# IpAKTựKA IOKA3HBA6T, WTO HựHOCTDAHHHẹ HHBOTHIIMM

Ì TJỮỐOKO BJHUốIOT HA DA3BITH@ SKOHOMMKM IDHHIUMAI0HđX TOCYHADOTB B

orsouenn me GJIAỐODA3BIHTHX CTpaH MHOCTPaHHHe MHBECTHIMU BHCTYỞ

HAT KAK ODMH W3 pẹIIaWửHWX MakTopoB ux DA3BHTHW, WHOOTDAHHHO UHỞ

BECTUIMM AKTMBHO BO3T@ẢGTBVI0T HA COCTOAHMe TOProBOTO H yoro Ốa/7AHCA, IOGKOJIbKY WHOOTDAHHW9 ⁄DMH-BKJIAJWMEW WAGTO BHC-Ở

ILiaTex-pynanT KAK IIẠHIPHNTHH, KOTOPHe MpOUSBOLZAT TOBADH, 3AMẠHHIDHIIO 'BMIODTHH6, WTO HDWBOTIT K YBeJMYeCHMIO BAMOTH B CTpaHe M pacumpe-

HAW OỐb@MOB sucMopTa Kpome sToro, MHOCTPaHHHe HHB@CTHIIH CIO-Ở

COỐC?BYI0T IDHBJI4ẹHHIO HOBeliumx TẠXHOJIOTH, ỘHOy-Xay"Ợ, CoBpemMeHỞ

HOTO OỐODYHOBAHWH, YỮIDABJIẹHW@ÔCKOTO OHHTA HM HD.

Tak, Halpumep, MHOCTPaHHHe MHBeECTHUMM HIO3BOJHUIM CuHTalypy,

ToHKOHTY M /DYTHM ỘHOBHM WHIYCTI3/IbHHM GTDAHAMỢ He TOJIBKO

Mpu-BI9Wb H@OỐXOIHHMHQ KAHWTJH 1 pecypcH TA HOIb@M3 OỐpAỐATHBAlL1X

' orpacxefi, HO M CYHICCTBẹHHO IOHHWTB OỐiHgMỶ HAỮWHO-T@XHMQ@GCKMỳ

IIO-| T6HTMAT IIPOMHIUICHHOCTH HỮyTẹM TpAHCđẹẠDpTA TexHonoruu u ỘHOy-XayỢ

Ộmạ IIDOMHIUISHHO DA3BWTHX CTpaH Ycmexu ỘHOBHX HHHYCTDHAJIBHHX

af

,CTpaH" B M@TAJLUIYDTWH, aBTOMOOMNeCTpoeHMM, OCTITHYTHẹ B 70-2

it

nonH B pesybTaTe KDYHHOMACITAỐHHX WHB@CTMIHH KOMIAaHH`đ fứ1OHUW 1

Vi IOỐVTWZM JDYTWự CTDAHH = ae cBoe OTHOIIOHW@G K

(berrersroorr gapy 0 exHHX éupm.+

Ổa tiểu

i Konnontati A IÍMIODT KAHITAA Ở- HeooéxonMmy HOBHe nonxom=m //

i AMAPOBAAN SKOHOMMKA M M@IJWHADOJIHHẠ OTHOHeẠHWN, Ở M., 1989

-lậ

i Mie gt Go de

Trang 29

[[BBMDOM TOMY GJIWTUIT Takxe u TA1JI4HH, KOTODHỮ DAHPII, mo

'0paBHeHmn C IDYTHMH cTpaHamm lhro-BocToqHoÄ Asnu, 6H

cmadopa3Bu-Toh crpaHofl, HO C CeMMIeCATHX TOIOB, Mocme HpNHãTHWN 3aKOHA od

MHOCTPaHHHX wHBecTHIMAX (T977 T,), KOTOpHÏ paspemmm Tomyck W#HO—

OTPAHHHX KAHBTAIOB, ero 9KOHOMn:a ỐyDHO pasBuBaeTcA STO OCO-—

OeHHO 3aMeTHO B TAKIX OTPACJIAX, Kak He@TAHOH, TODHOTOỐHBAaDOnẹi w TiIneBỘ IDOMHILISHHOCTW, B IPOH3BOTCTB TRAH€Ï, 3/IeKTDOTOBADOB, MOTOIMEJIOB 1 Op B2I4TOH3Df# HHOOCTDAHHHM MHHB©CTHIMØM TAWTAHT yxe

| PHM@@T TOBA3DH, 3AMeHUBUMe WMIOPTHH©, 9KOHOMIT BAJ0TY,

HDOH3BO-AMT IDOIWKI”UO HA 3KCIODT, D@lII3@T IDOỐJIe€MV Gespadotuuy (B Imefi~

HOM W 9JIeKTPOHHOM IDOMHIUI@HRHOCTH), IIOCT@I@HHO OBNaleBaeT

Hayd-HO-—TXHI4©C KM JIOCTMWGHHMM M 3apyOexXHLM OMITOM yIIDaBneHnn, B

| ‘HacTomyee BD©MØ TAa1L/IAHT umMeeT MHOTO ID6JIH⁄HHM3TG2I€Ä BHCOKOrO

| kyacca, CMOCOOHHX padoTaTb B YCJIOBMAX DHIHONHỌ 3KOHOMIMKH

Cuenyer OTMETUTS , WTO NOCKOJIbKY MHOCTPaHHHe MHBECTODPH

BIOIAHHBAIØOT KAIHTATH C II67Ib12 MOMYYeHNA B TOCYADpGTB6-D6IIHIUSHT6

MAKOHWMAJIEHHX HDHỐHJIÏH, MocTOABKY U DA3M€LIVHH© HHB@CTHIMHÏ Ocylle—,

CTBIAeTCA B Ta OTDACJM, rue B KpaTuahume ODOIH MOMHO DOONTLCA

IOJTYW6GHIW HAHỚO2IBIITO Toxona (B TYPU3M, OITOBVI0 TOproBmo,

crpa-XOBO6 Jeno H Hp.).

Bo BheTHamMe 3A ©@THp@ Toma TelicTBugd 3aKOHA OỐ WHOCTDAHHHX

—> >

u¿ BHBOCTAIMAX MHOCTP@HHHe KallMTAJIOBJIOKCHUA OKA3AIM ỐO/IBIIOơ BIMA- >

‘lyme’ HA pA3BHTW@ SKOHOMMKM CTpaHH OHM GIOCOỐỔCTBVIOT pacumpeHnn

|| Pumka DÀOgWX M@GT, IpupmeyeHun HOB©ÏHIUX #©XHOJIOTHỦ, ÿB©JmweHU0

|} oổ5eMoB IDOW3B0IGTBA, HADAIHIBAHHI0 SKCNOPTHOTO NoTeHimana

AK-tot j

+ THBHO pasBopaqBaeTCAH TeATeMBHOCTB IO pasBeaKe 1 WoOHue H@ÿTH H

& siết teed eee

pasa (odlan cymma wHOCTpaHHHX HHB@CTMIHMỦI OOOTABHJIA3 3mecb

mpu-MepHo 300 mom mom CHIA),

aE

-{vet là 4

i

Trang 30

BHYTD€H-wero DHHA BHCOKOKAYeCTBCHHHMM TOBADpAMM, IDOHCXOHHT O00B06EH6 u

| baonpocrpanerne IOJI63HOTO 3apyOexHOoro yipaBmeHueckKoro OnHTA.

Param OỐpA30M, B/IOXOHIÔ IWHOCTDAHHHX KaMMTAaJIOB BO BrerHame ,

Cnemm@una W GJIOXHOOTb HHB6CTIHHHOHHHX OTHOIICHMÄ HM UHOCT-—

H@OỐXO-‘| poor WX HGODHMHAPHOTO MmpaBoBoro D€@TYJHOBSHHH Bot mouemy K

2THM OTHOLICHMAM IPUMeHAeTCA WHpoKuil Kpyr MpAaBOBUX CpeCrTB, Kak H8L—IOHAJIHO-IDABOBOTO, Tak M M€?ÿH3pOHHO-IHPABOBOIO perysmposa- HHA, T.@ HODMH HBYX GHCT€M papa HALJIOHAJIHO u MexTyHapon—

Hott Ipuaem /AHHH9 HOPMH HaXODATCH B TIOCTORHHOM B3A⁄#MO3ABHCMHMO—

CTH, TOMONHAWT U A3B1BAI0T Apy? npyra.T

ii B mupoBoli 3aKOHOZaTebHOM NpakTMKe NpaBOBHe AKTH, p@TYM—

‘Mes rocylapcTBaMn , 4) IOTOBOPH 06 SKOHOMMYeCKOM OObeTUHEHHN

Ì-lý

"+ TOCÿAPOTB, OOJI6DMAIlủ6 HODMH HO P€TYHOBSHHIO JIBIDX6HHR

Kanura-_ _—

iT ' BoraTHpen nà T O peTy/IIpOBAHWIW WHOCTPAHHHX WHB@GTWIMl B

Ha-IMOHAJIBHOM H MexutyHapomHom pase // CoB TocyAPCTBO H i

ee oe

Trang 31

xoa HYTPH, 9TnX 0%6jinienHii K HCTOqHWKAM IIDABOBOTO

G0T7iamaHnz, 381J103A6MHƠ MOXTV T'OCÿ1apOTBOM-p®IIAII9HTOM W UHOCT—

itl:

tổ,

1paHruo BHBeCTUIMM, ID@/ICTABJI4@T OOốỌ 33KOHH 1 IOH3AKOHHH

TPA#IAHCKO9, @uHaHCOBOe, TAMOMeHHOe M OP 38KOHOHAT@JIBOTBO, HH~

BGOTHIIOHHHO 3AKOHN M KOJKOH, CI9IJIAJIEHH@, OTpacseBWe KOT©KOH, 100TA1OB7GHES IIDABHT@/ISOTBA, KOHKD@TW3WDYIHEI® 33KOHH OỐ uHOCT-

MHHHC-ae W Be2OMCTB.

K qicmy BaxHefimmx đOTOWHWKOB MpaBoBoro P@TY/THOBAHHH

HHO-tổ ‡

oTHOMeHu Tem, WTO OOH@DWMT NoMomeHUA O I3B6 COOCTBEHHOCTU, O

ero OTDAHHI@HHH, HAI4OH2JI138LUW W cmocodax KoMMeHcalMn, HOPMH,

orHocammeca Ke OKOHOMMYCCKUM MU COLMANBHEM Mpapam rpaknaH M T.1

„ (KOHOTITY1UH aẶpWwaHGKWX T0CÿApGTB) lp mpyrux OTpAHAX,

TBA B, OỐIAOTH NHOCTpAHHOTO uHBecrnpobanwz Tax, B cr 18

BosueceHcnad H.H CopmecTHHe IID@HIPHWđTMR Kak OPMA

MexTyHa-lạ BeRfbro s BKOHOMII4@OKOFO cotpymumuectBa - M., 1989 ~ Ge" cTIẾN eke 1`

Trang 32

tp'B@HHHMII ODTAHW3ALD“MN ` *ˆB moÏ xe cTaTBe OWJIO yCTAaHOBIeHO , qTO

' ` IpaBa HW urepecH" IHHOCTDAHHHX JM 0XPAHØOTGf 83a£OHAMM

len, KoMMeHTMPYA STM HOJIOKGHHH, Ty Mux ( py KOBORMTeJIb HAÿSHO~HO— i

ik |) M@HRHÄ XapakTep "OTKDHTOM MOUMTMKU HO OTHOMeHNI K BR OMEN Mđä—

NI,

t py".

3a-ot ela no BbeTHaMe IOJIOX@HHÏR OTHOCUTEJIBHO TOIYyCKa MHOCTpaH—

Horo KAHWTAJIA đ MpaBOBHX TADAHTHỦ ero BKJAZYMKaM BO-MePBHX,

6y-Spee\

! Wer OTB€WATb TD@€ỐOBAHWfØM, BO3/131/29MLNI Ha KOHOTWTYVLJ0, Kak

OC-ave om -HoBRol BaKoH TocymapcTBa, HO ycTaHOBJIeHMW OỐHIX TIpaBOBUX Haqall,

Ha-TWHHM TApAHTOM B ID€OOTABJISHIH ĨJIarOIpw#fTHOTO HpaBOBOro

| TOIOJHMT@JIEHOMY IPHBJI€WGHHI WHOOTDAHHOTO KAIWT3/13 B 3KOHOMAKY

Bb©eTHAMA,

ÀHA113WDyđØ IpaBOBO© Dp€Ty/JHOBSHI6 WHOGT DAHHHX ywuBectuimli B CTpaHaX A®puKu, H.H.Bo3HeceHckan OTM@WA9T, HTIO 3AK£OH0JIAT€JIbGTBO

'' Bare RHBECTUUMOHHHS OTHOWeHMA, BEJHOM861 3HAUMTeJIBHOe WACO

HOp-¡ MATWBHHX aK7oOB, l(pe#e Bcero cha OTHOCHTCA OHGTWTVI.MM

appiu-KAHOKBX TOCYADGTB, Tye comepKatca BaxHeliume MOMOKeHUA O MpaBe

- COOCTBCHHOCTH , O ero OTPAHWW€HWW 1 T.1.; 3AKOHH O Hempax,

TDY-Layi! ii

| 8AKOHOTAT6JbOTBG 1 TOTOBODHO-TI)ABOB0Ođ MpakTAKe KT // Con.

Trang 33

OOA-SATEJIBCTBCHHHS SAKOHH B H@JIOM, NOCKOJIBKY IHHBƠCTHHIH BƠTHYT, Kak

IPABWJO, K CO3TaHMH KAKOT'O-UMỐO MIpeIpHATHA, BCe Te HOPIATHBHHƠ

paHHoro mapectopa.

OnHakO u3 MHoxecTBa HODM3TWBHHX KTOB, Tak WM IHHA49

Kaca-WØIXxca WHB@CTHIMOHENX OTHomeHmÏ, no MHeHnwo H.:I.Bo3HeceHcKoÄi,

KOJI€KCH M 3@KOHH O CM@HIAHHHX ID/IIPWWNTWNX K cnelmasibHOMy

38KO-HOJAT6JIbCTBY MOKHO OTHECTU UM Te AKTH, HA KOTODHE MMeeTCA

HOM HOPM@THEHOM AKT@, HOCKOJIBKY UHBECTMIIMOHHHe KONeKCH GCOT€DXAT

IIOHUMH MU HHEX xWCKAJIBHHX GỐODOB, TO H3J7IOTOBO€ 3aKOHOLATEJIBCTBO

OHO W3HAHO Ee TONEKO IIA D@TYJIOBAHf HHOOTDAHHHX uHBectTummi.

3AKOHOJIA3T€JIb-CTBO, B KOTOPOM WHOTTA yCTaHaBIMBaWTCA pasMepH MSBATUA B IOJE3Y

VHOCTPAaHHHX HHBeCTOPOB JMỐO OTOBapUBaWTCA OCOOHe YCNOBMA ero IPWM@H€HHfW Ipavoe OTHOIIHH@ K MHBECTUIIMAM MMeeT AKIMOHEDPHOS

BAKQHOMATEISCTRO, MOCKOJIBKY WHOCTPaHHOe IIpenMpuaTMe CO312A6TCf4

2

Ha ocHoBe HilMOHAJBHOTO 3aAKOHA O KOMITAHMAX

_1enyen OTMGTWTB, WTO OOXDA3H/IOIWMICđä MpaBOBHMA TD3TWLIMNMW

DONHOTO #tOHOMn4eoKOTO coTpymHudectBa - M., 1989 - C 69.

2 mam He =0 69-70.

Trang 34

,ÿPATKOZ3HSHH6 CTpaHH OpMHAJM UHBeECTMUMOHHEE 3AKOHH (mm

ou) , Torma Kak B TOGYTADCTBAX, CHBINMX B 3aBucmMocTu OT

BemmKo-Vie..ỔDWTAHHW, valle BCeTo eQMHOTO 3âKOHA o6 uHBecTuuuax HeT l(@pBHMIW

Tpunez, Ceneran, Mamarackap, Ammp đ Op C I965 r pan

aIHO6 3AKOHOIAT@JIBCTBO M IDHHHMA6T HOBHE KOHORGH: Amp u TadoH

-3 1966 r., Tynuc - B 1969 r., Benun - B 1972 rt

B OONLUMHCTBe AYTIOASHUHHX GTDAH ÂĐ KH HeT TaKoro

DA3BH-Toro VMHBECTHIUMOHHOTO 3AKOHONMAaTeIbCTBA, Kak B @paHKOASHYHHX

.jjonpanax B arọ cÿepe IeÏlcTBV€T pay BeCbMa KDATKHX SAKOHOB

Ta-'OBH, HallpuMep, IDAKTHMƠCKH @IMHOOOpPaSHHS SaKOHH O 38IHMT9 UHO—ee

ee=

{th

B cepa HHBeCTmIM HN€ÏGTBYIOT H9CKOZIBKO 33AKOHOB¿ 38KOH 06

OcBO-_ ƠO#T@HIn OT HAJIOPOB “HOBHX” Ip€TIDWSTHÌ M 3AROHH,

OCHOB-“acc AKT8MW: 33KOHOM O #A@TWWHOM O0GBOỐOïZI9HHH OIO—

| ĨpeHitix IIpSTIPHATWÏ of ÿILIATH HOIOXOIHOTO Hasora 15 £‹;

2aaro-a

BT Boowecenoxan H.H CopmectHue MpemIpwATMA Kak MOpMa Bi‘ pomoro sxoHoMngeokoro corpynnnveorpa, - M., 19689 - C, 61,_DONHOTO 3KOHOMWW@CKOTO ©OTDPYIHHNHM©OTBA — M., 1989 - 0 60-70

IIpeTIDH-đnun B cTpaHax Ajpwrh - M., 1975 - GC I3-24.,

Trang 35

.apnenrrnHcrne IopHHÄ komexc 1966 r., Hedranofi KoneKo I967 r,,

Ee A 1OpHH saxon [965 T u He@taHok 3axon 1958 n.^

3@KOHOTA-TEJILHHG AKTH, peryMpywume WHOCTpaHHHe MHBECTHIMM B CTDAHAX Jla—

THHCKOH AMeDUKN Cpen HMUX: B ApreHTuHe — 3aKOH OỐ #HOCTDAHHHX

KOMY WHHBOCTWDOBAHMO UM peLryJINPOBAHNM MHOCTPaHHOTO HHBeCTUpOBa-—

ax 1962 r.°

V3 eBponeioKwux @TDpaH JI% Tpeuma, Vrama, liopryrazma, IaHWR wv TYPUMNA MMelT HDABOBH© AKTH, D©TYJUIDVOUIWO WHOCTpPaHHHe wuHBecrunnun B T'permm - 3To 3aKox Je 2687 1953 T., yCTAHAaB/ñBAIO-

Vic-, 7 BosHecencxas H.H HHOCTDAHHH8 MHBECTMUMM CMGII3HHHð

IDTIDH-| ATMA B cTpaHax ÂÿpWKH - M., 1975 - C T7,

& Tleớawopa H.A IIpapoBoe perymupoBaHue eATeNBHOCTH HDSHHPHHTLỦÌ

| Stam xe - G 125.

'

Trang 36

43 1953 T, KpyMHHe NHBECTMIMM HOJTKHH 6HTB OIOỐpSHH Mexminuc—

dụ Ar

pigopeuam KOMIT@TOM ILA KOODIMHAIMH SKOHOMUGeCKOKM HOJIHTHKH

3àp-Lm IIOIAa®TCRH B Ka3HawệcTBO 3akOH IIpelycmat pupaet BOSMOKHOCTE

lại

1 eae npede peHimarbHoro pexuma B IHOPTYTAJMM K HHOCT~

WBeoTn-`8 '

¡ oun W3 GTDANH E9C perysmpywTca 381:0HOMN 326/85, 1elloTBySOIMM O AH—

paaxy" HBSOLILMH đ3 HDYTHX cTpaH peryJMpyhTCAH BHBƠOTHIMOHHHII

| KomeKCOM 1977 r c HOIDABKAMI, IDHHNHTHMH B [982 T, KpYHHH9 HH-tháng,{Beormrmw 010Ốpđ¡rcf MuHuoTepoTBOM ®MHAHCOB (ecm oTBeTa HE HO-—

MHOCT-| pAHHHe W#HBOTHIMM, He IpeBuaougie 50% KAHMTAJ1A KOMHAHHH, OoyIe—

eign CBOỔOHHO, HD ID@BHII€HII 9T0TO pasMepa KaNMTATOBJO“e—

Ie noienaT Hp@JBADHT€/IbHỌ IpOBSDKð TeHepasbHHM mupekTOpom

ụ '0 BHEWHUAM oneaw, 1

H1KaKOTo OHIOỐDSHWR WHOCTDP@HHUX UHB@GTHLMj He TpedyeTCA B

panne, HallpumMep, CTpaHax, Kak Bersrna, DPI, lllpetinapua, ÂHT/H°i

“3, n., XOTH H TaM MOTYT GÿIH@CTBOBATE HeEKOTOpHe OƯWIIA8JIbHHƠ

Noo, yCTaHaBJMBaeMHS JMĨO IISHTDAJIEHHMH ỐAHKAMH, JIMỐO TACTEPCTBAML, CpeneHb WHOOTDAHHOTO yuacTUA He OTpaHúuba9TC11.

MH-b B [perum B KOMHAHHHX, pa3paổaTkBaloX rpupomHue pecypcH,

Ý KAIMTAJA 1 802 TOJIOOOB JIOJDHH IDHHAI/I6W%ATb IIB6HAM, OHHAKRO M

TÌ \ Me

2005 MOTYT ỐHTb uckmoueHuA IlpumepHO Te #€ TpeOOBaHMA MMeIOTCA

Si pomHoro SKOHOMMYeCKOrO COTPYZHHYeCTBA — M., 1989 - C 108.ì

|ce

a 1

eee

Trang 37

i} mero CCCP, OHO IIPHHATO MHORECTBO OI@II43JEHHX HOPMATMBHHX akTOB,

fp perynnran mHooTpasnioe IHB@CTWHDOBAHIG., Cia OTHOCATCA: B

Py-i rcene — Wexpet-— ~8aKOH fe 93 0 MepaxX HO HIDHBJ9W€HHIO HHOCTDAHHHX

I user (1990 r.); B Benrpwnu - 3axoH XXIx o6 WEBeCTHIMSX

HHO-OTDAHHHX JU (1988 r.); B lloJblle —- 3aKoH o XO3#ficTB€HHoÏ

neq-_T67IEHOGTTI G yaacTuem IHOCTDAHHHX CYObEKTOB (1988 r.); B

fro-napus - 8AKOH 06 WHOCTDAHHHX 12II1TA/10B.1OWơHHUZDL (1988 r.);

ie ccovane - 3aKoH OỐ WHOGTD3HHHX UHBeCTUIIMAX B Kaaaxokoii CCP

ax B JIuToBcKoit Peonyd;me or 29 nekaĩpa I990 r.; B Poccw#m -

3a-KOH 06 WWHB@CTHLDIOHHOR nenne.eHocrn B PCBGP ot 26 wgHỶ I99I r a

3aIOH 06 MHOCTPAaHHHX MHBECTUUMAX B PCSCP of 4 wold I99I r.; ae

Y30exucTane - AaKOH O BH@IIIO3KOHOMW4SCKỌ TeatembHoctu

J3deKc-"xo CCP or l4 mona T99I r đ 3aKOH OỐ MHOCTP@HHHX HHB6CTHIMUIX B

Lÿaexoreoll CCP or I4 moma I99I r.; B Bemapycu — 3aK0H 06 HHB@C-_

rmtoinol nesTembHocTn Beopyccwtoi CCP or 29 maa 1991 "0: Sự Xã

| oa 3aKOH OỐ WHB@GTHHHOHHỌ neATembHOcTH oT I8 CeHTAOpAlệ 1x4, pH | {

wae yy nt

er yee i 4

aera CORONER N, H CoBMeCTHH® IIDƠHHPHZTHH Kât opMa M@IUIYHA-Ms Md ti

Ơ.:T08-hi it *r09 .

Trang 38

LAI'`a nelorBne 31 MApTA 1992 r 3aKOH 0 KOHTIeCCHAX u

HHOOTPAH-Weel:to KOHIeOCHOHHHX ipempwsruzx B PeonyØzmke KHPTH3GIAH¿; B

Tan-ze crave - 3aK0H o6 HWHOOTpAHHHX HHB@OTHHHS%, IPHHSTHYÍ Ha

Map-fonoeot 1992 r oecci BepxoBHoro CopeTa; B Aaepóafiwane - 3aKOHb

'Q 3a<T9 IHOCTDAHHHX unBecrnImli (1932 r.) B I990 r 3aKOH 00

Tmoorparux BñHB@CTMIMØX OJ NPMHAT B MoHTOJUM ụ ị : _— 89GB caenyet TaKw© HaSBaTb akTH ỐHBIIETO CCCP, P@IYJTHP BARING MHBECTUIMOHHYI J©ST6J1EHOCTB IHHOCTDAHHHX MHBeECTOPOB, 3

1987 r, "O Bompocax, CBASAHHHX ¢ ©0318HI€M Ha Tepputopuu CCCP u J3emtorioosin GOBMeOTHHX IIp€ITPMSTMH, M©71TYH3DOTHHX oébenuneHnit

l ‘opranusanut c yyacTueM CoBeTCKUX UM MHOCT paHHHX opraHnaaIi,

Thi ODTAHOB yipaBJleHHisl , ` TloctaHopmeHue Copeta |! Mannorpon CCCP

CCCP H T@Ø8T6JbHOCTI COBMECTHHX IIp911HSTH, MeN ICYHA DOIHHX OỐb6~

Ìnnmerdl u oprann3ati CCCP ñ HDYTAX crpan-wienos 098”, "sa, HOBJCHHS Copera Munuctpos CCCP Jé 49 oT 13 anpapa 1987 r '0 Ho-

Ínpemipnarnili G yyacTHeM COBeTCKMX opraHusauMi W QMpM KSAHHTAJMO~ [pmrocian MW DA3BñBAl0IHIXCf oTpaH", Yxas IlpesvumeHta GP or 26 oK-

mmadpa 1990 T "Q6 WñHOOTDAHHHX WHBECTMIMAX B GGGP", "OcHOBH

3a-heononaremscrsa 06 WHBECTMIMOHHOK TeATebHOCTH B eccr* e7 10

ne-_ Ấn: 1990 T., "“OGHOBH 3AKOHOTAT€JIbOTBA OỐ HHOOTDAHHHX WHBeCTH—

nx p CGỚP" of 5 wona 1991 T.

Takum OÓpA30M, 3AKOHOIAT67IEGTBO D28/11dHLX TPOGÿ1ADOTB-P6IHI—

l menron, peTy7mpy'oIie9 WHOOTD3HHH9 WfBQCTHHIH, 3HaqwT97IbHO OTBi) Lym JM—

fy TaeTCA mpyr oT HDYT8‹ B OHHIX crpaHax, TAKWX Kak, HAIpIMSD,

Trang 39

Mon-L4 39

iM

i |

Rona OHO TOJIbKO HAWWHaeT MOpMuMpoBaTLcA, B HDYTHX MpaBoBHX

TH, ‘pervamenTupynoume IGATONBHOCTh WHOCTPAHHHX MHBECTOPOB, B

‘TpeTEux TocymapcTBax CyMecTByeT CJIoNHaA CủcTreMa 3AKOHOB U HOI-if 4

TOCVHADCT-‘Ba TIO OTHOWeCHUIO K MHOCTPAHHOMY KalluTany

\j

3X OTDAH, HAđpHMep, CA, ðPl', fHOHHM HanpaBseHoO Ha odecneue—

Pa-DaHTMÏ Dla YaCTHHX HHB@CTHHM 3a py6exom IIpumepom TaKoro

3AKO-JIONAT€JIECTBA ABJIAWTCA 3AKOHH O TocyapcTBeHHOll cucTeme CT

paxo-BAHHđ taOTHHX KAIITAJIOBJIOZ@HHIÏ 3a PyOeMOM STA CUCTeMa 503HMCIA

p CA bB 1948 r., B Mepuon OCYHI€CTB/I€HHW "awa Mapuiamia", W

OKOHWAT€/IEHO cOpMupoBaacs K I96I T' c IpWHHđ8TMeSM 3aroHa ”O

M@#IVHADONHOM pA3awnau", B ilaruyecatue roy CWA HDWCHOGOỐHJHI

cymapCTBeHHOTO CTDAXOBAHMf unpectuumi nẹcrpyer c 1956 T., aB T

#PT —- o I959 r Ha OGHOBAHIW i0 X@THOTO 3aKOHA,“

/TBYCTO-| pOHHeS corymalleHue O TAapaHTMAX WM 3H19 uHBecTiuuli u KOTHA

Ì | TpPWaiottee TOCVTADCTBO OOYLICTBJHOT HAI174OHAJI13AII19 WIM 9ROIIDO—tt, Ui fis | '

| TpBaruo WHOCTDAHHỌ qaocTHO COỐCTBHHOCTH — HBQOTIHIHHI 6e3

BHI-Fị hor

co6-Ỷ

1 Borarupes A.T Sopma perysmpoBaHud MHOCTPaHHHX WHB@CTHHMỦ B

paspusanuuxca orpawax // CoB TOCYHAPOTBO H MpaBo — Mes

T970 -# 9, - € 130.

|

AI:

il.tite

Trang 40

T8IJH (T.e, Mepexon pap 0OTpAX0BAT€/U1 K OTDAXOBIIKY IOCJI9

lumnaTu HOCJI6IHBM GTpAXOBHX BO3MeIIeHnđ Mo GTDAXOBOMW nommcy) >

‘7 0ĩpamaer Ha CGeỐã BHWMAHI6 ÿOUJHBIAfOff, OGOỔSHHO B IIO CZJ©I— free p0eMZ, T@HJ6HIUIR perympoBaHud HHOOTpAHHOFO WHBeCTAPOBA2s HNA

'@TBaMn, Tak, HampwMep, B Mae I99I r BepXoBHHf CopeT Cece par

u-`81IID0BA11 [4 M€WIIDABWT6/IbOTBSHHHX cormalleHuii w I1OT0OBOD08 0 H O~

“ ompenu a B3AWMHỌ salute KATUTANOBIONEHNA O Takuma TOOY RAPO1~

'pawm xan Kuralt, Kanana, BesMKOOpMTAaHHA, ðpaminn, lÏ:aJIHH , ABcT—

Lona, Wonannn, OPP 1 np.”

i

31eob C7I61ÿy eT OTM©TWMTb, WTO elle HA4WHAR © 50-x rooB CHIA u IpyTu6 GTDAHH; SKCHOpTMpyioue KAHHTAI, GT8J1 3AKJIO4ATB GH GIUI— ANbHHe M@9#IYHApOZTHH® OTOBOPH # OOT2IAIISHHZ MO @TYJEMPOBAHHO WHH —

B6OTđLIOHHHX OTHOIIGHH Ha IBYCTOPOHHe! OCHOBS M.M.BoryCJaBcKiin

-ormeuaeT, wro CIA 3akKOI0WHJH 6onee 90 cormameHnu TaKoro pola,

2) 25 - donee 40, BesmmKooOpuTaHun donee 30 cop2sifte b5 B HacTOA-M)

ee BpeMA TAKHX cormauleHnii B Mupe HAGWITHBA61671 6omee 300.4

a Benomoctn b@31A HADORHHX TenyraroB u B@pXOBHOLO Gopera

i U0P, - 1991, - ® ổ - Cr, 663-676 - C 64-71.

eer rs

3 borycanckufi M.M MexmyHapowHoe wacTHOS npa50 H422

-6, 175.

y Boratupes A.I O perympopanin WHOCTP@HHUX WHBECTHIMM B HAlV4 ~

OH3JIEHOM đ MơXTÿYHAOHHOM mpase // Cop POCYHapCTBO H HẠBO —

M., 1992.-È I - C 106

Tiêu đề	Quy Định Pháp Luật Về Đầu Tư Nước Ngoài Tại Việt Nam
Trường học	Đại Học Luật Hà Nội
Thành phố	Hà Nội

Định dạng
Số trang	187
Dung lượng	41,3 MB