The Concept and Special Features of Corporate Regulatory Act

Introduction. Rapid development of corporate relations in Russia results in necessity for legislative recognition and theoretical conceptualization of the most significant management devices in this sphere. For example, corporate regulatory act is a simple and convenient tool for internal regulation of corporate operations. Besides, Russian legislation gives no definition of corporate regulatory act. This fact causes difficulties for entrepreneurs to perceive this source of law. The article reveals the essence of corporate regulatory act and discloses the content of this legal phenomenon.

Materials and methods. In the course of the research the authors used the following general scientific and special juridical methods: analysis, synthesis, formal logical method, comparative legal method, structural and functional method. The special feature of the research is the concept of series method used to trace the development of the definition of corporate regulatory act from the general to the special without losing the generic and specific aspects of this legal phenomenon. The authors used for research such materials as corporate regulatory acts of companies that operate under the UK's and the USA's common law and Japan's jurisdictions as well as the legislative acts governing adoption and execution of such acts.

Results of the research. The main result consists in revealing the essence of corporate regulatory act that is embodied in the definition of this concept. The authors also reveal special features of this legal phenomenon in the legal systems of Russia, Japan and some other common law legal systems. The authors substantiate that corporate regulatory act is an ultimately flexible regulator and this fact allows it to individualize rules for every company. Besides, the totality of such acts creates an holistic system of regulation. These features determine advantages of corporate regulatory act over other sources of corporate law.

Discussion and conclusions. Proceeding from good development prospects for the internal corporate regulation within Russian companies, corporate regulatory act as a basic element of this type of regulation needs further theoretic development and legislative recognition.

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