THE BALANCE OF PUBLIC AND PRIVATE INTERESTS AS A PRINCIPLE OF EFFECTIVE STATE REGULATION OF THE FINANCIAL MARKET UNDER WARTIME CONDITIONS
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Abstract
The article is devoted to the study of the principle of balancing public and private interests as a fundamental basis of the administrative-legal mechanism for regulating the financial market of Ukraine under martial law. The full-scale war and the introduction of martial law in the country have led to a transformation of the regulatory paradigm and an objective intensification of public interest associated with ensuring financial security as a component of economic and national security. In this context, the principle of proportionality, enshrined in Article 21 of the Law of Ukraine «On Financial Services and Financial Companies», is considered a key instrument for legitimizing state interference in the sphere of private autonomy and a safeguard against excessive restrictions on the economic rights and freedoms of market participants and consumers of financial services. The article substantiates that martial law entails the permissibility of the temporary predominance of public interest, manifested in the expansion of the discretionary powers of the National Bank of Ukraine, the introduction of special regulatory regimes, restrictions, and enhanced requirements for financial market participants. At the same time, such measures must comply with the criteria of legitimacy, necessity, and proportionality, as developed in the case law of the European Court of Human Rights and national judicial practice, in particular that of the Supreme Court. Based on an analysis of doctrinal approaches and judicial practice, the study proposes conceptual frameworks for determining the limits of state intervention and for algorithmizing regulatory decision-making under crisis conditions. It is demonstrated that the effectiveness of state regulation of the financial market during wartime can be achieved only through a systematic pursuit of an optimal balance of interests, whereby the predominance of public interest does not transform into arbitrary interference with private rights but instead serves as a mechanism for ensuring the stable functioning of the financial system.
How to Cite
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public interest, private interest, principle of proportionality, administrative- legal mechanism, state regulation, financial market, National Bank of Ukraine, martial law, financial security
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