Legislation. The legislative framework of the securities market in the Russian Federation is formed by laws that define the general rules in force in the securities market (“On the securities market”, “On joint stock companies”, “On the protection of the rights and legitimate interests of investors in the securities market”, “ On investment funds”, “On mortgage-backed securities”), as well as numerous by-laws (mainly decrees of the Government of the Russian Federation and regulations of the Ministry of Finance and the Central Bank of Russia).

These legislative acts determine the procedure for issuing and circulating securities, requirements for the activities of professional participants in the securities market and collective investors, and information disclosure standards. The functioning of individual institutions is regulated by special laws: “On investment funds”, “On non-state pension funds”, “On investing funds to finance the funded part of labor pensions”.

The existing segmented system of legislation of the Russian Federation on financial markets in order to form the MFC required the adoption of new laws, improvement and addition of Russian legislation by introducing amendments to existing laws. Currently, such fundamental federal laws as “On Clearing and Clearing Activities”, “On Organized Trading”, “On the Central Depository” and “On Combating the Misuse of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation” have been adopted. " Further development of the legislative framework for the functioning of financial markets provides for the following measures:

To simplify the procedure for issuing securities;

On securitization of financial assets;

On supervision on a consolidated basis in the banking sector.

At the same time, an important element of a competitive financial market is adequate law enforcement practice, an effective and transparent judicial system, adapted to the quick and fair resolution of disputes over financial transactions.

Regulatory authorities. The practice of applying financial legislation largely depends on the effectiveness of regulatory bodies, which is related to their functionality, independence, reputation, as well as the degree of centralization of the regulator’s functions.

The Russian system of stock market regulation was created in parallel with the formation of the market itself. Its main feature in recent years has been the complex distribution of regulatory and supervisory powers in the financial market between several departments (Federal Financial Markets Service of Russia, Ministry of Finance of Russia, Bank of Russia, Ministry of Health and Social Development of Russia). This system of regulation and supervision in the financial market was characterized by fragmentation, insufficient flexibility in relation to market needs, and lack of control over systemic risks.

To build a competitive financial market, it was necessary to form a unified and transparent regulatory system, which is based on uniform principles of regulation and supervision for economically identical relations and functions carried out in various sectors of the financial market, and ensures monitoring of all segments of the financial market, as well as creating conditions for effective work of regulators, self-regulatory organizations and market participants, to implement the mechanism of collegial decision-making. Therefore, appropriate measures were taken to improve financial market regulation. In accordance with them, the powers to develop state policy and key legislative activities in the entire financial market are assigned to the Ministry of Finance of Russia, and the functions of supervision of the entire non-banking financial market by the former Federal Financial Markets Service of Russia were transferred to the Financial Markets Service of the Central Bank of Russia. The Central Bank of Russia also provides by-law regulation and supervision in the banking sector. The newly formed Financial Markets Service will perform the following main tasks:

development of the Russian financial market;

ensuring its stability, including prompt identification and counteraction to crisis situations;

analysis of the state and prospects for the development of financial markets in terms of the scope of activity of non-credit financial organizations;

regulation, control and supervision of non-credit financial organizations, protection of the rights and legitimate interests of shareholders and investors in financial markets, policyholders, insured persons and beneficiaries, insured persons under compulsory pension insurance, investors and participants in non-state pension funds;

control over compliance with Russian legislation on combating the misuse of insider information and market manipulation.

It should also be noted that within the structure of the Central Bank of Russia the following functions of the former Federal Service for Financial Markets continue to be performed:

carrying out state registration of securities issues and reports on the results of securities issues, as well as registration of securities prospectuses;

ensuring disclosure of information on the securities market in accordance with the legislation of the Russian Federation;

exercising, within the framework established by federal laws and other regulatory legal acts of the Russian Federation, functions of control and supervision over insurance business entities, in relation to issuers, professional participants in the securities market and their self-regulatory organizations, joint-stock investment funds, management companies of joint-stock investment funds, mutual funds and non-state pension funds, specialized depositories of joint-stock investment funds, mortgage agents, mortgage coverage managers, specialized depositories of mortgage coverage, as well as in relation to commodity exchanges, credit history bureaus and housing savings cooperatives;

control and supervision in the field of insurance activities, including maintaining the Register of insurance entities, issuance, suspension and revocation of licenses to insurance, reinsurance and brokerage companies, as well as mutual insurance companies, monitoring the implementation of regulations governing insurance activities and issuing orders to eliminate violations, control of the financial stability of insurance organizations.

Currently, the supervision system in the financial market still remains heterogeneous in its various segments: in the banking sector, in the stock market, in the insurance system. The imperfection of the supervision system as a tool of preliminary control in the stock market is associated with its fragmentation (minimal control by regulators in relation to some participants with excessive control in relation to others); lack of necessary information content for effective control of existing reporting forms; formality of supervision, largely associated with the lack of an integrated approach to assessing all risks of market participants.

Some of the noted problems are intended to be solved by the federal law “On Amendments to the Federal Law “On the Securities Market” and other legislative acts of the Russian Federation” (in terms of supervision of professional participants in the securities market, as well as the procedure for paying compensation to citizens on the securities market).

The main objective of the system of prudential supervision in the securities market being created is to predict and prevent both the risks of individual financial organizations and systemic risks in order to ensure the stability and reliability of the entire market as a whole. The bill establishes the principles and goals of prudential supervision: the permanent nature of supervision, maintaining the stability of the financial system of the Russian Federation, protecting the interests of investors and clients in the securities market.

The measures proposed by the bill are aimed at creating uniform requirements for professional participants in the securities market, establishing the following responsibilities:

Comply with the requirements to limit the combination of professional activities in the securities market;

Provide complete information about the ownership structure;

Notify the federal executive body for the securities market about changes in the composition of the board of directors (supervisory board), the sole executive body;

In order to ensure its financial reliability, comply with the mandatory standards established by the federal executive body for the securities market.

The Russian financial market needs to build a system of prudential supervision that could provide the regulator and the market with adequate information about the state of individual participants and the market as a whole. In this regard, work continues to develop a methodology for assessing systemic risk inherent in the entire market (prudential supervision at the macroeconomic level), a mechanism for collecting and summarizing information received from financial market participants.

An important aspect of financial market regulation is the degree of its centralization. Until now, the question remains open about the advisability of creating a single regulator that carries out regulatory and supervisory functions in relation to participants and the financial market as a whole, including banks, insurance companies, collective investment institutions, brokerage/dealer companies. International experience shows that unification and centralization of regulation make it possible to solve problems such as conflicts between various regulatory bodies, low efficiency of supervision in the context of activities in the financial market by financial groups, which include banks, brokerage, insurance companies and other professional market participants, insufficient transparency of regulation and supervision, and create additional competitive advantages.

At the same time, the latest global financial crisis revealed the vulnerability of financial market regulatory systems in almost all countries. For example, in the UK, since 1997, there has been a single financial regulator - the Financial Services Authority, an independent non-governmental body. However, as a result of the crisis, its work was considered ineffective. The department is abolished and replaced by three regulators. In Germany, on the contrary, the Federal Agency for Financial Supervision, created in 2002, an independent regulator of financial markets and institutions, has retained and even expanded its powers to regulate financial markets. The Monetary Authority of Singapore performs the functions of a central bank and a single regulator of financial markets. In Dubai, the single regulator is the Dubai Financial Services Authority, an independent agency that applies international law. Centralization of the functions of the regulator allowed all of the above financial centers to achieve regulatory transparency and effective supervision of market participants.

In the United States, a number of bodies are involved in regulating financial markets: Securities Trading Commission, Futures Trading Commission, Federal Reserve System, Office of the Comptroller of the Treasury, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, etc. In addition, regulation of the insurance market in the United States is the prerogative of the states, and therefore each state has its own legislation in the insurance sector, and there is no single national regulator.

Taxation.

Features of determining the tax base, calculation and payment of income tax on transactions with securities are defined in Art. 214.1 of the Tax Code of the Russian Federation. According to this article, when determining the tax base for income from transactions with securities and operations with financial instruments of futures transactions, income received from the following transactions is taken into account:

1) with securities traded on the organized securities market;

2) with securities not traded on the organized securities market;

3) with financial instruments of futures transactions traded on the organized market;

4) with financial instruments of futures transactions that are not traded on an organized market.

It should be borne in mind that the classification of securities and financial instruments of futures transactions as traded and non-traded securities on the organized market is carried out on the date of sale of the security, financial instrument of futures transactions, including receipt of the amount of variation margin and premium under contracts, unless otherwise provided for in this article.

The procedure for classifying objects of civil rights as securities is established by the legislation of the Russian Federation and the applicable legislation of foreign states. The Tax Code establishes that securities traded on the organized market include:

1) securities admitted to trading by a Russian trade organizer on the securities market, including on the stock exchange;

2) investment units of open-end mutual investment funds, managed by Russian management companies;

3) securities of foreign issuers admitted to trading on foreign stock exchanges.

The above securities (with the exception of investment units of open-end mutual investment funds managed by Russian management companies) for tax purposes relate to securities traded on the organized securities market if the market quotation of the security is calculated on them. The market quotation of a security means:

1) the weighted average price of a security for transactions completed during one trading day through a Russian organizer of trade on the securities market, including a stock exchange, - for securities admitted to trading by such organizer of trade on the securities market, on a stock exchange;

2) the closing price of a security, calculated by a foreign stock exchange for transactions completed during one trading day through such an exchange - for securities admitted to trading on a foreign stock exchange.

It must be borne in mind that in the absence of information on the weighted average price of a security from the Russian organizer of trading on the securities market, including the stock exchange (closing price for a security calculated by a foreign stock exchange), on the date of its sale the market quotation is recognized as the weighted average price (closing price ), formed on the date of the nearest trading that took place before the day of the corresponding transaction, if trading in these securities was carried out at least once during the last three months.

According to the Tax Code, a financial instrument of forward transactions is an agreement that is a derivative financial instrument in accordance with the Federal Law “On the Securities Market”, with the exception of an agreement providing for the obligation of the parties or parties to the agreement to periodically or at a time pay sums of money in the event of claims by the other party, depending from changes in the values ​​of quantities that make up official statistical information, from the occurrence of a circumstance indicating non-fulfillment or improper fulfillment by one or more legal entities, states or municipalities of their obligations, from physical, biological and (or) chemical indicators of the state of the environment, from other circumstances , which is not directly provided for by the above Federal Law, as well as from changes in the values ​​of quantities determined on the basis of the totality of the indicators specified in this paragraph.

The classification of financial instruments of futures transactions as those circulating on the organized market is carried out in accordance with the requirements established by paragraph 3 of Article 301 of the Tax Code.

Financial instruments of futures transactions not traded on an organized market include option contracts not traded on an organized market.

Securities are also recognized as sold (acquired) in the event of termination of the taxpayer’s obligations to transfer (accept) the relevant securities by offsetting counter-similar claims, including when clearing in accordance with the legislation of the Russian Federation.

Requirements for the transfer of securities of the same issuer, one type, one category (type) or one mutual investment fund (for investment units of mutual investment funds) with the same volume of rights are recognized as homogeneous.

In this case, the offset of counter homogeneous claims must, in accordance with the legislation of the Russian Federation, be confirmed by documents on the termination of obligations to transfer (accept) securities, including reports of the clearing organization, persons engaged in brokerage activities, or managers who, in accordance with the legislation of the Russian Federation, provide clearing, brokerage services or carry out trust management in the interests of the taxpayer.

It should be noted that income from transactions with securities is recognized as income from the sale (redemption) of securities received during the tax period.

Income in the form of interest (coupon, discount) received in the tax period on securities is included in income from transactions with securities, unless otherwise provided by this article.

Income from operations with financial instruments of futures transactions is recognized as income from the sale of financial instruments of futures transactions received in the tax period, including the received amounts of variation margin and premiums under contracts. In this case, income from transactions with the underlying asset of financial instruments of futures transactions is recognized as income received from the delivery of the underlying asset during the execution of such transactions.

Income from operations with securities traded and not traded on the organized securities market, with financial instruments of futures transactions traded and not traded on the organized market, carried out by a trustee (with the exception of a management company carrying out trust management of property constituting a mutual investment fund) in favor of the beneficiary - an individual, are included in the beneficiary's income for the transactions listed above.

For tax purposes income for transactions with the underlying asset of financial instruments of futures transactions include:

1) in income from transactions with securities, if the underlying asset of financial instruments of futures transactions is securities;

2) in income from transactions with financial instruments of futures transactions, if the underlying asset of financial instruments of futures transactions are other financial instruments of futures transactions;

3) to other income of the taxpayer, depending on the type of underlying asset, if the underlying asset of the financial instrument of futures transactions is not securities or financial instruments of futures transactions.

The inclusion of income from operations with the underlying asset in income from operations with securities and in income from operations with financial instruments of futures transactions indicated above is carried out taking into account whether the corresponding securities and financial instruments of futures transactions are traded or not traded on the organized market.

The Tax Code establishes that expenses for transactions with securities and expenses for transactions with financial instruments of forward transactions, expenses that are documented and actually incurred by the taxpayer are recognized in connection with the acquisition, sale, storage and redemption of securities, with the execution of transactions with financial instruments of forward transactions, with the fulfillment and termination of obligations under such transactions. These costs include:

1) amounts paid to the issuer of securities (management company of a mutual investment fund) in payment for placed (issued) securities, as well as amounts paid in accordance with the securities purchase and sale agreement, including coupon amounts;

2) the amount of paid variation margin and (or) premium under contracts, as well as other periodic or one-time payments provided for by the terms of financial instruments of futures transactions;

3) payment for services provided by professional participants in the securities market, as well as exchange intermediaries and clearing centers;

4) a premium paid to the management company of a mutual investment fund when purchasing an investment unit of a mutual investment fund, determined in accordance with the legislation of the Russian Federation on investment funds;

5) a discount paid to the management company of a mutual investment fund upon redemption of an investment unit of a mutual investment fund, determined in accordance with the legislation of the Russian Federation on investment funds;

6) expenses reimbursed to a professional participant in the securities market, a management company that carries out trust management of property constituting a mutual investment fund;

7) exchange fee (commission);

8) payment for the services of persons maintaining the register;

9) tax paid by the taxpayer upon receipt of securities by inheritance;

10) tax paid by the taxpayer when he received shares or shares as a gift in accordance with paragraph 18.1 of Article 217 of this Code;

11) the amount of interest paid by the taxpayer on loans and borrowings received to carry out transactions with securities (including interest on loans and borrowings for making margin transactions), within the limits of amounts calculated based on the refinancing rate of the Central Bank of the Russian Federation in effect on the date of payment of interest , increased by 1.1 times - for loans and borrowings denominated in rubles, and based on 9 percent - for loans and borrowings denominated in foreign currency;

12) other expenses directly related to transactions with securities, with financial instruments of futures transactions, as well as expenses associated with the provision of services by professional participants in the securities market, management companies carrying out trust management of property constituting a mutual investment fund, within the framework of their professional activities.

Accounting for expenses on transactions with securities and expenses on operations with financial instruments of futures transactions for the purpose of determining the tax base for the corresponding transactions is carried out in the following order.

Financial results for operations with securities and for operations with financial instruments of futures transactions is determined as income from operations minus the corresponding expenses specified above.

In this case, expenses that cannot be directly attributed to a decrease in income from transactions with securities or from operations with financial instruments of futures transactions, traded or not traded on an organized market, or to a decrease in the corresponding type of income, are distributed in proportion to the share of each type of income and are included as expenses when determining the financial result by the tax agent at the end of the tax period, as well as in the event of termination before the end of the tax period of the last agreement of the taxpayer concluded with the person acting as the tax agent. If in the tax period in which the specified expenses are made, there is no income of the corresponding type, then the expenses are accepted in the tax period in which the income is recognized.

The financial result is determined for each transaction and for each set of transactions indicated above. The financial result is determined at the end of the tax period. At the same time, the financial result for transactions with financial instruments of futures transactions that are traded on an organized market and the underlying asset of which are securities, stock indices or other financial instruments of futures transactions, the underlying asset of which are securities or stock indices, and for transactions with other financial derivatives instruments traded on the organized market is determined separately.

A negative financial result obtained in the tax period for individual transactions with securities and financial instruments of futures transactions reduces the financial result obtained in the tax period for the totality of the relevant transactions. At the same time, for transactions with securities traded on the organized securities market, the amount of a negative financial result that reduces the financial result of transactions with securities traded on the organized market is determined taking into account the maximum limit of fluctuations in the market price of securities.

When delivering securities traded on the organized securities market that are the underlying asset of a financial instrument of futures transactions, the financial result from transactions with such underlying asset from the taxpayer making such delivery is determined based on the price at which the securities are delivered in accordance with the terms agreement.

The financial result obtained in the tax period for individual transactions with securities not traded on the organized securities market, which at the time of their acquisition were classified as securities traded on the organized securities market, can be reduced by the amount of the negative financial result obtained in tax period for transactions with securities traded on the organized securities market.

A negative financial result for each set of transactions specified above is recognized as a loss. Accounting for losses on transactions with securities and on transactions with financial instruments of futures transactions is carried out in the manner established by Article 214.1 and Article 220.1 of the Tax Code.

The program for creating an International Financial Center (IFC) requires improving the tax system of the Russian Federation both in order to eliminate ambiguities and gaps in legislation that may hinder the development of financial infrastructure, financial market tools and/or expanding the range of financial market participants, and in order to ensure competitiveness in compared to foreign financial centers. Competitiveness is expected to be achieved according to the following parameters:

The optimal overall level of tax burden on investors (as a percentage of the company’s profit);

Efficiency of taxation of transactions with securities and other financial transactions;

Simplicity, transparency and stability of tax legislation;

Efficiency of tax administration;

Conclusion and application of international agreements on the avoidance of double taxation.

The total tax burden on companies in Russia is, according to various estimates, from 32 to 51% of the company’s profit, which is already higher than in the USA (24%) and approximately corresponds to the level of taxation in developed European countries, where it is in some countries (for example, Germany ) exceeds 40%. It should also be noted that the real fiscal burden on business in Russia significantly exceeds the same figure in such MFCs as Hong Kong, Singapore and Dubai, which are markets with preferential taxation. According to experts, tax rates have approached a critical value; their further increase will lead to suppression of economic development and a reduction in the tax base.

In addition, according to research by the international consulting company Oliver Wyman Finance Services, investors cite the complexity of reporting and tax calculations, the ambiguity of interpretation of tax rules, and the instability of tax legislation as serious shortcomings of the Russian tax system.

When developing approaches to taxation of transactions in the financial market, it is necessary to take into account the specifics of these transactions, which are associated with the following factors:

High mobility of financial capital;

The gross volume of transactions significantly exceeds profit indicators, and therefore, taxation of balanced results is justified;

The complexity of financial instruments, especially derivatives, requires qualified specialists in the application of tax legislation, as well as a uniform interpretation of controversial issues.

It is planned to improve tax legislation in the financial market in the following main areas:

Stimulating long-term investors, including private and institutional;

Encouraging issuers to place and circulate financial instruments within the MFC;

Creating favorable conditions for professional financial market participants;

Support for MFC-related financial sectors, such as asset management, leasing, factoring, payment systems;

Increasing the efficiency of tax administration.

Further improvement of the taxation of transactions in the financial market will be carried out on the basis of a balance between stimulating the development of the financial market and maintaining macroeconomic stability, ensuring the development of all sectors of the country’s economy.

Test.

1. A security is:

a)!!!a legally established document certifying property rights and obligations

b) obligation to sell property

c) contract for a purchase/sale transaction

d) contract for the purchase/sale of exchange goods

2. The securities market is:

a)commodity and raw materials exchange

b)!!! a market in which securities act as goods

c)precious metals exchange

d) a type of auction trade

3. Equity securities are:

b)bonds

c) bills

d) futures

4. Debt securities are:

b) options

c)!!!bonds

d) depositary receipts

5. A promotion is:

a)!!! an equity security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, participation in the management of the joint-stock company and part of the property remaining after its liquidation.

b) an issue-grade debt security securing the right of its holder to receive specified interest payments

c) derivative security

d)option-type derivative security

6. A bond is:

a) equity security

b) derivative security

c) futures-type derivative security

d).

7. Derivative securities are:

a)!!!securities, the value of which is derived from the dynamics of the rates of underlying financial instruments, for example, shares and bonds

b) equity securities

c) equity debt securities

d) analogue of bills

8. Futures are:

a) issue-grade debt security

b) equity security

c)!!!a type of derivative security in the form of a contract between the parties for the future delivery of the subject of the contract

d) analogue of a bill of lading

9. An option is:

a)!!!a type of derivative security in the form of a contract that gives the owner the right to buy or sell a fixed amount of relevant financial assets at a certain rate in a specific period

b) equity debt security

c) equity security

d) analogue of bills

10. The measure of security risk is:

a) correlation coefficient

b)!!!standard deviation of return

c) weighted average of returns

d)weighted average of market prices

11. The main types of securities include:

a)!!!share, bond, bill, futures, option

b) purchase/sale agreement, bond, option

c) power of attorney for asset management, option, futures

d) insurance certificate, shares, bill of exchange

12. The main characteristics of securities are:

a) date of issue, quantity, redemption price

b)!!!face value, market value, profitability, risk, liquidity

c) coupon interest, interest rate, quantity, issue date

d) dividend, interest rate, maturity date

13. Dividends are:

a) specified payments on share coupons

b) profit from the enterprise's revenue

c) profit from the placement of bills

d)!!! part of the net profit of a joint-stock company or other business entity, distributed among shareholders in accordance with the number and type of shares, shares held by them

14. Bond coupon is:

a)!!! interest rate paid by the issuer of a bond loan to the owner of the bond

b) profit from transactions with securities

c) current yield

d) profit from the placement of bills

15. The main transactions with securities are:

a) dealer, intermediary, administrative

b) clearing, client, administrative

c) intermediary, operational, brokerage

d)!!!emission, client and investment

16. Issue operations are:

a) trading in shares

b) investment transactions on the stock market

c)!!! passive operations related to the issue and initial placement of securities

d) dealer and clearing operations

17. Investment operations include:

a) !!!execution of transactions for the purchase/sale of securities on the stock exchange

b) execution of purchase/sale transactions on a commodity exchange

c) currency conversion

d) cash withdrawal

18. Client operations are:

a) purchase/sale transactions on commodity markets

b) currency transactions

c)!!! intermediary operations to ensure effective interaction between emission and investment operations

d) cash transactions

19. Brokerage operations are:

a)!!!operations on accounting and maintenance of a brokerage account, intermediation in concluding transactions, consulting and provision of margin loans to the client

b) register operations

c) securities placement operations

d) transactions of purchase/sale of derivative securities

20. Clearing operations are:

a) operations to place securities on the secondary market

b)!!!operations for ensuring non-cash payments for transactions of purchase/sale of securities

c) operations for maintaining a register of shares

d) operations for maintaining a brokerage account

21. Liquidity of securities is:

a)!!!the ability to quickly and conveniently transform them into cash

b) possibility of conversion

c) possibility of cashing out

d) the possibility of earning a high income

22. Determine the rate (as well as the discount or premium) of a bond with a par value of 1000, if it is sold on the market at a price of 1065:

a) 80; discount 20

b) 91; discount 17

c) 65; discount 80

d)!!!106.5; bonus 65

23. Determine the rate (as well as the discount or premium) of a bond with a par value of 1000, if it is sold on the market at a price of 1055:

a)!!!105.5; bonus 55

b)1.85; discount 15

c) 91; discount 17

The most important function of securities market management is financial control.

Financial control in the securities market is the activity of authorized bodies to ensure compliance by market entities with established norms of behavior, rules of participation in market activities, laws and regulations governing financial relations in the securities market.

The need for financial control is determined by the fact that the securities market is an important element of the market infrastructure, on the condition of which the development of the entire economy depends. At the same time, the securities market is an area of ​​eco-

comic relations, in which, in the absence of an appropriate legislative framework and strict financial control, phenomena such as fraud, forgery, and theft develop. Proof of this is the experience of other countries, in particular, the modern experience of developing countries. For example, in 1992, 75 thousand certificates for 75 million shares were stolen from the Kuala Lampur stock exchange in Malaysia. The issue of counterfeit shares took place in 1993 in Indonesia (worth 5 million USD), in 1991 in Greece (several thousand counterfeit shares of the Titan Cement company), in 1990 in Turkey (fake share certificates of the Curkurova company "). In 1992, the State Bank of India discovered an error in the accounting of transactions in government securities, as a result of which the bank was short of millions of dollars.

Such facts lead to a loss of confidence by potential investors in the securities market, undermine the foundations of its effective functioning, and do not provide sufficient security for the placement of savings.

Financial control in the securities market is exercised by all entities: trading participants, trade organizers, self-regulatory organizations, and the state.

Depending on the entity conducting control, financial control in the securities market is classified into state and non-state. State control carried out by employees of government organizations: licensing, registering, control. Control carried out by all other entities is classified as non-state.

Depending on the purpose, objectives, objects of control, financial control is divided into internal and external.

Internal control(audit) is carried out by all participants in the securities market in order to implement their statutory objectives and the interests of each specific participant. It is an integral part of on-farm financial control. Its objects are the financial relations of a given subject with other market participants, the financial condition of a given subject.

External control carried out by the state, self-regulatory organizations, and some auction organizers. Its goal is to protect the interests of all participants in the securities market, maintain a stable position, and create conditions for its dynamic development. The tasks of external control are determined by the role of each of the entities exercising this control and will be discussed below.

The objects of external financial control are both the diverse financial relations that arise between participants in the securities market (issuers and investors, issuers and professional participants, investors and professional participants, the state and participants, etc.), and the general state of the securities market.

The organization of internal financial control can be considered using the example of control in the depository system.

As a rule, in the organizational structure of the depository there is a special unit (for example, an internal control department) that is entrusted with control functions. His tasks include, in particular, control of the organization of document flow in departments, operational control, inventory of securities, and preparation of a summary report at the end of the day.

Control of document flow organization carried out in the form of checking the status of the journal of incoming documentation, the file cabinet of instructions and administrative orders, and the journal of outgoing letters. Inspectors determine whether all incoming documents (instructions, requests, letters, etc.) are registered in the journal, whether the documents bear execution marks indicating the account number, and whether the document is placed in the operational archive. In addition, internal accounting documents are reconciled. Balance reconciliation is carried out according to information system data, according to extracts from registers of owners and Depo accounts, according to acceptance certificates and inventory records.

Balances in passive customer and transaction accounts are matched with balances in active inventory accounts. Balance reconciliation is carried out at least once a month. Identified discrepancies in balances must be resolved. All balances on active accounts are checked for the presence of documentary grounds for changing the status of inventory accounts - extracts from the register of securities owners on the status of the personal account of the depository-trustee.

During operational control the compliance of each transaction performed with the basis document registered in the established order (client’s order, administration order, request), the actual receipt (withdrawal) of securities certificates in the depository’s storage room and the correctness of the documentation of these transactions are checked.

Inventory certificated securities is mandatory when changing financially responsible persons (carried out on the day of acceptance and transfer of cases), after natural disasters, fires, accidents and other emergencies caused by force majeure, due to the establishment of facts of loss and theft, during liquidation or reorganization of the depository, before drawing up annual financial statements and in other cases provided for by law. A commission is created from among the depository employees with the participation of the manager. Inventory is carried out by reconciling the balances of securities certificates with the data of accounting documents in the presence of the financially responsible person. After its completion, acts and matching statements are drawn up, which serve as the basis for recording the inventory results in accounting. Identified surpluses are subject to capitalization and crediting to inventory accounts with subsequent identification of the reasons

and those responsible. The shortage of securities is attributed to the guilty parties, if the latter are identified, otherwise losses from the shortage are written off as the depositary's expenses.

The organization of financial control in the securities market is determined by the current concept of state regulation of this market. In world practice, two main diametrically opposed concepts are known. According to the first, used in France, market regulation is carried out by the state, only a small part of the control powers is transferred to self-regulatory organizations.

According to the second concept, operating in the UK, the state transfers the main functions of regulation and control to self-regulatory organizations. At the same time, a significant place in control is occupied not by strict regulations, but by the negotiation process and individual agreements with market participants. At the same time, the state retains its main control positions and the ability to intervene in the self-regulation process at any time.

The control systems in France and the UK are single-level: the market is controlled either by the state (France) or self-regulatory organizations (Great Britain). In other countries, the degree of centralization and stringency of regulation fluctuates between these two extreme concepts, and the systems of regulation and control are two levels: the first level is government regulation and control; the second is self-regulatory organizations. Such systems exist in the USA, Japan, Germany and other countries. Let us consider the features of state and non-state control in the securities market.

The state exercises control over the financial stability and security of the market as a whole, which determines the tasks of state financial control in the securities market, which include:

Identification of factors of dishonesty and fraud,
determination and implementation of measures to protect market participants from them;

Identification of factors of violations in pricing in the market,
stopping them, taking measures against violators;

Identification of bottlenecks in legislation governing
financial relations on the securities market, preparation of
provisions to improve legislation.

The structure of government bodies that regulate and control the market depends on the market model (banking, non-banking), the degree of centralization of management in the country and the autonomy of the regions. In countries with a federal structure, part of the state's powers in the stock market is transferred to territories (for example, states in the USA, states in Germany).

In countries with developed markets, the general trend is to create independent departments that regulate the securities market. At the same time, in some (f.nich i mi

trolling, regulatory functions are assigned to the Ministry of Finance (France), banks (Germany) or mixed management takes place.

An example of a special agency that regulates the securities market is the Securities and Exchange Commission in the United States. A commission with a similar name also operates in Japan. The difference between them is that in the USA this commission is the highest supervisory body, independent of government instructions, and in Japan a similar commission is a structural unit of the Ministry of Finance: the commission regulates the market, and the Ministry of Finance regulates market participants.

In the American Securities and Exchange Commission, control functions are assigned to the Office of Regulatory Supervision. Its employees establish facts of violation of legislation regulating the securities market, determine the severity of the offense, and take enforcement action against violators.

Regulation and control in the markets of many developing countries is based on the American model. For example, in India, supervisory functions are performed by the Securities and Exchange Board; in China - the China Securities Regulatory Commission, as well as the Ministries of Finance and Justice; in Mexico - the National Securities Commission; in Brazil - Securities Commission, National Monetary Council, Central Bank; in Chile - Securities and Insurance Commission; in Russia - Federal Commission for the Securities Market.

In France, the stock market is regulated by the Ministry of Economy and Finance. In Germany, the main control functions are assigned to the German Federal Bank and a special supervisory body - the Federal Supervisory Chamber. Control is organized in a similar way in Austria, Belgium, and other countries with a banking market model.

The state in the securities market controls all types of activities, all types of operations: emission, intermediary, investment, speculative, collateral, trust, etc. It exercises control over compliance by all entities with the requirements of legislative and regulatory acts, over the financial condition of investment institutions; controls government and corporate securities (correspondence to the number of issued and circulating securities, the size of the announced issue of bearer shares and paid-up authorized capital, etc.).

Let us consider the organization of state financial control using the example of control over the issue of securities. This control is carried out by registration authorities at all stages of the issuance process: at the stage of issuing securities; during the period of their placement; at the stage of summarizing the results of the issue.

At the issue stage The following types of control work are carried out: checking decisions of joint-stock companies to issue securities, checking the issue prospectus. The purpose of control is to prevent violations of the legislation regulating the securities market, to prevent illegal restrictions on the rights of individual subjects of financial relations. For example, some constituent documents provide for the possibility of determining or changing the price of shares, the procedure for setting the price by decision of the issuer, and stipulate the advantages of some buyers of securities over others. Failure by the issuer to comply with the requirements imposed on it at the stage preceding state registration, in particular, the ban on placing securities and making transactions with them, and conducting an advertising campaign, can also be classified as a violation.

At the stage of placement of securities Compliance with deadlines, procedures, and placement procedures is checked. If violations are detected, the supervisory authority has the right to suspend the placement until the violations are eliminated, and also to file a lawsuit to declare the issue of securities invalid.

At the stage of summing up the results of the securities issue The registration authority checks the reports on the results of their release: correctness, completeness of filling out all points of the reports, reliability of the information, compliance of the results of the issue with the prospectus. For example, the registration authority may reveal the fact that the issuer has placed securities in excess of the number announced for issue in the prospectus. In this case, the issuer will be given the opportunity to repurchase and redeem all securities placed in excess of the announced quantity. If this requirement is not met, funds illegally obtained by the issuer are subject to recovery from the issuer in court.

An important role in the implementation of financial control is assigned to licensing authorities, which control the activities of professional participants in the securities market (dealers, brokers, depositories, etc.) and can make decisions to suspend or revoke licenses if violations are detected in their activities. The absence or insufficiency of such control affects the quality of work: the condition of immediate, complete execution of client orders is violated; the practice of brokers trading on their own account is being extended (at the same time the execution of the client’s trading order is delayed); profit is made by people who have access to confidential data (insiders); “anticipatory running” is practiced.

Licensing authorities monitor compliance by professional participants with the requirements of legislative and regulatory acts, and ensure that the amount of equity capital corresponds to the required amount; control the periods of permissible non-execution of broker-dealer activities; establish facts that brokers and dealers have reflected in their accounting and reporting documents unreliable or

misleading data; monitor the combination of illegal activities by brokers and dealers.

The state also exercises currency control in the securities market. Its object is investments of foreign investors, and the subject of control is reporting forms specially introduced for these purposes for persons buying shares for foreign currency. In South Korea, for example, foreign investors are required to fill out a special identification card, which is used both for exchange control and to control the content of the foreigner's securities portfolio and tax control.

World experience has shown that state control in the securities market is not the most effective. The control of self-regulatory organizations is more effective.

In world practice, self-regulatory organizations of professional participants in the securities market are recognized as voluntary associations of professional participants that establish formal rules for doing business for their members and operate on the principles of a non-profit organization. They may have the status of an association, trade union, or public organization. There are international (International Organization of Stock Exchanges), national (National Association of Investment Dealers in the USA) and regional self-regulatory organizations. Depending on which of the professional participants establishes self-regulatory organizations, the latter are classified into:

On the organization of market regulators;

Stock exchanges;

Securities companies;

Investment consultants;

Transfer agents;

Registrars;

Depository organizations, etc.

The functions of self-regulatory organizations include:

Regulation of the activities of members of the organization;

Control:

Compliance with the rules of professional
activities on the securities market, standards for conducting operations
walkie-talkies with securities;

Compliance with rules limiting manipulation
prices;

Maintaining documentation, accounting, reporting;

Ensuring the rights of clients (considering claims, complaints
clients);

Execution of orders, sanctions to members of the organization, under
maintaining high professional standards;

Personnel training;

Development of financial market infrastructure;

Carrying out scientific research, etc.

Self-regulatory organizations create the prerequisites for the formation of a separate market, access to which is protected by requirements for professionalism and ethics, for the volume of trade and capital, and for their financial health.

The effectiveness of financial control exercised by self-regulatory organizations is determined by the fact that violation of the rules established by a self-regulatory organization can lead to deprivation of membership in this organization, which is equivalent to a ban on working with securities.

Self-regulatory organizations are created in two ways. In the first case, the state transfers part of its functions of regulation and control to organizations of professional participants in the securities market selected by it. In the second case, professional participants in the securities market themselves agree that the organization they create receives certain rights of regulation and control in relation to all participants in this organization.

In both cases, regulation and control are carried out in stages. At the first stage - the stage of formation of the securities market and a self-regulatory organization - special rules and standards for conducting professional activities and operations in the market are developed, and requirements for its participants are established. At the second stage - the stage of functioning of the securities market - control is exercised over compliance by the participants of the organization with the legal and ethical norms and rules established by the state and self-regulatory organization. Control is carried out in the form of inspections, during which violations of the charter (code), rules of doing business, and other regulatory documents developed by the organization are revealed.

As noted above, the concept of self-regulation is most developed in the UK. The UK's main self-regulatory organization is the Securities and Investments Council. Formally it reports to the Treasury, but in practice it is an independent organization. More specialized organizations are subordinate to the Council, such as the Securities and Futures Council, the Association of Financial Intermediaries and Brokers, the Organization of Investment Managers, authorized exchanges, etc.

Self-regulatory bodies in the UK also include a private organization formed by a group of legal entities and individuals - the London Mergers and Acquisitions Council. The Council monitors compliance with the requirements of two sets of rules it developed: the “Code on Mergers and Acquisitions” and “Rules for the Acquisition of Large Blocks of Shares.” For example, compliance with the rights of all shareholders provided for by the code is monitored in terms of obtaining information on mergers and acquisitions, in terms of providing the necessary time to make decisions.

sewing; the real possibilities of the buyer to make a purchase are checked; the interests of owners of small blocks of securities are protected. The Substantial Purchase Rules are designed to limit the possibility of aggressive surprise purchases of shares and to provide disclosure of bid offers. Their implementation is voluntary, however, if during the inspections the Council identifies violations, it reports this to the relevant self-regulatory organization, which can take certain measures - up to and including expulsion of the violator from membership.

Self-regulatory organizations are also created and operate in countries with a state government system. For example, in France, regulation and control are carried out by the following organizations:

Exchange Commission, which controls
compliance with information disclosure standards by issuers and IP
use of insider information;

The Board of Stock Exchanges, which provides general supervision
over the activities of securities firms (this is the main self-regulation
regulated organization of France);

The Society of French Exchanges, which controls the day-to-day
market operations, dissemination of information among investors
tors, applications for listing.

Along with the state and self-regulatory organizations, financial control in the securities market is exercised by legal organizers, in particular, the stock exchange. She supervises the bidding process. For this purpose, its organizational structure has a special unit - usually the internal audit department. Control functions can also be assigned to specialists from other departments. The main object of control is prices. The stock exchange prevents price manipulation, the use of proprietary information, unauthorized access to information, and errors in the operation of trading systems. For this purpose, data on the prices of contracts, the number of securities offered under them, the prices of the actual purchase and sale of securities, etc. are checked. In addition, checks are carried out on the compliance of trading participants and their authorized persons with the rules and procedures for collecting, processing, disclosing and disseminating information on prices The correctness and completeness of the reflection of contracts for the purchase and sale of securities in the journals and books of trading participants is also monitored.

On some exchanges, for example in Russia, special disciplinary commissions are created. The purpose of their activity is to reduce the risks of transactions within the trading system. Commissions conduct audits of compliance with rules and internal operating procedures by trading participants. A code of disciplinary measures for trading participants is being developed if they violate the rules of the exchange and the law.

dative acts. As sanctions, disciplinary commissions, as a rule, censure trading participants, issue an official warning, impose fines, cancel the registration of authorized persons of the participant, and make proposals to the management bodies of the exchange on the application of other measures of influence against violators.

Financial control in the securities markets of developed countries is automated in the most important areas of control. Computers are also being introduced in many developing markets (Russia, Malaysia, Korea, etc.).

In the USA, the information base for financial control in the securities market is formed in electronic registrars of current transactions, united into a single network. A special program has been created that generates a data bank containing all the details of each transaction. Bank information is used for analysis and subsequent control over a long period of time. In addition, special programs have been developed specifically to automate control, which:

Record daily fluctuations in securities prices, not
typical bursts in their movement;

Monitor changes in trade turnover and registration
there are sudden deviations in their dynamics;

Note the implementation of wholesale transactions, timeliness
receipt of information from participants about concluded transactions;

Establish facts of fraud by identifying stakes
bania in rates and turnovers before and after the publication of important information
information about companies listed in the electronic trading system.

In practice this happens as follows. Stock exchange employees monitor anomalies in stock price movements. When there is a sudden change in the price or sales volume of a particular stock, the computer emits a beep. In the absence of objective reasons for such changes (announcement of the payment of dividends, open publication of information about the company's plans, etc.), trading in these shares may be suspended.

World experience has shown that even with a high degree of computerization of supervision, up to 50% of cases of fraud, manipulation and other illegal actions in the securities market remain beyond the attention of controllers. One of the reasons for this, according to American experts, is that in American corporations the control functions of supervisory boards are weakened, since their members often hold positions on the board of companies.

Test

Management and control in the securities market

4. Types of legal liability for non-compliance with legislation on securities and their market

5. Current state of the Russian securities market, prospects for its development

Literature

1. Main functions of the state in the securities market

In the securities market, the state can occupy three main positions. Firstly, the state acts as an issuer or seller of securities. Thus, it, along with municipalities, issues state (municipal) securities. The role of the seller of securities is played by the state, for example, when selling blocks of shares in joint stock companies created in the process of privatization of state (municipal) enterprises. Secondly, the state can be a purchaser (investor) of financial assets, albeit with certain restrictions in this area. It has already been noted that public legal entities cannot participate in bill relations. From Article 66 of the Civil Code of the Russian Federation, which determines that “state bodies and local self-government bodies do not have the right to act as participants in business companies, unless otherwise established by law,” follows a general ban on the state acquiring shares of joint-stock companies. The state cannot be the holder of savings books. Some restrictions indirectly arise from the legal nature of certain types of securities.

On the other hand, the Russian Federation actively invests its savings in debt securities of foreign countries. Thirdly, the state is the most powerful regulator of any social relations, including in the field of securities circulation. It manages the financial market through bodies of general and special competence - government bodies. They are also called regulatory agencies or government agencies.

Since the first two functions of the state in the stock market are revealed in the process of studying certain types of securities, we should dwell in more detail on the third function. Based on the understanding of the goal as what one strives for, what is intended to be achieved, a limit, an intention that must be fulfilled, and tasks as something that requires fulfillment, resolution 1 , the purpose of state regulation of the securities market is to ensure the stable functioning of the securities market, as well as to protect market participants from financial fraud and unfair competition. This means that the end result of public administration should be the creation of a legal superstructure that will allow all parts of the stock market to work as a single mechanism that does not allow any failures. To achieve this goal, the state needs to solve the following tasks:

• implementation of the foundations of the economic and legal system, social values ​​enshrined in the Constitution of the Russian Federation;
• comprehensive regulation of relations regarding the issue and circulation of securities, including the establishment of basic principles for regulating these relations;
• creation of an effective system of state regulation of the securities market;
• securing the rights, duties and responsibilities of securities market participants and other persons interacting with them;
• taking effective measures to protect the rights and legitimate interests of individuals, public associations, organizations in the field of financial markets;
• increasing the responsibility of professional securities market participants and issuers for the results of their activities;
• organizing interaction between government bodies and other securities market entities regarding the exercise and protection of their rights;
• ensuring information transparency of the securities market;
• implementation of state policy in the field of financial market.

The last task is extremely important. It is undeniable that the directions

state policies must be implemented in legislation. In regulating relations with the use of securities, the protection of private investments is of paramount importance, since the state as a whole is interested in the development of the securities market as a source of growth in the welfare of the population and improvement of basic economic indicators.

In the securities market, administrative-legal and economic methods of public administration are most often used. The means that make them up are distinguished by their diversity and specificity.

Traditionally, the administrative-legal method of public administration includes the right of the state to adopt mandatory rules of conduct and apply penalties for non-compliance. Government bodies, in the form of laws and regulations, determine mandatory conditions and requirements for participants in the securities market, their activities, issues of securities, transactions with securities, etc. As already mentioned, a colossal number of regulatory documents of varying legal force have been adopted in the field of securities circulation. For their violation, civil, administrative and criminal liability is established.

The state is vested with the right to control and supervise compliance by issuers, professional participants in the securities market, self-regulatory organizations of professional participants in the securities market and other requirements of the legislation of the Russian Federation on securities. The power of regulatory government bodies is also manifested in the ability to send binding orders to market participants to eliminate identified violations.

It is worth mentioning such an administrative means of influencing management objects as licensing. Most activities in the securities market are carried out on the basis of a special state permit - a license. For failure to comply with securities laws, regulatory authorities have the right to suspend or revoke a license.

Special methods of “imperative” management inherent in this area include, firstly, state registration of issues of issue-grade securities in cases provided for by law, and secondly, suspension or recognition of the issue of issue-grade securities as failed on the grounds provided for in the Law on securities market.

The last thing that seems important is the existence of a legal mechanism for resolving disputes. Subjects of the securities market have the right to go to court to protect their violated rights, and sometimes public interests.

The economic method of public administration includes measures to achieve the goals of management by influencing the financial interests of the subjects of relevant relations. This block includes:

• establishing a taxation system that promotes the development of the securities market;
• establishment of tax and other preferences for individual participants

market;

• impact on the interest rate of borrowed capital. Thus, the government can issue short-term or long-term loans, offering higher or lower interest rates, thereby reducing or increasing the general level of prices in the market. This measure is also used to control the money supply in circulation;
• direct budget financing of individual segments of the securities market infrastructure;
• creation of economically attractive conditions for transactions of the population with securities, etc. 2

Let's summarize the above.

1. The state in the securities market can act as an issuer, seller, purchaser of securities, as well as a securities market management body.
2. The purpose of state management of the securities market is to ensure the stable functioning of the securities market and protect market participants from financial fraud and unfair competition.
3. The main methods of state management of the securities market include administrative-legal and economic methods.

2. Government bodies governing the securities market in retrospect

The emergence of market relations in Russia, including in the field of securities turnover, is associated with a change in the political and economic system in our country, which occurred in the late 80s and early 90s of the last century. Russia's transition to a new economic system based on competition and free trade necessitated the creation of special regulatory bodies, the main goals of which were to prevent abuse in emerging markets, as well as to protect the rights and material interests of citizens.

In the post-Soviet history of the organization of state management of the securities market, three stages can be distinguished, characterized by different approaches to management and organizational structure.

The first stage - the stage of “emergence of the financial market management system” includes the period from 1988 to 1994. During this period of time, there was no special government body in the field of the securities market, and the market itself was at the initial stage of development. Historically, the first Russian government bodies vested with certain powers to manage the “young” securities market were the State Bank of the USSR, the Ministry of Finance of the USSR and their regional, territorial or republican local structures. In accordance with the Resolution of the Council of Ministers of the USSR dated October 15, 1988 No. 1195 “On the issue of securities by enterprises and organizations,” the State Bank of the USSR was authorized to issue permits for the issue and free sale of shares of enterprises transferred to full economic accounting and self-financing, and to the Ministry of Finance The USSR was assigned responsibilities for registration of issued share issues and control 3 . At the republican level, these functions were performed by the Ministry of Finance of the RSFSR and the State Bank of the RSFSR. In connection with the gradual collapse of the USSR, since November 1991, the functions of the USSR Ministry of Finance were assigned to the formed Ministry of Economy and Finance of the RSFSR 4 , and the functions of the State Bank of the USSR were assumed by the Central Bank of the RSFSR (Bank of Russia), created in November 1990. 5 . From February 1992 to November 1994, the main regulatory body on the securities market was the Ministry of Finance of the Russian Federation, separated from the Ministry of Economy and Finance of the RSFSR. In particular, it was involved in state registration of securities issues, issued licenses to professional market participants, carried out inspections of compliance with legislation on the securities market, etc. To be fair, it should be pointed out that during the same period - from March 1993 to November 1994, the Commission on securities and stock exchanges under the President of the Russian Federation. The commission was not a federal executive body, worked on a gratuitous basis and did not have significant powers to regulate the securities market.

The second stage - the stage of “special regulation” lasted from 1994 to 2013. The first state executive body with special competence in the field of the securities market was the Federal Commission on Securities and the Stock Market, created in November 1994. 6 . In July 1996, it was reorganized into the Federal Commission for the Securities Market (FCSM of the Russian Federation) 7 . The commission worked for eight years. In accordance with Decree of the President of the Russian Federation dated March 9, 2004 No. 314 “On the system and structure of federal executive bodies,” the Federal Service for Financial Markets of the Russian Federation (FSFM RF) was created on its basis. This service was discontinued on September 1, 2013 8 according to Decree of the President of the Russian Federation dated July 25, 2013 No. 645 “On the abolition of the Federal Service for Financial Markets, amendments and invalidation of certain acts of the President of the Russian Federation” 9 . With the gradual complication of legal relations in the securities market, the work of regulatory authorities has also increased. In addition to the previous powers, new ones were added, for example, with the creation of an investment system through various non-state pension and investment funds, licensing and control functions also appeared in this area.

It should be noted that at the stage of “special regulation”, in addition to the special government body, other regulators acted on the securities market. In particular, the Bank of Russia managed and controlled the activities of credit institutions in the securities market, with the exception of licensing. The Ministry of Finance of the Russian Federation retained the functions of managing the issues of state and municipal securities. In addition, from March 2011 to September 2013, the Ministry of Finance of the Russian Federation exercised powers to develop and implement state policy and legal regulation in the field of financial markets 10 .

The third stage, modern, can be called the stage of “mega-regulation”. In accordance with the Federal Law of July 23, 2013 No. 251-FZ “On amendments to certain legislative acts of the Russian Federation in connection with the transfer of powers to regulate, control and supervision in the field of financial markets to the Central Bank of the Russian Federation” from September 1, 2013 to The Bank of Russia is entrusted with the functions of regulation and supervision in all sectors of the financial market 11 . In accordance with the new approaches, the Bank of Russia represents the state in the securities market and performs the functions of the securities market management body, which we outlined in the previous paragraph, as well as during the consideration of individual topics. The changes did not affect the essence of the tasks previously performed by the Federal Service for Financial Markets and the Ministry of Finance of the Russian Federation, but were aimed at concentrating all powers in “one hand.” The competence of the Bank of Russia today includes the following most significant issues in the field of the securities market:

development of a policy for the development and ensuring the stability of the functioning of the financial market of the Russian Federation (in cooperation with the Government of the Russian Federation);

implementation of regulation, control and supervision over the activities of non-credit financial organizations (including insurance, clearing, microfinance organizations, etc.), professional participants in the securities market, over compliance by issuers with the requirements of the legislation on joint stock companies and securities;

protection of the rights and legitimate interests of shareholders and investors in financial markets.

1. No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” 12 . The law states that the body in question is a legal entity, but its organizational and legal form is not established. The Bank of Russia does not belong to state or municipal authorities. A peculiarity of the legal status of the Bank of Russia is that the Bank of Russia, not being a government body, has government powers 13 .

Despite the creation of a “mega-regulator”, the Ministry of Finance of the Russian Federation retained the authority to manage the market for state and municipal securities. In accordance with Decree of the Government of the Russian Federation dated June 30, 2004 No. 329 “On the Ministry of Finance of the Russian Federation”, this body is still involved in the formation of a state registration number for state and municipal securities, approves standards for disclosing information on government securities of constituent entities of the Russian Federation Federation or municipal securities; carries out state registration of the conditions of issue and circulation of government securities of constituent entities of the Russian Federation or municipal securities, etc. 14 .

In conclusion, we note that the reform of the financial market management system has caused a great public outcry. There are both its supporters and opponents.

Let's sum up the intermediate results.

1. Three stages should be distinguished in the formation of the system of state management of the securities market: the first stage is the “emergence of the financial market management system”; the second stage is the “stage of special regulation”; the third modern stage is the “stage of mega-regulation”.
2. Currently, the functions of regulation and supervision of all sectors of the financial market are assigned to a single body - the Bank of Russia.
3. The powers to manage the market for state and municipal securities remained with the Ministry of Finance of the Russian Federation.

3. Mechanism to counter the misuse of insider information and manipulation of the securities market

One of the government measures aimed at ensuring fair pricing, investor equality and strengthening their confidence is a legal mechanism for preventing, identifying and suppressing abuses in organized trading in the form of misuse of insider information and (or) market manipulation.

In order to encourage investors to make transactions, market participants often distort information about securities, issuers and prices, take actions to create the appearance of an increase (decrease) in prices and (or) trading activity in the securities market relative to the existing level. In addition, owners of any economically significant information, but not accessible to everyone, use it to obtain additional benefits in the market. For example, the chief accountant of issuer A, who has information about the issuer's impending bankruptcy, quickly sells all his shares of this issuer at an even higher price. In order to combat these negative phenomena, the Federal Law of July 27, 2010 No. 224-FZ “On combating the misuse of insider information and market manipulation and on introducing amendments to certain legislative acts of the Russian Federation” (hereinafter referred to as the Insider Law) was adopted. 15 .

Insider information means accurate and specific information that has not been disseminated or provided, the dissemination or provision of which may have a significant impact on the prices of financial instruments, foreign currency and (or) goods and which relates to information included in the corresponding list of insider information (Article .

1. Law on Insider). The list of insider information regarding government bodies that have the right to place temporarily available funds in financial instruments is contained in the Law itself. The composition of this information for other subjects of the securities market is given in the Order of the Federal Service for Financial Markets of Russia dated May 12, 2011 No. 11-18/pz-n “On approval of the List of information related to insider information of persons specified in paragraphs 1 - 4, 11 and 12 of Article 4 of the Federal Law “On Combating the Misuse of Insider Information and Market Manipulation and on Amendments to Certain Legislative Acts of the Russian Federation”, as well as the procedure and deadlines for disclosing such information" 16 . Thus, information about issuers whose issue-grade securities are admitted to trading on the organizer of trading on the securities market, in particular, about the holding of a general meeting of the issuer’s participants, is classified as insider information; on the agenda of the meeting of the board of directors, general meeting of the participant; about the appearance of a person controlling the issuer; about the reorganization (bankruptcy) of the issuer and other similar information.

The term “market manipulation” can be defined as unlawful actions listed in the Inside Law, which can significantly influence the prices (demand) of financial instruments, currencies, and goods traded on the market. For example, this is the simultaneous placing at auction of orders of the opposite direction, which are submitted at the expense of one person and in which the purchase price of a security is higher than the price (or equal to the price) of the sale of the same security if transactions are made on the basis of these applications; repeated transactions during the trading day by two or more participants in securities transactions that do not have obvious economic meaning; repeated placement of orders during the trading day aimed at misleading market participants having the highest purchase price or the lowest sale price, as a result of which transactions are made or may be made that lead to a significant increase or decrease in the price of a security.

The law establishes the following measures as legal barriers to such actions:

a list of persons who are carriers of insider information (“insiders”) has been determined. In a broad sense, an insider (from the English. inside - inside) is any person who has access to confidential information about the affairs of the company due to his official position and family connections 17 . For the purposes of the Law, the list of insiders included 13 groups of entities, including issuers and management companies, trade organizers and clearing organizations, professional participants in the securities market and government authorities who have the right to place available funds in financial instruments, rating and information agencies that carry out disclosure information (Article 4 of the Law on Insider);

a ban has been introduced on the use of insider information until it is disclosed to an unlimited number of persons;

insiders are entrusted with the responsibility for approving internal lists of insider information and disclosing them on the Internet within the established time frame 18 , as well as maintaining lists of insiders and communicating it to regulatory authorities in the prescribed manner;

civil (compensation for damages), administrative and criminal liability has been established for the unlawful use of insider information and (or) market manipulation. Thus, the Code of Administrative Offenses of the Russian Federation has introduced provisions providing for liability for the unlawful use of insider information, market manipulation, and violation of legal requirements on combating the unlawful use of insider information and market manipulation. Liability under Article 185.3 of the Criminal Code of the Russian Federation “Market manipulation” occurs if the actions of the violator caused major damage to citizens, organizations or the state or are associated with the extraction of excess income or the avoidance of losses on a large scale. As an additional measure, the regulatory body has the right to suspend or cancel the license to engage in the relevant activity.

To be fair, let’s say that similar, but softer measures previously also took place in the legislation on the securities market and only in relation to transactions with securities. In the version of the Law on the Securities Market that was in force until July 2010, the concept of “proprietary information” was used to designate the relationships in question. Currently, the problem of “information leakage” in markets has received a universal legal solution in the Inside Law for all types of financial instruments, as well as goods.

Despite the obvious positive aspects of the Inside Law, the scientific literature points out its shortcomings. In particular, the authors draw attention to a possible conflict between the legislation on insider information and the legislation on commercial, official, and bank secrecy 19 , the need for an individual approach to establishing the rights and obligations of individual groups of insiders, etc. 20 .

Based on the above, let us summarize the interim results.

1. The legislation provides a mechanism to counter distortion of information about securities, issuers and prices, as well as actions aimed at creating the appearance of changes in prices or trading activity in the market relative to the existing level. In addition, the legislator has taken measures to suppress the illegal use of commercially significant, but not accessible to everyone, information in order to extract additional benefits in the market.
2. Insider information means accurate and specific information that has not been disseminated or provided, the dissemination or provision of which could have a material effect on prices and which relates to information included in the relevant list of inside information. Market manipulation can be defined as illegal actions listed in the Inside Law that can significantly influence the prices (demand) of financial instruments, currencies, and goods traded on the market.
3. For the illegal use of insider information and market manipulation, civil, administrative and criminal liability is provided.

4. Types of legal liability for non-compliance with legislation on

securities and their market

Securities legislation mainly contains reference rules on the issue of liability in the area under consideration. Thus, the features and procedure for bringing to civil, administrative and criminal liability for offenses in financial markets are determined by the sources of these branches of law. However, the Securities Market Law also establishes some negative consequences for securities misconduct.

Thus, in addition to traditional types of liability, we can also distinguish special ones provided for by securities legislation. These primarily include suspension and (or) cancellation of the license of a stock market participant. This measure is applied by the licensing authority in the event of repeated (two or more times) violations within one year by a securities market participant of the legislation on securities, on insider knowledge, on enforcement proceedings, and the Bankruptcy Law. 21 and some others (Article 44 of the Law on the Securities Market). The license is suspended for a period of up to 6 months. Unfortunately, the legislator does not describe in detail the actions that could lead to the loss (suspension) of a license, such as whether it could be a gross or minor violation, intentional or negligent, etc. Also, no criteria have been established for delimiting actions leading to suspension or revocation of license,

if the Law provides for the possibility of using any of these sanctions.

The second special measure is the cancellation of qualification certificates of financial market specialists from individuals in the event of repeated or gross violations of securities legislation (Article 44 of the Law on the Securities Market). The rules governing the application of this sanction suffer from the same shortcomings as mentioned above.

And the last sanction from the legislation on securities is the forced liquidation of a legal entity that has violated the requirements of the legislation of the Russian Federation on securities, including in the event of its failure to obtain a license within the established time frame (Article 42 of the Law on the Securities Market). This procedure is carried out by decision of the arbitration court at the request of the relevant government authority (currently the Bank of Russia). Claims can also be made regarding the wording and lack of specificity in the provisions under consideration. Therefore, in the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated August 13, 2004 No. 84 “On some issues of the application by arbitration courts of Article 61 of the Civil Code of the Russian Federation” it is clarified that a legal entity cannot be liquidated if the violations committed by it are minor or harmful the consequences of such violations have been eliminated 22 .

Civil liability consists of applying to the offender (debtor in an obligatory relationship) measures established by civil law or contract, expressed in compensation for losses, application of property sanctions established by law or contract (penalty, fine, penalty), compensation for moral damage in favor of another person (creditor) 23 . Such liability may arise under agreements for the provision of services in the financial market, for example, trust management, brokerage services, register maintenance, trade organizer, etc. In addition, civil penalties may follow violations committed during the issue, as well as in the event that the issue of securities is declared failed or invalid. The application of this type of liability is based, first of all, on the Civil Code of the Russian Federation.

The Code of the Russian Federation on Administrative Offenses provides for about 13 offenses in the field of the financial market, which can be conditionally divided into three groups 24 . The first group (four compositions) concerns violations in the order of storing documents and working with information. Thus, it includes liability for failure to fulfill the obligation to store established documents (Article 13.25 of the Code of Administrative Offenses of the Russian Federation), violation of legal requirements for the disclosure of information on financial markets (Article 15.19), unlawful use of insider information (Article 15.21), failure to submit information to the regulatory authorities government body (Article 19.7.3). The second group (seven offenses) are offenses related to the issue, circulation and fixation of rights to securities, including market manipulation. It should include the issuer’s failure to comply with the procedure for issuing securities (Article 15.17), illegal transactions with issue-grade securities (Article 15.18), violation of the rules for maintaining a securities register (Article 15.22), violation of the legislation on organized trading (Article 14.24) and some others. The third group (two groups) is associated with unlawful actions of professional and other participants in the securities market, in particular trade organizers and clearing organizations. It includes Article 15.29 of the Code of Administrative Offenses of the Russian Federation, which provides for liability for violation of legal requirements relating to the activities of professional participants in the securities market and other participants in the financial market, and Article 19.5 of the Code of Administrative Offenses of the Russian Federation, which establishes the consequences of failure to comply within the prescribed period with a legal order of a regulatory state body. Organizations, their officials, and in some cases citizens are held administratively liable. The sanctions most often used are fines, the amounts of which vary for citizens from 2 to 5 thousand rubles, for officials from 20 to 50 thousand rubles, for legal entities from 300 to 1 million rubles, depending on the severity of the offense and the composition of the offense. All cases of administrative offenses provided for in the above articles are currently being considered by the Bank of Russia, and in some cases by the judicial authorities, if the Bank of Russia refers the case to them for consideration.

Already in the original version of the Criminal Code of the Russian Federation dated June 13, 1996 No. 63-FZ (hereinafter referred to as the Criminal Code of the Russian Federation), which came into force on January 1, 1997, two special offenses were established in the field of the securities market and criminal liability measures for them committing 25 . However, legal practice has shown that the previous norms are clearly not enough to suppress all violations in the financial market. Therefore, it is no coincidence that the legislator carried out targeted work to introduce changes and additions to the Criminal Code of the Russian Federation aimed at strengthening criminal liability for crimes on the securities market 26 . Currently, the Criminal Code of the Russian Federation contains eight articles establishing liability for violations in this area, namely: Article 170.1 “Falsification of the unified state register of legal entities, the register of securities owners or the depository accounting system”; Article 185 “Abuse in the issuance of securities”, Article 185.1 “Malicious evasion of disclosure or provision of information specified by the legislation of the Russian Federation on securities”, Article 185.2 “Violation of the procedure for recording rights to securities”, Article 185.3 “Market manipulation”, Article 185.4 “Obstruction of the exercise or illegal restriction of the rights of owners of securities”, Article 185.6 “Illegal use of insider information” and Article 186 “Manufacture, storage, transportation or sale of counterfeit money or securities”. Criminal liability arises when major damage is caused, which means damage, as a rule, in excess of one million rubles. Otherwise, administrative liability is possible, unless of course this composition is provided for by the Code of Administrative Offenses of the Russian Federation. Let us remind you that criminal liability is provided only for individuals. Bringing to criminal (administrative) liability does not exempt the injured party from compensation for losses.

Based on the above, let us highlight the main thoughts.

1. Failure to comply with securities legislation provides for civil, administrative and criminal liability.
2. Special penalties include suspension (cancellation) of a license, cancellation of a qualification certificate of a financial market specialist, as well as forced liquidation of a legal entity.
3. The Code of the Russian Federation on Administrative Offenses provides for about 13 offenses in the area under consideration.
4. The Criminal Code of the Russian Federation contains 8 articles devoted to crimes in the financial market.

5. The current state of the Russian securities market, its prospects

development

The Russian securities market is one of the most dynamically developing markets. Its development is positively influenced by a decrease in the level of inflation, stabilization of the national currency exchange rate, stability in the political sphere, the development of the government securities market, an increase in industrial production caused by an increase in exports of raw materials and energy resources, privatization, in the process of which new joint-stock companies are created and, accordingly, grows Stock market.

In recent years, the securities market has seen many changes for the better. These include, firstly, the creation of a powerful legislative framework regulating financial markets. Secondly, the growth of the corporate securities market and an increase in its capitalization. Thirdly, the creation of market infrastructure, including a system of organized trading in securities, a large number of organizations serving the securities market.

The most important qualitative indicator of the Russian securities market is the growing international recognition and access of Russian issuers to global financial markets. Among the most important events in this area, it should be noted the entry of the Federal Service for Financial Markets of the Russian Federation into the International Organization that unites national authorities regulating the securities market ( International Organization of Securities Commissions

• IOSCO ), obtaining simultaneously the credit rating of Mooyou^, Standard & Roog "s and 1BCA, successful issues of Eurobonds, publication of the index IFC Global Russia , issues of international depositary receipts by a number of Russian companies, inclusion of a number of Russian issuers in the listing of the New York Stock Exchange, etc.

Despite all of the above, according to many authors, the Russian securities market is still far from world standards and is characterized by small volumes. Economic problems of the market include the lack of large investments in organizations involved in activities in the securities market; high degree of all risks associated with securities; investment crisis - low activity of domestic investors, including citizens (the so-called “retail investors”); relatively high percentage of inflation; the high level of costs that small and medium-sized companies incur when resorting to issuing securities.

Organizational problems of the market include the imperfection of government regulation in the financial market; ineffective control and supervision; lack of large, long-term investment institutions that have earned public trust, as well as competent specialists; lack of developed market infrastructure in the regions and poor information support; lack of awareness, especially among individuals, about investment opportunities in the stock market; administrative barriers.

There are also shortcomings of legal regulation, which have been discussed and will be discussed as individual topics are considered.

Several senior governing documents are aimed at a systematic (comprehensive) solution to these problems. Thus, Decree of the President of the Russian Federation dated July 1, 1998 No. 1008 approved the Concept for the development of the securities market in the Russian Federation. This document defines the principles, goals and objectives of state policy in the securities market, as well as measures to develop the regulatory legal framework. The Concept states that one of the goals of state policy in the securities market is the creation of a civilized securities market in Russia and its integration into the global financial market, ensuring the independent place of the Russian market in the system of international capital markets. The most important tasks of the state are the creation of conditions under which Russian citizens and other potential investors will gain confidence in the securities market.

The priorities of state policy in the field of regulation of the financial market as a whole, as well as long-term measures to improve it, were identified in the Strategy for the Development of the Financial Market of the Russian Federation for the period until 2020, approved. by order of the Government of the Russian Federation of December 29, 2008 No. 2043-r (hereinafter referred to as the Strategy) 27 .

To implement the Strategy, in 2013, by order of the Government of the Russian Federation dated February 22, 2013 No. 226-r, the State Program “Development of Financial and Insurance Markets, Creation of an International Financial Center” (hereinafter referred to as the State Program) was adopted. 28 . Judging by the activities of the State program, it is also designed for the period until 2020. This document aims to improve the efficiency of the financial market (including the stock market, the creation of an international financial center), ensuring the growth of the competitiveness of the national economy. The objectives of the State Program are to improve Russian legislation and ensure effective control and supervision in the financial market. The main activities of the State program are:

• reduction of regulatory costs in the financial market;
• reducing administrative barriers and simplifying the procedure for issuing securities;
• harmonization of the Russian and international regulatory framework in terms of organizing the issuance and circulation of financial instruments, the activities of financial institutions, information disclosure systems, accounting, reporting and auditing systems;
• strengthening the protection of the rights of consumers of financial services, investing savings in the financial market and creating compensation and guarantee mechanisms for financial market participants;
• ensuring an effective information disclosure system in the financial market;
• increasing the competitiveness of the financial market infrastructure;
• ensuring monitoring and regulation of systemic risks of the financial market;
• development of a system of prudential supervision in relation to financial market participants. Let us clarify that prudential supervision means preliminary, “early” supervision, which allows us to register potential complications and problems in the activities of financial institutions and take measures to eliminate them 29 . Unfortunately, there is no regulatory framework for such supervision and its legal definition;
• development and improvement of corporate governance;
• prevention and suppression of unfair activities in the financial market;
• introduction of consolidated supervision (within a single body) and motivated judgment. The concept of “motivated judgment,” which is also called “professional opinion,” is also not defined either in the State Program or in legislation, but is found in the regulatory documents of the Central Bank of the Russian Federation. In the literature, it is viewed as giving officials the right, during inspections of subordinate organizations, to give an opinion on financial stability, etc., based not only on formal indicators, but also on the subjective opinion of controllers about the work practices of the organization being inspected. The presence of this right makes it possible to either apply or not apply coercive measures in case of formal violations. And vice versa, even without formal violations, if, in the opinion of the regulator, the organization’s risks exceed the permissible maximum, the controller has the right to make a decision on liability up to the revocation of the license 30 .

One of our state’s ambitious projects is the creation of an international financial center in Russia and its entry into the top ten largest international centers in the world. The action plan (“road map”) for its organization was approved by Order of the Government of the Russian Federation of June 19, 2013 No. 1012-r 31 . The international financial center is considered not as a certain organizational structure - a legal entity, but as Russia's achievement of a certain level in well-known international financial ratings, as well as benchmark indicators used by the World Bank. It is expected that the implementation of the “road map” will improve the competitiveness of the Russian financial market by creating a stable but flexible regulatory environment that stimulates the emergence and development of modern financial products (services) for Russian and foreign financial market participants, as well as by establishing a high level of corporate governance, ensuring the protection of property rights and interests of investors. As stated in paragraph 1 of the Roadmap, this project is designed to ensure the accelerated development of the Russian financial industry, attract investment, eliminate the price discount in the value of Russian financial assets in comparison with the assets of other emerging markets, accelerate investment and business activity in the economy and increase the long-term stability of financial systems of the Russian Federation.

Having summarized what has been said, we note the main thing.

1. The Russian securities market can be characterized as dynamically developing, however, for its further growth it is necessary to solve a number of economic, organizational and legislative problems.
2. The adopted long-term Strategy for the development of the financial market of the Russian Federation for the period until 2020, as well as the State program “Development of financial and insurance markets, creation of an international financial center,” are important for the development of the Russian securities market.
3. The main goal of the reforms carried out in the Russian Federation in the field of the financial market is to increase the efficiency of the functioning of the financial market (including the stock market), ensuring the growth of the competitiveness of the national economy.
4. One of the significant projects is the creation of an international financial center in Russia.

Literature

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Belyaev M.K. Motivated judgment as a method for assessing the legality of banking operations. // Internal control in a credit institution. 2012. No. 2. pp. 38 - 50.

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Emelyanova E.A. Market manipulation and misuse of insider information as factors limiting competition. // Competition law. 2012. No. 1. pp. 11 - 17.

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Mukhametshin T. Modern mechanisms for disclosing and providing information on the securities market. // Economy and law. 2012. No. 1. pp. 34 - 41.

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Civil Code of the Russian Federation. Part two. // Collection of legislation of the Russian Federation, 1996, No. 5, art. Art. 410.

The Code of the Russian Federation on Administrative Offenses provides for about 13 offenses in the field of the financial market. // Collection of Legislation of the Russian Federation, 2002, No. 1, Art. 1.

Criminal Code of the Russian Federation. // Collection of legislation of the Russian Federation, 1996, No. 25, art. 2954.

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The Central Bank of the Russian Federation has powers to regulate, control and supervise the financial markets.” // Russian newspaper, 2013, No. 166.

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Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)”. // Russian newspaper, 2002, No. 127.

Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market”. // Collection of legislation of the Russian Federation, 1996, No. 17, art. 1918.

Decree of the President of the Russian Federation of July 25, 2013 No. 645 “On the abolition of the Federal Service for Financial Markets, amendments and invalidation of certain acts of the President of the Russian Federation.” // Collection of legislation of the Russian Federation, 2013, No. 30, art. 4086.

Decree of the President of the Russian Federation of July 1, 1998 No. 1008 “On approval of the Concept for the development of the securities market in the Russian Federation.” // Collection of legislation of the Russian Federation, 1996, No. 28, art. 3356.

Decree of the Government of the Russian Federation of June 30, 2004 No. 329 “On the Ministry of Finance of the Russian Federation.” // Russian newspaper, 2004, No. 162.

Order of the Government of the Russian Federation dated February 22, 2013 No. 226-r “On approval of the state program of the Russian Federation “Development of financial and insurance markets, creation of an international financial center.” // Collection of legislation of the Russian Federation, 2013, No. 9, art. 979.

Order of the Government of the Russian Federation dated December 29, 2008 No. 2043-r “On approval of the Strategy for the Development of the Financial Market of the Russian Federation for the period until 2020.” // Collection of legislation of the Russian Federation, 2009, No. 3, art. 423.

Order of the Federal Service for Financial Markets of Russia dated February 28, 2012 No. 12-9/pz-n “On approval of the Regulations on the procedure and timing for disclosing insider information of persons specified in paragraphs 1 - 4, 11 and 12 of Article 4 of the Federal Law “On Counteracting unlawful use of insider information and market manipulation and amendments to certain legislative acts of the Russian Federation.” // Bulletin of normative acts of federal executive authorities, 2012, No. 29.

Order of the Federal Service for Financial Markets of Russia dated May 12, 2011 No. 11-18/pz-n “On approval of the List of information related to insider information of persons specified in paragraphs 1 - 4, 11 and 12 of Article 4 of the Federal Law “On Combating Unlawful use of insider information and market manipulation and amendments to certain legislative acts of the Russian Federation,” as well as the procedure and timing for disclosing such information.” // Collection of legislation of the Russian Federation, 2010, No. 31, art. 4193.

Information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated August 13, 2004 No. 84 “On some issues of the application by arbitration courts of Article 61 of the Civil Code of the Russian Federation.” // Bulletin of the Supreme Arbitration Court of the Russian Federation, 2004, No. 10.

1 Ozhegov S.I. Dictionary of the Russian language. M., 1981. T. 1. P. 514; T. 4. P. 638.

2 Rukavishnikova I.V. Financial and legal regulation of the securities market. // Financial right. 2005. No. 7.

3 Collection of Decrees of the USSR, 1988, No. 35, art. 100.

4 See Decree of the President of the RSFSR dated November 28, 1991 No. 242 “On the reorganization of the central government bodies of the RSFSR.” //Vedomosti SND and Supreme Soviet of the RSFSR, 1991, No. 48, art. 1696.

See: Declaration of the Council of People's Deputies of the RSFSR dated June 12, 1990 No. 22-1 “On the state sovereignty of the Russian Soviet Federative Socialist Republic” // Gazette of the Council of People's Deputies and the Supreme Court of the RSFSR, 1990, No. 2, Art. 22; Resolution of the Supreme Council of the RSFSR dated July 13, 1990 “On the State Bank of the RSFSR and banks on the territory of the republic” // Gazette of the SND and Supreme Court of the RSFSR, 1990, No. 6, art. 98; Law of the RSFSR dated December 2, 1990 No. 394-1 “On the Central Bank of the RSFSR (Bank of Russia).” // Gazette of the SND and Supreme Soviet of the RSFSR, 1990, No. 27, art. 356.

6 see Decree of the President of the Russian Federation of November 4, 1994 No. 2063 “On measures for state regulation of the securities market in the Russian Federation.” //Collected Legislation of the Russian Federation, 1994, No. 28, Art. 2972.

7 See Decree of the President of the Russian Federation dated July 1, 1996 No. 1009. // Russian newspaper, 1996, No. 130.

8 Russian newspaper, 2004, No. 48, 03/11/2004.

9 Collection of legislation of the Russian Federation, 2013, No. 30, art. 4086.

See Decree of the President of the Russian Federation dated March 4, 2011 No. 270 “On measures to improve state regulation in the financial market of the Russian Federation.” // Russian newspaper, 2011, No. 51.

Russian newspaper, 2013, No. 166.

12 Russian newspaper, 2002, No. 127.

13 Financial law: textbook / A.R. Batyaeva, K.S. Belsky, T.A. Vershilo et al.; resp. ed. S.V. Zapolsky. 2nd ed., rev. and additional M.: CONTRACT. Wolters Kluwer. 2011. P. 703.

14 Russian newspaper, 2004, No. 162.

15 Collection of legislation of the Russian Federation, 2010, No. 31, art. 4193.

16 Russian newspaper, 2011, No. 171.

17 Grishaev S.P. Commentary on the Federal Law of July 27, 2010 No. 224-FZ “On combating the misuse of insider information and market manipulation and on introducing amendments to certain legislative acts of the Russian Federation.” // SPS ConsultantPlus. 2010.

18 See Order of the Federal Service for Financial Markets of Russia dated February 28, 2012 No. 12-9/pz-n “On approval of the Regulations on the procedure and timing of disclosure of insider information of persons specified in paragraphs 1 - 4, 11 and 12 of Article 4 of the Federal Law “ On combating the misuse of insider information and market manipulation and on introducing amendments to certain legislative acts of the Russian Federation.” // Bulletin of normative acts of federal executive authorities, 2012, No. 29.

19 Emelyanova E. A. Market manipulation and illegal use of insider information as factors limiting competition. // Competition law. 2012. No. 1. pp. 11 - 17.

20 Pykhtin S.V. Insider information: disclosure and protection of confidentiality // Legal work in a credit institution. 2012. No. 3. pp. 60 - 74.

21 Federal Law of October 26, 2002 No. 127-FZ “On Insolvency (Bankruptcy)”. // Russian newspaper. 2002. No. 209-210.

22 Bulletin of the Supreme Arbitration Court of the Russian Federation, 2004, No. 10.

23 See Abova T.E. Civil liability. Legal encyclopedia. / Ed. Academician B.N. Topornina. M.: Lawyer. 2001. P. 687.

24 Collection of legislation of the Russian Federation, 2002, No. 1, art. 1.

25 Collection of legislation of the Russian Federation, 1996, No. 25, art. 2954.

26 Vavulin D.A., Fedotov V.N. Criminal liability for offenses in the securities market. // Law and Economics. 2010. No. 3. pp. 53 - 57.

27 Collection of legislation of the Russian Federation, 2009, No. 3, art. 423.

28 Collection of legislation of the Russian Federation, 2013, No. 9, art. 979.

29 Economic dictionary of words. Compiled by N.I. Fokin, Fokin P.N. //http://dictionary-economics.ru/art-59. Retrieved September 01, 2013.

30 For more details see Belyaev M.K. Motivated judgment as a method for assessing the legality of banking operations. // Internal control in a credit organization. 2012. No. 2. pp. 38 - 50.

Kinsburskaya V. A. Motivated judgment of the Bank of Russia as an instrument of prudential supervision. // Banking law. 2013. No. 2. pp. 16 - 20.

31 Collection of legislation of the Russian Federation, 2013, No. 26, art. 3371.

The system of regulation of the securities market created by the state is the main instrument of state policy in the securities market. The main strategic objective of the entire system of state regulation of the market is to form and ensure strict compliance with such rules of activity of all its subjects, under which the securities market most effectively fulfills its main macroeconomic functions - the mobilization of free resources for economic development and the formation of profitable and reliable savings instruments for the population.

State regulation of the securities market is carried out:

By establishing mandatory requirements for the activities of professional participants in the securities market and its standards;

State registration of issues (additional issues) of issue-grade securities and securities prospectuses and control over compliance by issuers with the conditions and obligations stipulated therein;

Licensing the activities of professional participants in the securities market;

Creating a system for protecting the rights of owners and monitoring compliance with their rights by issuers and professional participants in the securities market;

Prohibition and suppression of the activities of persons carrying out entrepreneurial activities in the securities market without an appropriate license.

The securities market is regulated by various government bodies.

In order to prevent, detect and suppress financial offenses in the securities market, ensure the legality of activities related to chain securities, protect the morals and legitimate interests of issuers, investors and other participants in the stock market, authorized government bodies exercise financial control over the securities market.

This type of financial control is based on the principles of legality, a clear delineation of the competence of regulatory authorities, their real interaction with law enforcement agencies, the non-discriminatory nature of the application of enforcement measures on controlled entities, the application of enforcement actions in a fairly justified amount that does not lead to severe financial consequences for the controlled entity, and etc.

The object of financial control over the securities market is activities carried out mainly in the form of the following operations:

1) emission - related to the release of securities into circulation. When performing these operations, the subject of control is, for example, the existence of the right to issue, its volume and information support;

2) investment - related to the acquisition of securities in order to obtain income from owning securities (institutional investments) or in order to obtain the right to manage the issuer (strategic investments). The subject of control in this case is the volume of investments in securities;

3) intermediary - related to receiving income from the provision of professional services in the securities market to issuers and investors. Intermediation operations are controlled, for example, for the availability of sufficient financial resources to provide intermediary services in the securities market.

Controlled entities are specific participants in the securities market, whose activities are monitored for compliance with the requirements established by regulatory legal acts governing relations in the securities market.

First of all, it is necessary to identify the federal executive body in charge of the securities market. It is the federal executive body for monitoring the activities of professional participants in the securities market by determining the procedure for their activities and determining standards for issuing securities. Currently, such a body is the FSFM of Russia (Federal Service for Financial Markets). The activities of the Federal Financial Markets Service of Russia are regulated by the Federal Law “On the Securities Market” and Decree of the Government of the Russian Federation dated August 29, 2011 No. 717 “On some issues of state regulation in the sphere of the financial market of the Russian Federation.” According to the Regulations of the Federal Financial Markets Service of Russia, it is a federal executive body that carries out the functions of adopting regulatory legal acts, control and supervision in the field of financial markets, with the exception of insurance, banking and auditing activities. The Service regulates all major subjects of the stock market: issuers, professional participants, collective investment institutions, and in some aspects, investors. In carrying out its activities, the FFMS of Russia has functional independence, i.e. does not coordinate its actions with other authorities. However, as an executive body, it is subordinate to the Government of the Russian Federation, which has the right to suspend or cancel any act of the Federal Financial Markets Service of Russia.

With regard to professional participants in the securities market, the Federal Financial Markets Service of Russia approves the requirements for the rules for carrying out professional activities with securities, approves standards for the adequacy of own funds, carries out licensing of professional activities in the securities market, and registers documents of professional participants. It also conducts inspections of professional participants and, if necessary, can issue orders to them, prohibit or restrict certain transactions on the securities market, and finally, suspend or revoke the licenses of violators.

In relation to collective investment institutions, the Federal Financial Markets Service of Russia licenses the activities of non-state pension funds (NPF), joint-stock investment funds, activities for managing investment funds (IF), mutual investment funds (UIF).

The Federal Financial Markets Service of Russia also regulates the admission of securities to public placement, circulation, quotation (price (rate, interest rate) of a product, which is announced by the seller or buyer and at which they are ready to make a purchase or sale. Usually this means a relatively quickly changing price, for example, an exchange price. )) and listing (a set of procedures for including a security in the exchange list); takes measures to stop unfair advertising in the securities market; publishes methodological materials and recommendations on issues within its competence. The Federal Financial Markets Service of Russia, if necessary, may apply to the court and arbitration court with claims and statements. Finally, an important function of the FFMS is the right to consider cases of administrative offenses within its competence, as well as to apply liability measures established by administrative legislation.

The number of organizations in respect of which the Federal Financial Markets Service carries out measures to control and supervise the implementation of the legislation of the Russian Federation includes:

1) issuers; 2) joint-stock investment funds;

3) subjects of relations for the formation and investment of pension savings; 4) subjects of relations for non-state pension provision, compulsory pension insurance and professional pension insurance; 5) mortgage agents managing mortgage coverage; 6) specialized depositories of mortgage coverage; 7) professional market participants securities;8) management companies of joint-stock investment funds, mutual investment funds and non-state pension funds;9) specialized depositories of investment funds, mutual investment funds, non-state pension funds;10) credit history bureaus;11) housing savings cooperatives;12) specialized depositories , management companies and brokers as subjects of relations for the formation and investment of savings for housing provision for military personnel; 13) self-regulatory organizations of organizations, the powers of control and supervision over which the FFMS exercises on the basis of federal laws, acts of the President and the Government of the Russian Federation (hereinafter referred to as self-regulatory organizations) ( hereinafter referred to as organizations).

The central office of the FFMS has the right to conduct inspections of any of the above organizations. RO FFMS conducts inspections of organizations, their separate divisions, as well as separate divisions of other organizations operating in the territories under their jurisdiction.

RO FFMS of Russia only upon receipt of written approvals (instructions) from the FFMS of Russia conducts an inspection of the activities of the following organizations:

Professional securities market participants engaged in organizing trading on the securities market (including as a stock exchange), maintaining a register of securities owners, clearing activities, depository activities as a settlement depository; - professional securities market participants, information about the financial condition of which must be promptly sent to the FFMS (the list is established by order of the FFMS); - specialized depositories of joint-stock investment funds, mutual funds and non-state pension funds, specialized depositories of mortgage coverage; - joint-stock investment funds, non-state pension funds; - management companies joint-stock investment funds, mutual investment funds and non-state pension funds; - commodity exchanges; - credit history bureaus;

Issuers whose securities issues are registered by the Federal Financial Markets Service of Russia.

The FFMS and its regional bodies (RO FFMS) conduct on-site and desk audits. On-site inspections can be scheduled or unscheduled, as well as joint.

Inspections of relevant organizations are carried out by employees of the Federal Financial Markets Service and the Regional Office of the Federal Financial Markets Service independently, as well as jointly with authorized employees of federal executive authorities (inspectors). Authorized employees of the relevant self-regulatory organizations are involved in conducting scheduled on-site inspections of organizations that are members of self-regulatory organizations of professional participants in the securities market or self-regulatory organizations of management companies.

A scheduled on-site inspection is understood as an inspection of an organization’s activities, conducted by a group of inspectors at the location and/or location of the organization’s activities, included in the plan of on-site inspections of the Federal Financial Markets Service of Russia.

An on-site inspection of an organization that is not included in the FFMS on-site inspection plan is unscheduled. An unscheduled on-site inspection is carried out by a group of inspectors at the location and/or place of business of the organization and is appointed to verify compliance with orders to eliminate identified violations, compliance with the requirements of legislation on the protection of the rights and legitimate interests of investors in the securities market, in the event of receipt of information from government authorities about the presence in the activities of the organization of violations of federal laws, other regulatory legal acts of the Russian Federation, control and supervision of compliance with which is within the competence of the Federal Financial Markets Service, and in the event of receiving from individuals and/or legal entities information confirmed by documents indicating the presence of signs of violations of rights and legal interests of citizens, legal entities and individual entrepreneurs and/or signs of violations of federal laws and other regulatory legal acts of the Russian Federation.

An unscheduled on-site inspection of the issuer in the form of observation at the general meeting of shareholders (observation) is carried out at the location of the general meeting of shareholders and is appointed to verify the issuer’s compliance with the requirements of the legislation on joint stock companies in the preparation, convening and holding of the general meeting of shareholders, legislation on the protection of the rights and legitimate interests of investors on the securities market or in the event that the Federal Financial Markets Service (RO FFMS) receives complaints, requests, statements or other information containing information about a possible violation of the legislation of the Russian Federation and/or the rights and legitimate interests of investors in the securities market during the preparation and holding of the general meeting of shareholders of the issuer .

A joint on-site inspection is a scheduled or unscheduled on-site inspection of an organization’s activities by a group of inspectors, which includes, in agreement with other federal executive authorities and their territorial bodies, employees authorized by them.

The FFMS can conduct on-site inspections jointly with the following federal executive authorities:

Ministry of Internal Affairs of the Russian Federation; Ministry of Defense of the Russian Federation; Ministry of Regional Development of the Russian Federation; Ministry of Health and Social Development of the Russian Federation; Federal Security Service; Federal Service for Financial Monitoring; Federal Tax Service; Federal Antimonopoly Service.

A desk audit is carried out by an inspector (inspectors) at the location of the Federal Financial Markets Service (RO FFMS) by studying the documents and information available and submitted by the organization and other persons or government bodies. A desk audit may be appointed upon receipt of information about possible violations of federal laws and other regulatory legal acts of the Russian Federation, control and supervision of compliance with which is within the competence of the Federal Financial Markets Service (RO FSFM).

Certain supervisory activities of the FFMS, namely verification of information contained in complaints and requests from individuals and legal entities received by the FFMS about a possible violation by an organization of the legislation of the Russian Federation, including regulatory legal acts in force in the field of its activities, are carried out without ordering a desk audit by requesting this organization (and/or other organizations supervised by the FSFM related to the activities of the inspected organization) has the necessary explanations, information and documents related to the activities of the inspected organization.

If, during an inspection, there is a need to obtain information about the activities of an organization related to other organizations supervised by the FFMS, the FFMS (RO FFMS) may request from these organizations documents related to the activities of the organization being inspected.

If, during an inspection, an organization detects violations of the legislation of the Russian Federation, including regulatory legal acts, the supervision of compliance with which is not within the competence of the Federal Financial Markets Service, the materials received during the inspection, no later than 10 working days from the date of detection of such violations, are sent to the appropriate supervisory authority.

The procedure for conducting inspections is determined in accordance with the Administrative Regulations for the execution by the Federal Service for Financial Markets of the state function of control and supervision.

The Ministry of Finance of Russia is developing the main directions for the development of the chain securities market and coordinating the activities of federal executive authorities on issues of regulating the chain securities market.

The Russian Ministry of Finance carries out a number of functions in relation to the securities market and its participants. The Ministry approves the conditions for the issue and circulation of federal government securities and decisions on the issue of individual issues of these securities, as well as reports on the results of their issue. The Russian Ministry of Finance itself performs the functions of an issuer of federal government securities. It acts as a regulatory body in relation to government securities of constituent entities of the Russian Federation and municipal securities: it carries out state registration of the conditions of issue and circulation of such securities, approves standards for disclosing information about these securities. In addition, the Ministry of Finance of Russia remains the regulator in the field of investing pension savings to finance the funded part of the labor pension, as well as the regulator for insurance companies, including in terms of their investments in securities. Finally, the Russian Ministry of Finance adopts regulatory legal acts on issues of accounting procedures and preparation of financial statements.

The Central Bank of the Russian Federation registers the issue of chain securities by credit institutions in accordance with federal laws; advises the Russian Ministry of Finance on the issues of the schedule for issuing government securities of the Russian Federation and repaying the government debt of the Russian Federation, taking into account their impact on the state of the banking system of the Russian Federation and the priorities of the unified state monetary policy.

The Central Bank of the Russian Federation is not part of the system of executive authorities and carries out its activities on the basis of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”. Its powers in relation to the regulation of commercial banks are also defined by the Federal Law “On Banks and Banking Activities”. As the organization responsible for organizing monetary circulation and the stability of the banking system in Russia, the Bank of Russia has a number of powers that, to one degree or another, influence the securities market or affect its participants.

The Bank of Russia, in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy, which affects many parameters of the securities market. In order to implement monetary policy, it issues its own bonds and carries out transactions with government bonds and its own bonds on the open market, being a major player.

As a regulator of the banking system, the Bank of Russia determines the specifics of the procedure for issuing securities of credit institutions and registers the issues of relevant securities. Further, it carries out banking supervision over the activities of credit institutions and banking groups, including their activities as investors in the securities market. With regard to the activities of credit institutions as professional participants in the securities market, the Bank of Russia actually establishes the rules for conducting individual operations (for example, trust management of securities, rules for depository accounting, etc.). Finally, through participation in the capital of infrastructure organizations on the securities market (for example, the MICEX), the Bank of Russia carries out “indirect regulation” of the securities market.

The system of regulation of the securities market created by the state is the main instrument of state policy in the securities market. The main strategic objective of the entire system of state regulation of the market is to form and ensure strict compliance with such rules of activity of all its subjects, under which the securities market most effectively fulfills its main macroeconomic functions - the mobilization of free resources for economic development and the formation of profitable and reliable savings instruments for the population.

State regulation of the securities market is carried out:

• - by establishing mandatory requirements for the activities of professional participants in the securities market and its standards;
• - state registration of issues (additional issues) of issue-grade securities and securities prospectuses and control over compliance by issuers with the conditions and obligations stipulated therein;
• - licensing the activities of professional participants in the securities market;
• - creating a system for protecting the rights of owners and monitoring compliance with their rights by issuers and professional participants in the securities market;
• - prohibition and suppression of the activities of persons carrying out entrepreneurial activities in the securities market without an appropriate license.

The securities market is regulated by various government bodies.

First of all, it is necessary to identify the federal executive body in charge of the securities market. It is the federal executive body for monitoring the activities of professional participants in the securities market by determining the procedure for their activities and determining standards for issuing securities. Currently, such a body is the Federal Financial Markets Service of Russia. This Service is a federal executive body that carries out the functions of legal regulation, control and supervision in the field of financial markets (with the exception of banking and auditing activities), including control and supervision in the field of insurance activities, credit cooperation and microfinance activities, activities of commodity exchanges, exchange intermediaries and exchange brokers, ensuring state control over compliance with the requirements of the legislation of the Russian Federation on combating the misuse of insider information and market manipulation.

The activities of the Federal Financial Markets Service of Russia are regulated by the Federal Law “On the Securities Market” and Decree of the Government of the Russian Federation dated August 29, 2011 No. 717 “On some issues of state regulation in the sphere of the financial market of the Russian Federation.” According to the Regulations of the Federal Financial Markets Service of Russia, it is a federal executive body that carries out the functions of adopting regulatory legal acts, control and supervision in the field of financial markets, with the exception of insurance, banking and auditing activities. The Service regulates all major subjects of the stock market: issuers, professional participants, collective investment institutions, and in some aspects, investors. In carrying out its activities, the FFMS of Russia has functional independence, i.e. does not coordinate its actions with other authorities. However, as an executive body, it is subordinate to the Government of the Russian Federation, which has the right to suspend or cancel any act of the Federal Financial Markets Service of Russia.

In a relationship professional securities market participants The Federal Financial Markets Service of Russia approves the requirements for the rules for carrying out professional activities with securities, approves standards for the adequacy of own funds, carries out licensing of professional activities in the securities market, and registers documents of professional participants. It also conducts inspections of professional participants and, if necessary, can issue orders to them, prohibit or restrict certain transactions on the securities market, and finally, suspend or revoke the licenses of violators.

In a relationship collective investment institutions The Federal Financial Markets Service of Russia licenses the activities of non-state pension funds (NPFs), joint-stock investment funds, activities related to the management of investment funds (IF), mutual investment funds (UIFs) and NPFs, as well as the activities of specialized depositories of investment funds, mutual funds and NPFs. It also registers the rules of trust management of mutual funds and the rules of trust management of mortgage coverage, rules of non-state pension funds, and documents of specialized depositories. It also approves the requirements for the asset structure of joint-stock and mutual investment funds, determines information disclosure standards and reporting forms for non-state pension funds; conducts inspections of these entities and issues instructions to them.

The Federal Financial Markets Service of Russia also regulates the admission of securities to public offering, circulation, quotation and listing; takes measures to stop unfair advertising in the securities market; publishes methodological materials and recommendations on issues within its competence. The Federal Financial Markets Service of Russia, if necessary, may apply to the court and arbitration court with claims and statements. Finally, an important function of the FFMS is the right to consider cases of administrative offenses within its competence, as well as to apply liability measures established by administrative legislation.

From the listed powers and functions it is clear that the role of the Federal Financial Markets Service of Russia in regulating the stock market and supervising its participants is dominant. However, in a number of aspects its powers are insufficient. Thus, to date there is no clear system for monitoring and suppressing manipulative and insider practices on the part of market participants. A system of prudential supervision over professional participants in the securities market and collective investment institutions has not been built. The sanctions provided for administrative offenses in the securities market are clearly insufficient.

It should also be noted that the competence of the Federal Financial Markets Service of Russia has a number of significant exceptions in relation to credit institutions: for them, this Service cannot establish prudential measures, nor regulate the issue of their securities (including registration of securities issues). The powers of the Federal Financial Markets Service of Russia also do not extend to issues of issue and circulation of state and municipal securities.

Ministry of Finance of Russia carries out the development of the main directions for the development of the chain securities market and coordination of the activities of federal executive authorities on issues of regulation of the chain securities market.

According to the Regulations on the Ministry of Finance, the Ministry of Finance of Russia performs a number of functions in relation to the securities market and its participants. First of all, the Ministry approves the conditions for the issue and circulation of federal government securities and decisions on the issue of individual issues of these securities, as well as reports on the results of their issue. At the same time, the Russian Ministry of Finance itself performs the functions of an issuer of federal government securities. It acts as a regulatory body in relation to government securities of constituent entities of the Russian Federation and municipal securities: it carries out state registration of the conditions of issue and circulation of such securities, approves standards for disclosing information about these securities. In addition, the Ministry of Finance of Russia remains the regulator in the field of investing pension savings to finance the funded part of the labor pension, as well as the regulator for insurance companies, including in terms of their investments in securities. Finally, the Russian Ministry of Finance adopts regulatory legal acts on issues of accounting procedures and preparation of financial statements.

Central Bank of the Russian Federation registers the issue of chain securities by credit institutions in accordance with federal laws; advises the Russian Ministry of Finance on the issues of the schedule for issuing government securities of the Russian Federation and repaying the government debt of the Russian Federation, taking into account their impact on the state of the banking system of the Russian Federation and the priorities of the unified state monetary policy.

The Central Bank of the Russian Federation is not part of the system of executive authorities and carries out its activities on the basis of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)”. Its powers in relation to the regulation of commercial banks are also defined by the Federal Law “On Banks and Banking Activities”. As the organization responsible for organizing monetary circulation and the stability of the banking system in Russia, the Bank of Russia has a number of powers that, to one degree or another, influence the securities market or affect its participants.

Thus, the Bank of Russia, in cooperation with the Government of the Russian Federation, develops and implements a unified state monetary policy, which affects many parameters of the securities market. In order to implement monetary policy, it issues its own bonds and carries out transactions with government bonds and its own bonds on the open market, being a major player.

As a regulator of the banking system, the Bank of Russia determines the specifics of the procedure for issuing securities of credit institutions and registers the issues of relevant securities. Further, it carries out banking supervision over the activities of credit institutions and banking groups, including their activities as investors in the securities market. With regard to the activities of credit institutions as professional participants in the securities market, the Bank of Russia actually establishes the rules for conducting individual operations (for example, trust management of securities, rules for depository accounting, etc.). Finally, through participation in the capital of infrastructure organizations on the securities market (for example, the MICEX), the Bank of Russia carries out “indirect regulation” of the securities market.

The Bank of Russia also establishes rules for conducting banking operations, establishes accounting and reporting rules for the banking system of the Russian Federation. Thus, although the regulatory powers of the Central Bank of the Russian Federation in relation to stock market participants directly apply only to credit organizations operating in this market, in general, the influence of the Central Bank of the Russian Federation in the financial market is very large. Using the above powers, the Bank of Russia, in fact, is the second most important state regulator of the securities market.

The Bank of Russia also plays an important role in the field of currency regulation. According to the Federal Law “On Currency Regulation and Currency Control”, it is both a currency regulation body (along with the Government of the Russian Federation) and a currency control body. However, it should be noted that foreign exchange regulation in Russia has recently been significantly relaxed, including in relation to transactions with securities (some of the previously in force restrictions were canceled on July 1, 2006, some - on July 1, 2007), so that in fact we can talk about introducing free convertibility of the ruble. Thus, the Bank of Russia has lost the right to establish requirements for reserving funds when conducting foreign exchange transactions of capital movements (up to 100% of the transaction amount for a period of up to 60 days or up to 20% of the transaction amount for a period of up to one year), which was previously granted to it by the Federal Law "On Foreign Exchange". regulation and exchange control." The institution of special accounts for carrying out currency transactions (cash bank accounts, securities accounts in depositories, personal accounts in registers of securities owners) has been abolished.

In order to prevent, detect and suppress financial offenses in the securities market, ensure the legality of activities related to chain securities, protect the morals and legitimate interests of issuers, investors and other participants in the stock market, authorized government bodies exercise financial control over the securities market.

This type of financial control is based on the principles of legality, a clear delineation of the competence of regulatory authorities, their real interaction with law enforcement agencies, the non-discriminatory nature of the application of enforcement measures on controlled entities, the application of enforcement actions in a fairly justified amount that does not lead to severe financial consequences for the controlled entity, and etc.

The object of financial control over the securities market is activities carried out mainly in the form of the following operations:

• 1) emission - related to the issue of securities!" into circulation. When performing these operations, the subject of control is, for example, the existence of the right to issue, its volume and information support;
• 2) investment - related to the acquisition of securities in order to obtain income from owning securities (institutional investments) or in order to obtain the right to manage the issuer (strategic investments). The subject of control in this case is the volume of investments in securities;
• 3) intermediary - related to receiving income from the provision of professional services in the securities market to issuers and investors. Intermediation operations are controlled, for example, for the availability of sufficient financial resources to provide intermediary services in the securities market.

Controlled entities are specific participants in the securities market, whose activities are monitored for compliance with the requirements established by regulatory legal acts governing relations in the securities market.