Ivanova L.N. Securities Market State Regulation of the Securities Market
1. State regulation of the Russian RCB
The Russian financial market refers to developing markets. At the same time, the private sector in the financial market is already dominated. In early 2004, the obligations of the private sector were $ 299 billion (shares - 170, bank loans - 105, ruble corporate bonds - 7, corporate Eurobonds - 17), and government obligations - only $ 54 billion (GKO and OFZ - 11, state Eurobonds - 35, Webovka - 8). In 2005, the capitalization of the Russian stock market rose to $ 481 billion in 2006-07. The share of the state in the RCS continued its decline due to the decline in the share of the Bank of Russia in the capital of Sberbank, the proportion of the Government of the Russian Federation in the capital of Vneshtorgbank as well as in the capital of other corporations.
The development of the country's financial system characterizes the ratio of its size (capitalization of the stock market + public and private bonds + banking system assets) to GDP. Russia is still inferior to developed countries and leading developing countries on this most important indicator (see Table 1).
Table. 1. The ratio of the size of the financial system for GDP
The ratio of the size of the financial system to GDP,% |
|
Great Britain |
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Germany |
|
Brazil |
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Russia (2003) |
|
Source: Expert. № 21, 2004. |
The functioning of the securities market should be regulated by the state. The purpose of state regulation is to ensure the reliability of securities, the development of the national RCB model, in creating favorable conditions for the functioning of the exchange, the work of professional participants of the RCS and the RCB itself, which, taking into account the conditions existing in the country, would mostly contribute to the economic growth of the economy.
The tasks of the state in terms of the creation and development of the RCB regulation system are mainly as follows:
- development of ideology, infrastructure, legislative base and development strategy of the RCB;
- efficient use of financial resources (public and private) for the development of the country's economy;
- establishing "rules of the game" for market participants;
- security;
- creating a system of information about the state of the market and ensuring its openness;
- formation of an investor insurance system from possible losses;
- curbing criminal activities on RCB;
- regulating the development of the market of government securities.
In world practice, there are three main models of regulating RCB:
- by direct government control (Ireland, the Netherlands, Portugal);
- by controlling the financial and banking bodies (Germany, Belgium, Denmark);
- through specially created institutions (USA, France, Italy, Spain, United Kingdom).
For the Russian securities market, the American model of organization and regulation, both on the legislative and organizational levels, is closer. However, the essence of the American model of the RCB, in which the bulk of shares is fluent in the secondary securities market, has not yet been implemented.
In the Russian Federation to the state regulation authorities of the securities market belong:
FSFR (Federal Financial Markets Service);
Ministry of Finance of the Russian Federation;
Central Bank of the Russian Federation;
Committee for the Management of Public Property of the Russian Federation;
Antimonopoly Committee of the Russian Federation;
Ministry of Taxes and Cancellation of the Russian Federation;
Ministry of Justice of the Russian Federation;
State Committee on Supervision of Insurance Organizations, etc.
The main functions of regulatory authorities aimed at protecting investors from financial losses are: registration of all participants in the securities market; providing all subjects of the economy with reliable information on the release and circulation of securities; Control and maintenance of law enforcement in the securities market.
State regulation of the securities market is carried out in the form of direct intervention in its operation, as well as in the form of measures for indirect impact on the market.
The legal basis for the functioning of the securities market is the laws of the Russian Federation, decisive following questions:
- legal status of securities;
- delimitation of the rights and responsibility of the issuer and mediator;
- molds of securities emissions (cash and cashless emission);
- registration of securities registers;
- creation of depositaries;
- protection of property rights of investors;
- guarantees of market participants of the right to compensation from debtors;
- control over the issuance of securities;
- control over the work of banks with securities.
The legislation regulates the issuance and functioning of bills (to a lesser extent), shares, bonds and other securities. The state licensing the activities of the Exchange, brokers, other professional participants of the RCS, investment institutions in order to increase the professionalism of the participants of the RCS. The rules for the treatment of derivatives - derivatives of securities (futures, options, etc.) are legally executed.
The licensing of the activities of commercial banks and credit institutions is engaged in the Bank of Russia, insurance organizations - the State Committee on Supervision of Insurance Activities.
As already noted, the RFB of the Russian Federation is not enough. And the main share is blue chips - securities of state monopolies and oligopoly. At the same time, RCB has high pace of development. New securities markets appeared (corporate bond market and the urgent securities market), a collective investment system was created.
Capitalization of the Russian stock market at the end of 2004 amounted to $ 265 billion or 45% of GDP. In 2003, Russian enterprises in the securities markets were attracted together in the aggregate of $ 11.4 billion, incl. In domestic markets - 2.7 billion dollars.
The capitalization of the Russian stock market has increased dramatically in 2005 and amounted to $ 481 billion - 63% of GDP. In 2006, the capitalization of the stock market rose by about 70%. Russian enterprises in the securities market in 2004 were raised $ 15.5 billion, including $ 5.3 billion in the domestic market - 5.3 billion dollars. For 2005, similar indicators were, respectively, 29.7 billion dollars and 9.4 billion dollars However, the stock market is still characterized by a small number of liquid financial instruments. The main share of market capitalization (64.3% - as of December 30, 2005) amounted to the oil and gas sector.
The domestic market of corporate bonds is a rapidly developing segment of the Russian securities market. However, he cannot compete with external borrowings. In 2004-2005, the proportion of Eurobonds issued by Russian enterprises was 66%.
The Russian stock market has not yet served as one of the main sources of investment. His share in investment is small.
In the regions, the market of corporate bonds is most rapidly developed. This is due to the fact that in Russia the owners are not yet ready for the massive issue of shares to the secondary market and prefer to keep control packets of shares. Free appeal of shares involves the distribution of property between many shareholders. And in Russian conditions it is fraught with loss of control over the enterprise. Bonds as a tool to attract borrowed funds are free from these risks. Therefore, the domestic market of corporate bonds is a rapidly developing segment of the Russian securities market. However, it does not provide sufficient volume of long-term investment. This is due to the fact that the largest corporations of the Russian Federation prefer to produce securities abroad, since the price of bond loans is significantly lower there.
RCB begins to play an increasingly role as a tool for preserving and increasing the cost of savings of the population (individuals).
The head of the FSFR Oleg Voygin at the lecture at the Higher School of Economics announced (03/26/07) that 72% of the internal accumulations of the population fall into deposits of banks, 10% was invested in impassions, 8% in pension reserves, 10% in insurance reserves. According to him, the net accumulation of the population of the Russian Federation accounts for only 1-2% of GDP, which is very slightly compared with the developed countries. Moreover, the propensity of the population to the savings in recent years is decreasing, as families are forced in difficult conditions of life to not accumulate funds, but to spend them for survival.
Vyugin led approximate data on the structure of investors in the Russian RCB: 31% - these are Russian institutional investors, 25% - russian banks and 44% are foreign investors (non-residents). This statistic did not include individuals due to the smallness of their share.
At the same time, the development of the sector of institutional investors with the participation of Physs. Persons in Russia takes place pretty quickly. So in 2006, the assets of mutual and pension reserves rose to 800 billion rubles.
According to O. Vyigin, in 2006, the number of accounts of "market shareholders" increased to 343.245 thousand units against 148.428 thousand units in 2005. The number of private investors who traded with the help of Internet trading on the MICEX FB, in 2006 It reached 230 thousand people against 109,714 thousand people in 2005. The number of individuals who bought shares during the "folk" IPO in 2006 amounted to 115 thousand people.
The securities market is perhaps the best tool for engaging the population into market relations, the best school of training its basics of the market, especially youth. It is much more useful for young people in all respects to play RCB, rather than on "one-handed gangsters" - playing machines. No wonder the foregoing position in the economy in the world is occupied by the United States, where every housewife participates in the investment process in the stock market. And it should be noted that the Government of the Russian Federation is already quite a lot with the help of popular IPO in this direction.
2. Prospects for the development of the RCB of Russia
For the development of the financial market, the medium-term program of the Government of the Russian Federation for 2006-2008. Allocate the following directions.
1. Improving the financial market regulation system.
Currently, regulation and supervision in the financial market is carried out by several government agencies. To coordinate their actions, measures are planned:
Improving the effectiveness of interdepartmental interaction and the development of uniform approaches to the development and regulation of all sectors of the financial market;
Development of self-regulation in the financial market and the interaction of SROs with state authorities and management;
Creating a monitoring system for the financial market;
Establishing information on the legislative level of information exchange with regulators of financial markets in other countries.
In the future, it is possible to combine the functions for regulating various segments of the financial market and the creation of a megaregulator.
2. Ensuring clear and clear procedures for conducting oversight of financial institutions:
Strengthening the role of financial market regulators and SRO in the normalization and improvement of the risk management system of professional participants in the financial market;
Strengthening the role of arbitration courts in the consideration of disputes in the financial market and increasing the competence of judicial authorities (arbitration court) in disputes in the financial market;
Optimization of financial institutions reporting requirements, the introduction of public disclosure standards on their activities by professional participants in the financial market;
Ensuring disclosure of information on the results of pension reserves management, approval of the methodology for assessing the effectiveness of management for public and private governing pension reserves;
Improving the requirements for the placement of funds, the composition and structure of assets of financial institutions engaged in investment activities in the financial market, as well as the introduction of uniform requirements for managing relevant assets.
3. Expansion of the spectrum of financial instruments.
4. Amendments to legislation aimed at expanding the possibility of applying financial instruments and mechanisms used to redistribute risks:
Derivatives of financial instruments with various basic assets;
Securitization of financial assets;
Double and simple warehous evidence;
Improving the efficiency of the Institute of Pledge as a way to ensure the fulfillment of obligations.
5. Development of collective investment institutions:
Improving taxation of closed mutiys;
Unification of the principles and standards of collective investment activities (mutual and NPFs);
Expanding the spectrum of allowed tools of mutual tools and NPFs.
6. Creation of equal competitive and comfortable conditions for the activities of the participants of the financial market, the reduction of administrative barriers and transaction costs:
Reducing the transaction costs of issuers of all emission securities, including when conducting primary public placement of shares (IPO);
Mitigating restrictions on securities, operations with which are carried out with the participation of foreign capital;
Expanding information security of investors by issuers;
Suppression of manipulation in the financial market and trade with the use of insider information;
The introduction of the concepts of a qualified and non-qualified investor;
Expanding the compositions of offenses in order to take into account the specifics of financial markets, toughening punishments;
Introduction of a compensation system to citizens to RCB, as well as the system of insurance of the responsibility of professional participants of the RCB.
7. Improving the taxation of the financial market in order to provide equal conditions for entrepreneurial activities.
8. Improving the activities of state financial institutions, subjects of the Russian Federation and municipalities in the authorized capital of financial institutions:
Preparation of the Strategy for the activities of state financial institutions of development involving the use of new mechanisms and various forms of financing projects implemented by the Government of the Russian Federation;
The introduction of a ban on the participation of authorities and municipalities in the authorized capital of financial institutions (except strategic institutions and organizations).
9. Development of the financial market infrastructure, improving its reliability and capitalization:
Improving the legislation on clearing;
Improvement of legislation regulating the accounting of rights to securities, creating a central depositary;
Improving legislation on trade and exchange organizers, the formation of a single legislative regulation of all types of stock exchanges.
Financial Market Development Strategy Determines the directions of the activities of state bodies in the field of regulation of the RCB for 2006-2008. In strategy, the state and the closest perspectives of the Russian RCB are assessed as follows:
RCB is not yet considered as the main mechanism for attracting investments;
The main source of investment of Russian companies is their own funds, as well as loans and primary placement of shares in foreign financial markets;
The domestic financial market is needed in reliable securities and other quality assets;
The main volumes of transactions with Russian securities and other quality assets are carried out since the end of 2003 on foreign trading platforms, and not within the country;
Long-term investment resources of newly created mandatory accumulative systems are posted in the financial market inefficiently;
The main reason for the outflow of valuable financial assets abroad is a lag in the development of the Russian financial market infrastructure, high risks and the cost of Russian RCB;
The revision of Russian legislation to the level of international standards and the development of its infrastructure is necessary.
The main purpose of the strategy is to transform the RCB into one of the main mechanisms for financing the economy, along with bank loans.
In 2006 - 2008 it is planned to be implemented:
Reduction of transaction costs of capital involvement by enhancing competition;
Reducing non-market investment risks (ensuring the protection of the rights and legitimate interests of investors);
Increasing the activity of investors - individuals, including through collective forms of savings;
Creating favorable conditions for professional participants of the RCS, investors and issuers in the formation of the policy of regulating the financial market.
It is supposed to achieve the following indicators at the end of 2008:
The ratio of the value of the total net assets of investment funds (in the amount with pension assets) to GDP will double and will be 6%;
The ratio of corporate bonds to GDP will also double (from 2.2% - in 2005 to 4.5% in 2008);
The attitude of insurance premiums to GDP will rise from 3% - in 2005 to 5% - in 2008;
Capitalization of the stock market regarding GDP will reach 70%;
The share of operations with Russian shares on the stock exchanges within the country will be at least 70%.
It is expected that by 2008 the contribution of the Russian RCB will reach 20% of investments in the fixed capital of large and medium-sized enterprises.
The strategy defines the main directions of the state policy on the development of the financial market in the medium term:
Creating the necessary prerequisites for the formation of competitive financial market institutions;
Reducing regulatory barriers to ensure the release of Russian companies to the capital market and the creation of the legal framework for the formation of new financial market tools;
Strengthening the legislative framework in the protection of investor rights and a decrease in non-market investment risk in the financial market;
Reform of the regulatory system in the financial market.
The creation of competitive institutions of the financial market involves the implementation of the following events:
Improving the accounting and estimated infrastructure of the stock market, the introduction of new technologies;
Increasing the competitiveness of stock exchanges and trading systems;
Introduction of risk management systems of professional market participants;
Development of accumulative pension systems and collective investment institutions;
Development of insurance institutions.
Reducing the regulatory barriers to ensure the release of Russian companies to the capital market and the creation of the legal framework for the formation of new financial market tools implies the implementation of the following activities:
Development of the market of derivative financial instruments;
Development of tools for securitization of financial assets and mortgage securities market;
The elimination of excessive legal barriers to reduce transactional costs of the release of Russian companies to the national capital market.
Strengthening the legislative framework in the protection of investors' rights and a decrease in non-market investment risk in the financial market involve the implementation of the following activities:
Improving the efficiency of the factory disclosure system that significantly affect the market value of the investment products offered in the financial market;
Solving the problem of using insider information and insider trading;
Protection of shareholders' rights in joining, mergers and other forms of reorganization of joint-stock companies;
Improving corporate legislation and the development of the principles of corporate governance;
Development of compensation mechanisms in the financial market.
The reform of the regulatory system in the financial market involves the implementation of the following events:
Development of a regulatory framework for the creation and operation of a collegial regulatory body in the financial market;
Involvement in the decision-making process for regulating the financial market of professional participants in the securities market, investors and issuers, including through the development of self-regulation.
In 2007, the idea of \u200b\u200bcreating a unified state body (megaregulator) of regulating all financial markets was reanimated, which can significantly increase the efficiency of financial management.
The main obstacle to the creation of such an independent body (megaregulator) was the position of the Bank of Russia, which supervises credit institutions in accordance with the Constitution and the Laws of the Russian Federation. The idea of \u200b\u200ballocating the function of supervision from the structure of the Central Bank originated in 2000. The State Duma Banking Committee then proposed to preserve the Banking Supervision Committee in the Central Bank system, but his chairman is appointed to the State Duma. Now this idea is improved and expanded. And it is proposed to create a megaretulator with oversight functions over all financial markets (credit organizations, stock market, insurance market).
The medium-term program of socio-economic development (2006-2008). Weekly website "Economics and Life"; The website of the Ministry of Economic Development.
Regulation of the securities market - ϶ᴛᴏ streamlining activities on it of all its participants and operations between them by organizations authorized by the Company to these actions. The regulation of the securities market covers all its participants: issuers, investors, professional stock intermediaries, organization of market infrastructure, all types of activity and all types of operations on it: emission, mediation, investment, speculative, mortgage, trust, etc. (scheme)
State regulation of the securities market is carried out by:
- establishing mandatory requirements for the activities of issuers, professional participants in the securities market and its standards;
- state registration of issues of emission securities and securities prospectuses and monitoring compliance with the issuers of conditions and obligations provided for in them;
- licensing of the activities of professional participants of the securities market;
- creating a system for the protection of the rights of owners and control over compliance with their rights by issuers and professional participants in the securities market;
- prohibition and suppression of the activities of people who carry out entrepreneurial activities in the securities market without a license.
The structure of the state regulatory authorities of the Russian securities market:
Highest level:
- State Duma - issues laws regulating the securities market;
- The president - publishes decrees, as laws are taken very slowly;
- The Government of the Russian Federation - issues a decree to develop the presidential decrees, determines the general directions of the development of the securities market.
Ministerial level:
- The Federal Commission for Securities Market (FCCB) is the main regulatory authority;
- The Ministry of Finance - exercises the issuance of government securities and regulates their appeal;
- Central Bank - registers issues and controls the appeal of securities of credit institutions;
- The Ministry of Antimonopoly Policy and Enterprise Support - establishes antitrust rules on the securities market and controls their implementation;
- The Ministry of State Property Management - is engaged in the privatization of state property, managing the packages of securities owned by the state;
- The Russian Federal Fund - sells securities packages when privatizing enterprises, etc.
FCCS will be a federal executive authority for state policy in the field of securities market, control over the activities of the participants of the securities market through the definition of the procedure for their activities and to identify the emission standards of securities. It is worth saying - the powers of the FCCS do not apply to the issue of debt obligations of the Government of the Russian Federation and securities of the subjects of the Russian Federation (Table 1)
Table 1
Development of the main directions for the development of the securities market and coordination of the activities of federal executive bodies on the regulation of the securities market | |
Licensing | Issuance (suspension, cancellation) licenses for the implementation of trade importations in the securities market, the activities of self-regulatory organizations |
Control over compliance with the requirements of the legislation of the Russian Federation on the Central Bank, standards and requirements approved by the FKSB | Control over the issuers, participants of the securities market, self-regulatory organizations |
Development and approval of the regulatory framework | Development and approval of the regulatory framework for:
|
Disclosure of information on the securities market | on registered issues of securities, professional participants in the securities market and regulating the securities market |
Filing lawsuit |
|
Informing investors |
|
Certification | Issuance (suspension, cancellation) of qualification certificates of managers and specialists - professional participants of the securities market |
FCCB is entitled:
- make a decision to suspend the action or on the cancellation of a license to carry out trade importance on the securities market;
- carry out checks of issuers, professional participants and self-regulatory organizations of professional participants in the securities market;
- to send issuers and professional participants of the securities market, as well as their self-regulating institutions of the prescription, mandatory for execution, to require them to submit documents necessary to solve issues;
- cancel qualifying certificates of individuals in the event of a repeated or gross violation of the legislation of the Russian Federation on securities.
Functions of regional branches of FKSB:
- Registration of issuing issuers in the region's issuance of issuers in the region.
- Issuance of licenses to professional participants.
- Reception of qualifying exams in specialists in the securities market and issuing certificates.
- The function of control over the issuers and professional partners.
- Formation of a regional disclosure system.
In order to be directly involved in the regulation of the securities market, the so-called self-regulatory organizations (SROs) of professional participants in the securities market are organized. Their goal is to develop specific requirements for ςʙᴏ member and supervision of their observance, as well as assistance in organizing work, representing their interests in government bodies and more.
The self-regulatory organization of the participants of the securities market (SRO) is called voluntary association of professional participants in the securities market, operating in ςᴏᴏᴛʙᴇᴛςᴛʙi with the legislation of the Russian Federation and functioning on the principles of a non-commercial organization. The SRO establishes mandatory members of the Rules for the implementation of trade importations in the securities market, the standards for carrying out operations with securities and monitors their observance.
The self-regulatory organization is entitled:
- receive information on the results of the audits of the activities of the members;
- develop rules and standards for the implementation of professional activities and operations with the Central Bank by ςʙᴏimi members and monitor their observance;
- monitor compliance with ςʙᴏim members of the adopted SRO regulations and standards for professional activities and operations with securities;
- to engage in the preparation of officials and personnel of organizations engaged in the trade in the securities market, determine the qualifications of these individuals and give them qualification certificates.
The main legislative document, which is governed by the activities in the securities market, will be the Civil Code (as amended from January 10, 2003) of Article 142-149. It is worth noting that it gives the concept of security, determines the types of securities and affects the main issues of ownership of securities, transmission of rights on valuable paper and execution on it. A separate article is devoted to the peculiarities of fixing the rights of uncertified CB.
FZ "On the securities market". Last edition - December 2002. They are regulated by relations arising from emissions and circulation of emission securities, describes the basics of regulating the Russian securities market, the rights and functions of the FKSB as well as the features of the creation and activities of professional participants in the securities market, self-regulatory organizations.
FZ "On Joint-Stock Companies". The last edition - April 2003, in addition to general issues affecting the functioning of joint-stock companies (issues of institution, management of JSC, reorganization and liquidation), the rights of the owners of various types of securities are reflected here, which are issued by corporations, certain restrictions related to the volume of output of various valuable Paper, minimum share capital, issues related to securities revenue.
FZ "On the protection of the rights and legitimate interests of investors in the securities market." The last editorial office is December 2002, aims to ensure the state protection of the rights and legitimate interests of individuals and legal entities, the object of investment will be emission CB. This law defines restrictions on the issue and circulation of securities introduced in order to protect the rights of investors; procedure for providing information to investors; The procedure for compensation for damage to investors caused by the illegal actions of issuers and professional participants of the securities market is determined.
TEST
Topic: "State regulation of the securities market"
Introduction
The securities market as an integral part of the financial and credit system is a state regulation facility, the main purpose of which is to protect the interests of investors from unlawful actions by issuers or intermediaries.
Accordingly, the active and focused state policy requires the development of the securities market, the formation of a market regulatory model, which will be adequate to the specific conditions of the Russian economy, national interests and traditions.
Thus, the securities market is important in terms of restoring the economic situation in the country. The purpose of my work is to create a picture of the development of the securities market and the role of state bodies of Russia in its regulation.
1. Essence of the securities market
If you proceed from the fact that the market is generally a whole institution, or a mechanism that connects together the demand bearers and suppliers of certain goods, works or services, then the securities market is one of the segments of this market, where securities are circulated between different entities. .
In general, the securities market can be defined as a set of economic relations on the issue and circulation of securities between its participants. In this sense, the concept of securities market does not differ and cannot differ from the market determination of any other product. For example, F. Kotler identified the market as a "sphere of potential exchanges", K.R. Macconel as "Institute or Mechanism, which will bring together buyers (demand bearers) and sellers (suppliers) of individual goods and services." Differences appear if the object of the market under study itself is compared. The nomenclature of the securities market corresponds not to the market of some separate product, but the commercial market as a whole. If the goods are manufactured at factories and factories, then securities are issued into circulation. So that the goods reached its consumer, you need your own organization, and for the security - its own. The goods are sold one or more times, and securities can be sold and bought unlimited number. The securities market is an integral part of the market of any country. The basis of the securities market is a commodity market, money and cash capital. The first is a superstructure over the second, derived in relation to them.
Distinguish the following types of securities markets:
· International and national securities markets;
· National and regional (territorial) markets;
· Markets of specific types of securities (stocks, bonds);
· Markets of state and corporate (non-state) securities;
· Markets of primary and derived securities.
The securities market is a kind of mirror, reflecting the main features of the modern economy. The situation in the securities market informs investors information about economic conjuncture in the country and gives them landmarks to invest their capital.
The main purpose of the securities market in any society with advanced market relations is that it allows you to accumulate temporarily free cash and direct them to develop promising sectors of the economy.
Persons and organizations that have temporarily free spending cash and concerned in enhancement are called investors.
Organizations interested in attracting funds for the development of production, trade, implement any programs requiring certain cash (investments) are called issuers.
The securities market is between them as an intermediary. Thus, the securities market is the mechanism that helps issuers accumulate cash funds of investors, and investors - to increase money by investing cash in securities and, if necessary, to convert securities into money at any time.
If the participants in the securities market do not fulfill each other to their obligations, the securities market ceases to function. This is due to the fact that securities are not the subject of essentials and without them in everyday life any investor can quite do. In order for the participants in the stock market to comply with the rules of the game, the regulatory authorities should function, which is charged with the regulation of the process of interaction between the participants of the stock market among themselves and fulfill their obligations to each other, the requirements of the legislation and compliance with the rules of work in the stock market. In the market of corporate securities, regulatory functions perform the Federal Commission on Securities.
The securities market is divided into:
ü The primary market is the acquisition of securities by their first owners, this is the first stage of the process of implementing securities, this is the first appearance of securities in the market on which their primary placement is carried out.
ü Secondary securities market is the appeal of previously issued securities, this is a combination of all acts of purchase and sale or other forms of transition of securities from one owner to another during the entire period of the existence of securities.
Both of these concepts are closely connected. Without the primary securities market, which supplies stock values \u200b\u200bto circulation, there can be no secondary market.
Without a full-fledged secondary market, it is impossible to talk about the effective functioning of the primary market and in general about the securities market. The secondary market, creating a mechanism for carrying out operations with securities, strengthens investors' confidence in the securities market, stimulates their desire to acquire stock values, contributes to a more complete accumulation of society resources in the interests of expanded reproduction.
The effective operation of the secondary market depends on the state of the securities market infrastructure.
The infrastructure of the securities market is the overall conditions for the development of the securities market. If there is no normal infrastructure, corresponding to the needs of the current level of development, the securities market is not able to fulfill their functions in full or performs them in the insufficient level, which is why the entire country's economy is as a whole.
The uniform infrastructure of the securities market is divided into:
1. Legal infrastructure, which is a combination of regulatory legal acts regulating the early sphere of public relations and legal mechanisms of impact in resolving conflict situations;
2. Information infrastructure, which includes a combination of bodies and organizations carrying out the collection, storage, transfer, replication and dissemination of information on securities, professional participants in the stock market, state of the stock market.
3. Functional infrastructure (stock exchanges, outdoor stock trade systems);
4. Technical infrastructure (depositary);
5. Regulatory infrastructure.
Any operations with securities and even simple possession of certain types of securities entails the emergence of an important factor as a risk.
The Russian market of securities, according to the objectively established circumstances of its hypertrophied rapid growth in a non-fully reformed economy, than it differs from many other markets, is extremely risky.
Subjects operating on the securities market, both investors and professionals should have an idea of \u200b\u200bthe types of risks with which they face the securities market.
2. The role and place of the securities market in the reformed economy
As a result of deep institutional reforms, Russia reached significant progress in the formation of a market type economy and creating the main elements of the 3-level system of its financing:
1. Budget financing;
2. Bank loans;
3. Direct investment through the mechanism of the capital market.
From the point of view of mobilizing free financial resources, the market of government securities and the securities market of commercial banks, as well as the securities market and securities market, manufactured by newly created companies, including not licensed financial companies that have attracted funds to the population are developed to the highest pace.
At the present stage of the development of the economy, the main prerequisites for the direct release of enterprises to the capital market in order to attract investment resources through the issuance of securities are: there is a huge demand for capital from enterprises and at the same time growing demand for corporate papers.
The result of economic reforms was the rapid redistribution of revenues previously entering the state budget, in favor of enterprises, and from enterprises to the population. Such a redistribution of income was the inevitable consequence of the democratization of economic life, but it took place in the conditions of underdevelopment of the system of incentives for investment and system of market formation and distribution of investment resources, although the share of savings in income of both individuals and legal entities remained high. However, these savings were transformed mainly into such types of financial assets that are not related to the financing of production: in cash currency (population, the growth of hidden foreign assets of legal entities, the flight of capital),
From the point of view of the territorial redistribution of financial resources for the development of the market of state securities and the issue of securities, banks contributed to the strengthening of the concentration of financial resources in Moscow and several other major financial centers.
The sphere where you can accumulate capital or get it - there is a financial field of activity. The main markets on which financial relations prevail are:
· Banking capital market
· currency market
· Insurance and pension fund market;
Markets should be distinguished, where you can only invest capital, or primary markets, and actually financial markets, where these capital accumulate, concentrate, centralized and invest in primary markets. Financial markets (capital markets) are the markets of mediators between the primary cash holders and their end users.
Since not all securities lead their origin from cash capital, the securities market cannot fully be referred to the financial market. In that part, in which market of securities is based on money as on capital, it is called the stock market and in this capacity is part of the financial market. The stock market forms most of the securities market. The remaining part of the securities market due to their small sizes did not receive a special name, so the concepts of the securities market and the stock market are considered synonyms.
The place of the securities market can be estimated from two positions:
1. From the point of view of funds to attract funds from various sources;
2. From the point of view of investment of free funds in any market.
Attracting funds can be carried out at the expense of internal and external sources. Internal sources include depreciation deductions and profit. The main external sources are bank loans and funds received from the issue of securities. In the society dominate internal sources, because the external is the result of the redistribution of the first.
Free cash can be used for profitable investment in many areas: in industrial and economic activities (industry, construction, trade, communications), in real estate, antiques, artwork. Cash can be invested in foreign currency, if domestic depreciates, securities of various species are given in a loan or are put on interest on a bank deposit. The securities market is one of the many spheres of the application of free capital, and therefore it has to compete for their attraction.
The funds between the listed markets of capital investment occur depending on many factors, the main of which are:
· Level of market profitability
· Level of market taxation
· Risk level of capital loss or shortage of expected income
· Market organization, the possibility of rapid entrance and market exit, market awareness.
The securities market has a number of functions that can be divided into two groups:
1. Media functions inherent in each market:
· Commercial function, i.e. The profit function of profits from operations in this market;
· Price function, i.e. The market ensures the process of folding market prices, their constant movement;
· Information function, i.e. The market produces and communicates to its participants market information about trade facilities and its participants;
· Adjusting function, i.e. The market creates the rules for trade and participation in it, the procedure for resolving disputes between participants, establishes priorities, control or control bodies;
2. Specific functions of the securities market, which distinguish it from other markets:
· Redistributive function;
a) the redistribution of funds between the industries and the spheres of market activities;
b) the translation of savings, primarily the population, from non-production to a productive form;
c) financing the deficit of the state budget for non-inflationary basis, i.e. Without issuing additional funds.
· The function of insurance price and financial risks, it became possible due to the emergence of a class of derivatives of securities: futures and auction contracts.
One of the main functions of the securities market is to mobilize investors' funds for organizing and expanding production. The existence of the securities market contributes to the formation of an efficient and rational economy.
3. Regulation of securities market
Any human activity at this stage of the development of society must be regulated, is not an exception and market of securities. The law "On the securities market" provides for the regulation of activities by government agencies and special organizations operating in the securities market.
To begin with, the system of regulating the securities market - the so-called regulatory market infrastructure, at the moment this system includes:
· State regulatory authorities;
· Self-regulating organizations;
· Legislative norms of the securities market;
· Ethics, traditions and customs of the market.
Regulation of the securities market is the streamlining of activities on it of all its participants and operations between them by organizations authorized by the Company for these actions.
Regulation of the securities market covers all types of activity and all types of operations on it are carried out by bodies or organizations authorized to perform regulatory functions.
Distinguish:
1. State regulation of the market, carried out by government agencies;
2. Regulation by professional participants in the securities market, or market self-regulation;
3. Public regulation or regulation through public opinion.
Regulating the securities market usually pursues the following objectives:
ü maintaining order on the market, creating normal conditions for the work of all market participants;
ü Protection of market participants from the unscrupulousness and fraud of individuals or organizations from criminal organizations;
ü providing a free and open pricing process on securities based on demand and suggestions;
ü Creating an effective market that always has incentives for entrepreneurship and in which each risk is adequately rewarded;
ü in certain cases, the creation of new markets, support for the markets necessary for the society and market structures, market beginnings and innovations, etc.;
ü Impact on the market in order to achieve some social goals (for example, to increase the growth rate of the economy, reducing the level of unemployment, etc.).
The specific goals of regulating the securities market are always determined by the current economic and budgetary policies, the state of economic growth and a number of other factors.
The process of regulating the securities market includes:
1. Creating a regulatory framework of the market;
2. Selection of professional market participants;
3. Control over compliance with all market participants of the norms and regulations of the market functioning;
4. System of sanctions for evading the norms and rules.
- separation of approaches in regulating relations between the issuer and the investor, on the one hand, and relations with the participation of professional market participants - on the other;
- allocating those securities that first need careful regulation;
- ensuring competition between market participants;
- providing publication of rule-making;
- compliance with the continuity of the Russian system regulation of the securities market and the accounting of the world market experience.
State regulation of securities market
The feature of the securities market is that the values \u200b\u200bthat appeal on it are a set of rights and do not exist in the separation of the regulatory legal framework provided by the state and the law enforcement system. Thus, the state performs a system-forming function, which will continuously modify in accordance with the tasks facing them to ensure national interests.
The state creates a market regulation system and ensures its functioning. The development of the law enforcement system as one of the key elements of the system-forming function of the state will be the priority direction of public policy.
The state acts as the largest borrower in the securities market and has a direct impact on its quantitative and qualitative characteristics.
The state is the largest holder of the securities of Russian enterprises and is the largest seller in the corporate securities market.
The state performs a number of essential functions on the securities market, among them the following main:
1. Development of a program and strategy for the development of the securities market, observation and regulation of the execution of this program, the development of legislation to implement the strategy;
2. Setting the requirements for participants in the market process, installing various standards;
3. Controlling the financial security and stability of the market, supervising the implementation of safety orders;
4. Ensuring awareness of all without exception investors about the state of the market;
5. Formation of government insurance systems in the securities market;
6. Control and prevention of excessive investment in government securities;
To date, two models of state regulation of the securities market are known, the first implies that the state actively controls and interferes with the regulatory process in the market and only a small part is transmitted to self-regulating organizations. The second model is exactly the opposite of the first - the role of the state in regulation is minimal and the main proportion belongs to market participants. In most countries of the world, the state goes along the path between these two extreme models.
The concept of the development of the securities market in the Russian Federation allocates the following most important principles of state policy in the securities market:
(a) The state, fulfilling the universal function to protect citizens, their legal rights and interests, is measures to protect the rights of participants in the securities market based on licensing and regulating all types of professional activities in this market.
b) the principle of unity of the regulatory legal framework, the regime and methods of regulating the market throughout the Russian Federation;
c) the principle of minimal state intervention and maximum self-regulation, based on minimizing costs from the federal budget, refusing to impose centralized decisions, the publicity of rule-making and the obligation to participate in the market participants in regulation;
d) the principle of equal opportunities meaning:
- stimulation by the state competition in the securities market through the absence of preferences for individual participants;
- the equality of all market participants in front of the authorities carrying out its regulation;
- vowel and competitive distribution of state support for various projects in the market;
- the lack of advantages of state-owned enterprises operating in the market, before commercial;
- the prohibition of government agencies to give public assessments to professional market participants;
- Refusal to state regulation of prices for the services of professional market participants (except registry holders).
e) the principle of continuity of state policy in the securities market, meaning the sequence of state policy and its commitment to the emerging Russian model of the securities market;
(e) The principle of orientation on world experience and accounting for the tendency of globalization of financial markets, as well as involving the development of a balanced policy towards foreign investors and foreign participants in the Russian securities market.
The basic principles of state regulation of the securities market include:
ü Functional regulation in combination with institutional regulation on the organization of control and supervision over the activities of professional market participants;
ü The use of mechanisms of self-regulation of the market created by the state and under its control;
ü Distribution of the authority to regulate the market between the Russian Federation and the constituent entities of the Russian Federation, as well as various executive bodies;
ü priority in the protection of small investors and the population, all forms of collective investments in the development of the market regulation system;
ü priority in the development of infrastructure organizations;
ü Maximum reduction and risk separation;
ü support competition in the market;
ü Prevention or partial removal of conflicts of interest on the basis of regulating issues of combining professional activities.
The form of the expression of state regulation of the securities market, primarily the regulatory acts with which regulation is carried out. The field of legislation is much easier to influence the state than other components of the securities market. Consequently, with the help of reasonable laws, it is possible to ensure the most powerful impact in order to accelerate the process of formation of the stock market.
The main problems in this area are not the fact of regulation, but in specific methods and the forms that it should be implemented. In addition, given that our state itself is a major shareholder, it is necessary to have a mechanism for public (independent) monitor and regulating the securities market.
To date, there are about 1,000 legislative and regulatory documents governing various parties to the activities of its participants. The main legislative acts governed by the Russian securities market:
Ø Civil Code of the Russian Federation, Part I and II
Ø Law "On Banks and Banking"
Ø Law "On the Central Bank of the Russian Federation"
Ø Law "On Commodity Exchange and Exchange Trade"
Ø Law "On Currency Regulation and Currency Control"
Ø Law "On the State Domestic Duty of the Russian Federation"
Ø Law "On Joint-Stock Companies"
Ø Law "On the Securities Market"
Ø Decrees of the presidential development of the securities market, etc.
However, the existing documents are often not complemented, but contradict and even mutually exclusive. Currently, the document determining the direction of regulatory management activities is the above concept. According to her, the national interests of Russia determine the main objectives of state policy in the securities market. These include:
The creation and ensuring the effective functioning of the mechanisms for attracting investment in the private sector of the Russian economy, and, above all, in privatized enterprises;
Financing the federal budget deficit based on the securities market of non-inflationary financing of specific long-term projects;
Creating reliable mechanisms and financial instruments of investing in the population;
Restructuring of the management system of privatized enterprises and the establishment of the Institute of Effective Ownership, increasing the disciplining impact of the securities market at the administration of Russian companies;
Preventing social explosions and conflicts that may arise as a result of operations in the securities market, by protecting the rights of participants in the securities market, and first of all the rights of investors;
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;
Fighting the surrogates of securities and fraud, the suppression of illegal activities in the securities market.
In strategic terms, these goals are complimentary and must be implemented through a single set of measures, coordinated by state bodies and professional market participants.
The state may exercise the so-called direct control of the RCS, which is to develop norms and rules and control over their implementation.
In addition, the state also provides indirect, or economic management of the RCB through the tax system, monetary policy, state capital and state ownership and resources.
At the moment, the prevailing is the indirect regulation of the RCB, namely:
Ø control over the money supply in circulation and the amount of loans provided by influence on the loan interest rate;
Ø Changes in taxation and deadlines for depreciation;
Ø Government guarantees (on deposits, loans, borrowings of the private sector, etc.);
Ø Foreign Economic (operations with foreign currency, gold, export stimulating measures, currency restrictions, etc.) and foreign policy activities (development or coagulation of political contacts, affecting foreign trade and economic relations, military actions, etc.).
The structure of the state regulation authorities of the Russian securities market is currently not yet developed. The regulation of the RCB at the state level is engaged:
1. Higher state authorities:
a) the State Duma (issues laws regulating RCB);
b) the president (publishes decrees);
c) Government (issues of decisions, usually in the development of presidential decrees).
2. State regulatory authorities of the RCB of the ministerial level:
a) Ministry of Finance of the Russian Federation (registers issues of securities of corporations, subjects of the federation and local governments, licenses stock exchanges, investment companies and funds, produces government securities and regulates their appeal);
b) the Central Bank of the Russian Federation (registers issues of securities of credit institutions, performs operations and regulates the procedure for carrying out credit organizations of operations on open RCB, establishes and controls antitrust requirements for operations on RCB, etc.);
c) State Committee on Antimonopoly Policy (establishes the antitrust rules and monitors their execution);
d) a statestarchnadzor (regulates the features of activity in the securities market of insurance companies);
e) The Federal Commission for the Securities Market (is engaged in licensing the activities of registrars and regulating their activities. In the future, it could take on the main rule-making and test work on the regulation of RCB).
Conclusion
market valuable regulation Infrastructure
Russia's securities market is not a new phenomenon, although a significant gap put the country into new conditions, and the use of past experience in this situation is significantly complicated. But the story shows that state bodies were key "figures" in regulating the securities market and therefore, in my opinion, the departure in modern practice from this model is ineffective, although this point of view exists.
The formation of the modern securities market has passed, as all over the world with a large percentage, the so-called financial pyramids, but due to such factors as a low level of legal literacy of the population, a sharp transition of the state on the rails of market relations and some others led to the emergence of a huge number of financial pyramids, And their collapse to the abnormal population to securities as the form of investment investments.
This situation has developed due to the following reasons:
§ Weak state regulation of the securities market (intake of the regulatory framework, a high level of corruption, a weak punishability of violators in the securities market, the lack of a concept for the development of the securities market as the main guide of public policy in this area, political instability);
§ information closure of the market, which entails the instability of the market, distrust;
§ Territorial and financial and sectoral deformation, which today is the usual fact in Russia;
§ A large number of non-residents in the market, which are most of them are not strategic, but speculative participants in the market.
These problems, first of all, it is necessary to solve the government agencies today to restore the confidence of the population to the securities market, creating favorable and, most importantly, reliable conditions for investing finance into securities. This is possible through the strengthening of responsibility for offenses in the securities market, an increase in the control functions of regulatory state bodies, in particular the FKSB of Russia, the establishment of tax and other benefits when investing in securities, as well as other measures.
If government agencies truly become real power in the country, then our country may hope for further development in all sectors of life. Still, Russia is a country with great potential and it should take the place-like place in the world.
Bibliography
1. Civil Code, Part I and II
3. Astakhov M. The securities market and its participants. - M., 2006.
4. "Introduction to the Russian Stock Market" // Uch. pos. Ed. Zolotarev V.S., Kuznetsov N.G., Kravtsova N.I. et al., Rostov-on-Don, 2005 with. 5-7.
5. Ivashin TB "Securities Market: Analysis, Foreign Experience, Prospects," Voronezh, 2006 with. 13-15.
6. Nikiforova V.D., Astrovskaya V.Yu. State and municipal securities. - SPb.: Peter, 2008.
7. "Securities Market" // Uch. pos. Ed. Kolesnikov V.I., Torkanovsky V.S., Baklanov S.A., St. Petersburg, 2007, p. 80-97.
The securities market can effectively fulfill their functions if the state regulates the activities of issuers and investors. State regulation is ensured by (Appendix A):
- * establishing mandatory requirements for issuers and professional participants of the RCS;
- * registration of issues of securities and monitoring compliance with the conditions of emission;
- * licensing of professional participants of the RCB;
- * Creating a system for protecting the rights of securities owners.
The leading role in the field of state regulation of the RCB belongs to the Federal Commission on the Securities Market (FKSB). It implies control over the activities of professional participants of the RCS and the definition of the emission standards of non-state securities. Control over the functioning of banking and credit institutions is carried out by the Central Bank of the Russian Federation.
A certain place in regulating the activities of professional participants of the RCB is designed to play self-regulatory organizations of professional participants of the RCB (SOPU), which can be formed from the approval of the FCCB. They are voluntary associations of professional RCB participants. For its members, the SOP establishes the rules of activity on the RCS and control their observance. The purpose of their creation: to ensure the conditions of the activities of professional participants, respecting ethics on RCB, sewing the interests of investors.
RCB can effectively fulfill its functions if it is protected from financial fraud and unfair competition. In this regard, domestic legislation establishes a number of requirements for the implementation of activities on the RCS.
Firstly, there is a certain procedure for the release of securities. The papers can be placed among an unlimited or limited circle of persons. If, under the terms of the issue, securities are planned to be placed among an unlimited circle of individuals, such an emission is called an open (public) subscription or open (public) placement. If securities are accommodated among a predetermined number of persons? Emissary is referred to as closed (private) subscription or closed (private) accommodation. With an open or closed subscription, when the number of a previously known range of owners exceeds 500, as well as when the total emission volume exceeds 50 thousand minimum monthly amount of remuneration, registration in FCCB is required or authorized by the body of the securities emission prospectus. Emission prospectus - this is a document in which the information required by law is disclosed about the issuer and on the upcoming issue of securities. Securities can be implemented in investors only after the state registration of emission prospectus. The purpose of this document is to introduce potential depositors with the existing financial state of the issuer and the characteristics of the issue of securities. On this basis, they are invited to decide on the purchase of securities. The feature of the avenue is that its registering authority is not responsible for the investment reliability of the proposed securities. Depositors should make this assessment independently based on the information included in the document. The registering authority is only responsible for ensuring that all the information required by the legislation is indicated in the prospectus. With an open subscription, the issuer is obliged to provide access to the information contained in Prospekt and publish a notification on the procedure for disclosing information in a periodic printing edition with a circulation of at least 50 thousand copies. A quarterly issuer must submit a report on securities in FCCS or the state authority authorized by it, as well as the owners of the issuer's securities on their demand.
Secondly , in certain cases, RCB participants should disclose information about their securities operations. Thus, the investor is obliged to notify the FCCB about his possession of emission securities, if he acquired 20% and more securities of one issuer, increased its stake to the level, multiple each 5% over 20%. Notice is carried out within five days after purchasing securities. The professional participant of the RCS is obliged to disclose information on a single operation with one type of emission securities of one issuer, if the number of securities on the operation amounted to at least 15% of their total number. In the RCB, investors may be interconnected by common interest and act to the detriment of other depositors. To keep them in sight and in a certain way to control, the legislation introduces the concept of an affiliate. The law on joint-stock companies recognizes the face affiliated in accordance with antitrust laws. The Law of the Russian Federation "On Competition and Restriction of Activities in Commodity Markets" refers to an affiliated shareholder person who owns more than 20% of Voting ACI shares. Affiliated persons are obliged to notify JSC about the number and categories of the shares belonging to them no later than 10 days from the date of their acquisition. JSC should keep records of these persons and provide accountability about them in accordance with the requirements of the legislation of the Russian Federation.
Thirdly, control over the use of official information (sometimes it is called internal). Persons who own official information are prohibited to use it to conclude transactions and transfer to third parties. The law of information "On the Securities Market" refers any information about the issuer and published papers, which ensures its owner a preferential position compared to other participants in the RCS. To persons with this information, the law relates: a) members of the issuer's management or a professional participant of RCB associated with the Issuer of the Treaty; b) the issuer's auditor; c) employees of state bodies who have access to such information.
Fourth , advertising activities on RCB. IN
advertising is prohibited: a) give unreliable information about the activities of the issuer and its securities; b) guarantee or indicate the estimated amount of income on securities and the growth forecasts for their course value; c) use advertising for unfair competition by indicating the shortcomings in the activities of professional participants in RCB, which are engaged in similar activities, or issuers producing similar securities; d) the advertising of emission securities is prohibited before the date of their registration.
In the event of a violation of securities legislation, appropriate administrative or criminal sanctions apply to the RCB participants. Burnin A. N. The securities market and its derivative financial instruments. M. 1998 - pp. 17-19
Regulatory regulation by government agencies in the financial market in recent years has far advanced on the way to nowhere. This is due to the fact that the main content of this process is still not the introduction of restrictions in order to prevent, for example, the excess of the permissible level of risks directly in professional activity, but a description of the order of its implementation itself. The execution of the ever-increasing demands on the organization of work of market participants increasingly raises the regulation price, which, ultimately, pays the investor.
The modern securities market due to their sizes and significance for the global economy cannot develop spontaneously. It must be adjusted. At the same time, regulation should cover all its participants, all types of activity and operations that can be consistent on it. The form and methods of regulating the securities market may be different. The greatest importance is attached to the state regulation of the securities market and its regulation by professional market participants, i.e. self-regulating market.
An analysis of the existing practice of regulating the Russian financial market has shown that in general, under the conditions of the established structure of bodies and methods of state regulation, the basic principle is not ensured - the system of regulatory organization. Due to the fact that the financial market in Russia was formed in the context of transformation of economic relations, the departmental regulators of the financial market were endowed with authority not only to develop a sectoral regulatory framework that replaces missing legislation, but also to control its execution.
An analysis of the organizational and economic mechanism for regulating the market of industrialized countries and countries with emerging markets allows you to distinguish two basic models for constructing the specified mechanism: on a sectoral / institutional principle, when regulation is carried out by various bodies of the management bodies differentiated by groups of financial institutions, and according to the functional / target principle, which the functions of the establishment of norms, control, supervision or protection of investors are carried out by various controls.
Most developed financial markets in countries such as Australia, United Kingdom, Germany, the Netherlands, Japan, etc., in the last 20 years gradually switched to the functional / targeted model. At the world's largest financial market in the world since 1999, regulation is regulated, differentiated in groups of financial instruments than by types of financial institutions.
In a number of countries with developing financial markets, including Hungary, Spain, Kazakhstan and Ukraine, the transition to the model of functional / targeted financial markets is carried out.
Taking into account the completion of the process of formation in Russia, the economic need for the developed financial instruments, on the one hand, and the creation of the main categories of market participants and their infrastructure - on the other, it can be concluded about the feasibility of the gradual transition of the Russian financial market from the institutional to the functional model of the organizational and economic The mechanism of its regulation.
Based on the domestic and global experience in the development of the financial market, when building the organizational and economic mechanism of its regulation, it is proposed to proceed from the need to allocate 3 levels of regulation:
- · Legislative levels;
- · Level of state regulatory authorities;
- · Levels self-regulatory organizations.
The functioning of legislative bodies as part of the organizational and economic mechanism of regulating the financial market is expressed in the legislative activities of the Federal Assembly of the Russian Federation and should gradually lead to the legislative consolidation of the provisions of the regulations of the departments confirmed their effectiveness in practice.
In the system of state regulation authorities, carrying out management functions in relation to the financial market (the functions of its regulator), the Government of the Russian Federation, FSFR, the Ministry of Finance / Rosfinmonitoring and the Bank of Russia should be called as the most significant regulatory entities.
The activities of the FSFR are based on the tradition of the combination of normative and supervisory powers in the previous 10th anniversary, which adversely affects the quality and those and others. Spontaneous and disproportionate real violations of the FSFR of the FSFR of the Last Time to suspend the license CJSC "Single Registrar", the cancellation of the qualification certificates of the management of OJSC TsMD indicate the imperfection of the administrative procedure for applying sanctions on the results of supervision. Suffice it to say that the consultation system with professional participants based on the results of the inspection of their activities in effect on civilized regulated markets is absent, and the decisions themselves are accepted housingly and solely. Lalekov P.S. Market and Law // Securities Market No. 9 2008 - P. 42-43.
Thus, the state regulation mechanism operating in the Russian financial market is still characterized by the bureaucratic methods of its implementation, the presence of numerous, including administrative, barriers to attract investments and innovation.