State regulation of the securities market. §2 Basic principles, directions and methods of state regulation of relations in the securities market Need help studying any topic

The peculiarity of the securities market is that that the values circulating on it represent a set of rights and do not exist in isolation from provided by the state regulatory framework and law enforcement system. Thus, the state performs a system-forming function, which will be continuously modified in accordance with the tasks facing it 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 a priority direction of state policy.

The state is the largest borrower on the securities market and has a direct impact on its quantitative and qualitative characteristics.

The state is the largest holder of securities Russian enterprises and acts as the largest seller on the corporate securities market.

The state performs a number of important functions in the securities market, among them the following main ones can be distinguished:

1. development of a program and strategy for the development of the securities market, monitoring and regulation of the implementation of this program, development of legislative acts for the implementation of the strategy;

2. establishing requirements for participants in the market process, setting various standards;

3. monitoring financial security and market stability, overseeing the implementation of security orders;

4. ensuring that all investors without exception are informed about the state of the market;

5. formation of state insurance systems in the securities market;

6. control and prevention of excessive investment in government securities;

Today, two models of state regulation of the securities market are known, the first implies that the state actively controls and intervenes in the regulatory process in the market and only a small part is transferred to self-regulatory organizations. The second model is directly opposite to the first - the role of the state in regulation is minimal and the main share of regulation belongs to market participants. In most countries of the world, the state follows the path of a middle ground between these two extreme models.

The concept of development of the securities market in the Russian Federation identifies the following most important principles of state policy in the securities market:

a) the state, fulfilling the universal function of protecting citizens, their legal rights and interests, takes measures to protect the rights of securities market participants on the basis of licensing and regulation of all types of professional activities in this market.

b) the principle of unity of the regulatory legal framework, regime and methods of market regulation throughout the Russian Federation;

c) the principle of minimal government intervention and maximum self-regulation, based on minimizing costs from the federal budget, refusal to impose centralized decisions, transparency of rule-making and mandatory participation of professional market participants in regulation;

d) the principle of equal opportunity, meaning:

– state stimulation of competition in the securities market through the absence of preferences for individual participants;

– equality of all market participants before the authorities regulating it;

– transparent and competitive distribution of state support for various projects on the market;

– lack of advantages of state-owned enterprises operating in the market over commercial ones;

– a ban on government agencies giving public assessments to professional market participants;

– refusal of state regulation of prices for the services of professional market participants (except for registrar companies).

e) the principle of continuity of state policy in the securities market, meaning the consistency of state policy and its commitment to the emerging Russian model of the securities market;

f) the principle of focusing on global experience and taking into account the trend of globalization of financial markets, as well as implying the development of a balanced policy in relation to foreign investors and foreign participants in the Russian securities market.

The basic principles of state regulation of the securities market include:

Functional regulation in combination with institutional regulation on the organization of control and supervision over the activities of professional market participants;

The use of market self-regulation mechanisms created with the help of the state and under its control;

Distribution of powers to regulate the market between the Russian Federation and the constituent entities of the Russian Federation, as well as various executive authorities;

Priority in the protection of small investors and the population, all forms of collective investments in the development of a market regulation system;

Priority in the development of infrastructure organizations;

Maximum risk reduction and sharing;

Supporting competition in the market;

Prevention or partial removal of conflicts of interest based on the regulation of issues of combining professional activities.

The form of expression of state regulation of the securities market, first of all, is the regulatory legal acts through which regulation is carried out. The area of legislation is much more susceptible to government influence than other parts of the securities market. Therefore, with the help of reasonable laws, the strongest impact can be ensured in order to speed up the process of establishing the stock market.

The main problems in this area lie not in the fact of regulation itself, but in the specific ways and forms in which 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) control and regulation of the securities market.

At the moment, there are about 1000 legislative and regulatory documents regulating various aspects of the activities of its participants. The main legislative acts that regulate the Russian securities market:

Civil Code of the Russian Federation, parts I and II

Law “On Banks and Banking Activities”

Law “On the Central Bank of the Russian Federation”

Law “On Commodity Exchanges and Exchange Trading”

Law “On Currency Regulation and Currency Control”

Law “On the State Internal Debt of the Russian Federation”

Law “On Joint Stock Companies”

Law “On the Securities Market”

Presidential Decrees on the development of the securities market, etc.

However, existing documents often do not complement, but contradict and even mutually exclude each other. At the moment, the document defining the direction of activity in regulating the securities market is the above-mentioned Concept. According to it, Russia's national interests determine the main goals of state policy in the securities market. These include:

Creation and ensuring the effective functioning of mechanisms for attracting investments into the private sector of the Russian economy, and, above all, into privatized enterprises;

Financing the federal budget deficit based on securities market-related methods of non-inflationary financing of specific long-term projects;

Creation of reliable mechanisms and financial instruments for investing public funds;

Restructuring the management system of privatized enterprises and creating the institution of an “effective owner”, increasing the disciplinary influence of the securities market on the administration of Russian companies;

Preventing social explosions and conflicts that may arise as a result of operations on the securities market, by protecting the rights of participants in the securities market, and primarily the rights of investors;

Creation of a civilized securities market in Russia and its integration into the global financial market, ensuring an independent place for the Russian market in the system of international capital markets;

Combating surrogates of securities and fraud, suppressing illegal activities in the securities market.

In the strategic plan, these goals are complementary and must be implemented through a single set of measures coordinated by government agencies and professional market participants.

The state can exercise the so-called direct management of the securities market, which consists of developing norms and rules and monitoring their implementation.

In addition, the state also exercises indirect or economic management of the securities market through the taxation system, monetary policy, state capital and state property and resources.

At the moment, indirect regulation of securities market is predominant, namely:

Control over the money supply in circulation and the volume of loans provided by influencing interest rates;

Changes in taxation and depreciation periods;

Government guarantees (for deposits, loans, private sector loans, etc.);

Foreign economic (transactions with foreign currency, gold, measures to stimulate exports, currency restrictions, etc.) and foreign policy activities (development or curtailment of political contacts, affecting foreign trade and economic relations, military actions, etc.).

The structure of government regulatory bodies for the Russian securities market has not yet been developed. The regulation of securities market at the state level is carried out by:

1. Supreme bodies of state power:

a) State Duma (issues laws regulating the securities market);

b) President (issues decrees);

c) Government (issues decrees, usually in development of presidential decrees).

2. State bodies regulating securities at the ministerial level:

a) Ministry of Finance of the Russian Federation (registers issues of securities of corporations, federal subjects and local governments, licenses stock exchanges, investment companies and funds, issues government securities and regulates their circulation);

b) The Central Bank of the Russian Federation (registers issues of securities of credit institutions, carries out transactions and regulates the procedure for credit institutions to carry out operations on an open securities market, establishes and controls antimonopoly requirements for operations on a securities market, etc.);

c) State Committee for Antimonopoly Policy (establishes antimonopoly rules and monitors their implementation);

d) Gosstrakhnadzor (regulates the specifics of activities in the securities market of insurance companies);

e) Federal Commission for the Securities Market (involved in licensing the activities of registrars and regulating their activities. In the future, it could take on the main rule-making and control work on regulating the securities market).

1.State regulation and self-regulatory organizations of the stock market

State regulation of the securities market- this is the streamlining of the activities on it of all its participants and operations between them by organizations authorized by the company for these actions.
The main goals of securities market regulation include:
creating the necessary conditions for the work of all market participants;
protecting market participants, including investors, from dishonesty and fraud by individuals or organizations;
ensuring a free and open process for pricing securities based on supply and demand;
creating an efficient market where there are always incentives for entrepreneurial activity;
creating new tools to expand and improve the existing securities market, as well as, if necessary, creating new markets;
influencing the market to achieve any social goals (for example, reducing inflation, economic growth).
The process of state regulation of the securities market includes:
creation of a regulatory legal framework for the functioning of the market, i.e. development of laws, decrees, rules, regulations, instructions, guidelines and other regulations in accordance with which the issuance, placement, circulation, redemption of securities is carried out, various transactions are carried out with them, and the activities of professional securities participants are regulated;
licensing of professional participants in the securities market, training and certification of specialists in this market;
insurance of investors and protection of their rights;
audit and rating control over the financial condition of issuers;
Constantly informing investors about the state of the market and its participants (issuers, intermediaries);
control over compliance by all participants with the rules and regulations of the market;
a system of sanctions for deviations from the norms and rules established in the market: oral and written warnings, fines, revocation of qualification certificates, suspension or revocation of licenses to carry out professional activities - up to and including criminal penalties;
preventing the negative impact on the securities market of other types of government regulation (monetary, currency, tax);
preventing excessive development of the government securities market, which diverts part of the investment resources to cover government expenses.
There are internal and external regulation. Internal regulation means the subordination of the activities of a given organization to its own internal regulatory documents, for example, the charter of a joint-stock company. External regulation is carried out by government bodies, organizations of professional participants in the securities market and society as a whole.
There are two main models of stock market regulation. In the first case, regulation is carried out primarily by state bodies and only a small part of the powers of supervision, control, and rule-setting are transferred by the state to self-regulatory organizations. The second model is characterized by the transfer of the maximum possible amount of powers to self-regulatory organizations; a significant place in control is occupied not by strict regulations, but by the negotiation process, while the state retains the main control functions and the ability to intervene in the self-regulation process at any time.
The state, through the legislative framework and its governing bodies, regulates the securities market directly - administratively, and indirectly - economically. Administrative regulation of the state consists of establishing mandatory requirements for all participants in the securities market, registering all types of securities, licensing professional activities in securities, ensuring transparency and equal awareness of all market participants. The state carries out indirect management of the securities market through economic levers, which include taxation, determining the level of the refinancing rate, conducting open market operations by the central bank, and changing the required reserve ratio.

2. Licensing of professional activities
Professional participants in the securities market act as intermediaries between issuers and investors, buyers and sellers of securities, and also serve the process of issuing and circulating securities.
Professional participants in the securities market are legal entities of any form of ownership that carry out one or more types of activities and have received a license for professional activities in securities.
Professional activities in securities without a license are not permitted.

Intermediary activity - purchase and sale of securities at the expense and on behalf of the client.

Commercial activity in securities is the execution by a professional participant of the securities market of transactions for the purchase and sale of securities on his own behalf and at his own expense with the obligation to enter into transactions at the purchase and sale prices announced by the given legal entity. Banks cannot engage in commercial activities in the securities of the issuers they service.

The activity of an investment fund is the issuance of shares in order to mobilize investors' funds and invest them on behalf of the fund in securities, as well as in bank accounts, deposits and deposits, in which all risks associated with such investments are fully borne by the shareholders of this fund and are realized by them due to changes in the current price of the fund's shares. Only investment funds can engage in these types of activities.

The activities of the depositary are the activities of accounting, settlement and storage of securities, as well as the calculation, accrual and payment of income on securities. The depository cannot carry out intermediary and commercial activities in relation to the securities of the issuers it services.

Fiduciary (trust) activity with securities is the activity of managing securities owned by a specific person by right of ownership, carried out by another person by transferring to him the owner for a certain period of these securities for possession and trust management.

The activity of a specialized registrar (independent registrar) is to perform the functions of the holder of the register of shareholders, carried out under an agreement with the issuer.

Other types of activities - interrelated with the above types of activities, carried out by legal entities, primarily in the provision of consulting services in the field of transactions with securities.

Consulting services on securities issues can only be provided by persons engaged in professional securities activities.

Conclusion

The Russian securities market is not a new phenomenon, although a significant gap has put the country in new conditions, and the use of past experience in this situation is significantly complicated. But history shows that government bodies were the key “figures” in regulating the securities market and therefore, in my opinion, a departure from this model in modern practice is ineffective, although such a point of view exists.

The formation of the modern securities market took place, as throughout the world, with a large percentage of so-called financial pyramids, but due to factors such as the low level of legal literacy of the population, the sharp transition of the state to market relations and some others led to the emergence of a huge number of financial pyramids, and their collapse is due to the population’s distrust of securities as a form of investment.

This situation has arisen due to the following reasons:

Weak government regulation of the securities market (lateness of the regulatory framework, high level of corruption, weak punishment of violators in the securities market, lack of a concept for the development of the securities market as the main guide of government policy in this area, political instability);

Informational closedness of the market, which entails market instability and mistrust;

Territorial and financial and sectoral deformation, which is still a common fact in Russia today;

A large number of non-residents in the market, most of whom are not strategic, but speculative participants in the market.

These problems, first of all, need to be solved by government agencies at the moment in order to restore public confidence in the securities market, creating favorable and, most importantly, reliable conditions for investing finances in securities. This is possible through strengthening the standards of liability for offenses in the securities market, increasing the control functions of regulatory government bodies, in particular the Federal Securities Commission of Russia, establishing tax and other benefits when investing in securities, as well as other measures.

If government bodies really become real power in the country, then our country can hope for further development in all sectors of life. After all, Russia is a country with enormous potential and it must take its rightful place in the world.

Bibliography

1. Civil Code, parts I and II

3. Astakhov M. Securities market and its participants. - M., 2006.

4. “Introduction to the Russian stock market” // Uch. village edited by Zolotarev V.S., Kuznetsov N.G., Kravtsova N.I. et al., Rostov-on-Don, 2005 p. 5–7.

Over the course of many centuries, the market as a form of economic relations developed and functioned spontaneously. Its state regulation was an episodic process and was in the nature of intervention for the purpose of seizure. However, the historical processes of the October Revolution of 1917 in Russia, the Revolution of 1918 in Germany, the Great Depression of 1929 in the USA led to the understanding of the need for linear (over the entire space of the process) state participation in the formation, development and, most importantly, subsequent control of economic relations between all of them participants. As practice has shown, the most acceptable form of state participation in market relations is regulation through the creation of laws and further control of their implementation, that is, the formation of a market space in which discipline and freedom are concepts equivalent in essence and content.
Regulation is a form of management that consists of establishing limits and rules for the implementation of one or another type of human activity, that is, regulation is management through the creation of rules. In this sense, regulation in relation to the securities market can be considered as a form of management, consisting in defining boundaries and creating rules for the interaction of its participants regarding the issue and circulation of securities.
It is important to understand that management through regulation as a form of influence or participation does not set boundaries as such at all, but only determines the fairway and sets the vector of market development in the desired direction. In this sense, regulation in the securities market is streamlining through the definition of boundaries and the creation of rules for all its participants regarding the issue and circulation of securities as such, as well as the forms and norms of interaction associated with them.
When talking about regulation in the securities market, we must understand that we are talking about global regulation in terms of the number of participants, as well as the interests of various population groups. The massive nature of the market itself and the scale of the processes taking place on it have made the latter one of the most regulated by the state. Of course, the role of the state both in Russia and abroad in “defining the boundaries and rules” for the securities market is dominant. Actually, the very concept of “regulation” in relation to the securities market is, for the most part, the concept of state regulation. State regulation is based on the sum of some principles, which are, as it were, basic settings that determine the entire structure and features of the process, in connection with which it is appropriate to talk about the presence systems of state regulation of the securities market, designed to ensure (as is commonly believed) the following conditions:
- complexity of regulatory methods (covering all its aspects and the logical relationship between them);
- achieving the optimal combination of government regulation
interaction with public self-regulation of the securities market (the best possible combination of state and public participation in the process);
- continuity in regulation over a long period of time (consistency over a long period);
- equality of all market participants as private owners before the law and before each other, inadmissibility of privileges as a general unconditional rule;
- taking into account global experience in the development and regulation of the stock market (focus on the best practices of developed countries, primarily the USA).
State regulation of the market in general, depending on the type of tools and methods of influence, it can be conditionally divided, as shown in Figure 1, into two relatively independent parts.
Direct state, or administrative, regulation is a method of regulating the market, based on legal norms and law, including the following types of activities:
- normative and legislative;
- registration (maintaining registers of legal entities of legal entities and individuals, securities, etc.);
- permitting (licensing, certification);
- maintaining law and order in the market (control and influence through executive authorities).

Picture 1. System of state market regulation

Indirect, or economic, regulation is regulation of the market through the use of economic instruments of the market itself as regulatory levers. Of such kind regulation includes the implementation of certain policies by the state:
- monetary;
- taxation;
- formation of government revenues and directions of use of government expenditures, etc.;
- management of state property, including blocks of shares owned by the state.
The securities market, as we noted earlier, is a market for a specific product on the one hand, and extremely large-scale in terms of the number of participants and funds involved in it, on the other, which naturally makes it different from other segments in terms of regulation.
Such a distinctive feature is predominantly direct state or administrative measures to regulate the relations that develop on it. In practice, this is combined into a developed system of legislative acts and organizations designed to exercise control, registration, licensing and administrative influence on its participants. However, it is worth noting that regulatory measures of an economic nature, that is, using the instruments of the market itself, certainly have a place. These include, first of all, changes in the refinancing rate, issues of government securities, as well as the acquisition by the state of large blocks of shares in enterprises.
Reference: at the apogee of the financial crisis of 2008-2009. To maintain the liquidity and stability of the domestic securities market, changes were adopted to the rules for placing funds of the National Welfare Fund, which allowed Vnesheconombank to invest part of its funds in the Russian stock market. The volume of such investments amounted to about 175 billion rubles. At that time, such a measure, according to a number of media outlets and financial analysts, seemed controversial. However, as practice has shown, government intervention through the purchase of assets of Russian enterprises stopped the fall of the market and subsequently made it possible to stabilize it at the level of 550 points on the MICEX index. After this, the growth of market capitalization began along its entire front, that is, state intervention turned out to be direct administrative, and the measures were economic, in connection with which it is worth recalling the conventions of any classification, as well as the one given above in relation to measures and methods of regulation, among others.
In practice, these methods (direct administrative and through economic measures) in relation to regulation of the securities market usually complement each other.
In accordance with Art. 38 of the Federal Law “On the Securities Market”, state regulation of this market is carried out as follows:
- 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;
- creation of 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.
In essence and content, the system of regulation of the securities market includes, on the one hand, the provisions of legislation and the requirements of other acts of executive authorities and other bodies authorized by the state, and the activities of institutions and organizations designed to carry out in accordance with such acts, regulations, instructions, control, licensing and registration - on the other. From this point of view, the structure of the regulatory system of the Russian securities market is presented in Figure 2.

Figure 2. System of state regulation of the Russian securities market.

Legislative regulation of the Russian securities market

The main legislative acts on the basis of which the state regulates the securities market, in our opinion, can be considered the following.
Fundamental (key) laws regarding regulation:
-Federal Law “On Joint Stock Companies” (1995);
-Federal Law “On the Securities Market” (1996);
- Federal Law “On the Protection of the Rights and Legitimate Interests of Investors in the Securities Market” (1999).
Laws directly related to the securities market:
- Federal Law “On Bills of Exchange and Promissory Note” (1997);
- Federal Law “On the Peculiarities of the Issue and Circulation of State and Municipal Securities” (1998);
- Federal Law “On Mortgage (Pledge of Real Estate)” (1998);
- Federal Law “On Investment Funds” (2001);
- Federal Law “On Mortgage Securities” (2003).
In addition to these laws, the federal executive body for the securities market (FFMS), as well as the Ministry of Finance and the Central Bank of the Russian Federation, issues resolutions, orders, and instructions that are accompanying regulatory acts that are directly related to the process of state regulation in the securities market.

In its general sense securities market regulation - this is the streamlining of the activities of all market participants and transactions between them by organizations authorized by society for these actions.

Regulation of market participants can be:

external . External regulation is the subordination of the activities of a given organization to state regulations and international agreements;

internal . Internal regulation is the subordination of the activities of a given organization to its own regulatory documents: charter, rules and other internal regulatory documents that determine the activities of this organization as a whole, its divisions and its employees.

Regulation of the securities market covers all types of activities and all types of operations on it:

emission;

intermediary;

investment;

collateral;

trust, etc..

Regulation of the securities market is carried out by bodies or organizations authorized to perform regulatory functions. There are:

government regulation of the market carried out by government bodies whose competence includes performing certain regulatory functions;

regulation by professional participants securities market, or market self-regulation. On the one hand, the state can delegate part of its market regulation functions to authorized or selected organizations of professional participants in the securities market. On the other hand, the latter can themselves agree that the created organization receives certain regulatory rights in relation to all participants in this organization;

public regulation, or regulation through public opinion, it is the reaction of broad sections of society as a whole to some actions in the securities market that is the root cause for which certain regulatory actions of the state or professional market participants begin.

Main reasons regulation of the securities market is necessary:

reducing investor risks;

ensuring information disclosure;

improving the market culture of investors and professional participants;

reducing the possibility of fraud;

ensuring sustainable development and attracting investments in the development of the real sector through the stock market;

introduction of the best standards of professional activity;

development of the economy as a whole.

In accordance with the stated reasons, the following are distinguished: goals securities market regulation:

maintaining order in the market, creating normal working conditions for all market participants;

protection of securities market participants from dishonesty and fraud of individuals or organizations, from criminal organizations;

ensuring a free and open process for pricing securities based on supply and demand;

creating an efficient market in which there are always incentives for entrepreneurial activity and in which every risk is adequately rewarded;

influencing the market in order to achieve some social goals (increasing economic growth, reducing unemployment).

Regulatory goals are achieved through:

creating a regulatory framework for the functioning of the market, i.e. the development of laws, regulations, instructions, rules, regulations that place the functioning of the market on a generally recognized and respected norm;

selection of professional market participants; The modern securities market, like any other market, is impossible without professional intermediaries. However, not any person or organization can take the place of such an intermediary. To do this, it is necessary to satisfy certain requirements for knowledge, experience and capital, which are established by authorized regulatory organizations or bodies;

control over compliance by all market participants with the norms and rules of market functioning; this control is carried out by the relevant control bodies.

The securities market is one of the most regulated markets in the world.

From the point of view of organizational structure, state regulation is a complex multi-level system of regulatory and supervisory bodies: state bodies and self-regulatory organizations of professional participants in the securities market, to which the state delegates certain rights. These bodies can function at the national, interregional, regional and municipal levels.

The system of state regulation of the securities market includes:

state and other regulations;

government regulatory and control bodies.

Forms of government regulation: administrative or direct, economic or indirect.

Direct or administrative regulation the securities market on the part of the state is carried out by:

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

registration of issues of issue-grade securities and prospectuses and monitoring of compliance by issuers with the conditions and obligations provided for 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 business activities in the securities market without an appropriate license.

Indirect or economic management The securities market is carried out by the state through the economic levers and capital at its disposal:

taxation system;

monetary policy;

State ownership of stakes in corporations.

There are various approaches to organizing state regulation of the securities market around the world:

system of direct government regulation Asia (Ireland, Netherlands, Portugal);

control system by authorities regulating the financial and banking system(Belgium, Denmark, Japan);

control system through a special organization(USA, UK, Italy, France, Spain);

mixed models.

Depending on the specifics of the activities of various market participants, state regulatory authorities apply

functional regulation methods . These regulatory methods are associated with the establishment of rules for carrying out certain transactions to protect the interests of investors and are used in the securities market in cases where the performance of transactions by professional participants in the securities market, issuers, may lead to a violation of the rights of investors. These regulatory methods ensure the maintenance of the qualitative and technical parameters of the securities market and are used to ensure the liquidity of securities, prevent systemic crises that may be caused by failures in the operation of clearing and settlement systems;

methods of technical or institutional regulation . These regulatory methods are associated, first of all, with the regulation of the financial position of specific financial institutions, the quality of their management and are aimed at preventing the financial insolvency of the objects of regulation (for example, establishing requirements for the amount of participants’ own funds, regulating the structure of assets and liabilities, limiting or prohibiting participation in risky operations, etc.). Methods of institutional regulation are used in the securities market in cases where the specifics of specific types of professional activities make it necessary to control the financial position of participants to protect the interests of investors and other market entities (for example, depository and settlement and clearing activities).

Self-regulatory organizations – these are non-profit, non-governmental organizations created by professional participants in the securities market on a voluntary basis, with the aim of regulating certain aspects of the market on the basis of state guarantees of support, expressed in assigning them the state status of a self-regulatory organization.

A self-regulatory organization is established by professional participants in the securities market for:

ensuring conditions for professional activity of the securities market;

compliance with standards of professional ethics in the securities market;

protecting the interests of security holders and other clients of professional securities market participants who are members of a self-regulatory organization;

establishing rules and standards for conducting transactions with securities that ensure efficient activity in the securities market.

Self-regulatory organizations regulate professional activities through the duties assigned to them rights :

development of mandatory rules and standards for professional activities and market operations;

carrying out professional training, establishing requirements mandatory for working in this market;

monitoring compliance by market participants with established rules and regulations;

information activities in the market;

ensuring communication and representation (protection) of the interests of market participants in government bodies.

The most important purpose regulation of the securities market is to create an effective system for protecting the rights of investors.

As tasks , aimed at achieving this goal, the following are highlighted:

increasing transparency of issuers on the stock market .

Improving the information disclosure system means ensuring that investors receive the necessary and sufficient information to make strategic and tactical investment decisions.

Mandatory disclosure of standardized information about all companies whose shares are traded on the market will allow:

investors receive informed decisions, which contributes to increased market efficiency and increased investment volumes;

reduce the costs of obtaining the necessary information about the issuer, which also contributes to increased market efficiency;

make investments to those Russian and foreign investors who have strict investment standards that prohibit investing in a company if it does not disclose information about itself on a regular basis;

protect investors from fraud, prevents the use of confidential information by insiders and resolves the problem of conflict of interest, providing external control over the actions of the enterprise management;

stimulate competition between enterprises by disclosing information about enterprises and assessing their achievements, and thereby helping to strengthen market efficiency;

increase the integrity and responsibility of enterprise managers.

legislative support for the protection of investments and the rights of investors in the stock market .

High-quality and effective rulemaking aimed at regulating the stock market helps to increase the level of investor protection. At the same time, a prompt response to non-standard, potentially conflicting, destabilizing situations in the stock market is also necessary for financial intermediaries and infrastructure institutions themselves.

reducing damage from violations of stock market legislation .

Ensuring effective supervision over the activities of financial intermediaries and infrastructure institutions in the stock market is one of the most important conditions for increasing the protection of investor rights in the stock market and, as a result, the level of investor confidence;

development of new instruments in the stock and commodity markets .

Solving this problem involves reducing the level of concentration of financial intermediation in the securities market through increasing the level of services provided.

Regulation of the securities market (r.ts.b.)- this is the streamlining of the activities on it of all its participants and transactions between them by organizations authorized by society for these actions.

River regulation c. b. covers all its participants:

o issuers;

o investors;

o professional stock intermediaries;

o market infrastructure organizations...

Regulation of market participants can be external and internal.

External regulation– this is the subordination of the activities of this organization to the regulations of the state, other organizations, and international agreements.

Internal regulation- this is the subordination of the activities of this organization to its own regulatory documents: charter, rules and other internal regulatory documents that determine the activities of this organization as a whole, its divisions and its employees.

River regulation c. b. covers all types of activities and all types of operations on it:

o emission;

o intermediary;

o investment;

o speculative;

o collateral;

o trust, etc.

River regulation c. b. carried out by bodies or organizations authorized to perform regulatory functions. From these positions they distinguish:

o state regulation of the market, carried out by government bodies whose competence includes performing certain regulatory functions;

o regulation by professional participants of the river. c. b., or self-regulation of the market; This process is currently developing in two ways. On the one hand, the state can transfer part of its functions in regulating the market to authorized or selected organizations of professional participants of the river. c. b. On the other hand, the latter can themselves agree that the organization they create receives certain regulatory rights in relation to all participants in this organization;

o public regulation, or regulation through public opinion; Ultimately, it is the reaction of broad layers of society as a whole to some actions in the securities market that is the root cause for which certain regulatory actions of the state or market professionals begin.

Securities market regulation generally has the following objectives:

o maintaining order in the market, creating normal conditions for the work of all market participants;

o protection of market participants from dishonesty and fraud of individuals or organizations, from criminal organizations;

o ensuring a free and open process of pricing securities based on supply and demand;

o creating an efficient market in which there are always incentives for entrepreneurial activity, and in which every risk is adequately rewarded;

o in certain cases, creating new markets, supporting markets and market structures necessary for society, market initiatives and innovations, etc. ;

o influencing the market in order to achieve some social goals (for example, to increase economic growth, reduce unemployment, etc.).

The regulatory process in the securities market includes:

o creation of a regulatory framework for the functioning of the market, i.e. development of laws, regulations, instructions, rules, methodological provisions and other regulations that place the functioning of the market on a generally recognized and respected basis;

o selection of professional market participants; modern river c. b., like, perhaps, any other market, is impossible without professional intermediaries. However, not any person or organization can take the place of such an intermediary. To do this, it is necessary to satisfy certain requirements for knowledge, experience and capital, which are established by authorized regulatory organizations or bodies;

o control over compliance by all market participants with the norms and rules of the functioning of the market; this control is carried out by the relevant control bodies;

o a system of sanctions for deviations from the norms and rules established in the market; Such sanctions may be: oral and written warnings, fines, criminal penalties, exclusion from the ranks of market participants.

Directions:

1. Licensing of activities of professional participants

2. Protection of investor rights

3. Protection from illegal actions on the securities market

4. Certification of personnel for the financial market

5. Development of a regulatory framework

Regulation models:

1. Limited intervention model. Great role in self-regulation. The state only controls. The object of the state is only the activities of professional participants. (In the USA, only taxes regulate). The presence of a large number of standard standards - federal standards (something like advisory acts)

2. Hard intervention model (Russia)

Regulation principles:

1. The principle of combining self-regulation and state regulation. In the form of the transfer by the state of its rule-making and control functions to certain categories of participants in the regional market, organized into self-regulatory organizations.

2. The principle of state control over professional participants. The state has the right to exercise control and supervision over any professional participants. (the regulatory system is determined by the state implementing measures to protect the rights and legitimate interests of market participants)

3. The principle of market regulation. Priority is given to economic measures.

4. The principle of openness of information about the market.

5. The principle of ensuring the efficiency of the financial market. Regulation should not interfere with the development of the financial market.

6. Unity of the regulatory framework, regime and methods of market regulation throughout the Russian Federation.

State legal regulation:

Licensing

Monitoring the implementation of legislation

Prosecution

Registration actions

Lawmaking

Dispute resolution.

Self-regulatory organizations are non-profit, non-governmental organizations created by professional participants of the river. c. b. on a voluntary basis, in order to regulate certain aspects of the market on the basis of state guarantees of support, expressed in assigning them the state status of a self-regulatory organization.

The number and focus of self-regulatory organizations must be established by the state, since the same subject of self-regulation cannot be regulated by two or more similar bodies at once.

Rights of a self-regulatory organization:

o development of mandatory rules and standards for professional activities and market operations;

o carrying out professional training, establishing requirements mandatory for working in a given market;

o control over compliance by market participants with established rules and regulations;

o information activities in the market;

o ensuring communication and representation (protection) of the interests of participants.

Before the adoption of the Law on the Securities Market, in Russian practice there was no legal basis for self-regulatory organizations; however, various types of associations of market participants existed in the form of associations (unions) of stock exchanges, registrars and depositories, and other professional participants in the Russian stock market.

Self-regulation:

Organization of trade in financial instruments

Personnel certification

Protecting the interests of investors and clients

Dispute Resolution

Application of sanctions

Internal control.

Forms of participant control . This is how the regulator receives information.

1. Regulator checks. Planned and unplanned.

2. Inspections by self-regulatory organizations. They check a narrow circle: compliance with qualification requirements (personnel certification, there are several levels of different rights); compliance with SRO rules; risk assessment.

3. Providing information. Everyone is required to provide information: about transactions, shareholders, and security holders.

4. Operational search activities. Unspoken. Carried out by law enforcement agencies. All major participants are under constant control (MICEX, Moscow Depository, etc.).

Methods of regulation. There are direct (legal) and indirect.

Direct:

2) restrictions

3) instructions

4) licensing

5) suspension of the activities of participants

Indirect:

1) discount rates, refinancing rate

2) reservation standards

3) own funds.

Related information.

Introduction

Chapter 1. Theoretical aspects of the securities market, its components and functions

1 The concept of the securities market and its types

2 Functions and components of the securities market

Chapter 2. Regulation of the securities market

1 Essence, definition of the process of regulation of the securities market

2 Main types of securities market regulation

Conclusion

List of sources used

INTRODUCTION

Currently, one of the most flexible financial instruments is the use of securities.

Securities are an inevitable attribute of any normal commodity turnover. Being a commodity, they themselves are at the same time capable of serving as both a means of credit and a means of payment, effectively replacing cash in this capacity.

If we proceed from the fact that the market in general is any institution or mechanism that brings together demanders 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 various entities .

In general terms, the securities market can be defined as a set of economic relations regarding the issue and circulation of securities between its participants. In this sense, the concept of a securities market does not differ and cannot differ from the definition of a market for any other product.

Regulation of the securities market is necessary to streamline the activities of all its participants and transactions between them by organizations authorized to carry out these actions. Securities market regulation covers:

government regulation;

regulation by professional participants in the securities market, or market self-regulation.

The state may transfer part of its regulatory functions to organizations of professional participants in the securities market authorized or selected by it; the latter can also agree that the organization they create receives certain regulatory rights in relation to all participants in this organization;

public regulation, or regulation through public opinion, since the reaction of broad sections of society as a whole to some actions on the securities market can become the root cause of certain regulatory actions of the state or market professionals.

CHAPTER 1. THEORETICAL ASPECTS OF THE SECURITIES MARKET, ITS COMPONENTS AND FUNCTIONS

.1 The concept of the securities market and its types

In general terms, the securities market can be defined as a set of economic relations regarding the issue and circulation of securities between its participants.

Classifications of securities markets have many similarities with classifications of securities themselves. This is how they distinguish:

international and national securities markets;

regional securities markets;

markets for specific types of securities (stocks, bonds, etc.);

markets for government and corporate (non-government) securities;

primary and derivative securities markets.

The meaning of a particular classification of the securities market is determined by its practical significance.

To the extent that the securities market is based on money as capital, it is called the stock market.

The stock market forms a large part of the securities market. The remaining part of the securities market, due to its small size, did not receive a special name, and therefore the concepts of the securities market and the stock market are often considered synonymous.

The securities market is part of the financial market. Another part of it is the bank loan market. A commercial bank rarely gives a loan for more than a year. By issuing securities, you can get a loan for several decades (bonds) or for perpetual use (stocks). Behind the division of the financial market into two parts is the division of capital into working capital and fixed capital.

The securities market complements the bank credit system and interacts with it. Commercial banks provide loans to securities brokers to subscribe to new issues of securities, and they sell large blocks of securities to the banks for resale.

An important part of the securities market is the money market, in which short-term debt obligations, mainly treasury bills (tickets), are traded. The money market provides a flexible supply of cash to the state treasury and allows corporations and individuals to earn income on their temporarily available funds.

Like any other market, the securities market consists of demand, supply and the price that balances them. Demand is created by companies and governments that lack their own revenues to finance investment. Businesses and governments act as net borrowers on the RCB (they borrow more than they lend), and the net creditor is the population whose income, for various reasons, exceeds expenses for current consumption and investments in tangible assets (for example, real estate).

1.2 Functions and components of the securities market

The securities market has a number of functions that can be divided into two groups: general market functions that are usually inherent in each market, and specific functions that distinguish it from other markets.

General market functions include:

commercial function, that is, the function of generating profit from operations in a given market;

price function, that is, ensuring the process of adding market prices, their constant movement;

information function, that is, the market produces and communicates to its participants market information about the objects of trade and its participants;

the regulatory function, that is, the creation of rules for trade and participation in it, the procedure for resolving disputes between participants, establishes priorities, control or even management bodies.

The specific functions of the securities market include the following:

redistribution function;

function of insurance of price and financial risks.

The redistribution function can be conditionally divided into three subfunctions:

redistribution of funds between industries and areas of market activity;

transfer of savings, primarily of the population, from unproductive to productive form;

financing the state budget deficit on a non-inflationary basis, that is, without issuing additional funds into circulation.

The function of insuring price and financial risks, or hedging, became possible thanks to the emergence of a class of derivative securities: futures and options contracts.

The components of the securities market are based not on one or another type of security, but on the method of trading on this market in the broad sense of the word. From these positions, the following markets are distinguished:

primary and secondary;

organized and unorganized;

exchange and over-the-counter;

traditional and computerized;

cash and urgent.

The primary market is the acquisition of securities by their first owners, the first stage of the process of selling a security; the first appearance of a security on the market, subject to certain rules and requirements.

The secondary market is the circulation of previously issued securities; the totality of all acts of purchase and sale or other forms of transfer of a security from one owner to another during the entire life of the security.

An organized securities market is their circulation on the basis of stable rules between licensed professional intermediaries - market participants - on behalf of other market participants.

An unorganized market is the circulation of securities without observing rules uniform for all market participants.

The stock market is the trading of securities on stock exchanges.

The over-the-counter market is the trading of securities without going through the stock exchange.

The exchange market is always an organized securities market, since trading on it is carried out strictly according to the rules of the exchange and only between exchange intermediaries, who are carefully selected among all other market participants. The over-the-counter market can be organized or unorganized. The organized over-the-counter market is based on computer systems for communication, trading and servicing of securities.

Securities can be traded in traditional and computerized markets. In the latter case, trading is carried out through computer networks that unite the relevant stock intermediaries into a single computerized market, the characteristic features of which are:

the lack of a physical place where buyers and sellers meet, and therefore the lack of direct contact between them;

full automation of the trading process and its maintenance; The role of market participants is reduced mainly to entering orders for the purchase and sale of securities into the trading system.

The cash market for securities (“cash” market or “spot” market) is a market with immediate execution of transactions within 1-2 business days. The derivatives securities market is a market where transactions of various types are concluded with a execution period exceeding 2 business days. Most often, the execution period for transactions is 3 months.

CHAPTER 2. REGULATION OF THE SECURITIES MARKET

.1 Essence, definition of the process of regulation of the securities market

Any human activity at this stage of social development must be regulated, and the securities market is no exception.

The Law “On the Securities Market” provides for both regulation of activities by government agencies and special organizations operating in the securities market.

To begin with, we should highlight the system of regulation of the securities market - the so-called regulatory infrastructure of the market. At the moment, this system includes:

government regulators;

self-regulatory organizations;

legislative norms of the securities market;

ethics, traditions and customs of the market.

Regulation of the securities market is the regulation of the activities on it of all its participants and transactions between them by organizations authorized by society for these actions.

Regulation of the securities market covers all types of activities and all types of operations on it, carried out by bodies or organizations authorized to perform regulatory functions.

There are:

state regulation of the market carried out by government agencies;

regulation by professional participants in the securities market, or market self-regulation;

public regulation or regulation through public opinion.

Securities market regulation usually pursues the following goals:

maintaining order in the market, creating normal working conditions for all market participants;

protecting market participants from dishonesty and fraud by individuals or organizations from criminal organizations;

ensuring a free and open process for pricing securities based on supply and demand;

creating an efficient market in which there are always incentives for entrepreneurial activity and in which every risk is adequately rewarded;

in certain cases, creating new markets, supporting markets and market structures necessary for society, market initiatives and innovations;

influencing the market in order to achieve some social goals (for example, to increase economic growth, reduce unemployment).

The specific goals of securities market regulation are always determined by current economic and fiscal policies, the state of economic growth and a number of other factors.

The process of regulating the securities market includes:

creation of a regulatory framework for the functioning of the market;

selection of professional market participants;

control over compliance by all market participants with the norms and rules of market functioning;

a system of sanctions for evading norms and rules.

The main principles of regulation are:

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;

highlighting those securities that primarily require careful regulation;

ensuring competition between market participants;

ensuring transparency of rulemaking;

maintaining the continuity of the Russian system of securities market regulation and taking into account the experience of the world market.

market valuable demand supply price

2.2 Main types of securities market regulation

The peculiarity of the securities market is that the assets traded on it represent a set of rights and do not exist in isolation from the regulatory legal framework and law enforcement system provided by the state. Thus, the state performs a system-forming function, which will be continuously modified in accordance with the tasks facing it 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 a priority direction of state policy.

The state is 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 securities of Russian enterprises and is the largest seller in the corporate securities market.

The state performs a number of important functions in the securities market, among them the following main ones can be distinguished:

developing a program and strategy for the development of the securities market, monitoring and regulating the implementation of this program, developing legislative acts to implement the strategy;

establishing requirements for participants in the market process, setting various standards;

monitoring financial security and market stability, overseeing the implementation of security orders;

ensuring that all investors without exception are informed about the state of the market;

formation of state insurance systems in the securities market;

control and prevention of excessive investment in government securities;

The second model is directly opposite to the first - the role of the state in regulation is minimal and the main share of regulation belongs to market participants. In most countries of the world, the state follows the path of a middle ground between these two extreme models.

The concept of development of the securities market in the Russian Federation identifies the following most important principles of state policy in the securities market:

b) the principle of unity of the regulatory legal framework, regime and methods of market regulation throughout the Russian Federation;

d) the principle of equal opportunity, meaning:

state stimulation of competition in the securities market through the absence of preferences for individual participants;

equality of all market participants before the authorities regulating it;

transparent and competitive distribution of state support for various projects on the market;

lack of advantages of state-owned enterprises operating in the market over commercial ones;

a ban on government agencies making public assessments of professional market participants;

refusal of state regulation of prices for the services of professional market participants (except for registrar companies).

e) the principle of continuity of state policy in the securities market, meaning the consistency of state policy and its commitment to the emerging Russian model of the securities market;

The basic principles of state regulation of the securities market include:

functional regulation in combination with institutional regulation on the organization of control and supervision over the activities of professional market participants;

the use of market self-regulation mechanisms created with the help of the state and under its control;

distribution of powers to regulate the market between the Russian Federation and the constituent entities of the Russian Federation, as well as various executive authorities;

priority in protecting small investors and the population, all forms of collective investments in the development of a market regulation system;

priority in the development of infrastructure organizations;

maximum risk reduction and sharing;

supporting competition in the market;

prevention or partial removal of conflicts of interest based on the regulation of issues of combining professional activities.

Civil Code of the Russian Federation, parts I and II

Law “On Banks and Banking Activities”

Law “On the Central Bank of the Russian Federation”

Law “On Commodity Exchanges and Exchange Trading”

Law “On Currency Regulation and Currency Control”

Law “On the State Internal Debt of the Russian Federation”

Law “On Joint Stock Companies”

Law “On the Securities Market”

creating and ensuring the effective functioning of mechanisms for attracting investment into the private sector of the Russian economy, and, above all, into privatized enterprises;

financing of the federal budget deficit based on methods of non-inflationary financing of specific long-term projects associated with the securities market;

creation of reliable mechanisms and financial instruments for investing public funds;

restructuring the management system of privatized enterprises and creating the institution of an “effective owner”, increasing the disciplinary influence of the securities market on the administration of Russian companies;

preventing social explosions and conflicts that may arise as a result of operations on the securities market, by protecting the rights of participants in the securities market, and primarily the rights of investors;

creating a civilized securities market in Russia and its integration into the global financial market, ensuring an independent place for the Russian market in the system of international capital markets;

fight against surrogates of securities and fraud, suppression of illegal activities in the securities market.

In the strategic plan, these goals are complementary and must be implemented through a single set of measures coordinated by government agencies and professional market participants.

The state can exercise the so-called direct management of the securities market, which consists of developing norms and rules and monitoring their implementation.

In addition, the state also exercises indirect or economic management of the securities market through the taxation system, monetary policy, state capital and state property and resources.

At the moment, indirect regulation of securities market is predominant, namely:

control over the money supply in circulation and the volume of loans provided by influencing interest rates;

changes in taxation and depreciation periods;

government guarantees (for deposits, loans, private sector loans);

foreign economic activities (transactions with foreign currency, gold, measures to stimulate exports, currency restrictions) and foreign policy activities (development or curtailment of political contacts affecting foreign trade and economic relations, military actions).

The structure of government regulatory bodies for the Russian securities market has not yet been developed. The regulation of securities market at the state level is carried out by:

Supreme bodies of state power:

a) State Duma (issues laws regulating the securities market);

b) President (issues decrees);

c) Government (issues decrees, usually in development of presidential decrees).

State authorities regulating securities at the ministerial level:

c) State Committee for Antimonopoly Policy (establishes antimonopoly rules and monitors their implementation);

d) Gosstrakhnadzor (regulates the specifics of activities in the securities market of insurance companies);

Regulation by professional participants in the securities market, or self-regulation, is carried out through the registration of those who trade securities or advise investors. During this process, the professional suitability of the candidate is determined.

Self-regulation is achieved by ensuring transparency and maintaining law and order in the industry, that is, competent institutions can initiate investigations into violations of the law, apply administrative measures and bring the case to court. In addition to laws, there are “laws” and “departments” that ensure self-control and self-regulation - this is an exchange, the fundamental principle of which is bank liquidity. And the mechanism of stabilization and liquidity is the institution of market makers. Liquidity is ensured by the mandatory issuance by each market maker of bilateral quotes for certain securities, stabilization by the introduction of restrictions on spreads or the maximum deviation from the best quote. The emergence of this institution is associated with the need to ensure the sustainable functioning of trade, and it includes a number of components:

a) listing - selection for trading of the highest quality securities that will be in steady demand among market participants for a long time;

b) creating a group of market makers - trading participants capable of maintaining minimum spreads on traded securities and preventing temporary loss of liquidity.

c) delisting - exclusion of securities from the list quoted in the system.

CONCLUSION

In conclusion, I would like to note the following.

Regulation of the securities market (as well as any other object) can be divided into internal and external regulation.

Internal regulation is the subordination of securities market participants to their own regulatory documents: charter, business rules, performance standards, and so on.

External regulation is the subordination of the activities of a securities market participant to regulations of the state, other organizations (for example, self-regulatory organizations), and international agreements. External regulation also includes public regulation, that is, the influence of society on securities market participants using the mechanism of public opinion. Often it is the reaction of the general public that is the reason for certain regulatory actions by the state or self-regulatory organizations.

Regulation of the securities market pursues the following goals:

creation of normal conditions for the functioning of the securities market and all its participants; maintaining order in the securities market;

protection of securities market participants from dishonest actions, fraud, crimes on the part of individuals;

ensuring normal pricing in the securities market based on the free formation of demand and supply of financial instruments;

stimulating the development of the securities market as a mechanism for the redistribution of monetary resources, its individual segments, and the creation of new market segments;

using the securities market to achieve specific social goals (for example, to increase the growth rate of economic development, resolve the non-payment crisis, reduce the unemployment rate).

LIST OF SOURCES USED:

1.Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market” was adopted by the State Duma of the Federal Assembly of the Russian Federation on March 20, 1996. - current edition dated September 30, 2013

2.Federal Law of July 10, 2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)” June 27, 2002 of September 30, 2010 No. 245-FZ (as amended 10/06/2011)

3.Burova D.V. Financial legal relations in the activities of professional participants in the securities market // Law and State: Theory and Practice. - 2012. - No. 2. - P. 106-110.

4.Vavulin D.A. On the issue of the need to develop regional securities markets // Finance and Credit. - 2012. - No. 8. - P. 41-50.

5.Demidov A.V. Self-regulatory organizations of professional participants in securities markets: analysis of the industry and development trends // Non-profit organizations in Russia. - 2012. - No. 1. - pp. 39-48.

6.Alekhin B.I. Government securities market: textbook. allowance / B.I. Alekhine. - M.: Master: INFRA-M, 2012. - 192 p.

7.Andryushin S.A. Banking systems: textbook. allowance / S.A. Andryushin. - M.: Alfa-M: INFRA-M, 2012. - 384 p.

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12.Galanov V.A. Securities market: textbook / V.A. Galanov. -M.: RIOR, Infra-M, 2012. - 223 p.

13.Kilyachkov A.A. Stocks and bods market. Textbook. Grif Ministry of Defense of the Russian Federation/A.A. Kilyachkov. - M.: Yurayt, 2012. - 857 p.

14.Krotov N.I. Essays on the history of the Bank of Russia. Regional offices and managements / N.I. Korotkov. - M.: International Relations, 2013. - 664 p.

15.Makhovikova G.A. Stocks and bods market. Textbook for bachelors / G.A. Makhovikova, 2012. - 431 p.

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