Translate this page:
Please select your language to translate the article


You can just close the window to don't translate
Library
Your profile

Back to contents

International Law and International Organizations
Reference:

Vishnevskiy, P.N. Legal relations in the international fi nancial market

Abstract: The article concerns specifi c features of legal regulation of the international fi nancial relations. The author analyzes methods, subjects and sources of regulation, defi ning the role of international private law. The author also singles out the main types of deals in the international fi nancial market, pointing out three levels of regulation: macro-regulation, functional regulation, self-regulation. The article provides for the common feature of the international private fi nancial legal relations – presence of a foreign element, which may be involved among the subjects of the relations, in the object of the relation, or as a legal fact, concerning formation, alteration or termination of this relation. The author offers to divide the operations in the international capital market into three groups: trans-border issue of shares, international obligations and the treaties for the international syndicated loans. The article involves systemic, complex, historical, dialectic, comparative legal scientifi c methods. The author also provides a detailed evaluation of the foreign sources. The author attempts to analyze private law relations in the international fi nancial market, as well as specifi cities of their legal regulation. The author offers to view the legal regulation of the relations in the international fi nancial market from the three standpoints: the position of macro-regulation, functional regulation and self-regulation. Macro-regulation involves an international fi nancial market as a whole, and it is implemented by the IMF and the Financial Stability Forum (FSF), while the functional regulation and self-regulation are implemented in different sectors: the former involves the market for the banking services (BIS), securities (IOSCO) and insurance (IAIS), while the latter involves the market for the syndicated credits (LMA), securities (MARC) and derivatives (ISDA) The international private law and the UNIDROIT activities play a special role in the regulation of the international fi nancial relations. The common features of the international private fi nancial legal relations is that they are formed based upon the trans-border deals, and their main feature is a foreign element, which may be present among the subjects of the relations, their object, or a legal fact.


Keywords:

Legal relation, fi nancial deals, syndicated credit, international fi nancial organizations, functional regulation, international fi nancial market, self-regulation, international obligation, liquidation netting, international associations.


This article can be downloaded freely in PDF format for reading. Download article


References
1. D.A. Chugunov. Osobennosti i zakonodatel'nye problemy regulirovaniya sdelok sek''yuterizatsii strakhovykh aktivov v Rossii // Nalogi i nalogooblozhenie. – 2013. – ¹ 3. – S. 104-107. DOI: 10.7256/1812-8688.2013.03.2.
2. M. V. Mikhailov Bankovskaya sistema kak spetsificheskii ob''ekt
3. pravovogo regulirovaniya v usloviyakh
4. finansovogo krizisa // Pravo i politika. - 2012. - 4. - C. 717 - 725.
5. K.D. Allabyan. Gosudarstvennoe regulirovanie protsessov reorganizatsii strakhovogo biznesa v Rossiiskoi Federatsii // Pravo i politika. – 2012. – ¹ 12. – S. 104-107.
6. M.L. Sinitsyna. Antikrizisnye mery ES. Analiz sovremennykh finansovykh reform // Nalogi i nalogooblozhenie. – 2012. – ¹ 8. – S. 104-107.
7. A.S. Galyautdinova. Kollektivnyi sub''ekt finansovogo prava: proiskhozhdenie termina i soderzhanie ponyatie // Nalogi i nalogooblozhenie. – 2012. – ¹ 7. – S. 104-107.
8. A. I. Nekrasov. Printsipy pravovogo regulirovaniya politiki Evropeiskogo Soyuzav oblasti finansovykh uslug // Mezhdunarodnoe pravo i mezhdunarodnye organizatsii / International Law and International Organizations. – 2011. – ¹ 3. – S. 104-107
9. E.V. Burtseva. Osnovnye podkhody k sovershenstvovaniyu metodov otsenki finansovoi ustoichivosti promyshlennykh predpriyatii v usloviyakh nestabil'nosti // Trendy i upravlenie. – 2013. – ¹ 1. – S. 104-107. DOI: 10.7256/2307-9118.2013.01.9.
10. A. A. Lukashev. Podotraslevaya priroda finansovo-pravovykh norm, reguliruyushchikh byudzhetnye otnosheniya // Finansovoe pravo i upravlenie. – 2013. – ¹ 2. – S. 104-107. DOI: 10.7256/2310-0508.2013.2.9863.
11. P.V. Pavlov. Ofshornye zony v Rossii i za rubezhom: ekonomiko-pravovye osnovy funktsionirovaniya // Trendy i upravlenie. – 2013. – ¹ 1. – S. 104-107. DOI: 10.7256/2307-9118.2013.01.7.
12. N. Yu. Erpyleva. Mezhdunarodnyi grazhdanskii protsess: institutsionno-normativnyi mekhanizm pravovogo regulirovaniya // Pravo i politika. – 2012. – ¹ 10. – S. 104-107.
13. N. Yu. Erpyleva. Mezhdunarodnyi grazhdanskii protsess: institutsionno-normativnyi mekhanizm pravovogo regulirovaniya // Pravo i politika. – 2012. – ¹ 9. – S. 104-107.
14. N. Yu. Erpyleva, M. N. Klevchenkova, D. M. Maksimov. Pravovoi rezhim funktsionirovaniya torgovykh obshchestv vo Frantsii // Pravo i politika. – 2012. – ¹ 3. – S. 104-107.
15. N.Yu. Erpyleva, I.V. Get'man-Pavlova. Transgranichnoe bankrotstvo v mezhdunarodnom chastnom prave // Pravo i politika. – 2009. – ¹ 11.
16. Anisimova Z.M.. Povyshenie effektivnosti strategicheskogo bankovskogo menedzhmenta v sovremennykh usloviyakh // Trendy i upravlenie. – 2013. – ¹ 4. – S. 104-107. DOI: 10.7256/2307-9118.2013.4.10522.
17. O.V. Boltinova. K voprosu o gosudarstvennom finansovom kontrole v Rossiiskoi Federatsii // Finansovoe pravo i upravlenie. – 2013. – ¹ 2. – S. 104-107. DOI: 10.7256/2310-0508.2013.2.9725.
18. L.L. Arzumanova. Finansovaya politika gosudarstva: ponyatie i ee sostavnye elementy // Finansovoe pravo i upravlenie. – 2013. – ¹ 1. – S. 104-107. DOI: 10.7256/.2013.1.9525.
19. E.V. Solovova. Vypusk gosudarstvennykh i munitsipal'nykh tsennykh bumag kak sposob privlecheniya zaemnykh sredstv v SShA // Finansovoe pravo i upravlenie. – 2013. – ¹ 1. – S. 104-107. DOI: 10.7256/.2013.1.9498.
20. A.V. Levitskii. Finansovyi kontrol' v Rossii v usloviyakh vstupleniya v VTO // Finansovoe pravo i upravlenie. – 2013. – ¹ 2. – S. 104-107. DOI: 10.7256/2310-0508.2013.2.9727.
21. N.I. Khimicheva. Printsipy sovremennogo rossiiskogo finansovogo prava kak osnovy byudzhetno-pravovogo regulirovaniya // Finansovoe pravo i upravlenie. – 2013. – ¹ 2. – S. 104-107. DOI: 10.7256/2310-0508.2013.2.9860.
22. N.Yu. Erpyleva. Organizatsionno-pravovye formy transgranichnogo dvizheniya kapitala v rossiiskoi bankovskoi sisteme // Pravo i politika. – 2013. – ¹ 4. – S. 104-107. DOI: 10.7256/1811-9018.2013.04.9.
23. N.Yu. Erpyleva, K.V. Filimonov. Likvidatsiya rossiiskikh kreditnykh organizatsii (novelly pravovogo regulirovaniya) // Pravo i politika. – 2012. – ¹ 11. – S. 104-107.
24. Get'man-Pavlova I.V. Kollizionnoe regulirovanie oborota tsennykh bumag // Bankovskoe pravo. 2007. ¹ 5.
25. Nobel' P. Shveitsarskoe finansovoe pravo i mezhdunarodnye standarty. M., Infotropik Media, 2012. S. 116.
26. Barenboim P.D. Zakonoproekt o reforme grazhdanskogo kodeksa ignoriruet interesy rossiiskikh vkladchikov i mirovoi opyt antikrizisnoi raboty na finansovykh rynkakh // Pravo i ekonomika. 2010. ¹ 11;
27. Khoroshilov S.D. Bankovskii sektor stran – chlenov Soveta po sotrudnichestvu v Persidskom zalive // Mezhdunarodnye bankovskie operatsii. 2006. ¹ 4.
28. Mullineux A.W., Murinde V. Handbook of International Banking. Edward Elgar Publishing Limited, 2003. P. 10.
29. Erpyleva N.Yu., Klevchenkova M.N. Kollizionnoe regulirovanie obrashcheniya tsennykh bumag: chastnopravovye aspekty // Zakonodatel'stvo i ekonomika. 2009. ¹ 6.
30. Vygovskii A. I. Bezdokumentarnye tsennye bumagi kak ob''ekty kollizionno-pravovogo regulirovaniya // Nalogi. 2012. ¹ 15
31. Black V. Foreign Currency Obligations in Private International Law. Hague Academy of International Law, 2004. P. 165-190.
32. Selivanovskii A. Ramochnye dogovory o srochnykh sdelkakh (derivativakh) // Rynok tsennykh bumag. 2008. ¹ 7. S. 15-17.
33. Dudin A.P. Dialektika pravootnosheniya. Saratov: Izdatel'stvo Saratovskogo universiteta, 1983. S.
34. Erpyleva N.Yu., Maksimov D.M.. Unifikatsiya pravovogo regulirovaniya mezhdunarodnykh rechnykh perevozok gruzov, passazhirov i bagazha // Pravo i politika. – 2013. – ¹ 10. – S. 104-107. DOI: 10.7256/1811-9018.2013.10.9193.
35. Shumilov V.M. Mezhdunarodnoe finansovoe pravo: ponyatie, predmet, sistema // Yurist-mezhdunarodnik. 2005. ¹ 1. S. 14.
36. Shamraev A.V. Pravovoe regulirovanie mezhdunarodnykh bankovskikh sdelok i sdelok na mezhdunarodnykh finansovykh rynkakh. M.: KNORUS, TsIPSiR, 2010. S. 7.
37. Bobov M.O. Novye trebovaniya k kapitalu bankov // Vnutrennii kontrol' v kreditnoi organizatsii. 2012. ¹ 4;
38. Arner D.W., Taylor M.W. The Global Financial Crisis and the Financial Stability Board: Hardening the Soft Law of International Financial Regulation? // University of New South Wales Law Journal. 2009. Vol. 32 (2). P. 488-513;
39. Karmel R.S., Kelly C.R. The Hardening of Soft Law in Securities Regulation // Brooklyn Journal of International Law. 2009. Vol. 34:3. P. 884-951;
40. Möllers T.M.J. Sources of Law in European Securities Regulation – Effective Regulation, Soft Law and Legal Taxonomy from Lamfalussy to de Larosière // European Business Organization Law Review. 2010. Vol. 11 P. 379-407.
41. Kanashevskii V.A. Vneshneekonomicheskie sdelki: material'no-pravovoe i kollizionnoe regulirovanie. M.: Volters Kluver, 2010. S. 499-514.