Public Securities and Derivatives Law as Branch of the Financial Law

Abstract

The article is devoted to financial law issues on securities and derivatives market regulations. The article deals with the financial law nature of the relations that are emerging in the securities and derivatives markets through a review of methods and techniques of securities and derivatives market regulation. The author considers the public interest in the regulation of the securities and derivatives markets, as well as differences between different parts of securities and derivatives markets. The article contains the review of regulatory, compensatory and redistributive functions of the securities and derivatives markets. The author states that control of the securities and derivatives market has to be considered as independent type of state financial control in the Russian Federation. In addition, the securities and derivatives law have to be considered as a branch of financial law. The legal relations arising in course of issuance and circulation of state securities and entering into derivatives deals are separately reviewed and analyzed. It is proved that the basis for recognition of the securities and derivatives market as the financial law categories is similar to reasons proving the existence of public banking law, namely, stock market and derivatives as an integral parts of any financial market system, the presence of public interest in the regulation of relations in the securities and derivatives markets, the existence of a mandatory subject of legal relations, having a public authority (the Bank of Russia), the existence of subordination between the Bank of Russia and professional participants of the securities market where the Bank of Russia acts as a regulator and supervisory authority and wide scope of public law methods used for securities and derivatives market regulations.

Digital transformation of the banking system in the context of sustainable development

“…The proposed approach corresponds to the position of a team of authors who consider the issues of the public law component in the financial activities of the state (Tsindeliani et al, 2019a(Tsindeliani et al, , 2019b. At the same time, the control itself in the securities market should be considered as an independent type of state financial control (Proshunin, 2018(Proshunin, , 2019. Digitalization should become the same direction of development for stock control as for the very commercial activities of credit institutions.…”