Правовые основы регулирования биржевых фондов (ETFs): российская и зарубежная практики
Russian economy is in expectation of a new push for moving from stagnation stage to recovery one. The implementation of the exchange-traded funds segment on Moscow Exchange is one of actual directions for future development of Russian financial market. However, foreign origin of admitted ETFs are unlikely to support Russian financial market. Therefore, a gradual introduction of exchange-traded funds as performing and transparent financial instruments can be an important phenomenon for domestic financial market. Based on the problems mentioned above and possible ways to solve it, the most important task at this stage is to analyze the system of exchange-traded funds control in regions-leaders with successful example of operation in this segment of financial market. Any public activity with a commercial focus is the subject of regulation, supervision and monitoring by the relevant authorities of the state. This legal framework can create the conditions for successful functioning of financial institutions, or to suppress the new trend of the financial market. For creating enabling environment in Russia it is considered to be appropriate to conduct analysis of existing regulation of the exchange-traded markets on the global stage. This article provides American and European experience of regulation through the system of regulatory. Also it is presented current situation of Russian legislation in respect of exchange-traded funds. As a consequence there are conclusions about future path of upcoming changes in Russian financial market.
Leasing is one of the main financing tools that makes possible to carry out the financial activities of the industry. The work describes the dynamics of rates of gain the market of leasing services and the price of financial leasing contracts. The work considers factors of leasing business and the policy of its state support. The mechanism of leasing realization is given on concrete examples.
КЛЮЧЕВЫЕ СЛОВА: лизинг, финансовые инструменты, рынок лизинговых услуг, государственное регулирование
KEY WORDS: leasing, finansial instruments, leasing market, government regulation
The article features an analysis of a set of measures of government support for socially oriented nonprofit organizations (SO NPOs) enacted in 2009 – 2013 in Russia. The analysis is aimed at assessing this Russian regulatory framework designed to channel government support to SO NPOs by comparing it with tools of government employed to facilitate cross-sector partnership in the delivery of social services in selected foreign countries. For a theoretical framework of the investigation of interaction between government and SO NPOs we rely on the demand / supply model and in particular on the theory of market and government “failure”. The employed empirical material includes full-text versions of relevant Russian Federal norms and regulations, selected matching documents of foreign countries as well as data of sociological surveys of Russian NPOs conducted by NRU HSE. Firstly, principles used by Russian law-makers to define legally the subsector of SO NPOs are investigated. The analysis of tools of government support introduced by the enacted norms and regulations is then arranged by major form of support: financial, transfer of property rights, tax incentives etc. Data is featured on the scope of government support for SO NOPs at the federal level of government and in part at the level of regions. International comparisons follow. Overall the set of measures discussed constitutes a serious positive innovation in Russian government practices vis-à-vis SO NPOs. It shows substantial similarity to government tool kits employed to support NPOs elsewhere in the world. This relates to criteria of legal eligibility for support and to the composition of the tool kit, which includes government subsidies / grants, tax incentives etc. There remains room for expansion of the Russian tool kit. In implementing new legal norms attention must be paid to keeping administrative barriers for access to government support reasonably low, in particular for small NPOs constituting a majority in the Russian nonprofit sector.
Modern problems of Russian economic development are considered, one of which is the low level of investment and innovative activity of industrial enterprises. Analysis of relevant factors allowed to identify ways of improving the state industrial policy, which is providing stimulation of investment activity. Mechanism of tax regulation is regarded as one of the priorities in the paper and allows to generate a steady cash flow of investments into the real economy, and allows to diversify and modernize production.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.