Управляющий на рынке ценных бумаг: конфликт интересов
In practice, some issuers conduct so-called "technical issue" bonds: bonds are not placed to attract new funds and to exchange "old" bonds that have maturity dates have expired or will expire in the near future, for "new" bonds, maturing which will come in a few years. Issue bonds to exchange Russian law does not allow. The Issuer, as a rule, does not have sufficient funds to repay the "old" bonds and can not find an investor who will provide funding to the issuer (a loan from a bank, loan from other entity or state, purchase of bonds or otherwise) and take credit risk of the issuer. Ie "Technical issue " means that the issuer is issuing bonds to itself without the appropriate funds to pay for the bonds. The article presents a comprehensive analysis of such a " technical " issue of bonds in terms of risk investors.
The paper explores the factors which may cause conflicts in the state structures and bodies. The research reveals an interaction between the elements of corporate culture and the level of conflict. The article gives wide range of examples of the conflict resolutions in various governmental agencies and recommends the way to prevent the conflicts.
The author analyzes new regulation of anti-corruption compliance under Russian law and application of these norms in Russian companies. He also gives general overview of main obligations of companies, requirements for the development of the Code of business ethics, Anti - corruption policy, main anti – corruption standards and procedures, the system of risk – assessment and identification of suspicious transactions. Obligations of companies under anti – money laundering law and under anti – corruption law are also analyzed in the article. Special attention is paid on administrative liability of companies.