Мошенничество на рынке ценных бумаг
The article is dedicated to research fraud on securities market committed in the time of its circulation. As rule, acts of guilty are qualified by article 159 of the Criminal Code of Russian Federation. It is permitted by Resolution of the Plenum of the Supreme Court of Russian Federation. But it’s right not always whereby there isn’t consensus in the science of criminal law on the matter. So the article includes jurisprudence fraud against property and fraud on securities market. Thanks for it distinction between such field are clear. The author conclusions that to incriminate acts of person under article 159 of the Criminal Code of Russian Federation is unlawfully in some cases. It points to need of establishing article in Chapter 22 of the Criminal Code of Russian Federation which has the purpose to protect the economic activity from fraud in this field. For it the work presents defense of elements of fraud against property and fraud committed on economics and securities market as its part.
The article is dedicated to historical analysis of crimes committed on securities market till the 20th century. Important part of the article is indication of economic conditions. Thanks for it the meaning of legal acts becomes clear. The author concludes on existence the developed securities market and necessary criminal rules to its protection.
Internal rate of return IRR is one of the key criteria for justifying and choosing capital investments with conventional cash flows. However, this criterion is not practically used when the rate of return of investment instruments (short sales, options, futures, swaps) is calculated because these instruments create non-conventional cash flows. The author previously showed that IRR problems were observed when the present value of cash flows changed sign from period to period. This paper offers a criterion to evaluate the rate of return of investment instruments with non-conventional cash flows, i.e. General Rate of Return (GRR).
Presented in the article analysis of novels of the revised edition of the Chapter 7 of the Civil Code of RF from October 1, 2013 in the field of securities’ law shows us that the reform focused on form rather than on substance. The question about genuine belonging of a right on an uncertificated security and a person entitled to accept performance of obligation arising out of it is not answered. Rules on protection of violated security holders’ rights, on consequences of securities rights’ recovery were materially changed, however most vital problems with protection of security holders’ rights were not solved. The Civil Code of RF does not contain guidelines for solving problems connected with mixture of securities, charter capital increase, remedies against unjust enrichment as well as return of securities after performed reorganization of entities.
Financial markets have always been attractive as a means of increasing one's wealth, and those who make accurate predictions take the prize. Forecasting models such as linear ones are simple to compute, however, they give rough approximations of the underlying relationships in the data, thus, producing poor forecasts. The solution to this issue could be the nonlinear models which try to fit the data and display the relationships with higher accuracy. Previous research seems to prove this statement from the statistician's point of view which might be of little use for an investor. Therefore, the focus of this paper is on the comparison of three types of models (nonlinear: ANN, STAR, and linear: AR) in terms of financial performance. Our research is based on the initial code for GAUSS and papers by Dick van Dijk. The data used is the monthly S&P 500 Index values from 1970 to 2012 provided by the Robert Shiller's website. Forecasting index changes begins at 1995 and ends in 2012 providing up-to-date results for 14 model specifications. The best model proves to be the flexible ANN, beating the linear AR in the majority of cases, leaving the underperforming heavy-parameterized STAR model behind. Thus, it is evident that the more flexible nonlinear models outperform the heavily parameterized ones as well as linear models for the S&P 500 Index. The introduced type of performance evaluation has a more comprehensible application to the financial market analysis.
The article is dedicated of problems of criminal law regulation of securities market.The concept of criminal law mechanism its protection is offered.
The article is devoted to a particular form of freedom of assembly — the right to counter-demonstrate. The author underlines the value of this right as an element of democratic society, but also acknowledges the risk of violent actions among participants of opposing demonstrations. Due to this risk, the government may adopt adequate measures restricting the right to counter-demonstrate, certain types of which are analyzed in this paper.
Development of standards of international controllability is reviewed in the article. Institutional approach is applied to development of international legal regime of Energy Charter. Definition of controllability is connected to development of international standards of dispute settlement, which are described in the article in detail. In connection with controllability, Russian interest, defense of investment in European Union and ecological investment encouragement, is reviewed in the article.
мировое управление и управляемость, Мировая экономика, международное экономическое право, энергетическая хартия, International control and controllability, International economics, international economic law, Energy Charter
международное частное право; недвижимость; ; школа бартолистов; бартолисты; теория статутов; статуарная теория/