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12путь развития, отход от которого возможен на основе проведения целенаправленной ресурсосберегающей политики в стратегически важном газовом секторе экономики, который обеспечивает свыше 50% поступлений федерального бюджета.
2. Развитие газового сектора экономики требует специальной стратегии энергопотребления, в рамках которой эффективное использование ресурсов может быть обеспечено на основе инновационных технологий, реализация которых потребует объединения усилий государства, региональных органов власти, газовых компаний и разработки механизма достижения поставленных целей, включающего формы и методы стимулирования внедрения ресурсосберегающих проектов.
3. Предложена методика комплексной оценки эффективного использования энергоресурсов с использованием методов балльной оценки, что позволяет в полном объеме произвести оценку как потребления энергетических ресурсов предприятиями по газодобыче так и проанализировать энергосберегающие мероприятия, которые действуют на газодобывающем предприятии.
Литература
1. Бондарев, В. А. Оценка основных факторов энергосбережения / В. А. Бондарев, А. С. Семенов // Современные наукоемкие технологии. - 2014. -№ 5. - с. 228-229.
2. Бушуев, В. В. Мировая энергетика: Состояние, проблемы, перспективы: научное издание / под ред. д. т. н. В. В. Бушуева, д. т. н. Л. С. Беляева, д. э. н. П. А. Сергеева и др. - М.: ИД «Энергия». - 2007. - 664 с.
3. Важенина, Л. В. Направления повышения энергоэффективности в магистральном транспорте газа: монография. - Тюмень, ТИУ, 2012. - 280 с.
4. Холодионова А. С. Основные подходы к разработке комплексных программ по использованию попутного нефтяного газа для нефтедобывающих предприятий / А. С. Холодионова // Вестник Томского Государственного университета. - 2014. - № 8. - С. 127-132.
5. ООО «Газпром экспорт» - [Электронный ресурс]. URL.: http://www.gazprome.ru/ (дата обращения 11.03.2016).
ФИНАНСОВЫЙ КОНТРОЛЬ НА РЫНКЕ ЦЕННЫХ БУМАГ И ПРОБЛЕМА ЕГО РЕГУЛИРОВАНИЯ
Пономарев О. В.
Дальневосточный Федеральный Университет, старший преподаватель
Худоногова А. В.
Дальневосточный Федеральный Университет
Сурженко И. Н.
Дальневосточный Федеральный Университет
Владивосток
FINANCIAL CONTROL OF THE STOCK MARKET AND PROBLEM WITH ITS REGULATION
Ponomarev O.V., Far Eastern Federal University, Senior Lecturer
Khudonogova A.V., Far Eastern Federal University
Surzhenko I.N., Far Eastern Federal University, Vladivostok
АННОТАЦИЯ
В данной статье рассмотрен финансовый контроль на рынке ценных бумаг. В результате исследования были выявлены следующие проблемы: проблема финансово-правого регулирования ЦБ отношений на рынке ценных бумаг; в данной сфере финансовый контроль не имеет единой правовой основы. В работе обоснована актуальность данных проблем, а также предложены пути решения.
ABSTRACT
Financial control on the securities market is examined in this article. As a result of research, flowing problems were found: the problem of financial and legal regulation of actions on the securities market by the Central Bank; in this sphere there is no legal base for financial control. Relevancy of those problems are stated as well as possible solutions to them.
Ключевые слова: Финансовый контроль, рынок ценных бумаг, государство, Федеральная Служба по Финансовым Рынкам, Центральный банк РФ, мегарегулятор, финансовые ресурсы, законодательный акт, финансовый рынок.
Keywords: Financial control, the stock market, the state, Federal Financial Markets Service, the Central Bank of Russia, mega regulator, financial resources, legislative act, financial market.
Financial control is one of the main institutes of financial law. Improving the mechanism of financial control, especially on the state level, is one of the key priorities of financial policy for the last years [5].
Actuality of the financial control lies in the maintaining of legitimacy and reasonability of actions in
terms of generating, distributing and using state, municipal and other kinds of monetary funds (financial resources) of public nature for the purpose of social and economic development of the state. Moreover, financial control is required for securing properties, correct, effective and economic spending of budget, loan and
personal resources, detecting violations of financial discipline, eliciting reserves and increasing the level of revenue returns to the budget.
In the modern conditions financial control is not only aimed at financial actions of the state (municipalities), but also offers to control actions of all economic entities, not depending on the form of incorporation and field of business[5].
Moving on to the subject of consideration of financial control on the stock market it is important to mention that it is aimed on the inspection of standards of professional activity; correct accounting, storage and using of bankroll and securities gained from investors, clients and contractors from civil contracts; inspection of structure of financial investments in stocks; inspection of company's financial stability; inspection of financial operations with securities according to national laws about securities[2].
There are 3 main reasons that have a heavy influence on the development of modern system of financial control of operations with securities: formation of market relations, deep crisis of the stock market under the circumstances of internal and external crisis in Russia, increasing role of governmental regulation of stock market.
Strengthening of regulating functions of the state on the stock market is impossible without clear statement of reasons, because of which formally highly-developed control system turns out to be ineffective.
Those reasons are following:
- Economic
- Political
- Legal
- Organizational
- Technical
- Social conditions
Up to the September, 2013, the only governmental body to provide financial control on the financial market was the Federal Financial Markets Service. However, according to Russian Federation Presidential Decree, it was phased out. Regulation, control and supervision duties were transferred to the Central Bank of Russia.
Now Central bank holds the status of mega regulator on the financial market, which comprises the stock market [2].
Main reasons to establish the megaregulator:
1) Sudden expansion of possibilities to transmit risks between various sectors of financial market, also by expanding financial innovations and development of new segments of financial market (derivatives market, securitization tools and other complicated financial products, etc);
2) Convergence of approaches and standards of regulation in various sectors of financial market world widely, which leads to the unification of goals and control problems, and therefore, to the unifications of mechanisms of regulation, inspection and control;
3) Necessity to harmonize the standards of activities of various financial institutions in particular segments of financial market (e.g. restrictions on the structure of investments in various financial instruments);
4) Necessity to provide complex and equal protection of investor's interest in all sectors of financial market in terms of complication of financial products, which are also offered to retailers;
5) The absence of a ban on the participation of credit institutions in transactions with stock and other high-risk financial instruments in the conditions when banks are the main carriers of risks of different nature and their "translators" between the different sectors of the financial market.
While studying financial control in the sphere of stock market inevitably there will be a problem of financial and legal regulation of actions in this sphere by the Central Bank, keeping in mind, that financial control is implemented on generation, distribution and utilization of financial resources. Such relations occur not in every case connected with transmission of rights on the security, but only in the sphere of stock market, which ensures the movement of financial resources by applying securities [5].
Financial control has no united legal base in this sphere. There are no standards that regulate the realization of financial control in the law on securities market.
Standards that regulate financial control on the financial market can be found in various legislative and regulatory acts [3].
It is clear, that the absence of unified legislative act makes it difficult to provide financial control.
There can be some negative outcomes of the Central Bank becoming a mega-regulator:
- Financial market is unstable and agile, whereas Central Bank is considered to be very conservative. This conservatism may hold back the development of securities market;
- Final withdrawal of the biggest brokers, who will withdraw their operations and clients' money to the foreign institutions;
- Complete disappearance of regional brokers and such brokers that are not banks and not included in any bank holding company;
Concentration of supervisory functions in hands of Bank of Russia leads to the conflict of interests, which occurs due to the concentration of various functions at the Bank of Russia.
Thus, we are talking about creating another monster, which will simultaneously conduct operations on the exchange, which it owns, with securities of issuers, in which it still is the controlling shareholder and it will supervise itself and its subsidiaries.
In addition, some economic leaders commented this issue.
Mr. Alexey Mamontov, the president of Moscow International Currency Association, calls this project as a "fad" of the Central Bank and cannot understand why they had to change it. As he says, it used to be more effective before those changes.
Experts believe that it would be better if a separate institution for regulation of all participants of financial market and for supervision of credit and non-credit organizations would exist. Therefore, experts are not positive about prospective of this regulator: some time will pass and there will be more and more talks about the
fact that the time has come to extract regulative functions from the Central Bank and to create a new body that will regulate financial market, including stock market [8].
However, there is another point of view. For example, Mr. Pavel Medvedev, Russian political figure, believes that future mega-regulator will be successful, because it gets additional resources and gains additional political power to have an influence on legislation and law enforcement [7].
It is fair enough to say that "clear legal regulation of all aspects of supervisory activity, such as definition of its limits, methods and forms of implementation, establishment of legal status of monitoring body, amount of their rights and responsibilities is a must for financial control.
One has to agree with the opinion of overwhelming amount of scientists about the necessity of enactment of a legislative act that will regulate financial control and precisely state financial control, which is the most important one for the state economy at large [4].
Nowadays national financial control regulates federation-wide over twenty legislative acts and some presidential decrees (together with decrees of the Government of the Russian Federation and ministerial regulatory acts total amount of such documents will come to hundreds) and supposes the enactment of Federal Law "On the bases of the state financial control in the Russian Federation" [7].
From our point of view, the best-case scenario could be the establishing of an independent specialized body, which will act as a public law entity, combining regulatory and supervisory functions on all sectors of financial market and deprived of internal conflict of interests connected with implementation of other functions.
Another acceptable, but less effective option for Russia is a transition to the "twin peaks" model, in frames of which Central Bank would perform prudential control, and a second body would regulate the behavior of market players.
"Twin peaks" approach, which is based on the functional division of regulation of particular goals, relies on other principles. It considers the distribution of
regulations (inspections) between 2 regulators: one provides safety and soundness inspections, whereas another one focuses on the control of standards of business activities.
Particularly, according to this approach, there is a separation between wholesalers and retailers with the upcoming transfer of the last recorded activity under the surveillance of the regulator, which is in charge of standards of business activity.
Moreover, for the sake of more effective market regulation it is necessary to create a unified legal basis.
It is worth mentioning that the structure of Bank of Russia for financial markets is not ideal yet, as the Department of acquisition and processing of reporting non-credit financial institutions and the Department of securities market and commodities market exist separately from each other, which does not allow them to share information effectively.
References
1. Decree of the President of Russian Federation # 645 dated 2013.07.25 " On the abolition of the Federal Service for the Financial Markets, changes and annulment of some decrees of the President of Russian Federation"
2. Federal Law #39 dated 1996.22.04 "On the securities market" (current edition, 2016)
3. Federal Law #86 dated 2002.07.10 "On the Central Bank of Russian Federation" (current edition, 2016)
4. Khimicheva N.I., Financial law: Textbook / publishing editor N.I. Khimicheva. — M.: Norma: INFRA"M, 2012. - p.752
5. Tagasheva O.V. Financial control on the securities market.; financial and legal aspect: Ph.D. thesis in Law: - Saratov, 2012. - p.227
6. Veretelnik O.N. Financial control and audit of operations with securities. Ph.D. thesis in Law. Rostov-na-Donu, 2011
7. Central Bank of Russia - electronic source -access mode: https://www. cbr. ru
8. Gazeta.ru - electronic source - access mode: https://www. gazeta.ru
