Finance and Management - rubric Financial regulation
Finance and Management
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MAIN PAGE > Journal "Finance and Management" > Rubric "Financial regulation"
Financial regulation
Gospodarchuk G.G. - National approaches towards regulation of systemic risks in the banking sector pp. 1-13

DOI:
10.25136/2409-7802.2018.4.27692

Abstract: This article analyzes the new concept of international regulatory framework, published by the Basel Committee in 2010, which received the name Basel III. Special attention is given to the content of the new regulatory requirements for bank capital adequacy and its structure; establishment of the protective and countercyclical buffers by the banks; margin to capital for the systemic importance of banks; leverage ratio for preventing dubious transactions with the various financial tools. The article examines the questions of practical implementation of the new requirements of Basil III. The research is structured on the comparative analysis of regulatory documents of the Basel Committee on Baking Supervision and the national standards of central banks of different countries. The scientific novelty lies in identification of the issues emerged in translation of Basel III requirements onto the level of national jurisdictions and the decreasing overall efficiency regulatory reform. The research results demonstrate that the central banks of different countries implement the Basel III regulatory requirements through adjusting the parameters of the tools proposed by Basel III. Conceptually, the instruments do not change; the steps towards fixing the inefficiencies and downsides of the instruments are not taken by the central banks. The introduced additional requirements of capital adequacy do not contain much novelty; therefore, their massive impact upon banks reliability should not be expected. Differentiation of ratios creates a problem of regulatory arbitration. The leverage ratio looks promising, although it is yet to be developed. The author underlines the need for circumstantiation of its calculation methods with regards memorandum items; however, it complicated the calculation formula and contradicts the initial idea of creating the simple to use ratio.  
Kasyanov R.A. - MiFID II: Regulation of Financial Trading Facilities in the EU pp. 13-21

DOI:
10.25136/2409-7802.2018.2.26067

Abstract: The article is devoted to important changes happening on the global financial market. Based on a particular example of financial regulation, the author of the article examines the process of improving the legal basis of the single European financial market. He notes that the common legal framework of the European Union is extended not only extensively but also intensively due to implementation of new kinds of trading in the financial sphere. The author analyzes the main kinds of trading facilities, in partciular, regulated markets, multilateral trading facilities, and organised trading facilities taking into account the second 'Markets in Financial Instruments Directive' (MiFID II) and 'Markets in Financial Instruments Regulation' (MiFIR). In the course of his analysis Kasyanov has used general and special research methods such as analysis and synthesis, generalisation, comparison, historical and systems approaches. In conclusion the author notes that according to MiFID II organised trading kinds being viewed in this article are in fact trading facilities and thus subject to the provisions of MiFID II and MiFIR. New laws and guidelines are supposed to bring regulation of multilateral trading facilities (MTF) to an advanced level and fill in the gap in regulation of organised trading facilities (OTFs). 
Sitnik A.A. - Juridical facts within the mechanism of legal regulation of public relations in the sphere of money circulation pp. 13-22

DOI:
10.25136/2409-7802.2020.1.32063

Abstract: The research explores public relations emerging in the process of money issuance, circulation of cash, credit and electronic currency, accounting and reporting on operations involving finances, currency regulation, organization of national payment system, as well as financial control. The financial control includes control of the solvency of token money; control of adherence to the order of cash transactions and cash register operations; control and oversight of adherence to requirements towards check out equipment; monitoring and supervision within the national payment system; currency control; control in the sphere of counteraction of money laundering, and various forms of financing of terrorism. The scientific novelty consists in the fact that based on the general theoretic positions on juridical facts, the author formulates a concept of juridical facts, which bring forth emergence, changes, and termination of financial legal relations in the sphere of money circulation. The work delineates financial operations from civil law dealings, and the conclusion is made on the possibility of examining financial reform as a relative event. The author highlights the juridical facts of the event and juridical facts of the state.
Talalaeva N.S., Murav'eva N. - Assessing Efficiency of Industrial Enterprises Financial Management under Inflationary Conditions. Method Development pp. 23-36

DOI:
10.7256/2409-7802.2017.1.21224

Abstract: The financial management of Russian enterprises is the object of research. The process of efficiency of industrial enterprises’ financial management under inflationary conditions is the subject of research. Information about the financial status and efficiency of financial management under inflationary conditions is true and accurate if it’s adjusted for inflation. The methodology for assessment of efficiency of industrial enterprises’ financial management under inflationary conditions was described. This technique of estimation allows to separate the inflationary component from financial statements by using the price deflators taking into consideration the branch and regional special aspects of a particular enterprise. The methods of empirical research include observation, description, comparison; methods of theoretical research are the method of abstracting; and general logical methods are analysis, synthesis, etc. The scientific novelty is that written methodology includes the computation algorithm of separating the inflationary component. Financial indicators «cleaned» from inflation will be the basis for making rational investment and management decisions.
Popova E.M., Guseinova G.M. - Improvement of methodological base on identification of tax expenditures pp. 23-37

DOI:
10.25136/2409-7802.2020.1.32345

Abstract: The concept of tax expenditure is gradually being implemented into the budget process in the Russian Federation, which justifies the relevance of this research. Russia uses the legislative approach towards identification of tax spending, which has a weak theoretical-methodological base. There is currently no precise criterion for allocation of tax expenditures, while the definition formulated by the Article 6 of the Budgetary Code of the Russian Federation further complicates their identification. Thus, there is an objective need for development of more comprehensive approach towards identification of tax expenditures from the theoretical perspective. The study of foreign practice allowed concluding that qualification of the tax norm, as a tax expenditure is a rather debatable question. The novelty and scientific-practical importance of the conducted research consists in the proposed interpretation of tax expenditures and tax incentives, which reflects their main attribute consisting in divergence from the fundamental principles of taxation, and ensures accord with the concepts used in the budgetary legislation. The authors develop an algorithm for identifying tax expenditures, based on solution of the task on determination of adherence of the content of tax norm to the key elements of the mechanism of functionality of a tax incentive.
Shelestinskiy D.G., Burtasova A. - Experience in ounteracting the Illegal Proceeds Legalisation in the Leading Countries in Terms of the Volume of Services Provided in World Trade pp. 25-37

DOI:
10.25136/2409-7802.2017.3.23608

Abstract: Significant harm to the economy of modern states is caused by the legalization of proceeds from crime. The experience of foreign countries allows us to make recommendations for improving the system of counteraction to these criminal acts in our country. The paper considers the process of developing legislation to combat the legalization of proceeds from crime in the United States and Great Britain. Particular attention is paid to current data submitted by state authorities, for example, the United States Sentencing Commission, which allow us to make timely and valid conclusions about the effectiveness of combating crime in this area. The paper presents an analysis of the activities of the National Financial Intelligence Unit of the United States - the Financial Crimes Enforcement Network and the practice of applying the federal law "Foreign Account Tax Compliance Act". In the course of the study, the authors analyzed the activities of the British government - HM Treasury, National Crime Agency, the legal basis for combating legalization based on the Proceeds of Crime Act, and Money Laundering Regulations. Based on the data obtained, the authors draw attention to the fact that law enforcement agencies of Great Britain operate at national, regional and local levels, which increases the effectiveness of the fight against legalization. Particular attention was paid to the Joint Money Laundering Taskforce / JMLIT created in 2015 and already well-proven. During the research, the authors used historical, logical, statistical, systemic and prognostic research methods. The main conclusion of the study was a reasoned opinion on the possibility of wider use of the experience of the United States and Great Britain in countering the legalization of proceeds from crime. At the same time, the authors draw attention to the need to take into account the specifics of the development of the Russian Federation and to refrain from blind implementation of the norms of law.
Zhebit E.V. - Casus Brexit and Prospects of European Science Funding pp. 37-46

DOI:
10.25136/2409-7802.2017.4.24815

Abstract: The object of the research is the referendum about participation in the European Union that was held in the Great Britain. The subject of the research is the main economic consequences of Brexit including domestic and foreign policy of the European Union and Great Britain. Within the framework of this research, Brexit is viewed as a factor that reflects the global process of transfer to a new geopolitical reality. The author of the article pays special attention to European scientific cooperation and major international research projects. The author demonstrates that the scientific sphere gradually loses its financial independence and faces a growing migration of science and research specialists. In the course of this research the author has used historical, logical, statistical and prognostic methods that allowed to achieve the targets of the research. The author concludes that Brexit may cause recession for the Great Britain including the fall in British currency rates, inflation growth, poorer investment conditions, reduced volumes of the external trade with the EU, etc., up to a real threat of the Kingdom collapse. At the same time, the EU experiences the influence of crucial geopolitical, economic and military factors which, in its turn, may significantly weaken the role of the EU on the global arena. 
Bobrova A.V. - Principles of Creating the Cluster System of Customs Payments pp. 38-54

DOI:
10.25136/2409-7802.2017.3.24042

Abstract: The subject of this research is the process of developing the system of customs payments within the cluster form of combining of the countries, in particular, determination of basic provisions of the methodology applied in case of creating a universal system of customs payments in a cluster. The research objective is to optimize the system of customs payments in a cluster on the basis of the international experience in clustering and framing uniform customs and tax policy of the clusuter countries. The system of the universal principles developed for an economic cluster when forming its customs payments is the result of this research. The form of formation of an economic cluster, principles of domestic and foreign policy in the field of customs payments is provided, and so are recommendations about customs payment by legal entities and individuals as well as specifics of customs payments. Regularities of formation of cluster system of customs payments in the modern world economic space are revealed, problems are defined, advantages of systems are formulated and adapted to the offered model. The methodological basis of the research involves analysis of customs systems of the countries entering different economic clusters, study and synthesis of experience of formation of customs system of specific clusters, comparing of the studied systems among themselves with detection of problems and advantages of their action, and synthesis of methodological grounds on formation of the universal cluster system of customs payments. The novelty of the research is the application of the cluster model of world economy to the system of customs payments of our country and determination of conditions for adaptation of particular state's customs payments to requirements of an economic cluster which the state plans to join. The main conclusion of the research is the idea of the creating an optimum system of customs payments in an economic cluster on the basis of universal principles including using an idealization method. The results of this research can be applied at the meta-level when forming an economic cluster and uniform legislation on customs payments on the basis of the principles formulated herein and at the macro-level of particular countries in the course of their adaptation to conditions of an economic cluster. According to the author, the main direction of applying the research results should be at the meso-level, meaning that the results should be applied to customs subsystem in the economy of separate claster-generating states and the cluster in general. 
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