<<
>>

THE CONCLUSION

As a result of consideration of features of legal regulation of currency transactions of banks under the current legislation it is possible to draw following basic conclusions.

Legal regulation of currency transactions, first of all, means an establishment the state, proceeding from interests of a society, limits of the economic competence of participants of currency relations.

Following general principles of legal regulation of currency transactions are allocated: possibility of participants of currency relations to make without the special permission (licence) of the representative to that of the state body only those currency transactions which directly and are more exhaustively listed in the law or are defined in the order established by it, that is the imperative method of legal regulation of the given relations takes place; possibility of realisation of currency transactions only through the authorised banks or at their direct participation; strict exchange control from bodies and agents of exchange control behind legislation observance at realisation of currency transactions.

Now there is a pressing need in the interbranch theory of the bank legislation as the generalised design allowing both with scientific, and from a practical side to generalise the saved up experience of legal regulation of currency relations and to define the further ways of its development. It is obvious, that all public relations regulated by the currency legislation, irrespective of application sphere, from an accessory to this or that branch of law, have the general lines. At level of branches of law the specific features dictated by their substantial party, in particular are shown by a subject and a legal regulation method.

Revealing of the legal nature of the norms regulating currency transactions of banks, definition of their place in the branch legislation and, accordingly, in the legal system represents not only the big theoretical interest, but also has important practical value. The optimum combination in the legislation and pravoprimenitelnoj to practice of ways and the receptions of legal regulation inherent in various branches of law, with reference to the public relations settled by norms of bank and currency legislations, will allow to create favorable conditions for the decision of some problems in sphere of bank activity.

Currency-rule of law, containing in the currency legislation, order to participants of currency legal relations fulfilment of certain actions (or abstention from actions), fixed in a disposition currency-rule of law in the form of the rights and duties, i.e. influence behaviour of participants which set of actions is. From here, legal regulation of currency relations is directed on behaviour (actions) of participants of currency legal relations which are a legal regulation subject, by a subject of the currency right.

The concept of currency transaction can be formulated as follows: in «narrow sense» currency transactions can be considered as legal acts of residents and the non-residents, directed on an establishment, change or the termination of their rights and duties concerning currency values. At the same time it is necessary to notice, that specific line of currency transactions is that fact, that legislatively fixed strict exchange control behind currency transactions demands support by their number both legal, and actual actions of agents and-or exchange control bodies.

Thus, "in a broad sense" currency transactions represent set of legal and actual actions (for example, registration of the passport of the transaction, the registration form at realisation of export or import operations, representation in the authorised bank of documents necessary for it for realisation of functions of the agent of exchange control) which subject are the rights and duties concerning currency values. Hence, currency transaction represents set of legal and actual actions of the persons participating in its carrying out (residents, non-residents, bodies and-or agents of exchange control of participants of currency relations), directed on occurrence, change or the termination of the rights and duties on currency values.

Classification of operations of banks with currency values has essentially great value as helps to define the general approaches to their legal regulation, and also a place of bank currency transactions among currency transactions of other participants of the currency market. Legal regulation of bank currency transactions is carried out substantially through an establishment of rules of their fulfilment - sequences of the certain actions directed on occurrence, changes and the termination of the rights and duties of participants of currency transactions concerning currency values. The requirement for a rigid legal regulation of bank currency transactions consists in that mediating role which they play the currency market for its participants.

Subjects of the currency right: physical persons, legal bodies; residents, non-residents; bodies of currency regulation, exchange control bodies, agents of exchange control; the authorised banks, clients of the authorised banks. A regulation method - basically imperative (imperiously-centralised, not supposing deviations and the discretion of subjects), that allows to carry the currency legislation to publichnopravovoj to sphere.

The purpose of legal regulation of currency transactions is creation of an effective legal mechanism of influence on participants of currency transactions by definition of principles of realisation currency one - portable radio sets in the Russian Federation, the competence of bodies and agents of exchange control, the rights and duties legal and physical persons concerning possession, using and the order currency values, the bases and volume of a liability of infringement of the currency legislation.

Efficiency of a legal mechanism of currency regulation is expressed in creation of legislative preconditions of maintenance of a priority of national currency of the Russian Federation over foreign currencies in the course of their reference on territories of Russia, increase of convertibility of rouble.

The public interest shown in licensing of bank currency transactions, speaks that their subject are currency values and, hence, state regulation and the control over them is dictated by necessity of maintenance of stability of national currency, aspiration of the state to create effective levers of influence on the internal currency market. The given circumstances are quite natural preconditions for an establishment of strict requirements to currency transactions of the banks directed on maintenance of economic safety of the country.

The maintenance of currency relations is the system of elements constituting them: currency as object of currency transactions; other currency values, in cases provided by the currency legislation; participants of the currency relations having the right to fulfilment of currency transactions; currency transactions as activity on fulfilment of transactions with currency values; exchange control; responsibility for fulfilment of currency offences.

The currency and bank legislation - the complex branches of the legislation crossed in a certain part with the civil and administrative legislation, but, nevertheless, entering system of the financial legislation.

Then to become obvious, that the currency right including the bank right, are institutes of the financial right. Norms of civil law regulate property relations on money, including foreign bank notes, and the securities expressed in roubles and a foreign currency, a procedure of payments at transactions grazhdansko - legal character. Norms of administrative law regulate administrative relations in sphere of monetary system, mainly in the course of monetary circulation, establish responsibility for administrative violations in the given sphere.

Exchange control can be characterised as activity of the state in the name of bodies and agents of the exchange control, directed on maintenance of observance of the currency legislation at realisation of concrete currency transactions.

In legal maintenance of exchange control it is possible to allocate following key directions:

1) organizational maintenance of exchange control by creation of corresponding organizational structures and investment with their imperious powers within the functions assigned to them in this area, establishments of interrelations between the given structures;

2) definition of legal forms of mutual relations of participants of currency transactions among themselves and with bodies (agents) of the exchange control which use will allow to carry out exchange control most effectively;

3) an establishment of measures of a liability of infringement of norms of the currency legislation.

Considerable problem is nerabotosposobnost in operating standard documents of positions and the norms defining a measure of responsibility legal and physical persons for infringement of the currency legislation, and also technics of execution of decisions of Federal service of Russia under the currency and export control by results of the spent checks.

Necessity of a combination is obvious to the decision of existing problems active normotvorchestva in the field of currency regulation with simultaneous introduction of control measures behind performance of the established rules of fulfilment of currency transactions. Thereupon one of the most actual problems is creation in maximum the short terms of complex system of the state exchange control providing an effective control behind observance of the currency legislation by residents and non-residents in the Russian Federation.

The currency policy of the state is a component of internal and external political activity of the state on protection and maintenance of stability of national currency, increase of its convertibility, stimulation of development of the internal currency market with a view of increase in economic potential and increase of a role of the Russian Federation in system of world communications.

The currency policy is embodied in the currency regulation representing set of the state measures, expressed in direct economic influence of the state on the internal currency market of the Russian Federation, in an establishment of an order of carrying out of currency transactions, in check by bodies of exchange control of conformity of process of realisation of currency transactions to the established order and application of sanctions for its infringement, the purposes of a currency policy directed on achievement.

Fastening in the current legislation of special position of bank in the financial market with reference to currency transactions is quite proved by its economic role in the given market. Experience of the countries with the developed market economy shows, that the internal currency market develops most quickly at active participation of bank system, and the authorised banks are its largest participants.

The status of the authorised bank assumes investment of the commercial organisation along with right to make bank operations with currency values in a certain mode, also the competence of the agent of exchange control. Investment of the commercial bank possessing the currency licence, imperious powers in relation to its clients is deviation from formal legal equality of the parties at fulfilment of operations with currency values and mismatches bank commercial objectives. Therefore exchange control realisation should be recognised by function by unusual for commercial bank.

The regulation of operations of the authorised banks with separate kinds of currency values is not systematised enough. Legal regulation of currency transactions reflects real requirements of participants of the currency market with considerable delay, that as a whole negatively affects development of currency relations. The decision of the given problem probably by gradual transition from an imperative method of legal regulation of currency relations to optional, that is by refusal of a current prepotent principle of currency regulation «is forbidden everything, except permitted» and its replacements by a principle «everything is authorised, besides, that is directly forbidden by the law» and only in that measure in what it is necessary with a view of protection of bases of the constitutional system, the rights and legitimate interests of other persons, maintenance of economic safety of the state.

Thus, state regulation of currency transactions of banks is a set of the state measures expressed in direct economic influence of the state on the internal currency market, in an establishment of an order of carrying out of currency transactions, in check by bodies of exchange control of conformity of process of realisation by banks of currency transactions to the established order and application of sanctions for its infringement, directed on protection and maintenance of stability of national currency, increase of its convertibility, stimulation of development of the internal currency market.

Prospects of development of currency transaction of banks directly are connected with perfection of legal regulation of this kind of activity new to the Russian right, perception, both the legislator, and direct participants of currency transactions of positive experience of fulfilment of operation with the currency values, saved up in the Russian Federation. Thus it is necessary to consider possibility of use of experience of the countries with more developed economy in whole and bank system, in particular, possessing stable and competitive national currency.

Main objectives of currency regulation and exchange control at the present stage of reforming of economy of the Russian Federation consist in following positions:

- Reduction disbalansa accounts of residents in the course of realisation of current currency transactions by them at the expense of maintenance of repatriation of a currency gain from export of production, works, services, and also reduction of advance payments on import of the goods not provided with timely deliveries;

- Stage-by-stage maintenance of convertibility of currency on current operations taking into account a condition and change of the major factors creating for this purpose necessary conditions which number concern: the effective exchange rate, adequate international liquidity (reserves and foreign financing), the steady macroeconomic policy and the necessary economic environment creating possibilities and stimulus for corresponding reaction to market prices;

- Creation of necessary conditions for attraction of foreign investments and inflow of the financial capital to a national economy, taking into account a priority of long-term investments, and also restriction of inflow of the unstable short-term capital;

- Prevention of unreasonable outflow of the capital from the country and restriction of possibilities for capital flight, including a reflexivity of capitals and dividends on the invested capital;

- Legalisation counteraction through system of the credit organisations of the criminal incomes received in a foreign currency or in the form of other currency values.

The legal mechanism of currency regulation, in particular legal regulation of operations of banks with currency values, should react adequately to requirements of participants of currency relations, consider tendencies of development of currency transactions and, proceeding from the purposes of a currency policy of the state, condition for the optimum reference of currency values.

<< | >>
A source: SHESTAKOVA ELENA VLADIMIROVNA. LEGAL REGULATION of CURRENCY TRANSACTIONS of BANKS In the RUSSIAN FEDERATION. The dissertation On competition of a scientific degree of the master of laws. Moscow - 2005. 2005

More on topic THE CONCLUSION:

  1. the Conclusion
  2. THE CONCLUSION
  3. THE CONCLUSION
  4. the Conclusion
  5. the Conclusion
  6. THE CONCLUSION
  7. the Pathomorphologic conclusion
  8. THE CONCLUSION
  9. THE CONCLUSION
  10. THE CONCLUSION
  11. THE CONCLUSION
  12. THE CONCLUSION
  13. the Conclusion
  14. THE CONCLUSION
  15. the Conclusion
  16. THE CONCLUSION