FSFR is going to regulate the urgent marketOn hand there was a bill concept “ About derivative financial tools “ prepared by Federal Agency of the financial markets (FSFR). The document for the present is in a stage of discussion with interested departments. However participants of the market have already shown to it variety of serious remarks.
work on the bill “ About derivative financial tools “ the first year is conducted not. To write its concept at various times deputies of the State Duma led by the chairman of the Duma committee on the property Victor Pleskachevsky, and the commission on commodity exchanges at antimonopoly committee, and predecessor FSFR the Federal commission on a securities market undertook also. However, despite these efforts, the law and was not issued.
in December of last year of function of control over commodity exchanges have been transferred FSFR (see From December, 15th), and department has begun work on own concept of the distressful bill. While FSFR it was possible to prepare only the general document which has appeared on hand. It describes a place of the future law in system of the current legislation, the characteristic of existing legal regulation and “ socially - economic, political and legal consequences of realisation of the future law “. A law problem is definition of the rights of the parties of the transactions which are derivative financial tools, and also creation of system of protection against the risks connected with such transactions.
for today the concept, by words a press - secretary FSFR of Olga Kudinovoj, is in a discussion stage in Ministry of Justice, the Ministry of Finance, the Central Bank and Federal antimonopoly service. After these departments, and also participants of the market will state the offers and remarks, FSFR will start working out of directly bill of derivatives.
Meanwhile critical responses on the document have already appeared. In particular, in remarks of National association of participants of stock market (NAUFOR) it is noticed that the concept is limited only to sphere of interests of derivative tools in the organised market. “ the derivative tools which were extended in the unorganized market, are excluded from sphere of interests of the bill “ - marks NAUFOR. Besides, the association considers that the offered concept recognises that calculation under transactions with derivatives corresponds to signs of transactions of a bet.
“ we consider that transactions with the settlement derivative tools, concluded at stock exchanges and the off-exchange market, are not those games and a bet about which there is a speech in the Civil code, owing to distinction of their legal nature, - chairman of the board NAUFOR Elena Avakjan marks. - In particular, the parties of games and a bet do not have economic purpose of the conclusion of such transactions unlike participants of the urgent market “. Victor Pleskachevsky was even more categorical: “ the Document is so crude that from it is absolutely not clear how to regulate so thin tool what derivatives are. It does not meet requirements of the market and obviously demands completion “.
Nevertheless participants of the market notice that it is necessary to prepare the bill for acceptance as soon as possible as absence of the law harms to the urgent market. “ for a long time already it is required to register legislatively requirements to participants, clearing, and concepts and definitions in the market of derivatives, - the chief of the department of urgent market FORTS of Stock exchange of RTS Roman Gorjunov marks. - it is Enough to remember crash of urgent sections at the Russian stock exchange (in 1997) and on the Moscow Interbank Stock Exchange (in 1998). In many respects it has occurred from - that there was no normal legislation on the urgent market “.
will watch succession of events.