Commercial law. State regulation of exchange activities (lecture notes)

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Commercial law. State regulation of exchange activities (lecture notes)

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LECTURE No. 30. State regulation of exchanges

The main state body regulating the activities of commodity exchanges and exercising control over their activities is the federal executive body in the field of financial markets for the control and supervision of the activities of commodity exchanges, exchange intermediaries and stock brokers. The functions of adopting normative legal acts, control and supervision in the field of financial markets (with the exception of insurance, banking and auditing activities) are carried out by the Federal Service for Financial Markets. The Federal Financial Markets Service is managed by the Government of the Russian Federation. According to paragraph 1 of Art. 34 of the Law of the Russian Federation "On commodity exchanges and exchange trading", the federal executive body in the field of financial markets performs the following functions:

1) issues licenses for organizing exchange trading;

2) carries out or controls the licensing of exchange intermediaries, stock brokers;

3) controls compliance with the legislation on stock exchanges;

4) considers complaints of participants in exchange trading on abuses and violations of legislation in exchange trading.

The federal executive body in the field of financial markets develops and submits proposals to the Government of the Russian Federation to improve the legislation on commodity exchanges (clause 2, article 34 of the Law of the Russian Federation "On commodity exchanges and exchange trading").

The federal executive body in the field of financial markets has the right (Article 35 of the Law of the Russian Federation "On commodity exchanges and exchange trading"):

1) refuse to issue a license to the exchange to organize exchange trading in case of non-compliance of its constituent documents and exchange trading rules with the requirements established by paragraph 2 of Art. 12 of the Law of the Russian Federation "On commodity exchanges and exchange trading", as well as to postpone the issuance of this license in case of violation of the Regulations on licensing commodity exchanges;

2) cancel the license issued to the exchange or suspend its validity if the exchange violates the law;

3) send to the exchange a binding order to cancel or change the provisions of the constituent documents, exchange trading rules, decisions of the general meeting of members of the exchange and other management bodies of the exchange, or termination of activities that are contrary to the law;

4) send to the exchange intermediary a binding order to terminate the activity that is contrary to the law;

5) apply appropriate sanctions to the exchange or exchange intermediary in case of violation by them of the legislation, non-fulfillment or untimely fulfillment of instructions of the federal executive body in the field of financial markets;

6) appoint a state commissioner to the stock exchange;

7) organize, in agreement with the financial control bodies of the Russian Federation, audits of the activities of exchanges and exchange intermediaries;

8) require exchanges, settlement institutions (clearing centers) and exchange intermediaries to submit accounting documentation;

9) send materials to the court or arbitration court for the application of sanctions prescribed by law against exchanges and their members who have violated the law, and in case of detection of signs of a crime, transfer materials to the relevant law enforcement agencies.

Direct control over the observance by the exchange and exchange intermediaries of the legislation is carried out by the state commissioner at the commodity exchange. He has the right:

1) be present at exchange trading;

2) participate in general meetings of members of the exchange and in general meetings of members of sections (departments, departments) of the exchange with the right of an advisory vote;

3) get acquainted with information about the activities of the exchange, including all minutes of meetings and meetings of the exchange management bodies and their decisions, including those of a confidential nature;

4) make proposals and make presentations to the management of the exchange;

5) submit proposals to the federal executive body in the field of financial markets;

6) exercise control over the execution of decisions of the federal executive body in the field of financial markets.

The State Commissioner does not have the right to make independent decisions that are binding.

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