The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU)

2019 ◽  
Vol 16 (5) ◽  
pp. 592-621 ◽  
Author(s):  
Rustam A. Kasyanov
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Services ◽  
Market Regulation ◽  
Member States ◽  
Financial Market Regulation ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic ◽  
The Eu

Five countries became members of the Eurasian Economic Union – an international organization of regional economic integration. The Republic of Kazakhstan, the Russian Federation, and the Republic of Belarus signed the international Treaty in the city of Astana, Kazakhstan on May 29, 2014. The Republic of Armenia and the Kyrgyz Republic acceded to the Treaty later. Harmonized regulation of financial markets should be one of the initial areas of cooperation, with the aims of creating a single financial services market within the EAEU and ensuring non-discriminatory access to the national financial markets of each of the member states. The EAEU member states have already entered into the initial stage of developing the Eurasian common market in financial services. A considerable part of the work should be carried out by a supranational financial market regulation body, which is to be established by 2025 according to the EAEU Treaty. Such financial integration in the EAEU has only been in progress for a limited time period and many of the key steps are yet to be done. The existing national-markets development level is highly non-homogeneous and is in need of further development. In such circumstances, a relevant question related to the study of foreign experience arises. European Union started to form its single financial services market in 1973, and since then it has gained certain experience in financial markets integration. This research paper is dedicated to the issue of necessity and possibility of using the EU experience in the course of the EAEU Single market development. The issue will be addressed in terms of political, legal, academic, and practical aspects. The article is of a general, theoretical legal character, which is why emphasis will be placed on legal and doctrinal questions. Special attention will be paid to an analysis of the Eurasian Economic Union Treaty and its Protocols. The work will be based on the academic research and opinions of Russian and foreign authors.

scholarly journals Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation

2020 ◽  
Vol 8 (1) ◽  
pp. 111-137
Author(s):  
Rustam Kasyanov ◽  
Anzhelika Kriger
Keyword(s):  
Comparative Analysis ◽  
Financial Markets ◽  
Financial Services ◽  
Market Regulation ◽  
The European Union ◽  
European Union Law ◽  
Member States ◽  
Advantages And Disadvantages ◽  
The Eu ◽  
Financial Markets Regulation

The article covers key formats of interstate cooperation in the post-Soviet space. The authors conclude that the Eurasian Economic Union is the major integration project bringing together Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This research addresses various legal issues related to founding of the EAEU single financial services market with provisions and annexes of the EAEU Treaty studied. The EAEU meets challenges and creates legal and institutional framework for single financial services market within a relatively short timeframe. By 2025 both Supranational Eurasian financial regulator should be established and EAEU legislation on financial services should be harmonized. These tasks require international and national regulation experience. Therefore through the use of comparative analysis some advantages of the European Union law in the field of financial services market regulation are pointed out alongside with particular national legislation aspects of the EAEU member states in the similar or relative fields. Comparative analysis provides for determination of modern approaches to financial services market regulation in the EAEU and its member states, and allows to emphasize advantages and disadvantages of such regulation. Comparative analysis is applied to specifically investigate three subject areas of high relevance for global financial community: institutional forms of trade in financial instruments; organized trade in financial derivatives; organization of algorithmic and high-frequency algorithmic trading. Conclusion drawn is that the EU experience in the matters of financial markets regulation is of particular interest for the EAEU and its member states.

APPLICATION IN RUSSIA OF THE EXPERIENCE OF GERMANY AS AN OECD MEMBER COUNTRY IN THE FIELD OF FINANCIAL MARKET REGULATION

2021 ◽  
Vol 1 (2) ◽  
pp. 160-164
Author(s):  
M. V. CHKHAN ◽  
Keyword(s):  
Financial Market ◽  
Regulation System ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Eurasian Economic Union ◽  
German Model ◽  
Regulation Mechanisms ◽  
Economic Union ◽  
In The Beginning ◽  
Oecd Member Country

The article deals with the issue of the efficiency of financial market regulation by the example of Germany as a member-state of the OECD. In the beginning it is explained how the financial market regulation system in Germany works. Then it is pointed out risks as well as modern challenges and chances of the German model. Summing up it is estimated whether it is reasonable to regulate Russian financial market on German pattern taking into account national specifics of the countries considered. Respective analysis in Germany Russia format is extrapolated to European Union-Eurasian Economic Union area with the conclusion about the possibility to apply some EU regulation mechanisms in the EEU region.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

INTERNATIONAL LEGAL FRAMEWORK FOR THE FUNCTIONING OF MECHANISMS FOR RESOLVING TRADE DISPUTES IN THE CONTEXT OF THE EURASIAN ECONOMIC UNION

2021 ◽  
Vol 4 (5) ◽  
pp. 139-151
Author(s):  
K. I. ZHADAN ◽  
Keyword(s):  
Dispute Resolution ◽  
Free Trade ◽  
Free Trade Agreements ◽  
Trade Agreements ◽  
Legal Framework ◽  
Trade Disputes ◽  
Member States ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic

The article examines an international legal framework of the dispute resolution under free trade agree-ments. The existing mechanisms for resolving trade disputes are analyzed and their classification is given. The article demonstrates an evolutionary change of the approach of States to the formulation of provisions on dispute settlement in international trade treaties. Special attention is paid to the systems of dispute resolution under free trade agreements to which the Eurasian Economic Union is a party. The free trade agreements of the Eurasian Economic Union and its member States with the Socialist Republic of Vietnam (2015), the Islamic Republic of Iran (2018), the Republic of Singapore (2019) and the Republic of Serbia (2019) are compared with respect to the dispute resolution mechanisms. The article focuses on such institutional aspects as the method of appointing arbitrators, the scope of interstate disputes and the competition of dispute resolution platforms. The effectiveness of the dispute resolution systems of the World Trade Organization and special-ized mechanisms under the free trade agreements of the Eurasian Economic Union and its member States is evaluated. The negative and positive aspects of the existing mechanisms under the free trade agreements of the Eurasian Economic Union and its member States are highlighted, and the ways of their development are proposed.

scholarly journals Issues of tax integration of the member states of the Eurasian Economic Union

2020 ◽  
pp. 204-214
Author(s):  
I. V. Lagkueva
Keyword(s):  
Value Added ◽  
World Market ◽  
Kyrgyz Republic ◽  
Member States ◽  
Excise Taxes ◽  
Eurasian Economic Union ◽  
Indirect Taxes ◽  
Economic Union ◽  
The Republic ◽  
Legislative Changes

The article discusses changes in the national legislation of the states of the Eurasian Economic Union (EAEU): the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. The nature and conditions of the harmonization process are analyzed taking into account legislative changes. The most important indirect taxes (value added tax, excise taxes) in the EAEU member countries are compared.In addition, the state of their tax systems is compared, features, their further unification and restructuring are determined, and their ratio is compared with the provisions of the EAEU Treaty. Despite many years of efforts to harmonize taxes, issues remain that need an interstate settlement. Currently, taxation approaches in the EAEU countries are significantly different, which complicates the integration processes within the framework of the association. Speaking of tax harmonization in the EAEU, it is worth noting significant progress in the harmonization of approaches to indirect taxation. The competitiveness of the participating countries in the world market and the growth of the welfare of the population depend on this. When selling goods between the member states of the Eurasian Economic Union, there is no customs control, customs duties and fees are not levied. The procedure for levying indirect taxes (VAT and excise taxes) for the supply of goods (performing work, rendering services) between the EAEU member states is governed by the provisions of the Treaty on the Eurasian Economic Union, signed in Astana on May 29, 2014 and the provisions of the Protocol on the procedure for levying indirect taxes and the mechanism of control over their payment when exporting and importing goods, performing work, and rendering services, which is Appendix No. 18 to the EAEU Agreement.

scholarly journals Assessment of the innovative potential of agriculture of the member states of the Eurasian Economic Union

2020 ◽  
Vol 176 ◽  
pp. 05002
Author(s):  
Dmitry Morkovkin ◽  
Iryna Hutarava ◽  
Elizaveta Ogloblina ◽  
Arthur Gibadullin ◽  
Svetlana Kharchenko
Keyword(s):  
Russian Federation ◽  
Agricultural Products ◽  
Innovative Development ◽  
Member States ◽  
Eurasian Economic Union ◽  
The Russian Federation ◽  
Economic Union ◽  
Innovative Potential ◽  
The Republic ◽  
Strategic Perspective

The study is devoted to assessing the innovative potential of agriculture of the member states of the Eurasian Economic Union. As part of the work, it was revealed that the Member States of the Union were united in order to ensure sustainable development in the current and strategic perspective. The analyzed agricultural indicators led to the conclusion that the Russian Federation is the absolute leader in terms of gross output and distribution of agricultural products, the Republic of Kazakhstan occupies the second place, and the Republic of Belarus in third place. At the same time, the specific indicator reflecting the collection and production of agricultural products per capita, which indicates the innovative development of agriculture, was analyzed in the work, as a result, it was revealed that the Russian Federation ranks last in terms of certain indicators. In this connection, mechanisms were proposed in the work aimed at increasing the innovative development of agriculture in the member states of the Eurasian Economic Union.

The Variable Nature of Ownership of Emission Units in the Intersection of Climate Law, Property Law, and the Regulation of Financial Markets

Climate Law ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 45-75
Author(s):  
Emilie Yliheljo
Keyword(s):  
Financial Market ◽  
Market Regulation ◽  
Carbon Markets ◽  
Financial Market Regulation ◽  
Market Participants ◽  
Proactive Management ◽  
Variable Nature ◽  
Legal Position ◽  
The Impact ◽  
The Eu

Abstract The article analyses the impact of the origins of emission units in transnational climate policy on market participants in the EU ets and the extension of financial-market regulation to the European carbon market. To assess the consequences of the public-private nature of emission units, a broad view of ownership is taken. Ownership is understood as the legal position of the holder of emission units, being an aggregate of elements of private law but also climate law and financial-market regulation. As a consequence, a picture emerges of a legal position variable in the personal, temporal, and spatial dimensions, following policy-design choices and the evolution of regulation of carbon markets. The ownership of emission units reflects the ongoing balancing of the different public-policy goals of the EU ets and differs from economic theories laying the foundations of emission trading. Due to the necessity for a proactive management of the scheme, regulatory intervention and risk have become inherent features of the ownership of the units, and the impact of changes will vary across different market participants.

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