The Federal Service for Financial Markets (FSFM)

The state is an integral politico-legal, multi-functional structure. Directions of its direct activity concern all spheres of life of the population. An example of such a state is the Russian Federation. It is a progressive democratic civil country in which the main source of regulation of public relations is law. It should be noted that one of the most important functions of the state is oversight and control in certain areas. These tasks are implemented by the country constantly, through special authorities. In the system of similar departments there are structures whose tasks differ in their specificity and, in some ways, even uniqueness. As a rule, such special organs operate in no less interesting spheres of life. At the same time, their existence is necessary, because the task of coordinating the society has not been canceled. Among such bodies today is the Federal Service for Financial Markets. This body is relatively young in the Russian Federation. Its creation is due to the modernization of modern legal relations and the emergence of new areas of activity.

The concept of an organ

The Federal Service for Financial Markets is a body of the executive branch of power that implements functions aimed at regulatory regulation of the financial markets. To date, the structure is non-existent due to the abolition in 2013. Nevertheless, for a long period of existence, the service actively struggled with various manipulations in the financial markets, and also carried out supervision in this area.

History of the creation and development of the body

The Federal Service for Financial Markets appeared in 2004 as a result of the RF President's Decree. The department, in its essence, was a "team". In other words, the structure of its functional included the tasks of other bodies, subsequently abolished. Thus, the Federal Service for Financial Markets adopted the functions of the following structures, namely:

• Commission for the Securities Market;
• Ministry of Labor of the Russian Federation;
• Ministry of the Russian Federation on Antimonopoly Policy.

In 2011, the service undergoes a reformation. In its structure is introduced by the department, engaged in insurance supervision. But in 2013 the FSFM is abolished and joins the Central Bank, and subsequently - to the Bank of Russia. To date, there is the Bank of Russia Service.

Normative base

The Federal Service for Financial Markets (FSFM) acts on the basis of provisions of certain normative acts of our state. This manifests the principle of the rule of law and legality in the activities of the department. The main normative acts, the provisions of which are used in its work, are:

• The Constitution of the Russian Federation, since it is the basis of the entire legal system of the country;
• Federal laws, constitutional laws ("On the securities market", "On joint-stock companies", etc.);
• Acts of the government, the president;
• International treaties;
• Regulations on the FSFM.

It should be noted that the legal framework of the service is quite extensive. This significantly affects the activities of the department, and, more precisely, the breadth of its immediate powers. At the same time, a competent regulatory framework makes it possible to implement all functions as accurately as possible, fully and quickly.

Federal Service for Financial Markets of Russia: functions

The list of functional tasks of the department mentioned in the article is quite extensive. As we indicated earlier, the tasks of the main activities of the service included goals previously owned by other executive bodies. Key functions are stipulated in the Regulation on the FSFM. On the basis of the statements that are indicated in it, it can be asserted that the Federal Service for Financial Markets is created for:

1. Issue and registration of special securities, prospectuses of these documents, as well as the creation of reports on this activity.
2. Ensuring openness of information on the market in accordance with the provisions of the legislation of Russia.
3. Implementation of supervision of professional players in the securities market, investment funds, non-government pension funds, etc.
4. The implementation of supervision and control in the sphere of insurance business, which includes the maintenance of the Register of Insurance Subjects, the issuance of licenses to brokerage and insurance companies, control over the actual implementation of sectoral regulations, and so on.

As we can see, the Federal Service for Financial Markets (FFMS) of Russia has an extensive list of functional tasks, which indicates its exceptional effectiveness in the sphere of the relevant type of regulation.

Structure of the FSFM

Any state body has its own functional structure, which allows it to implement all tasks in the most competent and efficient manner. The Federal Service for Financial Markets consists of a central apparatus and autonomous bodies of territorial importance. The system of the first element includes: management of equity securities, management of the organization and conduct of supervisory activities, administrative management, etc. That is, the central office collected the main units in all areas of the service.

Territorial bodies allow to carry out the functions of the service on the ground. These units were once located in nine districts of the Russian Federation.

Leadership and International Activities

As we know, the Federal Service for Financial Markets has been abolished to date. Analogy to the STALO body was a structural subdivision in the Bank of Russia. Nevertheless, during its existence, the department managed to gain a certain authority. For example, the FSFM was a permanent member of a special international organization specializing in securities.

As for the management of the service, the last known leader was Dmitry Pankin. To date, this person is the chairman of the Board of the EDB (Eurasian Development Bank). Most of the service management went to the Central Bank of Russia, except for Pankin.

Conclusion

So, we examined what the once-existing Federal Service for Financial Markets represents itself. The Office carried out important tasks. Therefore, one can only hope that the existing analogue of it will become an equally functional body in the financial sphere of our time.