Erpyleva, N.Y. Modern currency regulation in the Russian legislation

Abstract: The article concerns the issues of main categories and mechanism for the regulation of currency relation by the norms of the Russian legislation. The existing system of Russian normative legal acts is a legal mechanism for the regulation of currency relations of dual functional purpose. Firstly, it serves a statistical function, providing for the existing complex of currency relations. Secondly, it has a dynamic function, by which it provides prerequisites for the further development and transformation of this complex, that is the possibility for changing it. The currency legislation is the first structural element of the mechanism of currency regulation, and it serves a regulatory function in this mechanism. The currency relations as a second structural element of currency regulation are not uniform, they have a logical formation system, including subjects, objects and currency operations, that is, the acts which the subjects of currency relations may undertake towards the objects. The regulatory influence of the currency legislation upon the currency relations is implemented in various forms (orders, permissions and prohibitions, currency control, responsibility of subjects of currency regulation for the violation of the currency legislation, which may be regarded as the third structural element for the mechanism of legal regulation. In the article with the help of comparative and formal legal methods of studies the author provides a detailed analysis of norms and mechanisms for the legal regulation of currency relations in the Russian legislation, as provided for by the Federal Law ‘On Currency Regulation and Currency Control” of 2003, other laws and bylaws. Analysis of the norms of Russian legislation allows the author to state that currency regulation and currency control as elements of the regulating mechanism objectively facilitate and support balanced capital flow in the national economy, and, therefore, achievement of the sustainable functioning of the banking system, through which the movement of financial resources is really implemented. The currency operations form an important element of currency relations as a structural element of currency regulation, being a complex of activities of resident and non-resident entities, which are performed with the currency and security, usually in the form of various deals. Their fundamental characteristic feature is movement of currency and securities via transfer of proprietary title to them and (or) their physical movement. All of the currency operations may be classified based upon the three grounds: their contents, their forms, subject elements.

Keywords: