FEATURES OF RUSSIAN AND FOREIGN ETFs REGULATORY
( Pp. 220-226)
More about authors
Boyko Maria S.
aspirant
Financial University under the Government of Russian Federation
Financial University under the Government of Russian Federation
Abstract:
Russian economy is in expectation of a new push for moving from stagnation stage to recovery one. The implementation of the exchange-traded funds segment on Moscow Exchange is one of actual directions for future development of Russian financial market. However, foreign origin of admitted ETFs are unlikely to support Russian financial market. Therefore, a gradual introduction of exchange-traded funds as performing and transparent financial instruments can be an important phenomenon for domestic financial market. Based on the problems mentioned above and possible ways to solve it, the most important task at this stage is to analyze the system of exchange-traded funds control in regions-leaders with successful example of operation in this segment of financial market. Any public activity with a commercial focus is the subject of regulation, supervision and monitoring by the relevant authorities of the state. This legal framework can create the conditions for successful functioning of financial institutions, or to suppress the new trend of the financial market. For creating enabling environment in Russia it is considered to be appropriate to conduct analysis of existing regulation of the exchange-traded markets on the global stage. This article provides American and European experience of regulation through the system of regulatory. Also it is presented current situation of Russian legislation in respect of exchange-traded funds. As a consequence there are conclusions about future path of upcoming changes in Russian financial market.
How to Cite:
Boyko M.S., (2015), FEATURES OF RUSSIAN AND FOREIGN ETFS REGULATORY. Business in Law, 6 => 220-226.
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Abramov A.E. Novye finansovye instrumenty v SSHA - sintez birzhevykh tekhnologiy i skhem kollektivnogo investirovaniya // Indikator. - 2002. - №6. - S. 43-50.
Davidson L. Examining the Exchange-Traded Nature of Exchange-Traded Funds // Morningstar: ETF Research. - 2013.
International Organization of Securities Commissions. Principles for the Regulation of Exchange Traded Funds. Final report of Board of the International Organization of Securities Commissions. (FR06/13). - June 2013
Laurent Deville. Exchange Traded Funds: History, Trading and Research // Paris-Dauphine University. - June 2006
Latham Watkins Capital Markets Group. What s the Deal with Regulation M. - May 30, 2013. - № 1531
BlackRock, Inc. ETFs: A Call for Greater Transparency and Consistent Regulation. - 2011. URL: http://www.blackrock.com/corporate/en-hu/literature/whitepaper/transparency-and-consistent-regulation-oct-2011.pdf
Pricewaterhousecoopers LLP. ETFs: How innovators and regulators are shaping growth. - 2013. URL: http://download.pwc.com/ie/pubs/2013 etfs how innovators and regulators are shaping growth.pdf
Investment Company Fact Book. - 2014. URL: http://www.icifactbook.org/fb ch3.html, Bloomberg/.
ESMA Guidelines on ETFs and other UCITS issues - ESMA/2012/832EN
ESMA Guidelines on ETFs and other UCITS issues - ESMA/2014/937EN
Keywords:
ETFs, the market for exchange traded funds, regulation, The international organization of securities commissions, The Commission on securities and stock exchanges of the USA.
