Features of the international financial standards implementation process
( Pp. 249-254)
More about authors
Anton V. Abrosimov
postgraduate student of the Law Faculty
Financial University under the Government of the Russian Federation
Moscow, Russian Federation
Financial University under the Government of the Russian Federation
Moscow, Russian Federation
Abstract:
This article is devoted to the essence of the implementation process of international financial standards. The content of the process of introducing international financial standards is studied and the problems that arise during it are discussed in this article. Much attention is paid to the relationship between the rights of international organizations and the sovereignty of the state. In addition, factors influencing the progress of the international financial standards implementation are analyzed and the opinions of various scientists on this issue are given. The implementation process covers all stages of the implementation of an international financial standard, from the development and publication of the standard by an international financial regulator to the actual application of this standard, its functioning within the framework of national legal systems and compliance of such standard by financial market participants. The author comes to the conclusion that the key is the moment during which financial standards are embodied as binding legislative norms. Certainly, the most important stage in the international financial standards implementation is their adoption as laws or other regulations. This stage of implementation process is necessary for the full introduction of international financial standards. Implementation to national jurisdictions is the main function and is often the purpose of making and developing of international financial standards.
How to Cite:
Anton V.A., (2021), FEATURES OF THE INTERNATIONAL FINANCIAL STANDARDS IMPLEMENTATION PROCESS. Economic Problems and Legal Practice, 2 => 249-254.
Reference list:
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Mezhdunarodnyy Valyutnyy Fond. Informatsionnaya spravka URL: https://www.imf.org/ru/About/Factsheets/IMF-Surveillance (Data obrashcheniya: 10.04.2021)
Evraziyskaya ekonomicheskaya komissiya URL: http://www.eurasian-commission.org/ru/act/finpol/dofp/finance/Documents (Data obrashcheniya: 16.04.2021)
Eatwell J, Taylor L. Global Finance at Risk. The Case for International Regulation // The New Press, 2001. P. 195-196
Endres A. International Financial Integration: Competing Ideas and Policies in the Post-Bretton Woods Era // Springer, 2010. P. 202
Brummer C. How International Financial Law works (and how It Doesn t) // Georgetown Law Journal. 2011. Vol. 99 P. 284
Lee L. The Basel Accords at Soft Law: Strengthening International Banking supervision // Virginia Journal of International Law. 1998. № 39. P. 28
Davies H., David G. Global Financial regulation: The Essential Guide. Cambridge, PolityPress, 2008. P. 15
Metodicheskie rekomendatsii po realizatsii podkhoda k raschetu kreditnogo riska na osnove vnutrennikh reytingov bankov // SPS Konsul tantPlyus URL: http://www.consultant.ru (Data obrashcheniya 17.04.2021)
Davies H., David G. Banking on the Future: The Fall and Rise of Central Banking //PrincestonUniversity Press; First Edition. 2010. P. 112, 183
The World Bank ICR Reports on the Observance of Standards and Codes (ROSCs) URL: http://www.worldbank.org/en/topic/financialsector/brief/reports-on-the-observance-of-standards-and-codes-roscs (Data obrashcheniya: 10.04.2021)
Popova A. KH., Arkauti V. V., Ikaeva L. E. Mezhdunarodnye standarty finansovoy otchetnosti (MSFO): problemy vnedreniya i transformatsii rossiyskoy otchetnosti // Prostranstvo ekonomiki. 2013. №4-2. C. 218
Semenovskiy I. D., Kravets G. I. Mezhdunarodnye obyazatel stva Rossii v bor be s korruptsiey // Nauchnye zapiski molodykh issledovateley. 2014. №1.C. 44
Keywords:
implementation, financial standard, regulator, sovereignty, international financial law.
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