Federal Service for Financial Markets (FFMS)

The state is an integral political-legal, multifunctional structure. The directions of its direct activity concern all spheres of life of the population. An example of such a state is the Russian Federation. This is a progressive democratic civilian country in which the main source of regulation of public relations is law. It is worth noting that one of the most important functions of the state is supervision and control in certain areas. These tasks are implemented by the country constantly, through special authorities. There are structures in the system of such departments whose tasks are distinguished by their specificity and, in a way, even uniqueness. As a rule, such special organs operate in no less interesting areas of life. Moreover, their existence is necessary, because no one has canceled the task of coordinating society. Such bodies today include 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.

Organ concept

The Federal Service for Financial Markets is a body of the executive branch of government that implements functions aimed at regulating the sphere of financial markets. To date, the structure is non-existent due to the abolition in 2013. Nevertheless, over a long period of existence, the service actively struggled with various manipulations in the financial markets, as well as exercised supervision in this area.

History of the creation and development of the organ

The Federal Service for Financial Markets appeared back in 2004 as a result of the Decree of the President of the Russian Federation. The agency, in essence, was a "national team." In other words, the functions of other bodies, subsequently abolished, were included in its functionality. Thus, the Federal Service for Financial Markets took over the functions of the following structures, namely:

• securities market commissions;
• Ministry of Labor of the Russian Federation;
• Ministry of the Russian Federation for Antitrust Policy.

In 2011, the service is undergoing a reformation. It includes a department dealing with insurance supervision. But in 2013, the FFMS was abolished and joined the Central Bank, and subsequently - the Bank of Russia. Today, there is the Bank of Russia Service.

Normative base

The Federal Service for Financial Markets (FFMS) operates on the basis of the provisions of certain regulatory acts of our state. This shows the principle of the rule of law and the rule of law in the activities of the department. The main regulatory acts, the provisions of which are used in his 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, president;
• international treaties;
• Regulation on the Federal Financial Markets Service.

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 direct powers. At the same time, a competent regulatory framework makes it possible to implement all functions as accurately, fully and efficiently as possible.

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 have already indicated earlier, the objectives of the main areas of activity of the service include goals previously owned by other executive bodies. Key functions are provided for in the Regulation on the FFMS. Based on the statements that are indicated in it, it can be argued that the Federal Service for Financial Markets was created to:

1. Issue and registration of special securities, prospectuses of these documents, as well as the creation of reports on this activity.
   
2. Ensuring transparency of information on the market in accordance with the provisions of the laws of Russia.
3. Supervision of professional players in the securities market, joint-stock funds of an investment nature, non-state pension funds, etc.
4. Supervision and control in the field of insurance activities, which includes maintaining the Register of insurance entities, issuing licenses to brokers, insurance companies, monitoring the actual implementation of industry regulations, etc.

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 field of the corresponding type of regulation.

FSFM structure

Any government agency has its own functional structure, which allows it to implement all tasks as competently and effectively as possible. The Federal Service for Financial Markets consists of a central office and autonomous bodies of territorial significance. The system of the first element includes: management of equity securities, management of the organization and conduct of activities of a supervisory nature, administrative management, etc. That is, the central office contains the main units in all areas of the service.

Territorial authorities allow performing the functions of local services. These units at one time were in nine districts of the Russian Federation.

Leadership and international activities

As we know, the Federal Service for Financial Markets has been abolished today. The structural unit in the Bank of Russia became an analogy to the body. Nevertheless, during its existence, the department managed to gain a certain authority. For example, the FFMS 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. Today this person is the chairman of the board of the EDB (Eurasian Development Bank). Most of the management of the service passed to the Central Bank of Russia, except for Pankin.

Conclusion

So, we examined what the once-existing Federal Service for Financial Markets represents. The department performed important tasks. Therefore, one can only hope that the existing analogue of it will become no less functional body in the financial sphere of our time.