NOTION OF INTERNATIONAL FINANCIAL LAW: SPECIFIC ISSUES

Introduction. Diversity of international financial legal order results in different approaches to the term ‘international financial law’ (IFL). Author argues that the latter refers to the segment of international public law and governs relations between states and international intergovernmental organizations (IGOs).

Materials and methods. The materials for the article were the works of  Russian and foreign researchers in the field of international economic and international financial law. . The methodological basis of the research consists of general scientific and special methods:  dialectical method, methods of analysis and synthesis, deduction and induction, comparative legal and historical legal methods.

Research results. In the article the definition of the IFL is specified as well as its components. The subject matter of the IFL can be divided into three units: 1) public actors relations on the intercourse of money and securities and on the debt restructuring; 2) state relations on the internal regulation in financial affairs including public law regimes in budget, tax, currency control politics, banking, insurance and securities regulation and money laundry prevention as well as regulation of financial reporting, audit and appraisal activities; 3) relations of states and IGOs on the normative and institutional foundations of the international legal order.

Discussion and conclusions. The author shows that the system of the IFL sources contains few multilateral international conventions. In particular cases variety of non-normative treaties (for instance loan agreements between the IMF and borrowing states or debt restructuring agreements in the framework of the Paris club) by applying the same or similar provisions forms a repeated practice of the states and IGOs. This practice being summarized in the documents of the international organizations and paraorganizations tends to form an international customs. Non-obligatory acts named ‘International Financial Standards’ (IFS) are widely used for the sake of harmonization of the different states laws. Standard setters of such IFSs are IGOs (IMF, IBRD, OECD), non-state organizations (International Accountant Standard Board) and bodies with intermediate character (Financial Stability Board, International Organization of Securities Commissions).

international financial law, subject matter, non-normative treaties, international financial standards, IMF, FSB, IOSCO

1. Bamford C. Principles of International Financial Law. Oxford: Oxford University Press. 2015. 384 p.

2. Bogatyrev A.G., Maleev Yu.N. Otrasl’ mezhdunarodnogo prava i termin “mezhdunarodnoe transportnoe parvo” [What is International Transport Law in the System of International Law?]. – Moscow Journal of International Law. 2016. No. 2 (102). P. 4–13. (In Russ.)

3. Brownlie I. Principles of Public International Law. Oxford: Oxford University Press. 2008. 784 p.

4. Byttebier K. Towards a New International Monetary Order (Economic and Financial Law and Policy – Shifting Insides and Values Series). Brussels: Springer. 2017. 501 p.

5. Chernichenko S.V. Kontury mezhdunarodnogo prava. Obshchie voprosy [International Law Contours]. Moscow: Nauchnaya kniga Publ. 2014. 592 p. (In Russ.)

6. Erpyleva N.Yu. 2012. Mezhdunarodnoe bankovskoe pravo: teoriya i praktika primeneniya [International Banking Law: theory and practice]. Moscow: NIU VShE Publ. 2012. 671 p. (In Russ.)

7. Financial Regulation and Supervision: A Post-Crisis Analysis. Ed. by Wymeersch E., Hopt K., Ferrarini G. Oxford: Oxford University Press. 2012. 560 p.

8. Herdegen M. Principles of International Economic Law. Oxford: Oxford University Press. 2016. 624 p.

9. International Economic Law after the Global Crisis. Ed. by C.L. Lim, Bryan Mercurio. Cambridge: Cambridge University Press. 2015. 557 p.

10. International Law in Financial Regulation and Monetary Affairs (International Economic Law Series). Ed. by Cottier T., Jackson J.H., Lastra R.M. Oxford: Oxford University Press. 2012. 512 p.

11. International Monetary and Financial Law: The Global Crisis. Ed by Giovanoli M., Devos D. Oxford: Oxford University Press. 2011. 610 p.

12. Konnov V.A. O roli myagkogo mezhdunarodnogo prava v regulirovanii mezhgosudarstvennykh otnoshenii po preduprezhdeniyu i preodoleniyu finansovo-ekonomicheskikh krizisov [A Soft Law Role in the Regulation of Interstate Relations on Financial Crisis Prevention]. – Evraziiskaya advokatura. 2014. No. 3 (10). P. 78–83. (In Russ.)

13. Kudryashov V.V. Zarubezhnaya doktrina mezhdunarodnogo finansovogo prava: problema identifikatsii [Foreign Doctrine of International Financial Law: identification problem]. – Rossiiskaya yustitsiya. 2012. No. 9. P. 2–7. (In Russ.)

14. Kurs mezhdunarodnogo prava. V 7 t. T. 1. Ponyatie, predmet i sistema mezhdunarodnogo prava. Gl. red. V.N. Kudryavtsev [International Law Course. In 7 volumes. Vol. 1. Definition, subject and system of international law. Editor-in-Chief V.N. Kudryavtsev]. Moscow: Nauka Publ. 1989. 360 p. (In Russ.)

15. Leist O.E. Sushchnost’ prava [The Essence of Law]. Moscow: Zertsalo-M. Publ. 2011. 340 p. (In Russ.)

16. Lifshits I.M. Reforma pravovogo regulirovaniya rynka tsennykh bumag v Evropeiskom Soyuze [EU Securities Regulation Reform]. – Moscow Journal of International Law. 2010. No. 2 (78). P. 125–141. (In Russ.)

17. Nefedov B.I. Reguliruet li mezhdunarodnoe pravo otnosheniya s uchastiem lits? (Chast’ 2) [Does International Law Regulate Relations with Participation of Individuals? (Part 2)]. – Moscow Journal of International Law. 2017. No. 2(106). P. 3–17. DOI: 10.24833/0869-00492017-2-106-3-17

18. Nefedov B.I. Vozniknovenie mezhdunarodnogo chastnogo prava. Chast’ 1 [The Emergence of International Private Law. Part I]. – Moscow Journal of International Law. 2016. No. 1 (101). P. 3–18. (In Russ.)

19. Oppenheim L. International Law: a treatise. Vol. 1. Peace. New York and Bombay: Longmans, Green, and Co. 1905. 610 p.

20. Sebastianutti P. What is the thing called international financial law? – Law and Financial Markets Review. 2009. Vol. 3. No. 1. P. 64–71.

21. Shumilov V.M. Mezhdunarodnoe finansovoe pravo: ponyatie, predmet, sistema [International Financial Law: definition, subject matter, system]. – Rossiiskii vneshneekonomicheskii vestnik. 2005. No. 6. P. 67–69. (In Russ.)

22. The changing landscape of global financial governance and the role of soft law. Ed. by Wieiss F., Kammel A.J., Nijhoff B. Boston; Leiden: Brill | Nijhoff. 2015. 424 p.

23. The Rule of Law in Monetary Affairs. Ed. by Thomas Cottier, Rosa M. Lastra and Christian Tietje. Cambridge: Cambridge University Press. 2014. 614 p.

24. Tunkin G.I. Teoriya mezhdunarodnogo prava [Theory of International Law]. Moscow: Zertsalo Publ. 2009. 396 p. (In Russ.)

25. Vel’yaminov G.V. Pravo natsional’noe i mezhdunarodnoe [International and national law]. Moscow: Prospekt Publ. 2017. 248 p. (In Russ.)

26. Vinnitskii D.V. Mezhdunarodnoe nalogovoe pravo: problemy teorii i praktiki [International Tax Law: theory and practical issues]. Moscow: Statut Publ. 2017. 463 p. (In Russ.)

27. Volova L.I. Mezhdunarodnoe finansovoe i mezhdunarodnoe investitsionnoe pravo v sisteme obshchego mezhdunarodnogo prava [International Financial and International Investment Law in the System of General International Law]. Moscow: Yurlitinform Publ. 2014. 184 p. (In Russ.)

28. Vylegzhanin A.N., Alfer’eva K.E. Vklad Mezhdunarodnogo Suda OON v razvitie mezhdunarodnogo ekonomicheskogo prava [Contribution of the International Court of justice to the Development of International Economic Law]. – Moscow Journal of International Law. 2016. No. 3 (103). P. 32–48. (In Russ.)