Abstract: The current stage of development of the world financial system determines the need for a comprehensive study of the issues of development of the national financial infrastructure in order to increase its global competitiveness. The subject of this research is the role of non-bank financial intermediary institutions in ensuring the stability and competitiveness of the Russian financial infrastructure. Special attention is paid to the analysis of the level of development of the Russian insurance companies, non-state pension funds and mutual investment funds in comparison with the standard agents overseas, and also a share of bond financing in structure of borrowings of the non-financial organizations performed in the domestic financial market. In the course of writing the article the author has used methods of the comparative, system, structural and statistical analysis of foreign and Russian sources of information. As a result of the research, the author concludes that now the tendencies of strengthening positions of the non-bank financial intermediation which developed in the global financial market aren't typical for the Russian financial infrastructure. Based on the experience of the US and EU in overcoming the consequences of the global financial crisis, the low level of development of the non-bank financial intermediary is defined as a threat to the national infrastructure system stability and sustainable development of the national economy. The author proves the need to change the vector of development of the national financial infrastructure towards the "institutional" model to enhance its stability.

Keywords: insurance companies, collective investments market, insurance market, non-bank financial intermediation, financial security, stability, financial infrastructure, private pension funds, mutual investment funds, financial resourse

References:
Tsentral'nyy bank Rossiyskoy Federatsii. URL: www.cbr.ru.
Statisticheskogo internet-portala Helgi Library. URL: www.helgilibrary.com
ECB Statistical Data Warehouse. URL: sdw.ecb.europa.eu.
Trading Economics. URL: www.tradingeconomics.com.
Federal'naya sluzhba gosudarstvennoy statistiki. URL: www.gks.ru.
The world’s 300 largest pension funds – year ended 2015 // WillisTowersWatson. URL: www.willistowerswatson.com/en/insights/2016/09/The-worlds-300-largest-pension-funds-year-ended-2015.
MetLife Inc. Annual Report 2015 // Financial information. // Investor Relations // MetLife Inc. URL: http://investor.metlife.com/phoenix.zhtml?c=121171&p=irol-reportsannual.
Sharkov N.N. Razvitie finansovoy infrastruktury Rossii kak neobkhodimoe uslovie obespecheniya ekonomicheskogo rosta v usloviyakh finansovoy globalizatsii // Finansy i kredit. 2015. ¹29 (2015). S.47-60.
Garry J. Schinasi Defining Financial Stability. IMF Working paper. 2004. no. WP/04/187. Available at: https://www.imf.org/external/pubs/ft/wp/2004/wp04187.pdf.
Senchagov V.K. Ekonomika, finansy, tseny: evolyutsiya, transformatsiya, bezopasnost'. - M.: «Ankil», 2010. – s. 1120 s. ill.
Ekonomicheskaya bezopasnost' Rossii: Obshchiy kurs: Uchebnik / Pod red. V.K. Senchagova. 2-e izd. - M.: Delo, 2005. - 896 s.
Sokolov Yu.A. Finansovaya bezopasnost' ekonomicheskikh sistem. – M.: «Ankil», 2010. – 264 s.
Finansovaya infrastruktura Rossii: problemy razvitiya v usloviyakh globalizatsii: Monografiya / V.N. Alekseev. – M.: Izdatel'sko-torgovaya korporatsiya «Dashkov i K», 2012. – 220 s.
Alekseev V.N. Vliyanie globalizatsionnykh protsessov na finansovuyu infrastrukturu // Finansovaya analitika: problemy i resheniya. 2014. ¹ 15. S. 51–62.
Michael B. Devereux, Ozge Senay, Alan Sutherland Nominal Stability and Financial Globalization // School of Economics and Finance Discussion Paper. 2013. ¹ 1311. URL: http://www.st-andrews.ac.uk/~wwwecon/repecfiles/4/1311.pdf
Rustamov E. Finansovaya globalizatsiya i kachestvo institutov // Voprosy ekonomiki. 2010. ¹ 2. S. 39–52.
Veron N. Bank versus non-bank credit in the United States, Europe and China. Bruegel policy contribution. 2013. ISSUE 2013/07. URL: http://bruegel.org/wp-content/uploads/imported/publications/pc_2013_07_credit_1_.pdf.
M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei Financial Globalization and Economic Policies. IZA DP. 2009. ¹ 4037. URL: http://ftp.iza.org/dp4037.pdf
M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei Globalization: A Reappraisal // IMF Working Paper. 2006. ¹ WP/06/189. URL: http://www.nber.org/papers/w12484.pdf
Rasporyazhenie Pravitel'stva Rossiyskoy Federatsii ot 29.12.2008 ¹ 2043-r «Ob utverzhdenii Strategii razvitiya finansovogo rynka Rossiyskoy Federatsii na period do 2020 goda» // Konsul'tantPlyus. URL: http://www.consultant.ru/document/cons_doc_LAW_83914

References (transliteration):
Tsentral'nyy bank Rossiyskoy Federatsii. URL: www.cbr.ru.
Statisticheskogo internet-portala Helgi Library. URL: www.helgilibrary.com
ECB Statistical Data Warehouse. URL: sdw.ecb.europa.eu.
Trading Economics. URL: www.tradingeconomics.com.
Federal'naya sluzhba gosudarstvennoy statistiki. URL: www.gks.ru.
The world’s 300 largest pension funds – year ended 2015 // WillisTowersWatson. URL: www.willistowerswatson.com/en/insights/2016/09/The-worlds-300-largest-pension-funds-year-ended-2015.
MetLife Inc. Annual Report 2015 // Financial information. // Investor Relations // MetLife Inc. URL: http://investor.metlife.com/phoenix.zhtml?c=121171&p=irol-reportsannual.
Sharkov N.N. Razvitie finansovoy infrastruktury Rossii kak neobkhodimoe uslovie obespecheniya ekonomicheskogo rosta v usloviyakh finansovoy globalizatsii // Finansy i kredit. 2015. ¹29 (2015). S.47-60.
Garry J. Schinasi Defining Financial Stability. IMF Working paper. 2004. no. WP/04/187. Available at: https://www.imf.org/external/pubs/ft/wp/2004/wp04187.pdf.
Senchagov V.K. Ekonomika, finansy, tseny: evolyutsiya, transformatsiya, bezopasnost'. - M.: «Ankil», 2010. – s. 1120 s. ill.
Ekonomicheskaya bezopasnost' Rossii: Obshchiy kurs: Uchebnik / Pod red. V.K. Senchagova. 2-e izd. - M.: Delo, 2005. - 896 s.
Sokolov Yu.A. Finansovaya bezopasnost' ekonomicheskikh sistem. – M.: «Ankil», 2010. – 264 s.
Finansovaya infrastruktura Rossii: problemy razvitiya v usloviyakh globalizatsii: Monografiya / V.N. Alekseev. – M.: Izdatel'sko-torgovaya korporatsiya «Dashkov i K», 2012. – 220 s.
Alekseev V.N. Vliyanie globalizatsionnykh protsessov na finansovuyu infrastrukturu // Finansovaya analitika: problemy i resheniya. 2014. ¹ 15. S. 51–62.
Michael B. Devereux, Ozge Senay, Alan Sutherland Nominal Stability and Financial Globalization // School of Economics and Finance Discussion Paper. 2013. ¹ 1311. URL: http://www.st-andrews.ac.uk/~wwwecon/repecfiles/4/1311.pdf
Rustamov E. Finansovaya globalizatsiya i kachestvo institutov // Voprosy ekonomiki. 2010. ¹ 2. S. 39–52.
Veron N. Bank versus non-bank credit in the United States, Europe and China. Bruegel policy contribution. 2013. ISSUE 2013/07. URL: http://bruegel.org/wp-content/uploads/imported/publications/pc_2013_07_credit_1_.pdf.
M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei Financial Globalization and Economic Policies. IZA DP. 2009. ¹ 4037. URL: http://ftp.iza.org/dp4037.pdf
M. Ayhan Kose, Eswar Prasad, Kenneth Rogoff, Shang-Jin Wei Globalization: A Reappraisal // IMF Working Paper. 2006. ¹ WP/06/189. URL: http://www.nber.org/papers/w12484.pdf
Rasporyazhenie Pravitel'stva Rossiyskoy Federatsii ot 29.12.2008 ¹ 2043-r «Ob utverzhdenii Strategii razvitiya finansovogo rynka Rossiyskoy Federatsii na period do 2020 goda» // Konsul'tantPlyus. URL: http://www.consultant.ru/document/cons_doc_LAW_83914

Abstract: The present article focuses on the legal regulation of shares as corporate securities under Mexican law. The author affirms that shares are corporate securities in the broadest sense of this term, i.e., securities issued by a commercial entity. In accordance with the applicable Mexican legislation shares are analyzed as pro rata quota of the equity capital of a Joint Stock Company; registered uncertificated security; bundle of rights and obligations. The author describes the emission of no par value shares, designed in the United States, by Mexican corporations. It is examined how the shares can be classified under Mexican law. The analysis of the securities regulation ensures protection of the domestic investors' rights, as well as allows to apply good practices in national law. This article will be of interest to lawyers and other experts in the field of securities markets, as well as specialists in civil law of Latin America countries.

Keywords: private law, Mexico, securities, uncertificated securities, shares, corporate securities, Joint Stock Company, commercial law, Mexican law, corporate financing.

References:
Lukoyanov N.V. Korporativnye bez dokumentarnye tsennye bumagi v prave Ispanii // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya.-M.: Nota Bene, 2014, ¹ 3 (46).-S. 483-487.
Lukoyanov N. Korporativnye bezdokumentarnye tsennye bumagi v prave Rossiyskoy Federatsii / Nikita Lukoyanov // Pravo i upravlenie. XXI vek.-2015.-¹ 1.-S. 35-40.
Butina I. N. Pravovaya sushchnost' sovremennoy aktsii kak tsennoy bumagi//Pravovedenie.-2006.-¹ 6.-S. 67-81.
Korporativnoe pravo: ucheb. dlya studentov vuzov, obuchayushchikhsya po napravleniyu "Yurisprudentsiya"/ otv. red. I.S. Shitkina.-M.: Volters Kluver, 2007. 403 s.
Mirkin Ya.M.. Tsennye bumagi i fondovyy rynok. – M.: Perspektiva, 1995. – 600 s.
Morales García, Guiliermo. Las Acciones Sin Valor Nominal en el Derecho Mexicano. Revista Derecho en Libertad. ¹ 10, 2013. pp. 148-179.
Cook, William W. ’Watered Stock’: Commissions: ‘Blue Sky Laws’: Stocks Without Par Value. Michigan Law Review, April, 1921. pp. 583-598.
Morawetz, Victor. Shares Without Nominal or Par Value. Harvard Law Review. Vol. 26, No. 8, 1913. pp. 729-731.
Berle, A.A. Problems of Non-Par Stock. Columbia Law Review. 25, 1925. pp. 40-57.
Alemán Laín, Pedro. Función del Valor Nominal en las Acciones. Una Aproximación desde el Derecho Norteamericano. España, Arazandi, 2003. p. 81.
Barrera Graf, Jorge. Las Acciones Sin Valor Nominal. Boletín del Instituto del Derecho Comparado. 1958. pp. 9-24
Lukoyanov N.V. Korporativnye bezdokumentarnye tsennye
bumagi v prave Ispanii // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya / Journal of foreighn legislation and comparative law. - 2014. - 3. - C. 483 - 487.
Pavlyuk A.V. K voprosu o ponyatii aktsionernogo obshchestva v rossiyskom prave // Administrativnoe i munitsipal'noe pravo. - 2015. - 1. - C. 8 - 17. DOI: 10.7256/1999-2807.2015.1.12701.
Semilyutina N.G., Solov'eva S. V. Pravovoe regulirovanie skhem kollektivnogo
investirovaniya po pravu Velikobritanii i SShA // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya / Journal of foreighn legislation and comparative law. - 2014. - 1. - C. 49 - 55.

References (transliteration):
Lukoyanov N.V. Korporativnye bez dokumentarnye tsennye bumagi v prave Ispanii // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya.-M.: Nota Bene, 2014, ¹ 3 (46).-S. 483-487.
Lukoyanov N. Korporativnye bezdokumentarnye tsennye bumagi v prave Rossiyskoy Federatsii / Nikita Lukoyanov // Pravo i upravlenie. XXI vek.-2015.-¹ 1.-S. 35-40.
Butina I. N. Pravovaya sushchnost' sovremennoy aktsii kak tsennoy bumagi//Pravovedenie.-2006.-¹ 6.-S. 67-81.
Korporativnoe pravo: ucheb. dlya studentov vuzov, obuchayushchikhsya po napravleniyu "Yurisprudentsiya"/ otv. red. I.S. Shitkina.-M.: Volters Kluver, 2007. 403 s.
Mirkin Ya.M.. Tsennye bumagi i fondovyy rynok. – M.: Perspektiva, 1995. – 600 s.
Morales García, Guiliermo. Las Acciones Sin Valor Nominal en el Derecho Mexicano. Revista Derecho en Libertad. ¹ 10, 2013. pp. 148-179.
Cook, William W. ’Watered Stock’: Commissions: ‘Blue Sky Laws’: Stocks Without Par Value. Michigan Law Review, April, 1921. pp. 583-598.
Morawetz, Victor. Shares Without Nominal or Par Value. Harvard Law Review. Vol. 26, No. 8, 1913. pp. 729-731.
Berle, A.A. Problems of Non-Par Stock. Columbia Law Review. 25, 1925. pp. 40-57.
Alemán Laín, Pedro. Función del Valor Nominal en las Acciones. Una Aproximación desde el Derecho Norteamericano. España, Arazandi, 2003. p. 81.
Barrera Graf, Jorge. Las Acciones Sin Valor Nominal. Boletín del Instituto del Derecho Comparado. 1958. pp. 9-24
Lukoyanov N.V. Korporativnye bezdokumentarnye tsennye
bumagi v prave Ispanii // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya / Journal of foreighn legislation and comparative law. - 2014. - 3. - C. 483 - 487.
Pavlyuk A.V. K voprosu o ponyatii aktsionernogo obshchestva v rossiyskom prave // Administrativnoe i munitsipal'noe pravo. - 2015. - 1. - C. 8 - 17. DOI: 10.7256/1999-2807.2015.1.12701.
Semilyutina N.G., Solov'eva S. V. Pravovoe regulirovanie skhem kollektivnogo
investirovaniya po pravu Velikobritanii i SShA // Zhurnal zarubezhnogo zakonodatel'stva i sravnitel'nogo pravovedeniya / Journal of foreighn legislation and comparative law. - 2014. - 1. - C. 49 - 55.

Abstract: The needs of the population bring to life the necessity of developing a competitive market of financial services that, however, should not permit suppression of regional banks and other structures engaged in save-and-loan activity, by large credit and financial institutions. Upgrading the efficiency of economy implies freedom of entrepreneurship and development of various types of property. Freedom that liberates an individual’s entrepreneurial initiative should be backed with possibility of realization – first of all, availability of resources (including credits); otherwise, it would have rather negative than positive effects. Moreover, competition endows an owner of free monetary resources with a possibility to place them in a business where their safety and purchasing power is best ensured. Development of the market of microfinance services, which is an inalienable part of a financial market, is currently becoming one of the main conditions of forming a competitive landscape. One of the most crucial problems here is providing the reliability of regional financial institutions. Aiming at that, the Central Bank of Russia is toughening its requirements towards all credit and financial institutions, changing the framework of their activities. The article analyzes conditions for forming organizations that provide microfinance services. The author aims at outlining the role of institutions of micro-financing in the development of the economic potential of regions and municipalities. Particular attention is attached to the role of credit cooperation. The author uses the deductive method and the method of comparative analysis of historic realia. He bases on the evolutionary theory, with adherence to the concept of stadial typology of economic development. The novelty of the author’s approach is his suggestion to estimate the market of microfinance services from the position of the interests of regions and municipal units and not of the entire Russia’s market.  The article gives proofs of the necessity to develop microfinance institutions that directly influence social and economic development of a region. Comparing the conditions of functioning of banks and microfinance structures under the Russian government’s current policy, the author comes to the conclusion of small effectiveness of the current approach of Russia’s Central Bank towards controlling both large and small financial and credit institutions. The results of the author’s analysis show that the government’s management has created several competitive advantages to large structures, to the disadvantage of small ones, and that the competitive landscape needs several corrections.

Keywords: competitive conditions, government control management, control of the Central Bank, interests of f region, credit cooperation, microfinance activity, market of financial services, completion preferences, banks, microfinance organizations

References:
Bulgakov S.N. Trudy po sotsiologii i teologii: V 2-kh t. Tom 1.: Ot marksizma k idealizmu / In-t sotsiologii. – M.: Nauka, 1997. – (Sotsiologicheskoe nasledie) – 336 s.
Labykin A., Kalyanina L. Korotkiy rubl' vzbodril agroprom // Ekspert. 2015. ¹15 URL: http://expert.ru/expert/2015/15/korotkij-rubl-vzbodril-agroprom/
Rozanova L.I. Usilenie regional'noy differentsiatsii v protsesse formirovaniya rynka finansovykh uslug. Petrozavodsk: Karel'skiy nauchnyy tsentr RAN, 2012. –140 s.
perioda // Voprosy ekonomiki. 2001, ¹2 s.108-124
Deryabina M. Institutsional'nye aspekty postsotsialisticheskogo perekhodnogo
Shokhina E. Vremya rostovshchika // «Expert Online» 29 may 2014, 13:52 URL: http://expert.ru/2014/05/29/vremya-rostovschika/
Baytenova A.A., Plakhotnaya D.G. Kreditnye soyuzy: isttsy ili otvetchiki? (sudebnaya praktika). M., 2001.-138s.
Agrarnye reformy i kooperatsiya: istoricheskie vekhi / L.I. Rozanova, E.V. Dianova, V.N. Pakhomov i dr.; pod red. L.I. Rozanovoy / Institut ekonomiki KarNTs RAN – Petrozavodsk: Karel'skiy nauchnyy tsentr RAN, 2007,-128 s.
Fedorets M.N. Stanovlenie i razvitie gosudarstvenno-territorial'nogo ustroystva Rossii. // Pravo i politika.-2014.-¹ 12.-C. 1830-1834. DOI: 10.7256/1811-9018.2014.12.13978
Latushkina V.Yu. Istoriko-pravovye aspekty razvitiya kreditnoy kooperatsii v Rossii // Vestnik Volgogradskogo gosudarstvennogo universiteta. Seriya 5: Yurisprudentsiya.-2011. ¹5-14. Tom 1.
Medvedeva H.A. Razvitie sel'skoy kreditnoy kooperatsii v Rossii: sostoyanie i perspektivy // Den'gi i kredit. 2002. N 1, s. 67-71
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Rozanova L.I. Kreditnaya kooperatsiya kak istochnik investitsiy // Region: ekonomika i sotsiologiya. – 2001. ¹ 4, s.194-197
Rozanova L.I. Osobennosti razvitiya kooperatsii v Karelii // Agrarnaya Rossiya. 2003. ¹2. s. 49-54
E.A. Gataulina, R.G. Yanbykh Kreditovanie sel'skogo khozyaystva: sovremennye vyzovy i puti ikh resheniya // Ekonomicheskie nauki. – 2011.-¹ 3 (76).-s. 315-319
Yanbykh R.G. Gosudarstvenno-chastnoe partnerstvo v oblasti finansirovaniya meropriyatiy po razvitiyu sel'skoy kreditnoy kooperatsii // Ekonomicheskie nauki. – 2011.-¹ 11 (84).-s. 240-246.
Rozanova L.I. Differentsiatsiya rynka finansovykh uslug: territorial'no-funktsional'nyy aspekt // Ekonomika Severo-Zapada: problemy i perspektivy razvitiya /Tez. dokl.IV regional'noy nauch.-prakt. konf. 19-20 iyunya 2002 g. S.-Pb.: IRE RAN, 2002.
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Rozanova L.I. Polyarizatsiya prostranstva v usloviyakh proizvodstvenno-finansovoy kontsentratsii v lidiruyushchikh regionakh // NB: Voprosy bezopasnosti. — 2014. ¹ 3, s.206-271. DOI: 10.7256/2306-0417.2014.3.12125
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Rozanova L.I. Al'yans biznesa i organov mestnoy vlasti v tselyakh povysheniya effektivnosti territorial'nogo upravleniya // Aktual'nye voprosy upravleniya munitsipal'noy sobstvennost'yu: Sb. nauch. tr. / Pod red. T.V. Sachuk. – Petrozavodsk: Izd-vo PetrGU, 2009. – 152 s.
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Dolan E.Dzh. i dr. Den'gi, bankovskoe delo i denezhno-kreditnaya politika / Per. s angl. V.Lukashevicha i dr.; pod obshch. red. V.Lukashevicha, M.Yartseva.-SPb., 1994.– 496 s.
Chkhutiashvili L.V. Rossiyskie kommercheskie banki v sovremennykh usloviyakh: osnovnye napravleniya kachestvennogo sovershenstvovaniya i perspektivy razvitiya // Finansy i upravlenie. - 2013. - 2. - C. 51 - 76. DOI: 10.7256/2409-7802.2013.2.641. URL: http://www.e-notabene.ru/flc/article_641.html
M. V. Mikhaylov Bankovskaya sistema kak spetsificheskiy ob'ekt
pravovogo regulirovaniya v usloviyakh
finansovogo krizisa // Pravo i politika. - 2012. - 4. - C. 717 - 725.
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Rozanova L.I. Polyarizatsiya prostranstva v usloviyakh proizvodstvenno-finansovoy kontsentratsii v lidiruyushchikh regionakh // Voprosy bezopasnosti. - 2014. - 3. - C. 206 - 271. DOI: 10.7256/2409-7543.2014.3.12125. URL: http://www.e-notabene.ru/nb/article_12125.html
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Kurakin A.V. Pravovoe regulirovanie bankovskoy deyatel'nosti v Rossiyskoy Federatsii (administrativno-pravovoy aspekt) // NB: Administrativnoe pravo i praktika administrirovaniya. - 2013. - 11. - C. 69 - 100. DOI: 10.7256/2306-9945.2013.11.10603. URL: http://www.e-notabene.ru/al/article_10603.html
Akopyan O.A. Novye tendentsii v regulirovanii
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References (transliteration):
Bulgakov S.N. Trudy po sotsiologii i teologii: V 2-kh t. Tom 1.: Ot marksizma k idealizmu / In-t sotsiologii. – M.: Nauka, 1997. – (Sotsiologicheskoe nasledie) – 336 s.
Labykin A., Kalyanina L. Korotkiy rubl' vzbodril agroprom // Ekspert. 2015. ¹15 URL: http://expert.ru/expert/2015/15/korotkij-rubl-vzbodril-agroprom/
Rozanova L.I. Usilenie regional'noy differentsiatsii v protsesse formirovaniya rynka finansovykh uslug. Petrozavodsk: Karel'skiy nauchnyy tsentr RAN, 2012. –140 s.
perioda // Voprosy ekonomiki. 2001, ¹2 s.108-124
Deryabina M. Institutsional'nye aspekty postsotsialisticheskogo perekhodnogo
Shokhina E. Vremya rostovshchika // «Expert Online» 29 may 2014, 13:52 URL: http://expert.ru/2014/05/29/vremya-rostovschika/
Baytenova A.A., Plakhotnaya D.G. Kreditnye soyuzy: isttsy ili otvetchiki? (sudebnaya praktika). M., 2001.-138s.
Agrarnye reformy i kooperatsiya: istoricheskie vekhi / L.I. Rozanova, E.V. Dianova, V.N. Pakhomov i dr.; pod red. L.I. Rozanovoy / Institut ekonomiki KarNTs RAN – Petrozavodsk: Karel'skiy nauchnyy tsentr RAN, 2007,-128 s.
Fedorets M.N. Stanovlenie i razvitie gosudarstvenno-territorial'nogo ustroystva Rossii. // Pravo i politika.-2014.-¹ 12.-C. 1830-1834. DOI: 10.7256/1811-9018.2014.12.13978
Latushkina V.Yu. Istoriko-pravovye aspekty razvitiya kreditnoy kooperatsii v Rossii // Vestnik Volgogradskogo gosudarstvennogo universiteta. Seriya 5: Yurisprudentsiya.-2011. ¹5-14. Tom 1.
Medvedeva H.A. Razvitie sel'skoy kreditnoy kooperatsii v Rossii: sostoyanie i perspektivy // Den'gi i kredit. 2002. N 1, s. 67-71
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Abstract: The study outlines the main stages of development of the financial market law and its institutions: banking law, insurance law, the law of the securities market, the foreign exchange law. The study briefly sketches the origins of the financial market law in the ancient world and gives a more detailed description of further development of legal norms in Western Europe, the United States and Russia. The author explains the distinguishing features of the Russian financial market law such as lagged development and inherent public legal nature. The main methods of research are: logical, comparative law, comparative historical and formal dogmatic. The author notes that the specific feature of the Russian financial market law is the inherent prevalence of public and legal element. The public and legal regulation in the financial market has reached its culmination in Soviet period. Currently, there is an increase in number of legal acts reinforcing government intervention in the financial market.

Keywords: finance law, evolution of law, financial markets, public law, banking public law, public insurance law, securities market, foreign exchange law, stages of law development, origins.

References:
Abramov V.Yu. Strakhovanie: teoriya i praktika. – M., Volters Kluver, 2007
Anikin A.V. Istoriya finansovykh potryaseniy. Rossiyskiy krizis v svete mirovogo opyta. 3-e izd. M., 2009.
Arkhipov A.P., Gomellya V.B., Tulenty D.S. Strakhovanie. Sovremennyy kurs. M., 2008.
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Iering R. O zadache i metode istorii prava //Zhurnal «Ministerstvo yustitsii». 1896, ¹ 2
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http://www.oldest-share.com. Data posl. poseshch. 10.12.2014.
Ukazannye instituty mozhno takzhe imenovat' sootvetstvenno kak bankovskoe publichnoe pravo, strakhovoe publichnoe pravo, publichnoe pravo rynka tsennykh bumag.
Bytuet i uzkoe ponimanie finansovogo rynka kak rynka tsennykh bumag i proizvodnykh finansovykh instrumentov.
Odna iz versiy proiskhozhdeniya slova bank ot ital. Banco – skam'ya. Pervyy bank byl otkryt v Venetsii v 1156 g.
O strakhovanii rabochikh ot neschastnykh sluchaev. Vys. utv. odobr. Gosud. Sovetom i Gosud. Dumoy 23 iyunya 1912 g. //Sobr. uzak. i raspor. Pravitel'stva. 1912. Iyulya 11. Otd. 1 ¹ 141. St. 1230; Polozhenie ob obespechenii rabochikh na sluchay bolezni // Vys. utv. odobr. Gosud. Sovetom i Gosud. Dumoy 23 iyunya 1912 g. //Sobr. uzak. i raspor. Pravitel'stva. 1912. Iyulya 11. Otd. 1 ¹ 141. St. 1229; Polozhenie o nadzore za deyatel'nost'yu strakhovykh uchrezhdeniy i obshchestv ot 6 iyunya 1894 g.//Strakhovoe obozrenie. SPb., 1894. ¹6. S. 390.

References (transliteration):
Abramov V.Yu. Strakhovanie: teoriya i praktika. – M., Volters Kluver, 2007
Anikin A.V. Istoriya finansovykh potryaseniy. Rossiyskiy krizis v svete mirovogo opyta. 3-e izd. M., 2009.
Arkhipov A.P., Gomellya V.B., Tulenty D.S. Strakhovanie. Sovremennyy kurs. M., 2008.
Bel'skiy K. S. Istoki i obzor rossiyskogo finansovogo prava ot obrazovaniya Drevnerusskogo gosudarstva do nachala XX veka // Gosudarstvo i pravo. 2014.-¹ 10.
Doklad komissii finansovykh ekspertov OON /per. s angl. M., 2010.
Iering R. O zadache i metode istorii prava //Zhurnal «Ministerstvo yustitsii». 1896, ¹ 2
Katasonov V.Yu. Khozyaeva deneg. 100-letnyaya istoriya FRS. M., 2014;
Koneev Menke. Iz istorii rynka tsennykh bumag Rossii / RTsB, iyul' 2008 // www.rcb.ru/rcb/2008-13/13983/. Data posl. poseshch. 14.12.2014.
Krokhina Yu.A. Valyutnoe pravo: uchebnik dlya vuzov / Yu.A. Krokhina, Yu.L. Smirnikova, Yu.V. Tyutina. M., 2007.
Proshunin M.M. Bankovskoe pravo /Pod red. S.V. Zapol'skogo. M., 2010.
Rynok tsennykh bumag: uchebnoe posobie /E.V. Alekseeva, S.Sh. Muradova. Rostov n/D, 2009.
Serebrovskiy V.I. Ocherki strakhovogo prava // Izbrannye trudy po nasledstvennomu i strakhovomu pravu. M., Statut, 2003.
Strakhovoe pravo / Pod red. V.V. Shakhova, V.N. Grigor'eva, A.P. Arkhipova. – M., 2008.
Tropskaya S.S., Romanovskiy M.V., Tsindeliani I.A. Strakhovoe pravo. M., 2011.
Fedorova M.Yu. Teoreticheskie problemy pravovogo regulirovaniya sotsial'nogo strakhovaniya: diss. na soisk. uch. st. d.yu.n. SPb., 2003.
Finansovye rynka i finansovo-kreditnye instituty / Pod red. G.N. Beloglazovoy, L.P. Krolivetskoy. – SPb, 2014.
Khasbulatov R.I. Mezhdunarodnyy finansy. M., 2014.
Pezzolo L. Government Debts and Trusts. French Kings and Roman Popes as Borrows //Rivista di Storia Economica. XV. 1999.
http://www.oldest-share.com. Data posl. poseshch. 10.12.2014.
Ukazannye instituty mozhno takzhe imenovat' sootvetstvenno kak bankovskoe publichnoe pravo, strakhovoe publichnoe pravo, publichnoe pravo rynka tsennykh bumag.
Bytuet i uzkoe ponimanie finansovogo rynka kak rynka tsennykh bumag i proizvodnykh finansovykh instrumentov.
Odna iz versiy proiskhozhdeniya slova bank ot ital. Banco – skam'ya. Pervyy bank byl otkryt v Venetsii v 1156 g.
O strakhovanii rabochikh ot neschastnykh sluchaev. Vys. utv. odobr. Gosud. Sovetom i Gosud. Dumoy 23 iyunya 1912 g. //Sobr. uzak. i raspor. Pravitel'stva. 1912. Iyulya 11. Otd. 1 ¹ 141. St. 1230; Polozhenie ob obespechenii rabochikh na sluchay bolezni // Vys. utv. odobr. Gosud. Sovetom i Gosud. Dumoy 23 iyunya 1912 g. //Sobr. uzak. i raspor. Pravitel'stva. 1912. Iyulya 11. Otd. 1 ¹ 141. St. 1229; Polozhenie o nadzore za deyatel'nost'yu strakhovykh uchrezhdeniy i obshchestv ot 6 iyunya 1894 g.//Strakhovoe obozrenie. SPb., 1894. ¹6. S. 390.