Financial Law

Financial Law


in the USSR and other socialist countries, the branch of law that regulates social relationships arising from the state’s financial activities. The involvement of the state in finances was increased by the transfer of the basic means of production to state ownership and by the state’s assumption of direct administration of economic and sociocultural construction. The state has at its disposal a large share of the national income, more than half of which is handled by the state budget. By means of the budget and other institutions of the financial system, the state ensures the planned accumulation, distribution, and use of monetary assets and the systematic supervision of finances.

Financial activity is a particular type of activity in the exercise of state power and state administration and is regulated as a whole by the norms of administrative and state law. Financial law has been separated from these branches of law and made into an independent branch because of the specific nature of the subject of the relationships regulated and because of the scale and significance of financial legislation. At the same time, the principles and general provisions of administrative and state law apply to these relationships. Financial law applies only to those financial relationships that are of an organizational nature; those based on contracts are regulated by civil law. For example, financial law covers questions of the organization of banking and the system of accounts but does not apply to relationships between bank institutions and recipients of credit or between clients settling accounts.

The principal institutions of financial law are budget law, the legal regulation of state incomes and state expenditures, foreign-exchange legislation, and the legal bases of the organization of credit, accounting, and money circulation.

In capitalist countries, including prerevolutionary Russia, attempts were made to structure financial law as a separate branch of law, but the success of these attempts was far from universal. In a number of bourgeois states the legal norms relating to the financial activity of the state are considered to be norms of state law (constitutional law) on the one hand and of administrative law on the other.


Rovinskii, E. A. Osnovnye voprosy teorii sovetskogo finansovogo prava. Moscow, 1960.
Piskotin, M. I. Sovetskoe biudzhetnoe pravo (Osnovnye problemy). Moscow, 1971.
Sovetskoe finansovoe pravo, 2nd ed. Moscow, 1974.
References in periodicals archive ?
Summary: The DIFC Centre of Excellence today announced it will work with the University of LondonCOs Centre for Financial and Management Studies (CeFiMS) at the School of Oriental and African Studies (SOAS) to offer its MSc degree in Finance and Financial Law in the region.
The subjects covered in the programme will include corporate finance, financial law and risk management.
The book covers new energy and environmental markets and their developing framework of corporate, regulatory, tax and financial law and includes information on topics ranging from the fall-out from Enron's bankruptcy and the near demise of energy merchant trading, the expansion of energy and environmental trading, and contractual frameworks that address such issues as climate change.
Cabinet endorses financial law revision to tackle global competition
European Central bank deputy general counsel and head of the financial law division said that the GCC could learn lessons from the creation of the European single currency and that about 50 per cent of what they had done could be incorporated into creating the GCC currency.
The recent Finance Bill was designed to ensure that financial law could accommodate the principles of Sharia Law, which stems from the teachings and principles of the Koran.
Talking about the financial law, Zubaidi said the ministry sought to
19 contains immediate funding cuts for federal regulators working to implement the Dodd-Frank financial law.
Subject of the framework agreement, the accompanying legal support of the Austrian Financial Market Authority (FMA), and in particular the advice and representation before authorities and courts of the FMA in its capacity as settlement authority pursuant BASAG, particularly in the fields of capital market law, insolvency law, banking and stock exchange law, financial law, financial market supervision law , securities law, European law, company law, contract law and public law.
com/research/d8hnzt/international) has announced the addition of the "International Financial Law Review" newsletter to their offering.
The bill would delay the implementation of a controversial provision in the 2010 Dodd-Frank financial law until 2019.
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has received the prestigious 'Islamic Bank of the Year 2014' award for the second consecutive year from the International Financial Law Review (IFLR).

Full browser ?