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.

REFERENCES

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 ?
The Finance Ministry is presently studying the elaboration of the complementary financial law following the requirements of the national economy and expectations of the inland regions, while making sure to keep the budget deficit under control, in such a manner as to preserve the financial balances.
The company has also launched European Company and Financial Law Review, a new quarterly for lawmakers on both the European and national levels, courts, lawyers, banks, in-house counsel, accountants and notaries who work with European company law.
The program would have three components: (a) regulation of the Execution of the Monetary Policy and Adjustment of the structure of the Central Bank to fulfill the objectives of the new Monetary Law; (b) strengthening of the banking supervision and development of the financial market; and (c) creation of a secondary bank--the new Monetary and Financial Law includes the constitution of a new secondary bank that will be dedicated to the arrangement and facilitation of resources for the productive sectors, as well as the promotion of a secondary market of mortgages.
In line with this strategy, the structural tax and social security contribution reductions, introduced with the Financial Law for 2001, are assumed to be backed by higher than expected revenues accruing from a broader tax base and more effective tax collection.
Offered as part of BNAI's "World Financial Law Library Series," the new title includes information and news coverage on the latest money laundering prevention initiatives and the institution/client investment relationship.
The subject of the public contract is the provision of legal services in the Civil Code, including commercial-legal relations, financial law, administrative law and competition law, labor law, medical law, further legislation on public procurement, including representation in proceedings before the Office for Protection of Competition .
Part 2 analyzes specific legal and policy responses, addressing areas such as the Dodd-Frank Act, consumer protection through soft law, and the politics of international financial law in the aftermath of the global financial crisis of 2008.
Following a general report by editor Wymeersch (director, Financial Law Institute, Ghent U.

Full browser ?