International law in the context of economic globalization

1. Minimum capital requirements.

2. The supervisory review process.

3. Market discipline;

- 20 other international-legal documents, issued by the Basel Committee, the norms of which regulate banking supervision, financial monitoring, management of banking risks and cross-border banking transactions The international legal documents issued by the Basel committee on bank supervision, available at: (visited 6 November, 2018).:

1. Part B of the Amendment to the Capital Accord to Incorporate Market Risks, January 1996, Final.

2. Core Principles for Effective Banking Supervision, September 1997, Final.

3. The Core Principles Methodology, October 1999, Final.

4. Risk Management Guidelines for Derivatives, July 1994, Final.

5. Management of Interest Rate Risk, September 1997, Final.

6. Risk Management for Electronic Banking, March 1998, Final.

7. Framework for Internal Controls, September 1998, Final.

8. Sound Practices for Banks' Interactions with Highly Leveraged Institutions, January 1999, Final.

9. Enhancing Corporate Governance, August 1999, Final.

10. Sound Practices for Managing Liquidity, February 2000, Final.

11. Principles for the Management of Credit Risk, September 2000, Final.

12. Supervisory Guidance for Managing Settlement Risk in Foreign Exchange Transactions, September 2000, Final.

13. Principles for the Management and Supervision of Interest Rate Risk, January 2001, For Comment.

14. Risk Management Principles for Electronic Banking, May 2001, For Comment.

15. Internal Audit in Banks and the Supervisor's Relationship with Auditors, August 2001, Final

16. Customer Due Diligence for Banks, October 2001, Final.

17. The Relationship between Banking Supervisors and Banks' External Auditors, January 2002, Final.

18. Supervisory Guidance for Dealing with Weak Banks, March 2002, Final.

19. Management and Supervision of Cross-border Electronic Banking Activities, October 2002, For Comment.

20. Sound Practices for the Management and Supervision of Operational Risk, February 2003, Final.

Provisions of Basel-3 offer new international legal regulators: standards of the capital, a ratio loan and equity, liquidity for strengthening of regulation, supervision and a risk management in the banking sector. Standards of the capital and new buffers of the capital will demand from banks of the bigger size of the capital and also bigger quality of this capital in comparison with the standards adopted in Basel-2. The new relation of the capital to borrowed funds enters a risk-free basis for calculation of the minimum requirements to the capital in addition to the system of calculation on the basis of risk. New coefficients of liquidity provide implementation of adequate financing in crisis situations.

Bankruptcy of a number of large international banks and banking groups has induced the Basel committee of bank supervision to establish obligatory international norms-principles concerning them in the special document carrying the name “Basel Concordat” The international-legal documents regulating activity of large international banks and banking groups “Ba-sel Concordat”, available (date of viewing 6 November 2018).. In its basis the following norms-principles are:

- national bank authorities of the host country and country of origin on the consolidated basis have to carry out supervision of the international banks and the international banking groups;

- preliminary permission of the governing bodies of regulation and supervision to creation of the international bank organization will be settled by the bilateral memorandum signed by authorized the governing bodies of both countries;

- national authorities of regulation and supervision as host country, so countries of origin have rights of collection of information about the international banks and banking groups, which exchange between these bodies has to be carried out according to the principles of reciprocity and confidentiality;

- the right of the governing body of regulation and supervision of the host country when determining discrepancy of norms of law of the country of origin of bank the accepted international norms-principles -- to forbid the international operations or to impose on them the restrictions corresponding to these norms-principles;

- an obligation of governing body of regulation and supervision of the country of origin of bank -- to inform the governing bodies of the host country on change of the rules of law having substantial effects for the international operations of bank.

One of the most dangerous risks for participants of the global financial market is the risk of loss of reputation as reliable business partner in closely connected corporate ethics to the financial environment. There is so-called `crisis of confidence'. He arises because of operational failures during the carrying out financial transactions, inability to carry out profitable activity only according to the legislation and also at emergence of suspicions of communications with criminal structures or in inability of financial management to effectively counteract legalization (washing) of income gained in the criminal way and terrorism financing and also other illegal activity.

In such situation the arising risk of insufficient liquidity caused by loss of business reputation results to risk of insolvency and loss of financial stability and, eventually, to the termination of activity of the financial organization. Problems of one financial organization affect at reputation of all national financial system of the state.

The Wolfsberg' principles Wolfsberg' norms-principles, available (date of viewing 6 October 2018)., which with good reason can be referred to the international norms-principles, contain the priority principles in activities of banks for prevention of use of a banking system for legalization of income, gained in the criminal way. The policy of bank has to be aimed at prevention of use of transnational operations for criminal intents.

The basis of the policy of any bank in this sphere of activity in accordance with the Wolfsberg' principles should be the normes according to which the bank can establish relations only with those clients have to be the cornerstone of policy of any bank, concerning sources of income or financing of activity of which their legal origin can be reasonably confirmed. At the same time Volfsberg' norms- principles assume that concrete mechanisms of counteraction to laundering of income gained in the criminal way can be determined by a discretion of bank Wolfsberg' Statement Guidance on a Risk Based Approach for Managing Money Laundering Risks, avail-able at: .

Legal regulation on the basis of the developed international financial and legal regulators does transparent and uniform requirements imposed to legal regulation of the relations in the sphere of finance in various states at the conditions of global economic space. And the changes connected with activity of a world financial turn, globalization of the monetary relations, leading to internationalization of financial crises and the necessity caused in this regard in international-legal regulation in this sphere of activity, directly affect the law-making process connected with adoption of the international integration acts governing the relations in the sphere of finance.

International-legal standardization of insurance activity

Insurance is one of the most important components of the economic system of the state and can not be excluded from the process of global economic integration. For example, insurance of catastrophic risks due to their scale and the impossibility of making insurance these risks sometimes even in the whole country makes an irreversible process of integration of national insurance systems. Means of such integration are primarily reinsurance means that allow insurance companies to timely cope with virtually any size and complexity of the risks.

Globalization in the insurance sphere is shown in the following:

- formation of global insurance market as a component of the global economic market;

- the concentration of insurance capital, including the merging of insurance and banking capital, leading to the formation of transnational insurance corporations whose capital is increasingly seeks beyond national jurisdiction, and the size of assets and working capital of transnational insurance corporations are comparable to the budgets of separate countries;

- growth of international portfolio investment of insurance structures;

- increase in the number of international insurance transactions and, as a consequence of this, the expansion of the spectrum (the change of traditional forms and types) provided insurance services;

- regulation of the economic relations in the sphere of insurance by the rules of law having supranational/transnational character.

The basis of integration international-legal standardization of regulatory requirements for insurance companies make up: conditions of establishment of the insurance company; procedure for the formation of insurance reserve funds; conditions of investment money means of these funds; order of accounting and reporting requirements; regulation of a margin of solvency and financial stability of insurance companies and etc. Under the standards of the integration of international-legal regulation in the insurance sphere understands uniform requirements for insurance companies about providing their solvency and financial stability, aimed at protecting the interests of policyholders.

International Association of Insurance Supervisors (IAIS) has developed standards, establishing basic quantitative and qualitative parameters of the requirements for insurance supervision to the activities of insurance companies.

By the `Methodology of the Basic Principles of Insurance' standard Methodology of the Basic Principles of Insurance available (date of viewing 6 November 2018) it is regulated: organization of insurance supervision and criteria of his implementation; conditions of licensing of insurance companies and their corporate management; adequacy of the capital and assets of insurance companies with their obligations, including derivatives and notes; conditions and principles of reinsurance and conduct transboundary transactions; financial reporting and auditing, including internal; financial monitoring; criteria for confidential information.

The basis “IAIS -- Investments Subcommittee” IAIS -- Investments Subcommittee. available at. (date of viewing 6 November 2018). -- the norms-principles regulating investment activities of insurance companies including: investment policy and strategy of insurance companies; management of investment risks; property responsibility of insurance companies; financial monitoring and audit of investment activities, including internal control.

Besides, it should be noted, as professional associations of participants of the financial markets develop the international norms-principles, governing the relations in the financial sector of economy in spheres of the interests and competence -- such as international organizations: International Accounting Standards Committee -- IASC, International Swaps and Derivatives Association -- ISDA, International Securities Market Association -- ISMA, Emerging Market Traders Association -- EMTA, Federation of European Risk Management Associations -- FERMA, Risk and Insurance Management Society -- RIMS and etc.

These institutions of international-legal integrated regulation at the areas of economics and finance are implemented in a united, integrative international legislation.

Moreover, the formation of the world's economic space, and as a result, the global market, in turn, puts forward for solutions of questions about globalization of governance in the sphere

of economics and finance on the basis of the legal array of an international integrated law. Prototype of such global governance, carried out in the sphere of economics and finance, in our opinion, is currently formed at countries, that have acceded to the World Trade Organization (WTO).

Conclusions

Process of globalization not only is followed by gain of a role of international law as regulator of integration processes, but also promotes high-quality change of last. Changes are shown in subject and object spheres, methods of legal regulation and the functional directivity of international law.

In the subject sphere. Expansion of structure of the international relations due to inclusion of the mixed relations (between the states and non-state entities) and the non-state relations has led to emergence of new subjects of international law: nongovernmental organizations, individuals, multinational corporations, administrative- territorial educations (subjects of federations), international judicial. legal international law bank

Institutions though having the smaller volume of legal personality in comparison with the states (the main subjects of international law). Owing to this fact the intemational law is lost by the purely interstate character, being transformed to the international integration law.

In the object sphere. As it was already specified, an object of international law is mobile and extends as due to appearance of new areas of interstate cooperation (a cyberspace, genetic engineering), and by regulation of the questions which were earlier in exceptional competence of the state. Human rights, environment protection, economy, defense, political system concern them. Practically any question at will of the states can become a subject of joint regulation of the international and national law.

Distribution of the regulating influence of international law on a scope of national jurisdiction especially brightly is shown in a regulation of economic problems. So, for example, send questions of application of tariff and non-tariff restrictions, to intellectual property, investment measures, environmental standards to competence of the WTO. The states have transferred regulation of the questions connected with exchange rates and balances of payments to competence of the IMF.

Methods of legal regulation. Expansion of a circle of subjects of international law has led to new methods of international legal regulation. Along with a traditional method of coordination of cooperation at the horizontal level as equal subjects the method of subordination (taxonomy) operating at the vertical level (for example, between governing bodies of the EU and member-states and their physical persons and legal entities) and also at the diagonal level between public subjects of law (the state, the international intergovernmental organization) and private subjects of law (individuals, legal entities, non-governmental organizations) is widely used.

The international law has played an important role in ensuring legal equality of the states though their actual inequality especially in respect of social and economic development continues to remain and go deep into a globalization era, being a source of local armed conflicts, the reason of growth of transnational crime and activization of the international terrorism.

Thus, globalization of world economy promotes, on the one hand, creation of a common economic space, and with another - to formation of the corresponding international-legal integration superstructure. In particular, the situation connected with cross-border concentration of identical resources demands from the states of coordination of actions in international legal antimonopoly regulation of the commodity markets, as well as maintenance of fair competitive conditions for joint ventures of the different countries.

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Cведения об авторах:

Мамедов Андрей Алиевич -- доктор юридических наук, профессор, профессор кафедры административного и финансового права Юридического института Российского университета дружбы народов

Батова Вера Николаевна -- кандидат экономических наук, доцент, доцент кафедры экономики и управления Пензенского государственного технологического университета

Information about the authors:

Audrey A. Mamedov -- Doctor of Law, Professor, Professor of Department of administrative and financial law of Peoples' Friendship University of Russia

Vera N. Batova -- Candidate of Economic Sciences, Associate Professor, Associate Professor of Department of Economics and management of Penza State Technological University

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