The Features of the Compliance System in Russian Organizations - Professional Securities Market Participants

This study is aimed at identifying the features of the compliance system in Russian organizations – professional securities market participants and developing proposals for improving the system. The securities market is actively developing and transforming, and this leads to a constant increase in the risks in the activities of professional securities market participants and the necessity to adapt the compliance system to constantly changing conditions. The objectives of this study were analysis of the legal regulation, identifying the risks of the activities of such organizations; research on the concept and historical aspects of compliance and analysis of its fields; as well as determining the role of compliance in protecting the rights of securities market participants in modern conditions. As a result, such features of compliance in professional securities market participants were identified as insufficient systematization of legal acts ,regulation of particular relations in a voluntary industrial act; lack of definition of the term compliance, as well as a unified legal act of compliance; a controversial definition of regulatory risk in one of the acts of the Bank of Russia, as well as equating internal control service with the compliance service; a wide range of compliance areas, each of which has its own legal regulation; the need to form new relevant fields determined by modern conditions. The conducted research made it possible to identify contradictions and shortcomings in the legal regulation of compliance in the securities market and develop proposals for solving existing problems.