Legal framework for exchange control: problems of the current domestic legislation

Abstract

Aim. The presented study aims to identify methodological problems in the current exchange legislation of the Russian Federation and to substantiate the objective need for the development of a relevant legal framework for domestic exchange control.Tasks. The authors analyze the regulations of the Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control, which establish the conceptual framework, purpose, and scope of the legal regulator, the principles of exchange control on the basis of the proposed approaches to the consideration of current exchange control principles.Methods. This study uses general scientific methods of cognition in various aspects to substantiate approaches to analyzing the legal principles of exchange control for the purpose of identifying methodological problems in the current exchange legislation of the Russian Federation.Results. Having analyzed the provisions of the Federal Law No. 173-FZ of December 10, 2003 on exchange regulation and exchange control as a special basic legislative instrument for exchange control, the authors identify the main methodological problems of modern domestic exchange control: the immaturity of the conceptual framework, which leads to the uncertain content of its regulations; the declarative nature of regulations establishing the purpose, scope, and principles of exchange control, which is unacceptable for a legal instrument; the lack of proper consistency between provisions establishing the fundamentals of exchange control and norms regulating the implementation of exchange transactions.Conclusions. The lack of a proper conceptual framework for exchange legislation as defined and demanded by legal reality is an obstacle to analyzing the array of regulations that make up the legal exchange regulator, but it also serves as a basis for the formation of methodological problems in the modern domestic exchange legislation.