National Interests: Priorities and Security

Legal regulation of financial services under laws of the Russian Federation

Vol. 14, Iss. 1, JANUARY 2018

Received: 15 November 2017

Received in revised form: 30 November 2017

Accepted: 18 December 2017

Available online: 16 January 2018


JEL Classification: K20, K22

Pages: 37–47

Rakhmanina N.V. Volgograd Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration, Volgograd, Russian Federation

ORCID id: not available

Importance There should be an appropriate legislative framework for financial services to effectively protect rights of consumers of financial services and improve financial literacy of population.
Objectives I analyze the legislative regulation of financial services under the Russian laws. The research also reviews approaches to defining financial services, and types of financial services envisaged in the Russian laws, such as banking services, insurance services, services in the securities market, etc.
Methods I apply legal comparison and historical methods.
Results I review and analyze such concepts as service and financial service. I find key traits of the service concept and study the etymological meaning of financial service. For purposes of this research, the attribute financial shall be interpreted in terms of its relation to finance, monetary circulation and loans.
Conclusions and Relevance The legislative definition of financial service in the Federal Law On Competition Protection shall be amended. I suggest the definition should be edited and present it in the article. The amendments will clearly underline the services, which are included into the financial service concept, and help counter contradictions existing in its legislative interpretation.

Keywords: financial services, banking services, insurance services, securities market


  1. Sannikova L.V. Uslugi v grazhdanskom prave Rossii [Services under the civil laws of Russia]. Moscow, Wolters Kluwer Publ., 2007, p. 60.
  2. Barinov N.A. Uslugi (sotsial'no-pravovoi aspekt): monografiya [Services: socio-legislative considerations: a monograph]. Saratov, Stilo Publ., 2001, p. 18.
  3. Lazareva T.I. [Trade-off between the legal categories of service and servicing]. Uchenye zapiski Kazanskogo universiteta = Proceedings of Kazan University, 2008, vol. 150, no. 5, pp. 130–136. (In Russ.)
  4. Semilyutina N.G. Rossiiskii rynok finansovykh uslug (formirovanie pravovoi modeli) [The Russian market of financial services: The formation of a legal model]. Moscow, Wolters Kluwer Publ., 2005, p. 13.
  5. Kartashov A.V. [On the concept of financial services: A comparative analysis of principles under the General Agreement on Trade in Services and laws of the Russian Federation]. Voprosy ekonomiki i prava = Economic and Law Issues, 2012, no. 12, pp. 30–33. (In Russ.)
  6. D'yachenko E.M., Bosykh A.I. [Legal regulation of bank deposit in Russia and in the EU countries]. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development, 2014, no. 18, pp. 114–117. (In Russ.)
  7. Drok T.E. [Customer lending in Russia: Legal regulation and insurance]. Vestnik Baltiiskogo federal'nogo universiteta im. I. Kanta. Seriya Gumanitarnye i obshchestvennye nauki = IKBFU's Vestnik. Series Humanities and Social Science, 2015, no. 3, pp. 47–56. (In Russ.)
  8. Emel'yantsev V.P. [Bank account agreement: Principles of private and public laws]. Zhurnal rossiiskogo prava = Journal of Russian Law, 2008, no. 10, pp. 35–45. (In Russ.)
  9. Zinkovskii M.A. [Distinctions of subject matters of deals with precious metals in the unallocated form]. Nauchnye vedomosti Belgorodskogo gosudarstvennogo universiteta = Belgorod State University Scientific Bulletin, 2008, no. 14, pp. 151–154. (In Russ.)
  10. Tumbinskaya M.V. [Information support when ensuring the security of internet banking]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2015, vol. 11, iss. 15, pp. 49–50. (In Russ.)
  11. Ioffe O.S. Obyazatel'stvennoe pravo [The law of obligation]. Moscow, Yuridicheskaya literatura Publ., 1975, 375 p.
  12. Izmalkova S.A., Tarasov A.V. [Insurance of information risks as an effective method to manage the information security of entities]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2006, vol. 2, iss. 5, pp. 69–72. (In Russ.)
  13. Avakyan A.M. [Aims and principles of the legal regulation of personal insurance contracts]. Obshchestvo i pravo = Society and Law, 2011, no. 3, pp. 136–139. (In Russ.)
  14. Vasil'eva O.V. [Issues of the legal framework for professional activity of banks in securities market]. Bukhgalter i zakon = Accountant and Law, 2005, no. 2, pp. 11–15. (In Russ.)

View all articles of issue


ISSN 2311-875X (Online)
ISSN 2073-2872 (Print)

Journal current issue

Vol. 14, Iss. 2
February 2018