Currency Legal Relationships
As a result of studying the chapter, the student must:
• the concept and structure of currency legal relations;
• the grounds and methods of classification of foreign currency relations;
• objects of currency legal relations;
• concept and legal status of subjects of currency legal relations;
be able to
• identify public relations that require legal regulation of currency legislation;
• determine the structure of the currency relationship;
• to classify currency legal relations;
• identify the objects of foreign currency relations;
• determine the rights and obligations of subjects of currency law;
• establish elements of the legal status of the subject of currency law;
• To be guided in the rights, duties of subjects of the currency law and mechanisms of their realization;
• the skills of conducting legal expertise of currency legislation that regulates the competence of subjects of currency law;
• Skills of qualified interpretation of regulatory legal acts governing currency relations.
Currency legal relations: concept and structure
The basis of currency legal relations is the economic and financial social relations that are formed when the currency and currency values function.
From the economic point of view, one of the main signs of currency relations is the movement of currency. Currency relations are related to the use of foreign currency in foreign trade, the implementation of foreign borrowings, the attraction of foreign investment, the commission of transactions for the purchase (sale) of currency, with a number of banking operations with currency, customs movement of currency and currency values, etc.
In the system of economic relations, currency relations can be divided into two levels:
1) currency relations in the system of the national economy, which are an integral part of the state's monetary and credit system and affect the state budget and the economic growth of the country;2) currency relations in the system of the world economy, acting as a key form of international economic relations and serving a whole range of areas of international cooperation: foreign trade turnover, the movement of factors of production between states, scientific and technical, humanitarian and cultural exchange between countries, international tourism and e.
In other words, currency relations represent a combination of economic and financial relations that form in the national and world economy when the currency and currency values function.
Currency relations, having their own circle of subjects and a strictly defined list of objects, function quite independently. At the same time, they have a significant impact on the nature and effectiveness of international economic relations through the exchange rate, the balance of payments of countries, the lending regime and international settlements.
In turn, international currency relations actively affect the national monetary and credit system of each state. Such influence is a natural process of development of economic relations, which is connected, first, with the rapid growth of the international division of labor and, secondly, with the complication and development of economic relations between national economies. From the middle of XX century. the national economy of each state increasingly becomes dependent on the economic development of neighboring countries, there is an active commodity exchange, export (import) of services, labor, etc. All mentioned economic relations are impossible without mediation by their currency operations.
As a consequence, legal registration of currency relations takes place, the role of international monetary and legal norms in the regulation of intra-national currency relations is strengthened. The main objective of the legal regulation of currency relations is the creation of an effective legal mechanism for currency regulation through the normative fixing of the status of residents and non-residents, the principles of conducting foreign exchange operations, the powers and functions of currency control bodies, responsibility for violations of currency legislation, etc.
Thus, currency legal relations are public relations that are formed relative to currency and currency values, currency transactions, currency regulation, currency control and prosecution for violations of currency legislation.
Currency legal relationship arises on the basis of the implementation of the norms of the currency law and represents a special legal connection of the entities participating in this legal relationship. Currency legal relationship has its own structure, which refers to the internal structure and interrelation of the elements of such legal relationship. In the structure of the currency legal relationship, the object, subject and content (subjective law and legal obligation of legal entities) are singled out as its elements.
Currency legal relations have common features that allow them to be included in a single legal category:
1. Their object is the US currency, domestic and foreign securities, foreign currency as a special kind of things, property.
2. The circulation of the said objects is part of the economic turnover and is regulated by the state.
3. Their participants are public legal entities that carry out currency regulation and currency control, and private legal entities - persons whose activities are subject to regulation and control. The former are represented by bodies of currency regulation and foreign currency control bodies and agents, while the latter includes residents and non-residents.
4. The fundamental feature of currency legal relations is that they combine rights and obligations of different origins. Some of these rights and duties are of a private legal nature and arise in conditions of free will and legal equality, their content is determined by legal actions (a transaction, more often - a contract). The other part is established by legal acts (sources of currency law) and is of public law nature.
The content of currency legal relations form the corresponding rights and duties of their participants (entities). The composition of the currency legal relationship is complex, since it includes the rights and obligations of not only the direct entities that carry out the currency transaction or the transaction with currency values, but also state-authorized entities that provide control over these operations. Without the participation of bodies or agents of currency control, conducting currency transactions is usually impossible.
Since the currency law is a complex branch of legislation, the currency legal relations also have a heterogeneous legal nature. The availability in the currency law of various methods of regulation is reflected in the legal regime of currency relations. Thus, the legal relationship arising from the exercise of the right of ownership of currency values is regulated by the non-discretionary method (the method of legal equality of the parties) - to carry out currency transactions and transactions, to own currency values, and therefore to own, use and dispose of them, etc. However, it should be noted that here only the right to use and dispose of is meant, and not the use and disposal itself as subjective rights, which in turn are regulated not only by the dispositive, but also by the imperative method, which regulates the legal relations arising in connection with repatriation currency proceeds, the movement of currency values across the US customs border, the implementation by the competent authorities and their agents of currency regulation and control, as well as prosecution for violations of exchange rates of the law.
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