Today, microfinance is a serious place in the development of the financial sector of the country. A significant role was played by credit cooperatives, which discussed the prospects of the market participants.
The complexity of the movement
Barely visible in the mid-90's, today credit cooperatives form a significant sector of the domestic financial market. The desire for self-organization of citizens in the management of the funds due to the unfavorable situation of the time. Consumer cooperation strengthened, the executive director of the National Union of NGOs mutual financial Anatoly Frames:
- She already can and should support the financial systems of the region, complementing the traditional banking sector and extending financial services to the public in the most remote villages of the country. For a variety of causes: poor infrastructure or economically infeasible, the banking sector there just does not reach.
Act of December 8, 1995 ? 193-FZ "On Agricultural Cooperation" and the Act of August 7, 2001 ? 117-FZ "On Credit Consumer Cooperatives of Citizens" (with the full versions of these documents can be found in the legal system of reference Consultant) was first legalized the status of credit cooperatives as legal entities. However, not ordered at the time of the adoption of these documents legal framework for credit cooperatives only underwent further fragmentation, says economic adviser to the Department of Banking Regulation and Supervision of the Central Bank Igor Bubnov:
- Inadequate legal regulation of credit cooperatives creates an unfavorable soil in their environment. It encourages the spread of "legal arbitrage" when re-registration by the organization consciously derived from the application of a single law, they find themselves in a legal space of another, in search of a more liberal legal regime. In such a situation feel at ease pseudo-cooperatives engaged in deception ordinary citizens.
The continuing legal uncertainty regarding the credit cooperatives leads to what for them has not yet been established uniform requirements for accounting and reporting. Also, they do not provide the state statistical information to the extent necessary. This information is dispersed among different agencies: the Ministry of Finance, Ministry of Agriculture, the Federal Tax Service and the Federal Financial Monitoring Service. Collection and compilation of information provided by credit cooperatives are the various techniques that are generally comparable.
The absence to date of clarity on the organization of the regulation and supervision of this sector of the financial market due to these unresolved issues. Therefore, legislation on credit cooperation needs to be improved. However, the question of the specific areas of the solution of this problem there are different views and approaches.
There are problems
Today, there are three possible scenarios for the further development of credit cooperatives: patch the "holes" in the existing legislation, to adopt a framework law "On credit cooperation", the status of a single law for all credit cooperatives. And each of these options is equivalent to the chances of its realization.
The first scenario does not involve the revision of the conceptual framework of existing laws and is limited only by the introduction of amendments and additions. The problem is that following this path will not eliminate the overall fragmentation of the legal framework. Nor can it be ruled out that the process of further fragmentation will only increase, says Igor Bubnov:
- Currently, for non-agricultural producers (artisans, handicraft enterprises, small businesses in the cities) membership in the credit cooperatives by such laws are not provided. Thus, they are entitled to raise the question of the adoption of the relevant branch of the law. In the worst of circumstances, such cooperatives will be recorded under other regulations governing co-operatives, and will be in the "shadow".
In addition, there is another problem: if the sector-specific legislation subsequent amendments to it can lead to containment of credit cooperatives. This is supported by the law "On Agricultural Cooperation", to make changes to that (in 2006) contained a provision that restricts membership in the credit consumer cooperative for economic actors is a cooperative, non-agricultural producers. Despite the apparent inconsistency cooperative principles, this requirement has been retained in the new edition of the Law "On Agricultural Cooperation" from 2006. According to Igor Bubnov, and other improvements made to this normative act: audit unions, self-regulatory organization audit unions were also in clear contradiction with the socio-economic content of the cooperative as an institution, organized and managed by its members.
Bright Projects
To the credit market continued to develop co-operation, it is necessary to adopt an appropriate framework law that would regulate the sector of microfinance. It is intended to complement existing sectoral laws.
The framework law should be of the most universal. A matter of a regulation should be the whole system of credit cooperation, said Igor Bubnov:
- The document itself must contain the general rules governing the operation of credit cooperatives of various kinds. Also in relation to the framework law "On credit cooperation" federal legislation regulating the activities of various kinds of credit cooperatives should be highly detailed, specific to certain types of credit consumer cooperatives.
Thus, will be set up common standards for credit cooperatives, regardless of their industry, and other accessories. At the same time, the framework law leaves it to the other laws of the specification of these rules. But the possibility of universal norms of detail in the sectoral acts and regulations are very limited and are quickly exhausted. Therefore a high probability of duplication of law, according to Igor Bubnov:
- In addition, the detail can break the relationship between the rules of law and the provisions of the model statutes. This will lead to cuts in the rights of credit cooperatives as self-managed organizations.
Also specification of certain norms of credit cooperatives is unlikely to solve the problem of a single regulator. After all, for example, after making changes and amendments to the law "On Agricultural Cooperation" regulatory authority for SRO audit unions Ministry of Agriculture has been identified by the government. Thus, the agency became the supervisor and agricultural credit cooperatives. But the trend-setting rather compartmentalized regulatory environment, credit cooperatives could spread further.
The Central Bank believe that the best solution would be giving a framework document "on credit cooperatives," the status of a single law for all credit cooperatives. At the same time will have to lose by law in respect of credit cooperatives in all the existing sectoral and other laws. Such a solution will approve the homogeneity relations in this area. In turn, drill, and other industry standards in such a case would have to model statutes organizations.
In addition, it should be noted that the development of credit cooperatives has led to a blurring of artificially established in the laws of the division between the natural and legal persons within their membership base. However, according to Igor Bubnov, in that way there is nothing wrong with that, because in this way risks are diversified and increased sustainability of microfinance institutions.
References
For preparation of this work were used materials from the site http://www.gaap.com/
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