As a branch of law, financial law is a set of legal norms established and preserved by state authorities that control social and financial connections originating in the formation, distribution, and use of state funds necessary for the country’s socio-economic growth.
Position In The Legal System
When comparing and separating financial law from other fields of law, the idiosyncrasies of financial law become more apparent. Because law covers one of the domains of state activity, it is intimately linked to other fields of law, such as constitutional and administrative law, which governs the organisation and actions of the state.
The methods of legal regulation used in financial and administrative law are comparable, primarily the system of urgent commands. Financial law establishes the sources and procedures for establishing monetary funds for ministries and committees, as well as the sources and procedures for their financing, payment types, and the procedure for distributing budgetary appropriations among subordinate organisations, among other things. Relationships can also arise in the activities of financial and credit institutions, which are governed by both financial and administrative law.
The separation of law from other branches of law aids in the clear organisation of the state’s and municipalities’ financial activities, as well as, if necessary, the correct application of legal influence measures.
The link between law and local self-government legislation is owing to the latter’s complex structure, which contains the norms of many departments of law. That regulate relationships originating in the formation and functioning of local self-government bodies as a whole.
The Legal System Of Finance
Financial traditional separated into two sections: general and specific.
The general importance of business law contains legal norms that establish concepts, categorizations, and definitions used throughout manipulation of financial; basis for achieving and amount of economic activity of the state and its member state public corporate persons; tax and economic status of other participants in trade relationships; principles, structures, and methods of state (municipal) financial control, and other related topics (municipalities).
A distinct section of financial encompasses a number of legal institutions. Each of which governs a group of homogenous financial relations through its constituent legal rules. Budget law, the institution of state (municipal) extra-budgetary funds, the establishment of state revenues (including tax law). The institution of state credit, the organisation of insurance, the institution of government funding (including budget funding). The institution of banking lending, the educational establishment of monetary circulation. And settlement are among the institutions of the Exceptional Part.
Sections of the Special Part of Law group the laws controlling relationships in the fields of:
- system of budgeting;
- state and municipal monies that not budgeted;
- Organizations and institutions; financing of state and municipal companies;
- state and local government revenues;
- loans from the state and municipalities;
- the organisation of the insurance industry
- state and local government costs;
- lending by banks;
- circulation and settlements organised;
- monetary regulation;
- Financial market regulation by the government
As an objectively existing economic category, the Federation’s system reflected in the system of financial law.