Y3I>EK11ctoh pecnYI>U11kac11 ou11 ba ypta

MorHH 6o opH MaKpoper rHTopH KoHu, u,

MHJlJlHi1 MOJlH51 6O3OpJl TapTH6Jl wTHpHw TH3HMJl pHHHHr ax,OH Ta pH6acH (9.1-9.4 naparpacpJl l\apaJl ) x,aM)l, I-II 6O6Jlap)l, Ba 4.8-YH naparpacp)l, KeJl JlraH cp - MyJlOx, 3aJl p)l,aH KeJl YHl\H6 TabKH)l,Jl MyMKHHKH, MOJlH51 6O3OpHHHHr )l, BJl TapTH6Jl HpHw TH3HMH 6apYa MaMJl KaTJl p Hl\ O)l, yYyH Myx,HM ax,aMH51 3ra 6yJlraH MOJlH51 TH3HMHHHHr 6Ow 6yFHMH, MOJlH51BHi1 Hl\ O)l,Hi1 MyHOca6aT Ba apaeHJl HH TapTH6ra cOJl pHBO Jl HpyBYH ol\OpH
)l,apa a)l, TawKHJlJlawTHpHJlraH waKJl (51 H, TawKHJl i1 Xyl\yl\Hi1 waKJl) KypHHHwH)l, 6O3OpHH caMapaJl MyBO3aHaTJl pyBYH acOcHi1 MOJlH51 Hi1 MeXaHH3M (1.7 naparpacp l\apaJl H) cHcp )l, cp JlH51T opHTyBYH cHecHi1 Hl\THcO)l,Hi1 l\ l\Hi1 OHi1 6O3Op MeXaHH3MH 6HJlaH TabMHHJl H MypaKKa6 aJlOx,H)l, TH3HM cHcp TH)l,a HaMOeH 6yJl . WyHHHr yYyH )l, HeHHHr 6apYa MaMJl KaTJl pH)l,a yHH caMapaJl cp OJlH51 ra Ba yHH y3JlyKcH3 TaKOMHJlJl w (YyHKH MOJlH51 6O3OpH TypJl x,HJl OMHJlJl pra yTa TabcHpYaH )l, , Te3 y3rapyBYaH MOJlH51BHi1 Myx,HT) eKH KepaK 6yJl HcJl x, l\HJl w MacaJlaJl ra
aJlOx,H)l, ax, MH51 6epHJl )l, . X, )l, yHH pa)l,HKaJl HcJlOx, l\HJlHw i1yJlJl pH)l,aH 6HpH – 6y yMyMMHJlJlHi1 TapTH6Jl OpraHH cHcpaTH)l,a MOJlH51 6O3OpHHHHr TapTH6Jl Hw MaKpOperyJl51 pHHH Ty3Hw)l,Hp.
3cJl Hw OH3KH, 6Owl\ HJl Hi1 MaH6aJlap)l, Jlap)l, cpapl\Jl , 6H3 “MeraperyJl51 Op” TepMHHH ypHHra “MaKpOperyJl51 ” cy3HHH l\ JlJl i1MH3. 4yHKH, 6y cy3, 6H3HHHrYa, waKJlaH Ba Ma3MyHaH 6apYara cHHrH6 KeTraH, Ta6HHi1 6yJl l\ JlraH “MaKpOHl\ )l,”, “MaKpOHH)l, ”, “MaKpOMO)l,eJl” Ba x,.K. Ka6H TywyHYaJlap 6HJl KynpOl\ yi1 yHJl H6 MOc KeJla)l, . “MeraperyJl51 Op” TepMHHH 3ca KynpOl\ "MeranOJl ” TywyHYacHHHHr waKJlH Ba Ma3MyHHra MOcpOl\ KeJl MyMKHH. Arap, x,ap l\aH)l,ai1 MHJlJlHi1 MOJlH51 6O3OpHH cpal\ aJl x,H)l, OJlHHraH wax, eKH pai1 H MeranOJl HYH)l, 3Mac, 6aJl 6Hp 6yTyH MaMJl )l, HpacH)l, , yTa pHBO Jl aH MOJlH51 6O3OpJl 3ca ax, H MHl\ecH)l, cp JlH51T opHTHwHHH x,HcO6ra OJl , yH)l, MOc paBHw)l, “MaKpOperyJl51 Op” Ba “MeTaperyJl51 Op” TepMHHJl Ba TywyHYaJlapHHH l\ JlJl HHJl H TyFpHpOl\ 3KaHHHH nai1l\a6 OJl l\Hi1 3Mac. AMMO, TabKH)l,Jlaw ypHHJl H, cp pHMH3Ya, MaB y)l, HJlMHi1 MaH6aJl p)l,a MHJlJlHi1 MOJlH51 6O3OpJl HHc6aTaH l\ JlJl HHJl “MeraperyJl51 ” TywyHYacH Ma3MyHaH l\ JlJl HHJl 6yi1 6H3HHHr “MaKpOperyJl51 ” TepMHHHMH3 6HJlaH 6Hp x,HJl MabHOHH aHrJl )l, . X,O3Hp)l, wapTJl paBHw)l, MeTaperyJl51 Ma3MyHH)l, 9.1-YH naparpacp)l, HOMJl KeJl pHJl XaJll\ MHl\ec)l, TawKHJl TJl HH (MacaJlaH, l\ Jl
l\ Jl 6yi1 KOMHccH51Jl pHHHr XaJll\apO TawKHJlOTH; Hp aJl pHHHr yMyM ax,OH cp )l, pau,H51 ; l\ MaTJl l\OFO3Jl cOx,acH)l, H x,H3MaTJl 6yi1 Ya XaJll\ accOu, au, 51; XaJll\ x,HcO6 KHTO6Jl 6aHKH; )l{ax, 6aHKH; XaJll\apO MOJlH51BHi1 KOpnOpau,H51; XaJll\apO BaJl Ta cpOH)l, ; YMyM ax,OH caB)l, TawKHJl ; EBpOna 6aHKH; 0cHe 6aHKH; Hl\ O)l,Hi1 x,aMKOpJl Ba pHBO Jl HTHpHw TawKHJlOTH Ba x,.K.) KypcaTHw MyMKHH. 4yHKH 6y TawKHJl TJl )l,aBJl OpraHH Mal\ Hra 3ra 3Mac 6yJl , yJl TOMOHH)l, HwJl YHl\apHJlraH MebepJl yJl a ab3O )l,aBJl Jl yYyH TaBcH51Jlap XapaKTepHra 3ra.
MGKpOpe Y!lRmOp – MHJlJl i1 MOJlH51 6O3OpHHH TapTH6Jl wHHHr aJlOx,H)l, KypHHHw)l,a Ty3HJl TawKHJlHi1 Xyl\ l\Hi1 waKJlH 6yJl , MOJlH51 6O3OpHHH caMapaJl MyBO3aHaTJl wTHpyBYH MeXaHH3M (1.7 naparpacpra l\ paJlcHH) cHcpaTH)l, cp OJlH51 opHTyBYH MypaKKa6 cHecHi1 Hl\THcO)l,Hi1- Xyl\ l\Hi1 OHi1 6O3Op MeXaHH3MH 6HJlaH TabMHHJl HraH MOJlH51 6O3OpHHH yMyMMHJlHi1 )l, pa a)l, KOMnJl Kc TapTH6Jl wTHpHJlHwHHH Ba pHBO Jl HHwHHH TabMHHJlOBYH MypaKKa6 Ty3HJl Jl TH3HM)l,Hp.
3Hr Myx,HMH Ba ax,aMH51TJl wyH)l, KH, MaKpOperyJl51 ep)l,aMH)l, MOJlH51 6O3OpHHHHr 6apYa l\ YHJl H MaHcpaaTJl )l,aBJl cHecaTH )l, HpacH)l, MaHcpaaTJl 6HJl yi1 yHJl K)l, y3apO 6aJlaHcJl THpHJlraH x, Jl)l, aMaJl a OwHpHJla)l, .
)l{ax, H aMaJlHeTH)l, MaB y)l, MaKpOperyJl51 OpJl H wapTJl paBHw)l, HKKH KaTTa rypyx,ra a paTHw MyMKHH:

• 
  cpal\ (eKH KynpOl\) Ha3OpaT cpyHKu,H51JlapHHH 6a apyBYH MaKpOperyJl51 OpJl . MacaJl , 6yH)l, i1Jl 51nOHH51)l,a 1998 i1HJl)l, H (Financial Supervisory Agency), )l{ 6Hi1 KOpe51)l,a 1998 i1HJl)l, H (Financial Supervisory Comission), BeHrpH51)l, 1996 i1HJl)l, (Hungarian Banking and Capital Market Supervisory), aHH51)l,a 1988 i1HJl)l, (Danish Financial Supervisory Autority), HOpBerH51)l,a 1986 i1HJl)l, (Banking Insurance and Securities Comissions), WBeu,H51)l,a 1991 i1HJl)l,aH (Swedish Financial Supervisory Autority), HHJl51H)l,H51)l, 1991 i1HJl)l, H (Financial Supervision), )l{ y6Hi1 Acp a Pecny6Jl acH)l, 1990 i1HJl)l,a Ty3HJl H (Financial Services Board);
  
• 
  x,aM Ha3OpaT, x,aM MebepJl wTHpyBYH (TapTH6 l\OH)l, Jl HH ypHaTyBYH) cp HKH51Jl HH 6Hp Bal\ HHHr y3Hra aMaJl OwHpyBYH MaKpOperyJl51TOpJl . MacaJl , 6yH)l,ai1Jl H yoK pHTaHH51)l,a 1997 i1HJl)l,a (Financial Services Autority), ABcTpaJl 51)l, 1998 i1HJl)l, (Australian Securities and Investments Comission, Australian Prudential Regulation Autority), KaHa)l,a)l, 1987 i1 Jl)l, (Office of the Superintendent of Financial Institutions), CHHranyp)l,a 1998 i1HJl)l,a (Monetary Autority of Singapore), WBei1u, pH51)l,a 1997 i1HJl)l, Ty3HJl (Swiss Federal Banking Comission).
  

KypcaTH6 yTHJlraH 6apYa MaMJlaKaTJlap)l, 6yH)l,ai1 OpraH (MaKpOperyJl51 p) MOJl 51 6O3OpHHHHr TypJl cerMeHTJl pHHH y3apO yi1 yHJl )l, , 6OFJlHl\Jl )l, Ba MyTaHOcH6Jl )l, TapTH6Jl )l, . yH)l, yw6y )l, BJlaTJlap MaKpOperyJl51 y3Jl pH)l,a OpHi1 l\HJlHw YOFH)l, yHHHr H O6Hi1 Ol\ TJl pH)l,aH, MaB y)l, Ba 3apypHi1 pecypcJl )l, , MHJlJl i1 MOJlH51 6O3OpHHHHr 6yH)l,ai1 MaKpOperyJl51 Opra Tai1epJlHJl H
)l, )l, KeJl YHl\l\aHJlap. Y3 Bal\ H)l, 6ab3H )l,aBJl Jl MaKpOperyJl51 Op KOHu,enu,H51 ra cKenTHK l\ paraHJl . AMMO, x,O3Hpra KeJl MaKpOperyJl51 KOHu,enu,H51 y3HHHHr x,aeTHi1Jl H caMapaJlHi1Jl 6HJlaH Hc6OTJla)l, . HaTH a)l,a, Ox, rH i1HJlJl p)l,a )l, HeHHHr i1 HK )l, BJlaTJlapH)l,aH 6yJl POccH51 x,aM MaKpOperyJl51 KOHu, nu,H51cHHH y3Jl pH)l,a l\yJlJl wHH Mabl\ Jl TOnMOl\)l, .
MaKpOperyJl51 TeH)l,eHu,H51 nai1)l,O 6yJl MyHOca6aTH 6HJlaH MOJlH51 6O3OpHHH TapTH6Jl HHHr KaMH)l, HKKHTa MO)l,eJl HH a paTH6 KypcaTHw MyMKHH. yJl HHHr x,ap 6Hp MabJlyM 6Hp H O6Hi1 TOMOHJl Ba KaMYHJlHKJl ra 3ra. MacaJl , EBpOna VI HcpOl\ HHHr OJl
)l, BJlaTH)l,a (paHu,H51, VI naHH51, nOpTyraJlH51, VI JlH51, rpeu,H51 H HH)l,epJlaH)l,Jl ) TapTH6Jl THpHwHH (cp H)l, 6O3OpH)l, cpal\ Ha3OpaT cpyHKu,H51 HH 6a apHw acOcH)l, ) x,OJlHc 6yJl aH aJlOx,H)l, OpraH aMaJlra OwHpa)l,H. yH)l, Ha3OpaT cp HKu,H51cH aMepHKaYa MO)l, Jl 6yi1 SEC (Securities and Exchange Comission) cp JlH51THra 51l\ . K, JlraH 13-Ta MaMJlaKaT)l, 6y Ba MebepJl THpyBYH cpyHKu,H51JlapHH 6HpraJlHK)l, MaKpOperyJl51 p 6a apa)l, . yHra ca6a6, yw6y MaMJlaKaTJl )l, MaKpOperyJl51 p ywa
)l, BJlaTJlap )l, H)l, KOMnaKT 6yJl MOJlH51 6O3OpH)l, Ty3HJlraHJl MabJl M l\ Jlai1JlHKJlapHH 6epraH. MaKpOperyJl51TOpJl HHHr 6Hp 6HpH)l, H cp pl\ l\ Jl 3ca )l, He)l, x,aHy3raYa a6cOJl 6Hp x,HJl 6yJl MOJlH51 6O3OpHHHHr )l, BJl TapTH6Jl Hw TH3HMH i1yl\Jl 6HJlaH 6eJlrHJl )l, . Jl HH 6y x,OJl 6apYa MaMJlaKaTJl )l, MaKpOperyJl51 Op KOHu,enu,H51 HH l\yJlJl MyMKHH 3Mac )l, cp a OJlH6
KeJlMacJl JlO3HM. AMMO, 6yH)l, 6apYa MaKpOperyJl51TOpJl y3apO rapMOHH3au,H51Jl wTHpHw MyaMMOcHHH 3c)l, YHl\ acJl 3apyp⁵⁴.



y 6Opa)l,a POccH51)l,a MaKpOperyJl51 OpHi1 l\HJl cp pH 6yi1 a pHTaHH51 “Cadogan Financial” KOMnaHH51 H TOMOHH)l, H 1999 i1HJlHHHr Ox, H)l, 6epHJl cp pH KaTTa l\H3Hl\Hw yi1 OTraH⁵⁵ 6yJl , 6y cp p x,aHy3raYa HHKOp l\HJlH6 6yJlMai1 KeJl Ol\)l, ⁵⁶ . Wy MyHOca6aT 6HJl POccH51)l,

)l,acTJl Tap3)l, l\HMMaTJl l\OFO3Jl	6yi1HYa	e)l,epaJl	KOMHccH51 ypHHra MaKpOperyJl51 p
cp HKu,H51cHHH 6a apyBYH MOJlH51 6O3OpJl	6yi1	e)l,epaJl	x,H3MaTH (M X,) Ty3HJlH6, HKKHHYH

6Ocl\ )l, (x, Hp)l, ) 3ca XaJll\ pO ⁵⁷ Ba POccH51 aMaJl TH)l,aH KeJl YHl\H6, MyaJlJlHcp cp pHYa⁵⁸ ,



POccH51 MOJlH51 6O3OpH MaKpOperyJl51 OpH KOHu, u,H51 H nHwH6 eTHJl)l,H.
Ai1 HJl aHJl ra acOcaH, 6Owl\ MaMJlaKaTJlap Ta pH6acH)l, KeJl YHl\ 6, Y36eKHcTOH wapOHTH)l,a x,aM MOJlH51 6O3OpH MaKpOperyJl51 Te3pOl\ Ty3HwHH Mal\ a)l,ra MyBOcpHl\ O6beKTHB x,OJl )l, 6 6HJl MyMKHH⁵⁹.



⁵⁴ Davies Howard, Chairman, Financial Services Authority. The Single Financial Market in Five Years Time: How Will Regulation Work?//Brussels: Speech 20 March, 2000.
⁵⁵ AHaJl THYecKa51 3anHcKa nO pe3yJl TaTaM HccJle)l,OBaHH51 «nepcneKTHBI BO3pO )l,eHH51 H pa3BHTH51 pOccHi1cKOrO pIHKa KanHTaJla»//Cadogan Financial.-1999, HO516pb.
⁵⁶ A.POT, A.3aXapOB, .3Jl KHc, 51.MHpKHH, . OpH, P. epHap)l,, n. apeH6Oi1M, A.XHT. 0cHOBI rOcy)l,apcTBeHHOrO peryJlHpOBaHH51 cpHHaHcOBOrO pIHKa.-M.: IOpH)l,HYecKHi1 OM «IOcTHu,HHcpOpM», 2003.-cc.156-169;
BaByJlHH . 0 HOBOM peryJl51TOpe POccHi1cKOrO cpOH)l,OBOrO pIHKa.//PIHOK u,eHHIX 6yMar, 211(266), 2004.-cc.19-23;
3eHbKOBHY E. BOnpOcI peryJlHpOBaHH51 pIHKa u,eHHIX 6yMar.//PIHOK u,eHHIX 6yMar, 213(268), 2004.-cc.34-37.
⁵⁷ Objectives and Principles of Securities Regulation, IOSCO, 1998; Guidance on Information Sharing, IOSCO,1998; Report on Cooperation Between Market Authorities and Default Procedures, IOSCO, 1996; Regulatory Cooperation on Emergencies: A Discussion Paper, IOSCO, 1996; Mechanisms to Enhance Open and Timely Communication Between Market Authorities of Related Cash and Derivative Markets During Periods of Market Disruption, IOSCO, 1993; Supervision of Financial Conglomerates, IOSCO, 1999; Supervisitory Framework for Markets, IOSCO, 1999.
⁵⁸ 2007 i1HJl)l, aBJl T yMacHra MaKpOperyJl51TOp 6yi1 a l\ yH Jl i1Hx, cH KHpHTHJl aH 6yJlH6, 6y l\ yH l\ 6yJl l\HJl wH aHHl\Jl H KynYHJl TOMOHH)l, Ta6HHi1 x,OJl T 6yJlH6 KypHJlMOl\)l, .
⁵⁹ WOx, b3aMHi1 W.W. BO3MO HOcTH cO3)l, HH51 MaKpOperyJl51TOpa cp HcOBOrO pIHKa B Y36eKHcTaHe.//)l{ypHaJl «PIHOK,
)l,eHbrH H Kpe)l,HT», 2 4 (107), 2006.-cc.6-9.
Y36eKHcTOH)l, MaKpOperyJl51 OpHH Ty3Hw KeJl aK)l, MOJlH51 Hi1 rJl 6aJlJl yB apaeHJl Hra OcOHpOl\ Ba TyJlHl\ l\ wHJl w HMKOHHHH 6epHwH MyMKHH 6yJl , ax,OH)l, pHBO TOnH6 6OpaeTraH l\ i1H)l, rH Hl\THcO)l,Hi1 TeH)l,eHu,H51Jlap Ba Ha3apHi1 KOHu, nu,H51Jl p 6HJlaH 6eJlrHJl )l, :

• 
  MOJlH51 HHcTHTyTJl p Ba yJl HHcTpyMeHTJl pHHHHr yHHBepcaJlJlawyBH;
  
• 
  MOJlH51 6O3OpJl r TypJl cerMeHTJl H)l, cp OJlH51 opHTyBYH MOJlH51BHi1 KOHrJlOMepaTJl pHH TawKHJl TOnHwH;
  
• 
  MOJlH51 HHcTHTyTJl 6Hp 6HpJl ypTacH)l,a y3apO MOJlH51BHi1 HHcTpyMeHTJl 6HJl aJlMawHHHwH;
  
• 
  MHJlJl i1 peryJl51 HOpMaJl pHHHr y3apO yHHcpHKau,H51Jl BH, cTaH)l, pTaJl BH Ba MOcJl wyBH i1yJl 6HJl H MHJlJlHi1 MOJlH51 6O3OpJl HHHr HHTepHau, OHaJlJl wyBH Ba rJlO6aJlJl BH, MOJlH51 6O3OpJl pH l\ THawYHJlapH cp OJlH51 HHHHr HHcpOpMau, OH TpaHcnapeHTJlHJl H (9.1 Ba 9.6-YH naparpacpJl ra l\ paJlcHH) Ba pHcKcH3JlHJlHK )l,apa aJl pHHH OpTH6 6OpHwH;
  
• 
  MOJlH51BHi1 HHcTpyMeHTJl pHHHr )l, pcHcpHKau,H51Jl HHwH)l, VI TepHeT MOJlH51 i1 6H3HecHH
  

a)l,aJl pHBO Jl HwH;

• 
  MOJlH51 6O3OpJl pH HH)l, cTpH51 cHcpaTHHH 6Owl\ pHwHHHr KOMnJl c TH3HMJl HHH waKJlJl HHwH⁶⁰;
  
• 
  MOJlH51 cOx,acH)l, cp cOMeTpHKa (ceKbopHMeTpHKa) ⁶¹ Ba MOJlH51 HH HHHpHHrHHH a)l,aJl pHBO Jl wH ⁶² , yJl HHHr acOcH)l,a 6aHKJlapHHKHra yx,waw MOJlH51BHi1 Max,cyJlOTJl Ba ceKbopHTH3au,H51Jl wraH aKTHBJl HHHr x,a MHHH Te3 OwH6 6OpHwH;
  
• 
  yMyMaH OJlraH)l, yMyM ax,OH MHl\ecH)l, rJlO6aJlJl yB apaeHJl HHH a)l,aJlJlawyBH 6HJl 6OFJlHl\ 6Owl\a x,O)l, a Ba BOl\ Jl Jl p.
  

MaKpOperyJl51 OpHH Y36eKHcTOH wapOHTH)l,a Ty3HJl yH)l,arH x,O3Hp)l, yw6y KHTO6ra KyTapHJlraH (3.3-YH naparpacp x,aM l\apaJl ) Ba MHJlJlHi1 MOJlH51 6O3OpH Ba KOpnOpaTHB 6Owl\ B (cHecaT) MeXaHH3MH)l,a (TH3HMH)l, ) MaB y)l, 6yJl Kyn MyaMMOJl H eYHMHra ep)l, M 6epHwH MyMKHH. TabKH)l,Jlaw OH3KH, Y36eKHcTOH yYyH yMyMaH OJlraH)l,a 3Hr acOcHi1 MyMMOJl – 6y HHBecTHu,H51Jl HH
aJl l\HJlHw, Hl\ O)l, peaJl ceKTOpHHH MO)l, u,H51 Jl wTHpHw Ba 6apl\apOp HH)l, cTpHaJl ycHwra 3pHwHw 6yJl HJl rH ca6a6Jl MOJlH51 6O3OpH MaKpOperyJl51 OpH )l,OJl 6 x,HcO6Jl Ha)l,H.
MaKpOperyJl51 pJl a OH)l, MaB y)l, XaJll\ Ta pH6ara⁶³ x,aM)l,a MyaJlJlHcpHHHr 1.1.1-1.1.4, 1.2.1,

1. 
   , 1.7.1-1.7.4, 2.2.1-2.2.4 pacMJlap)l,a KeJlTH pHJlraH MO)l,eJlJlapHra Ba yJlapra OH)l, Ha3apHi1 cpHKp- MyJl x,a3aJl ra acOcJl 6, Ha cpal\ Y36eKHcTOH, 6aJl 6Owl\ l\ Hl\ 6HJl)l, raH MaMJlaKaTJl yYyH x,aM Hl\ O)l, , MOJlH51 6O3OpH Ba yHHHr MaKpOperyJl51 y3apO 6Hp 6Hp 6HJlaH ca6a6 Ol\ 6aTHi1 6OFJlHl\Jl )l, 6yJl MaKpO)l, a a)l,a MyBO3aHaTJlawTHpHJlyBYH 6Hp 6yTyH MypaKKa6 Hl\ O)l,Hi1 TH3HM cHcpaTH)l,a l\ i1H)l, rH KOHu, aJl MO)l, JlJl p (9.5.1 Ba 9.5.2 pacMJl ) KypHHHwH)l, TaBcH51 3THw MyMKHH. Yw6y KOHu, Jl MO)l, JlJl r MaTeMaTHK Tap3)l,arH cp OJlH51 l\ HH51 1.7.1 Ba 1.7.2 cp pMyJlaJl a acOcaH MyBO3aHaTJl THpHJl BYH KBa3HaHaJlOrJl cHcp )l, TawKHJlJlawTHpHJla)l, Ba MO)l, JlJl wTHpHJl )l, . yH)l, MOJlH51 6O3OpH Hl\ O)l, Hr peaJl ceKTOpHHH “aHaJl 3rH3H”, 51 3KBHBaJl H, )l, , MO)l,eJlJl THpHw (TapTH6Jl THpHw) O6beKTH, MaKpOperyJl51 Op 3ca MaKpOMOJlH51BHi1 MyBO3aHaTJl wTHpyBYH MeXaHH3M cHcpaTH)l,a HaMOeH 6yJl , 9.5.1 Ba 9.5.2 KOHu, nTyaJl
   

⁶⁰ WOXab3aMHi1 W.W. KaYecTBO HH)l, cTpHH pIHKOB: cpHHaHcOBOrO H u,eHHIX 6yMar.-T.: TVI, 2004.-138 c.
⁶¹ WOXab3aMHi1 W.W. 0cHOBI ceKbopHMeTpHKH.-T.: Iqtisod-moliya, 2005.-376 c.
⁶² WOXab3aMHi1 W.W. 0cHOBI cp HcOBOrO HH HHHpHHra.-T.: Iqtisod-moliya, 2005.-264 c.
⁶³ Objectives and Principles of Securities Regulation, IOSCO, 1998; Guidance on Information Sharing, IOSCO,1998; Report on Cooperation Between Market Authorities and Default Procedures, IOSCO, 1996; Regulatory Cooperation on Emergencies: A Discussion Paper, IOSCO, 1996; Mechanisms to Enhance Open and Timely Communication Between Market Authorities of Related Cash and Derivative Markets During Periods of Market Disruption, IOSCO, 1993; Supervision of Financial Conglomerates, IOSCO, 1999; Supervisitory Framework for Markets, IOSCO, 1999.
MO)l, JlJl pHHHr cp OJlH51 l\ HyHH51 yMyMHi1 x,OJl)l, MOc paBHw)l, aJl 6paHK (1.7.1 cp MyJl ) Ba
)l,HcpcpepeHu,HaJl (1.7.2 cp pMyJla) TeHrJlaMaJl 6HJl HcpO)l,aJl a)l, aH KBa3HaHaJlOr MO)l,eJlJl a acOcJlaHa)l, .
KeJl pHJlraH KOHu, aJl MO)l,eJlJlap)l, : CT – caB)l, TH3HMJl (cp H)l, 6Hp aJl Ba 6Hp a)l, Tawl\ 3Jl H caB)l, TH3HMJl H); R – cpOH3 cTaBKa; b – cp H)l, 6O3OpH HH)l,eKcJl ; F H f – TabcHH 3TyBYH cpyHKu,H51Jl BeKTOpH (OMHJlJl ); A – y3rapyBYaH napaMeTpJl MaTpHu, (MOJlH51 6O3OpH Ba MaKpOperyJl51 Op napaMeTpJl pH); X – HOMabJl MJl BeKTOpH; E – eYHMHHHr 3apypHi1 aHHl\Jl .
KOHu, TyaJl MO)l,eJlJl acOcaH (9.5.1 Ba 9.5.2 pacMJl ), MOJl 51 6O3OpH MaKpOperyJl51 pH yMyM)l, BJl )l, pa a)l, rH aJlOx,H)l, MeXaHH3M )l, pacH)l, cp OJlH51 opHTyBYH MHJlJlHi1 Ty3HJl waKJlH)l, 6yJl , y3apO 6OFJl raH yY OpraH)l, H H6OpaT: MyBOcpHl\Jl BYH OpraH (KOOp)l,HHau,HOH KeHraw), 3KcnepT KeHraw H MOJlH51 6O3OpH peryJl51 OpH (TapTH6Jl wTHpyBYH H pOH51 OpraHH).
MaKpOperyJl51 6yH)l, i1 waKJl)l,a TawKHJlJl wTHpHJl Hra l\ i1H)l, rHJl acOc 6yJl YOpJlai1)l,H:

• 
  MaKpOperyJl51 y3 3HMMacHra MOJlH51 6O3OpHHH Ba y Opl\aJl Hl\ O)l, r peaJl ceKTOpHHH cTpaTerHK TapTH6Jl Hw (MyBOcpHl\Jl HpHw Ba Ha3OpaT l\HJlHw) Ba pHBO Jl THpHw MacaJlaJl HH KOMnJl eYHJl HHH OJla)l, ;
  
• 
  x, KyMaT Ba yHra KHpyBYH H pOH51 OpraHJl x,aM)l,a MapKa3Hi1 6aHK TOMOHH)l, HwJl YHl\HJlraH MebepHi1 x, aTJl p JlOi1Hx,aJl pHHH )l, cTJla6KH Tap3)l, KypH6 YHl\Hw, yJl HH MHJlJlHi1 Hl\ O)l, aMaJl Hra OpHi1 l\HJlHwHH Ba 3apypHi1 x,OJlJlap)l,a yJl ra TerHwJl OnepaTHB KOppeKTHpOBKaJl HH aMaJlra OwHpa)l, ;
  
• 
  MypaKKa6 Hl\ cO)l,Hi1 TH3HM MO)l,eJl (9.5.1 Ba 9.5.2 pacMJlap)l, KypcaTHJl aH KOHu,enTyaJl MO)l,eJlJl ) acOcH)l, yHH (yH)l,arH TapKH6Hi1 l\HcMJl 6HJl 6Hpra, 51 peaJl ceKTOp, MOJlH51 6O3OpH Ba MaKpOperyJl51 Op 6HJl y3apO yi1 yHJl K)l, ) TH3HMJl , OnepaTHB paBHw)l, , ap3OH Ba l\ Jlai1 MaTeMaTHK MO)l,eJlJl THpHw Ba OnTHMaJlJl pHw acOcH)l, MaKpO- Ba MHKpO)l,apa a)l, TapTH6Jl THpHw 6yi1 Ya caMapaJlH l\ p l\ Jl l\HJl w.
  

VIl\ cO)l, HHr peaJl ceKTOpH


^R b
f

200
F

M0JlVI51












030PVI

PacM.9.5.1. MaTpHu, Hi1 eKTOp waKJlH)l, H aJl e6paHK TeHrJlaMaJlap cHcTeMacH ep)l, )l,a

HcpO)l, Jl BYH MyBO3aHaTJl wyBYH KBa3HaHaJl	MO)l, Jl KypHHHwH)l,arH KOHu,	TyaJl MO)l,eJl
(MyBO3aHaTJl wTHpHJl BYH MypaKKa6 Hl\	O)l,Hi1 TH3HM)

VIl\ cO)l, HHr peaJl ceKTOpH

R _b

f(t)

F(t)

201
M0JlVI51

BaJl Ba nyJl 6O3OpH

CyFypTa 6O3OpH


aHK
^TC KanHTaJlH
6O3OpH

PacM.9.5.2. MaTpHu,aBHi1 BeKTOp waKJlH)l, H )l, cpcpepeHu, aJl TeHrJlaMaJlap cHcTeMacH ep)l, )l,

HcpO)l, Jl BYH MyBO3aHaTJl wyBYH KBa3HaHaJl	MO)l, Jl KypHHHwH)l,arH KOHu,	TyaJl MO)l,eJl
(MyBO3aHaTJl wTHpHJl BYH MypaKKa6 Hl\	cO)l,Hi1 )l, HaMHK TH3HM)

MaKpOperyJl51 r TapKH6Hi1 l\ MJl HHH TawKHJl 3TyBYH OpraHJl BaKOJl Ba cp OJlH51 HHH Y36eKHcTOH MHcOJlH)l,a KypH6 YHl\ MH3.
MyBOcpHl\Jl THpyBYH OpraH )l, yTaTJlap, MapKa3Hi1 6aHK Ba X, KyMaT OpraHJl HHr (Hl\ )l,Hi1, H THMOHi1, x,H3MaTJl Ba caHOaT KOMnJleKcJl ra KHpyBYHJl ) x,aM)l, HO)l,aBJl HOTH OpaT TawKHJlOTJl y3apO KeJl H x,OJl)l,a MOJlH51 6O3OpH)l, cHecaTJl pH Ba cp OJlH51TJlapHHH caMapaJlH yi1 yHJl wTHpH6 opHTHwJl pH yYyH TawKHJl 3THJl )l,H. MacaJlaH, 6y OpraH TapKH6Hra l\yi1H)l,arH HO)l, BJl HOTH OpaT TawKHJlOTJl Hr BaKOJlaTJl BaKHJlJl pH KHpHwH MyMKHH: y3HHH y3H TapTH6Jl THpyBYH TawKHJl TJl , Y36eKHcTOH 6aHKJl accOu, au,H51 , CaB)l, caHOaT naJl , HcTebMOJlYHJlap x, l\yl\Jl HH x,HMO51Jl 6HpJl aJl e)l,epau,H51 Ba x,.K. Yw6y OpraH MOJlH51
6O3OpH 6yi1 a Xyl\ l\ ypHaTyBYH cp Hu,H51 HHH 6a apa)l,H. Yw6y OpraHra x,ap 6Hp cHecHi1 napTH51)l,aH 6Hp
)l,enyTaT KHpHwH MyMKHH.
TabKH)l,Jl w OH3KH, MaKpOperyJl51 OpHHHr yw6y OpraHHra MapKa3Hi1 6aHK Ba MOJlH51 Ba3HpJl rHra TerHwJlH cHecaTJl pHH opHTHw cp HKu,H51cH 6epHJl MyMKHH 3Mac. yH)l, MaKpOperyJl51
cp HKu,H51cHra MHJlJl i1 BaJl Ta KypcHHH ywJl TypHw, Ox, rH HHcTaHu,H51 Kpe)l,HTOpH, 6aHKJlapapO Kpe)l,HT cTaBKacHHH ypHaTHw, 3MHccH51 (nyJl Ba )l, BJl l\ TJl l\OFO3Jl pH) BaKOJlaTJl H KHpHwH MyMKHH 3Mac.
3KcnepT OpraH x,OJl MacJlax,aT 6epHw, Tal\)l, 3THJlraH MebepHi1 x, aTJl Jl i1Hx,aJl HH x,OJl 3KcnepTH3a l\HJlHw Ba HYKH ap6HTpa Ba3Hcp Jl HHH 6a apHwH MyMKHH. y OpraH MaMJl aT napJl MeHTH 6HJlaH MyBOcpHl\Jl BYH KeHraw Ba H pOH51 OpraHHHHHr cp OJlH51 H cHcpaTHHH 3KcnepTH3a l\HJlH6 6OpHw Mal\ca)l,H)l,a y3BHi1 HwJlai1)l,H Ba yHHHr TapKH6Hra MOJlH51 cOx, cH Ba 6O3OpHHH npOcp OHaJl paBHw)l, 6HJla)l, aH )l, yTaTJlap (6Hp cHecHi1 napTH51)l, 6Hp KHwH), ol\ pH MaJlaKaJl MOJlH51 cOx,acH aMaJlHeTH MyTax,accHcJl H Ba MOJlH51YH OJlHMJl napJl eHT (K, HYHJl naJlaTacH) TaBcH51 6HJlaH KHpHTHJl )l, . yH)l, napJl 3KcnepT KOMHcc51cH Ba MyBOcpHl\Jl HpyBYH KeHrawHHHr TapKH6HHH 6eJlrHJl i1)l,H, Tac)l,Hl\Jl i1)l,H Ba y3rapTHpa)l,H.
MaKpOperyJl51 OpHi1 Ha3OpaT H pOH51 OpraHH cp HKu,H51 MOJlH51 6O3OpHHH TapTH6Jl THpHwra BaKOJlaTJl aJlOx,H)l, )l,aBJl TawKHJl TH 6a apa)l, . y TawKHJl T y3 cp OJlH51 H)l, MyBOcpHl\Jl THpyBYH KeHraw OJl)l,H)l, x,HcO6OT 6epa)l, Ba 3KcnepT KOMHccH51 yYyH OYHl\ (wacpcpOcp) 6yJla)l,H. YHHHr pax,6apH51 3 KHwH)l,aH H6OpaT (PaHc Ba HKKH ypHH6Ocap) 6yJl , yJl HHHr x,ap 6HpH yY i1HJl)l,a (pax,6apH51 HwHHH Tyx,TaTMacJl Ba y3JlyKcH3Jl TabMHHJl yYyH) aBJl pax, pH (Y36eKHcTOH Pecny6JlHKacH npe3H)l, HTH) TOMOHH)l,aH 0JlHi1 Ma Jl CeHaTH 6HJlaH KeJlHwHJlraH x,OJl)l, Tai1HHJlaHH6 Ba pOTau,H51Jl HH6 6OpHJl )l, . yH)l, OpraH pax,6apH51 aBBaJl Tai1HHJlaHraH KHwH 6Owl\ MapOTa6a l\ i1 Tai1 HJl H MyMKHH. Jl HH 6y OpraH pax,6apH51 TapKH6Hra (PaHc Ba HKKH ypHH6Ocap) Tai1HHJl aH 6Hp ab3O cpal\ 6Hp cHecHi1 napTH51 ab3OcH eKH napTH51 3 (aJlOx,H)l, x,O)l, ) 6yJl wH MyMKHH.
yH)l, MOJlH51 6O3OpHHH TapTH6JlawTHpHwra BaKOJlaTJl aJlOx,H)l,a yMyMMHJlJlHi1 MaBl\era 3ra MaKpOperyJl51 r OpHi1 Ha3OpaT H pOH51 OpraHH MapKa3Hi1 6aHK Ba X, KyMaT OpraHJlapHra 6yi1 HMacJl Jl . y OpraHHH MOJlH51 6O3OpH 6yi1 )l, BJl KOMHccH51 (M K) )l, 6 HOMJl w MyMKHH. M K Y36eKHcTOH Pecny)l,JlHKacH npe3H)l, HTHra 6yi1 Ha)l,H Ba cp OJlH51 napJl MeHT ( yMJla)l, , yHHHr TOMOHH)l, H Tac)l,Hl\Jl H MyBOcpHl\Jl HpyBYH KeHraw) TOMOHH)l,aH Ha3OpaT l\HJlH6 6OpHJl )l, . M K MOJlH51 6O3OpH l\ THawYHJl Hra HHc6aTaH Xyl\ l\ l\ JlJl w Ba Ha3OpaT cp HKu,H51
6a apa)l, .
M K paHcH 6Hp Bal\THHHr y3H)l,a MyBOcpHl\Jl BYH OpraH)l, paHcJl l\HJlHw BaKOJl H napJl MeHT TOMOHH)l,aH KeJlHwHJlraH x,OJl)l,a 6epHJl MyMKHH.
YMyMaH OJl aH)l, , MaKpOperyJl51 Op napJl eHT OJl)l,H)l, MyHTa3aM x,HcO6OT 6epH6 6OpyBYH Ba yHra 6yi1 HyBYH (TO6e) Max,cyc yMyMMHJlJlHi1 OpraH x,HcO6Jl HH6, yHHHr cp OJlH51 MeXaHH3MH Max,cyc y TyFpHcH)l,arH aJlOx,H)l,a l\OHyH 6HJl H 6eJlrHJl HHJl wH 3apyp.
yH)l,ai1 waKJl)l, TawKHJlJlawTHpHJlraH MaKpOperyJl51 Op x,O3Hp)l, ax, H aMaJlHeTH)l, MaB y)l, 6yJl aH (ol\ pH)l, HKKH KaTTa rypyx, a a paTHJl aH) MaKpOperyJl51 OpJl HHr (MeraperyJl51 OpJl HHr) cp OJlH51 MeXaHH3MHHH aHYa TaKOMHJlJl wTHpHwH, yJl HHHr Xyl\ l\ ypHaTHw Ba Xyl\ l\ l\yJlJl
cp HKu,H51Jl pHHH 6HpraJl )l,a yi1 yHJl wraH x,OJl)l, aMaJl OwHpHJlHwHHH TabMHHJl wH MyMKHH⁶⁴.

Caao!l!lap

⁶⁴ KeJlTHpHJlraH MaKpOperyJl51TOp KOHu,enu, 51 Ba MeXaHH3MH JlOi1Hx, cH MyaJlJlHcp TOMOHH)l, H X,yKyMaTra 2007 i1HJl)l, Tal\)l, 3THJlraH.

1. 
   MOJlH51 6O3OpH MaKpOperyJl51 OpH TywyHYacHHHHr Ma3MyHH HHMa)l,aH H6OpaT?
   
2. 
   )l{ax, H aMaJlHeTH)l, H MaKpOperyJl51 OpJl l\aH)l,ai1 rypyFJlapra a paTHJla)l, ?
   
3. 
   Y36eKHcTOH)l, MaKpOperyJl51 OpHH Ty3Hw HHMaJl )l, KeJl YHl\a)l, Ba l\aH)l,ai1 HaTH aJl 6epa)l, ?
   
4. 
   MaKpOperyJl51 Op MO)l,eJlJl l\ )l,ai1 6yJl H MyMKHH?
   

Tonmupu !l

1. 
   MaKpOperyJl51 pJl TyFpHcH)l, aHaJl HK O63Op Tai1epJl .
   
2. 
   TepMHHJl p Jl FaTHHH Ty3HHr.
   

6.