System requirements imposed on brokerage activities in the securities market: harmonization of EAEU countries’ legislation

Purpose: Identification of problems and the formulation of the provisions on the harmonization of the EAEU countries legislation requirements regarding the system requirements for the implementation of brokerage activities in the securities market. Methodology: General, general scientific methods and chastnonauchnogo jurisprudence: the dialectical method, analysis, synthesis, generalization, abstraction, induction, analogy, hypothetical-deductive and comparative legal methods. Results: For the purpose of harmonization of the EAEU countries’ legislation in the present study revealed that in the legislation of these countries the lists of requirements for brokerage activities in the securities market has the following differences: 1) the law of the Republic of Kazakhstan does not fully determined the requirements for measures to avoid conflicts of interest; 2) in the Russian Federation legislation does not contain requirements to the size of the minimum authorized capital of brokers in the securities market; 3) in the Republic of Belarus legislation there are no such requirements for brokers and brokerage activities as: a) requirements for the minimum authorized capital of brokers in the securities market; b) requirements for the founders and members of the brokers in the securities market; c) requirements for the organizational and legal form and the bodies of brokers in the securities market; d) requirements for risk management systems of brokers in the securities market; 4) the law of the Kyrgyz Republic to the brokers and brokerage activities in the securities market does not provide for such requirements as: a) the requirements for founders and participants of brokers in the securities market; b) requirements for risk management and internal control of brokers on the securities market. Here in this article in order to reduce systemic risk and to prevent problems «too big to fail» author offered in EAEC countries legislation to require a broker activities in the securities market on the regular provision of brokers in the regulator plans its own orderly liquidation in the event of insolvency. Novelty/originality/value: The article has a high scientific value, since it is one of the first attempts to consider the problematic issues of the harmonization of the EAEC countries legislation requirements regarding the system requirements for the implementation of brokerage activities in the securities market.