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Regular version of the site

3 Bolshoi Tryokhsvyatitelsky Pereulok, room 411
109028, Moscow

Phone: +7(495) 772-95-90,
ext. 22755

School Head Natalia Yerpyleva
Deputy School Head Aleksandra Kasatkina

3 Bolshoi Tryokhsvyatitelsky Pereulok, room 411
Phone: +7(495) 772-95-90, ext. 22746

Book chapter
Digital financial assets and digital currency: legal nature and legal regulation of turnover

Bashilov B. I., Galkina M. V., Berman A.

In bk.: III International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth” (MTDE 2021). Vol. 106. SHS Web of Conferences, 2021. Ch. 02005. P. 1-6.

Working paper

Fogelson Y. B., Poldnikov D.

Law. LAW. Высшая школа экономики, 2021. No. WP BRP 98/LAW/2021.

Capital Market Regulation

Academic Year
Instruction in English
ECTS credits
Elective course
4 year, 1, 2 module


Course Syllabus


Nowadays only a very few of lawyers in the market can really provide an advanced level assistance to companies launching projects based on innovative technologies. The high cost of consulting services creates barriers for small innovative projects to enter the market. Besides, there are not enough sufficient ways to make sure of the reliability of the solutions offered by practitioners, which is caused by the lack of experience in regulating innovative relations. For this reason, the formation of the deep and comprehensive culture of expertise in the field of law and innovation is impossible without an understanding of economic, legal and political processes, behavioral aspects of law, as well as basic training in data analysis. Along with development of innovative technologies, consumers get access to the wide spectrum of digital products and services. However, security of digital financial services cannot be guaranteed. Therefore, financial regulations in force shall be taken into account in order to elaborate responsive legal framework, which could be efficiently applied to either b2b-, or b2c-relationships. Sophisticated and proficient approach to capital markets regulation shall instigate the diversity of secure and diversified business relationships. The course “Capital Market Regulation” will result in establishment of up-to-date data environment for the future qualified lawyers. The participants will take a comparative perspective of contemporary capital markets regulation in different countries. Applied business technologies will be covered under the FinTech- section of the course. The participants will take a glance at both risks and perspectives of applied digital business solutions and obtain their own points of view in the regard of on-going legal reform. In conditions of decentralization and shared economy qualified lawyers face up the request for risk assessment. Therefore, elaboration of non-biased expertise in the sphere of financial regulations is vital for deliberate evolvement of economic, political and legal processes. It is fundamentally important to introduce the flipped classroom methodology, i.e., students should read all the necessary material for each material before it at home. Classroom meetings will focus on controversial discussion issues. The intercampus nature of the class, with the participation of students from other HSE branches, should support the integration of campuses within the framework of the concept of a single university. Foreign students should promote multicultural free ideological exchange atmosphere in the classroom. Number of places offered for the BA programs of the School of Law in Moscow Jurisprudence - 23 Jurisprudence. Private Law- 22 HSE branches -10 Selection criterion is portfolio composed as average cumulative score for 2.5 years of study, to which points are added for additional criteria: + 1.0 - victory / prize in any Moot Court / or in the contest of student academic papers / or publishing at least one scientific article in a journal certified in the VAK or Scopus system. + 0.2 - at least one scientific publication in a collection of scientific papers or in a non-VAK and non-Scopus certified academic journal. A total of 1.2 points will be added if both additional criteria are met simultaneously. Therefore the maximum possible personal student qualifying score is 10 +1.2 (additional criteria) = 11.2. The students must send the application for the course letter by two emails cmr2018.2019@gmail.com and cmr2018.2019@mail.ru simultaneously before the registration deadline. The letter should include the name, surname, the student average cumulative score for 2.5 years of study and the points for additional criteria if applicable. Traditionally, as in previous years, a subgroup of advanced level of 4-5 students is selected on a competitive basis among the class, who takes the additional advanced level program. As part of the grade inflation prevention policy, it is assumed that grade 10 can only be obtained by students in this subgroup. Reading list There is no a single coursebook. Students will be required to master some core readings in advance of classes. The list of readings is distributed below expect literature for guest classes, which will be provided by guest lecturers before their class if necessary. All participants will be provided with references and reading list including both mandatory and optional reading items, which will help to form deep comprehension of economic, political and legal aspects of financial transactions and digital economy. Additional references may be provided by the instructor for the particular class. Case-law of the Russian Supreme Court will be widely used, which is partially allocated in particular topics. Grading system Final Grade = 0.2 * Class attendance and classroom discussions + 0.1 * Group presentations + 0.2 * Individual take-home essays + 0.2 * Mid-term in-class exams + 0.1 * Advanced assignment + 0.2 * Final take-home exam Class attendance and classroom discussions will be graded by the course instructor based on the scale 2.0 1.75 1.5 1.25 1.00 0.75 0.50 0.25 Grading scale for the each of two individual take-home essays and the each of two mid-term in-class exams (points in the final grade): A 1.00 A- 0.70 B 0.55 B- 0.4 C 0.25 C- 0.10 D 0 Combination of self-grading by students and course assistants grades will be used while both home essays and mid-term in-class exams grading. Each of the two group presentations will be graded by the course instructor based on the scale: 0.5 0.25 0 Both PowerPoint slides quality and if relevant oral in-class presentations will be taken into account. Advanced level assignment for students who selected for this track will be graded as 1.0 0.5 0 Final take-home exam will be graded as: A 2.0 A- 1.5 B 1.00 B- 0.75 C 0.5 C- 0.2 D 0 The home mid-exam and final exam essays should be done in academic style, so with introduction, chapters, footnotes, final conclusion. I assess meeting the technical requirements like length, deep and comprehensive knowledge of the sources content, originality, consistency, balance of your own thoughts and external sources you found, good level of English, composition, design, absence of plagiarism, deadline compliance. In the final grade the decimal points 0.4 and less will be rounded off down, the decimal points 0.5-0.9 will we be rounded off up. There are no any blocking parts inside cumulative pre-exam points. However, the elements of pre-exam points can’t be re-examined or re-graded. Grades below excellent level (so below 8) can be granted without passing the final exam based on pre-exam points. Methods of Instruction: use of interactive educational technologies (problematic lectures, Socrates method, work in small groups); the class includes discussions with guest lecturers. Special equipment and software support (if required): Power-point presentations, LMS, Internet.
Learning Objectives

Learning Objectives

  • While the course, we create and develop such students' knowledge and skills. At the same time, we take into account the need to develop both academic and practical skills on a balanced basis for students. So that in future they could choose between academic and practical careers in the field of law, and, perhaps, even combine them. The course is aimed at the interdisciplinary approach to Capital Market Regulation, digital economy and risk assessment of b2b- and b2c- relationships. Namely, the course addresses b2c-contracts between credit organizations, digital and smart contracts, enforcement of which is based on brand-new sophisticated technologies (blockchain, artificial intelligence etc.). During the course the comparative methodology will be applied, i.e. the students will analyze legal provisions of the Russian civil law, the EU law, the US federal law well as the core principles of the Islamic fiqh.
Expected Learning Outcomes

Expected Learning Outcomes

  • be ready to face the new technologies like blockchain on a daily basis,
  • be ready to operate with both conventional (western) and Islamic financial instruments,
  • be well aware of the established regulation on the capital market, in particular the activities of commercial banks, credit rating agencies, organizational and ideological aspects of the deposit insurance system, etc.
  • discover ways in which theory and practice overlap for the benefit of business, the national economy, each individual and humanity as a whole,
  • have a clear understanding of the instruments of both Russian federal law, EU law, US federal law and international organizations legal acts relating to the regulation of capital market, such as the WTO, the World Bank, international payment systems standards etc.,
  • learn relevant professional terminology in Russian and English, as well as academic writing standards.
  • understand the mechanism of the digital economy, including the costs of mastering new technologies by business, the order of interaction between business and the state when introducing innovations in the entrepreneurial activity,
Course Contents

Course Contents

  • WTO Regulation of Financial Services
  • Credit Ratings
  • Consumer credits
  • Islamic finance
  • Regulation of Payments
  • Credit reporting
  • Regulation of Insurance Contracts
  • Financial monitoring and compliance
  • FinTech & Smart contracts
  • Regulation of financial ombudsmen
  • International Financial Markets Cooperation (BRICS and EAEU) (optional, for excellent students only)
Assessment Elements

Assessment Elements

  • non-blocking Class attendance and Classroom discussions
  • non-blocking Group presentations
  • non-blocking Individual take-home essays
  • non-blocking Mid-term in-class exam
  • non-blocking Final take-home exam
Interim Assessment

Interim Assessment

  • 2021/2022 2nd module
    0.1 * Group presentations + 0.4 * Final take-home exam + 0.1 * Mid-term in-class exam + 0.2 * Individual take-home essays + 0.2 * Class attendance and Classroom discussions


Recommended Core Bibliography

  • МОЛОДЫКО КИРИЛЛ ЮРЬЕВИЧ. (2014). Критика концепции договора банковского счета как самостоятельного вида гражданских договоров.

Recommended Additional Bibliography

  • Lorenzo Sasso. (2016). A Critical Analysis of the Recent Russian Regulation on Credit Rating Agencies. Russian Law Journal, 4(2), 62–82. https://doi.org/10.17589/2309-8678-2016-4-2-62-82