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In this article, the authors review and analyze the features of functioning and development of a new financial market segment - the cryptocurrency market or electronic cash (specific digital assets). At present, the cryptocurrency segment (and digital financial assets at large) cannot be recognized as a formal institution, since there is no legal framework in this area, and informal interaction regarding the creation and circulation of cryptocurrencies is not an established social and financial-economic phenomenon. The analytic comparison using discount methods allows to a certain extent to evaluate the effectiveness and feasibility of e-cash issuance from the viewpoint of physical persons. The authors identify the main directions in institutionalizing the cryptocurrency segment of the financial sector of the national economy and substantiate the need for legal recognition of cryptocurrencies in the status of digital goods, which in turn involves the need to improve the Russian Federation legal framework.

In conditions of financial institutions' development it is crucial to examine the transformation in the form of a collective investment institution under the influence of digitalization and, in particular, the emergence of cryptocurrencies. The subject of the research refers to the features of ICO functioning as a transformation of a financial institution for collective investment. The goal is to explore the ICO as a new form of collective investment. The results of the research are achieved through a comprehensive comparative analysis of ICO and IPO as a basic tool of financial institutions. The paper highlights the advantages and disadvantages, identifies the factors, analyzes the institutional regulation of ICO and proposes development vectors from three angles: for project creators, investors, regulators. The results can be used in policymaking, the functioning of joint investment platforms, in training specialists in the field of digital economy and financial markets.

During the Global Financial Crisis of 2008, many financial institutions all over the world were nationalized, taken over or declared insolvent and liquidated. The experience from the crisis affirmed the importance of statutory auditors' role as gatekeepers in financial services sector. Also, the issues of statutory auditors' liability and their public role are particularly relevant in Lithuania, considering that two at the time biggest Lithuanian capital banks - Snoras and Ūkio bankas went bankrupt while having unqualified auditor's opinions issued by statutory auditors less than a year before the banks became de facto insolvent. According to European Commission (EC), after the crisis investors doubt the credibility and accuracy of the audited financial statements of banks and other financial institutions. Inspection reports from the Member States confirmed that statutory auditors lack professional skepticism and fresh thinking. Consequently, EC has initiated reform of the audit market. New legislation Directive 2014/56/EU and Regulation EU (No) 537/2014 will become applicable from June 2016. Audit malpractice cases can be defined as not typical malpractice cases, because auditors have a dual responsibility not only to their direct client, but also to third parties. This factor is especially important in financial institutions' audit malpractice cases, because they have very wide range of stakeholders who rely on auditors' reporting. The research problem - is auditor responsible for the insolvency of financial institution. The aim of the thesis is to explore the extent of auditors' liability for malpractice in the U.S. and EU, and identify areas of concern in audit market regulation. The first part of the thesis examines the prevailing approaches to auditors' liability in the U.S. and EU, as well as auditors' liability system in Lithuania. The second part of the thesis is focused on analyzing the extent of auditors' liability for malpractice in recent cases related to collapses of Lehman Brothers, Snoras and Ūkio bankas. In the third part of the thesis areas of concern in EU audit market regulation are identified. In this thesis comparative literature analysis and comprehensive review methods are used. Based on the research results, the null hypothesis - the auditor is not responsible for the insolvency of financial institution - was rejected. In a majority of jurisdictions analyzed (in the U.S. and the EU), courts favor unlimited auditors' liability, meaning that when auditors fail to fulfill their duties they are responsible not only to their client, but also to the aggrieved third parties, whose claims are usually based on tort. The rationale for that is auditors' public role. The main issue in claims filed against auditors is whether the auditors have been negligent. Intentional or unintentional violation of auditing standards as well as negligence in any degree indicate auditor's fault, and lead to liability for malpractice. Lawsuits against auditors of Lehman Brothers, Snoras and Ūkio bankas emphasized the importance of auditors obligations to the public as claims against auditors for failure to fulfill their societal role were filed by the aggrieved third parties and the authorities. The analysis of audit malpractice cases highlighted shortcomings in audit market regulation, by confirming that the quality and transparency of audit reports need to be improved as well as auditors' accountability and independence requirements adjusted in order to reduce new financial risks in the future.

During the Global Financial Crisis of 2008, many financial institutions all over the world were nationalized, taken over or declared insolvent and liquidated. The experience from the crisis affirmed the importance of statutory auditors' role as gatekeepers in financial services sector. Also, the issues of statutory auditors' liability and their public role are particularly relevant in Lithuania, considering that two at the time biggest Lithuanian capital banks - Snoras and Ūkio bankas went bankrupt while having unqualified auditor's opinions issued by statutory auditors less than a year before the banks became de facto insolvent. According to European Commission (EC), after the crisis investors doubt the credibility and accuracy of the audited financial statements of banks and other financial institutions. Inspection reports from the Member States confirmed that statutory auditors lack professional skepticism and fresh thinking. Consequently, EC has initiated reform of the audit market. New legislation Directive 2014/56/EU and Regulation EU (No) 537/2014 will become applicable from June 2016. Audit malpractice cases can be defined as not typical malpractice cases, because auditors have a dual responsibility not only to their direct client, but also to third parties. This factor is especially important in financial institutions' audit malpractice cases, because they have very wide range of stakeholders who rely on auditors' reporting. The research problem - is auditor responsible for the insolvency of financial institution. The aim of the thesis is to explore the extent of auditors' liability for malpractice in the U.S. and EU, and identify areas of concern in audit market regulation. The first part of the thesis examines the prevailing approaches to auditors' liability in the U.S. and EU, as well as auditors' liability system in Lithuania. The second part of the thesis is focused on analyzing the extent of auditors' liability for malpractice in recent cases related to collapses of Lehman Brothers, Snoras and Ūkio bankas. In the third part of the thesis areas of concern in EU audit market regulation are identified. In this thesis comparative literature analysis and comprehensive review methods are used. Based on the research results, the null hypothesis - the auditor is not responsible for the insolvency of financial institution - was rejected. In a majority of jurisdictions analyzed (in the U.S. and the EU), courts favor unlimited auditors' liability, meaning that when auditors fail to fulfill their duties they are responsible not only to their client, but also to the aggrieved third parties, whose claims are usually based on tort. The rationale for that is auditors' public role. The main issue in claims filed against auditors is whether the auditors have been negligent. Intentional or unintentional violation of auditing standards as well as negligence in any degree indicate auditor's fault, and lead to liability for malpractice. Lawsuits against auditors of Lehman Brothers, Snoras and Ūkio bankas emphasized the importance of auditors obligations to the public as claims against auditors for failure to fulfill their societal role were filed by the aggrieved third parties and the authorities. The analysis of audit malpractice cases highlighted shortcomings in audit market regulation, by confirming that the quality and transparency of audit reports need to be improved as well as auditors' accountability and independence requirements adjusted in order to reduce new financial risks in the future.

During the Global Financial Crisis of 2008, many financial institutions all over the world were nationalized, taken over or declared insolvent and liquidated. The experience from the crisis affirmed the importance of statutory auditors' role as gatekeepers in financial services sector. Also, the issues of statutory auditors' liability and their public role are particularly relevant in Lithuania, considering that two at the time biggest Lithuanian capital banks - Snoras and Ūkio bankas went bankrupt while having unqualified auditor's opinions issued by statutory auditors less than a year before the banks became de facto insolvent. According to European Commission (EC), after the crisis investors doubt the credibility and accuracy of the audited financial statements of banks and other financial institutions. Inspection reports from the Member States confirmed that statutory auditors lack professional skepticism and fresh thinking. Consequently, EC has initiated reform of the audit market. New legislation Directive 2014/56/EU and Regulation EU (No) 537/2014 will become applicable from June 2016. Audit malpractice cases can be defined as not typical malpractice cases, because auditors have a dual responsibility not only to their direct client, but also to third parties. This factor is especially important in financial institutions' audit malpractice cases, because they have very wide range of stakeholders who rely on auditors' reporting. The research problem - is auditor responsible for the insolvency of financial institution. The aim of the thesis is to explore the extent of auditors' liability for malpractice in the U.S. and EU, and identify areas of concern in audit market regulation. The first part of the thesis examines the prevailing approaches to auditors' liability in the U.S. and EU, as well as auditors' liability system in Lithuania. The second part of the thesis is focused on analyzing the extent of auditors' liability for malpractice in recent cases related to collapses of Lehman Brothers, Snoras and Ūkio bankas. In the third part of the thesis areas of concern in EU audit market regulation are identified. In this thesis comparative literature analysis and comprehensive review methods are used. Based on the research results, the null hypothesis - the auditor is not responsible for the insolvency of financial institution - was rejected. In a majority of jurisdictions analyzed (in the U.S. and the EU), courts favor unlimited auditors' liability, meaning that when auditors fail to fulfill their duties they are responsible not only to their client, but also to the aggrieved third parties, whose claims are usually based on tort. The rationale for that is auditors' public role. The main issue in claims filed against auditors is whether the auditors have been negligent. Intentional or unintentional violation of auditing standards as well as negligence in any degree indicate auditor's fault, and lead to liability for malpractice. Lawsuits against auditors of Lehman Brothers, Snoras and Ūkio bankas emphasized the importance of auditors obligations to the public as claims against auditors for failure to fulfill their societal role were filed by the aggrieved third parties and the authorities. The analysis of audit malpractice cases highlighted shortcomings in audit market regulation, by confirming that the quality and transparency of audit reports need to be improved as well as auditors' accountability and independence requirements adjusted in order to reduce new financial risks in the future.

Central and Eastern European countries had a process of privatising financial institutions in 1990's as the right way to a market economy. The world has been shaken by the global financial crisis of 2008-2009 and as certain distrust of private-owned financial institutions started to evolve, state authorities were pushed to punish the distressed financial institutions and their managers and public funds were diverted from social projects to bank rescue schemes. The world is facing various stress scenarios and challenges today that might influence the fundamental system of private property of financial institutions. Financial institutions are the principal mechanisms for money circulation and a precondition for successful economic development. The change in financial institutions property status may consequently influence the pace of development of certain aspects of the economy. However, property rights cannot be accounted as an uninfringeable fortress of the entitlement theory because a modern social and economic policy state seeks to transfer them, especially when the goal is preserving a state as such in a stress scenario. This research is dedicated to justify the thesis hypothesis that property rights of financial institutions can be legally infringed by a government performing deprivatisation from the perspective of the public interest in a stress scenario. Property rights and their theoretical implications are being examined throughout the thesis from the perspective of the public interest. Financial institutions and their critical situations are analysed from the perspective of their deprivatisation and the historical events of the 2008-2009 global financial crisis. Stress scenario situations are outlined with the public interest's influence on a government's actions in the deprivatisation of financial institutions. The status of financial institutions in a stress scenario is discussed and recommendations for an efficient deprivatisation are presented from the perspective of property rights. Finally, case law on the legality of a deprivatisation is studied and recommendations for litigating deprivatisation are presented. The hypothesis of the thesis is justified through the most important conclusion that a state's intervention in the financial sector is inevitable in a stress scenario to protect scarce financial resources and their efficient allocation, social security, state administration and the state as such even by infringing property rights in deprivatisation process performed within the limits of the eminent domain theory. The legitimacy of a state's decisions has to be evaluated by courts, otherwise governments could just proceed with deprivatisation procedures and there would be no public challenges for these actions of governments.

Central and Eastern European countries had a process of privatising financial institutions in 1990's as the right way to a market economy. The world has been shaken by the global financial crisis of 2008-2009 and as certain distrust of private-owned financial institutions started to evolve, state authorities were pushed to punish the distressed financial institutions and their managers and public funds were diverted from social projects to bank rescue schemes. The world is facing various stress scenarios and challenges today that might influence the fundamental system of private property of financial institutions. Financial institutions are the principal mechanisms for money circulation and a precondition for successful economic development. The change in financial institutions property status may consequently influence the pace of development of certain aspects of the economy. However, property rights cannot be accounted as an uninfringeable fortress of the entitlement theory because a modern social and economic policy state seeks to transfer them, especially when the goal is preserving a state as such in a stress scenario. This research is dedicated to justify the thesis hypothesis that property rights of financial institutions can be legally infringed by a government performing deprivatisation from the perspective of the public interest in a stress scenario. Property rights and their theoretical implications are being examined throughout the thesis from the perspective of the public interest. Financial institutions and their critical situations are analysed from the perspective of their deprivatisation and the historical events of the 2008-2009 global financial crisis. Stress scenario situations are outlined with the public interest's influence on a government's actions in the deprivatisation of financial institutions. The status of financial institutions in a stress scenario is discussed and recommendations for an efficient deprivatisation are presented from the perspective of property rights. Finally, case law on the legality of a deprivatisation is studied and recommendations for litigating deprivatisation are presented. The hypothesis of the thesis is justified through the most important conclusion that a state's intervention in the financial sector is inevitable in a stress scenario to protect scarce financial resources and their efficient allocation, social security, state administration and the state as such even by infringing property rights in deprivatisation process performed within the limits of the eminent domain theory. The legitimacy of a state's decisions has to be evaluated by courts, otherwise governments could just proceed with deprivatisation procedures and there would be no public challenges for these actions of governments.

Central and Eastern European countries had a process of privatising financial institutions in 1990's as the right way to a market economy. The world has been shaken by the global financial crisis of 2008-2009 and as certain distrust of private-owned financial institutions started to evolve, state authorities were pushed to punish the distressed financial institutions and their managers and public funds were diverted from social projects to bank rescue schemes. The world is facing various stress scenarios and challenges today that might influence the fundamental system of private property of financial institutions. Financial institutions are the principal mechanisms for money circulation and a precondition for successful economic development. The change in financial institutions property status may consequently influence the pace of development of certain aspects of the economy. However, property rights cannot be accounted as an uninfringeable fortress of the entitlement theory because a modern social and economic policy state seeks to transfer them, especially when the goal is preserving a state as such in a stress scenario. This research is dedicated to justify the thesis hypothesis that property rights of financial institutions can be legally infringed by a government performing deprivatisation from the perspective of the public interest in a stress scenario. Property rights and their theoretical implications are being examined throughout the thesis from the perspective of the public interest. Financial institutions and their critical situations are analysed from the perspective of their deprivatisation and the historical events of the 2008-2009 global financial crisis. Stress scenario situations are outlined with the public interest's influence on a government's actions in the deprivatisation of financial institutions. The status of financial institutions in a stress scenario is discussed and recommendations for an efficient deprivatisation are presented from the perspective of property rights. Finally, case law on the legality of a deprivatisation is studied and recommendations for litigating deprivatisation are presented. The hypothesis of the thesis is justified through the most important conclusion that a state's intervention in the financial sector is inevitable in a stress scenario to protect scarce financial resources and their efficient allocation, social security, state administration and the state as such even by infringing property rights in deprivatisation process performed within the limits of the eminent domain theory. The legitimacy of a state's decisions has to be evaluated by courts, otherwise governments could just proceed with deprivatisation procedures and there would be no public challenges for these actions of governments.

The driver of the modern global economy is digital technologies under the influence of which not only new kinds of professions, goods and services are formed, but also challenges for enterprises and the organization of various fields of activity. Digitalization affected the IT-sphere, the activities of financial organizations, production, marketing, healthcare. In the Russian Federation the development of digital technologies in various fields of activity is of great importance, which is reflected in official documents, targeted government programs, business analysts and business practices. All this actualizes the study of the problem of management transformation in non-financial organizations under the influence of the spread of digital technologies.The article examines the strategic challenges facing non-financial organizations of Russia in the digital economy. In the course of solving the tasks set, the formation and development of the digital economy, its essence and content, as well as the prospects for its development in our country, were studied; the program documents and directions of the state program for the development of the digital economy are analyzed. It is proved that involvement in the digitalization processes of not only financial but also non-financial organizations carries a huge potential in terms of improving the value environment of Russian business, since it makes transactions in the shadow economy, corruption schemes, etc. transparent. The authors have proved that the revival of traditional values of Russian entrepreneurship on a new modern basis will increase the level of trust in society, will promote the development of innovations in industry, energy, agro-industrial complex, education and sustainable development of the economy as a whole. The authors structured the challenges of the digital economy for non-financial organizations in our country and formulated proposals for improving the ecosystem of the digital economy. ; Драйвером современной глобальной экономики являются цифровые технологии, под влиянием которых формируются не только новые виды профессий, товаров и услуг, но и вызовы для предприятий и организации различных сфер деятельности. Цифровизация затронула IT-сферу, деятельность финансовых организаций, производство, маркетинг, здравоохранение. В Российской Федерации развитию цифровых технологий в различных сферах деятельности придается огромное значение, что находит отражение в официальных документах, целевых государственных программах, бизнес-аналитике и практике бизнеса. Все это актуализирует изучение проблемы трансформации управления в нефинансовых организациях под влиянием распространения цифровых технологий.В статье исследуются стратегические вызовы, стоящие перед нефинансовыми организациями России в условиях цифровой экономики. В ходе решения поставленных задач исследуются становление и развитие цифровой экономики, ее сущность и содержание, а также перспективы ее развития в нашей стране; проанализированы программные документы и направления государственной программы развития цифровой экономики. Доказано, что вовлечение в процессы цифровизации не только финансовых, но и нефинансовых организаций несет в себе огромный потенциал с точки зрения оздоровления ценностной среды российского бизнеса, поскольку делает «прозрачными» сделки в теневой экономике, коррупционные схемы и т. п. Авторы доказали, что возрождение традиционных ценностей российского предпринимательства на новой современной основе повысит уровень доверия в обществе, будет способствовать развитию инноваций в промышленности, энергетике, агропромышленном комплексе, образовании и устойчивому развитию экономики в целом. Авторы структурировали вызовы цифровой экономики для нефинансовых организаций нашей страны и сформулировали предложения по совершенствованию экосистемы цифровой экономики

This article assesses the impact of sovereign countries in global financial governance. It uses the methodology of international political economy that studies the interaction between political and economic processes in the international arena. It shows the dualistic nature of international financial institutions, which, on the one hand, represent intergovernmental organizations and, on the other hand, are financial institutions with financial goals. The author investigates the principles of sovereign equality, equitable geographical representation and equal (parity) representation of groups of countries with distinct interests in the International Monetary Fund (IMF), Group of 20 (G20) and Financial Stability Board (FSB). The IMF's decision-making mechanism is shown in detail, including its executive board and the recent redistribution of quotas among member states, with special attention on the formula for calculating quotas, its criticism and possible reform. The article shows the major causes of reducing the impact of the IMF and the formation of a new, globally distributed system of financial governance. The article shows the hierarchy (by function as well as by country representativeness) of the system of global financial governance, established by 2010. It discusses the leadership of countries according to quantity and to key indicators (revenues, assets and market capitalization) of global systemically important financial institutions (banks and insurance company). Based on countries' membership in the G7 and the G20, the FSB, IMF, Organisation for Economic Cooperation and Development, and Bank for International Settlements countries are designated as at the core, semi-periphery or periphery of the international financial system in the context of the world systems theory. The influence of the technical elite, prevailing in the international financial sector, as well as the qualitative composition (education) of its members are revealed. The article concludes that there is significant polarization in the international financial system (core and the socalled marginal majority). Unlike the IMF, the newly created global financial institutions of the G20 and FSB fully comply with the principles of equitable geographical representation and parity representation of states with distinct interests.

The article analyzes the pension reform implemented in Russia in 2013–2014, provides the modeling of possible pensions, determines the efficiency boundaries for the use of insurance and savings-insurance schemes offered by the Pension Fund of Russia. The author examines the activities and effectiveness in managing pension savings and reserves from non-state pension funds, especially the system of voluntary savings insurance. The study identifies the challenges faced by these financial institutions, which constrain the development of the Russian pension system. Drawing on logical and econometric analysis the author identifies the competitive opportunity for banks to participate in the Pension Benefits Act, calculates the proposals' efficiency for future retirees and the banking system as a whole, determines the contribution of the proposed solutions to enhanced competition and more competitive banking environment.

This article describes theoretical and practical issues of introducing the institution of financial and corporate responsibility of legal entities, an analysis of foreign and national legislation in the field of regulation of liability of legal entities, and gives suggestions and recommendations aimed at improving the legal norms of corporate legislation.

Fundamental changes in public sector institutions management of the last few decades, related to the new public management and the principles of good governance, conditioned a need for an accounting reform in public finance (Brusca, Montesinos, 2010). When these reforms started governments had to move to accounting management based on the principle of accrual and prepare financial reports that: 1)give more precise information, 2) provide basis for financial situation analysis and evaluation of public sector subjects, 3) create preconditions for comparison of financial situation analysis and financial results, 4) provide the users of financial reports with a possibility to make more effective decisions on the use and management of resources. [.]

Fundamental changes in public sector institutions management of the last few decades, related to the new public management and the principles of good governance, conditioned a need for an accounting reform in public finance (Brusca, Montesinos, 2010). When these reforms started governments had to move to accounting management based on the principle of accrual and prepare financial reports that: 1)give more precise information, 2) provide basis for financial situation analysis and evaluation of public sector subjects, 3) create preconditions for comparison of financial situation analysis and financial results, 4) provide the users of financial reports with a possibility to make more effective decisions on the use and management of resources. [.]