Historical background

The history of the creation in Belarus body that performs state regulation of the securities market is associated with the adoption by the Supreme Council of the Republic of Belarus of the Resolution of 12.03.1992 No. 1513-XII «On the implementation of the Law of the Republic of Belarus «On Securities and Stock Exchanges». This Resolution provided for the creating of one of the main elements of the securities market, the State Securities Inspectorate of the Republic of Belarus, the provision of the necessary material and technical basis for its functioning, as well as the need to train specialists in state regulation of the securities market.

The State Securities Inspectorate of the Republic of Belarus was established in accordance with the joint resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated May 22, 1992 No. 301 «Issues of the State Securities Inspection of the Republic of Belarus». The main tasks of the State Securities Inspectorate were determined - monitoring compliance with the requirements of the Law of the Republic of Belarus «On Securities and Stock Exchanges», pursuing a unified state policy for the development of the securities market, ensuring fair competition for its participants and protecting the interests of investors from unreasonable risk.

Initially, the State Securities Inspectorate of the Republic of Belarus was located in Minsk in a building at the address: Radialnaya street, 40, and occupied one floor. Qualified economists and financiers became the backbone of the inspectorate's staff. V. Mironov was appointed the head of the inspection, P. Katko was his deputy.

The primary task of the newly created government body for the regulation of the securities market was to develop a regulatory framework. First of all, it should have included the procedure for attestation of specialists in this market, the procedure for issuing licenses for the right to engage in professional activities in the securities market, the procedure for creating and operating a stock exchange, and other issues on which the formation and development of the securities market in our country depended.

The main regulatory framework for the functioning of the securities market was formed by the beginning of 1993 (among the first among the CIS countries). In April 1993, the State Securities Inspectorate of the Republic of Belarus issued the first licenses for the right to perform professional activities in the securities market.

In 1993, in accordance with the joint resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated June 4, 1993 No. 367/17 «Some issues of the State Securities Inspectorate of the Republic of Belarus», territorial subdivisions - Minsk municipal and regional Securities Inspectorates.

By the Decree of the President of the Republic of Belarus dated September 23, 1994 No. 122 «On changing the structure of the central government bodies of the Republic of Belarus» in order to increase the efficiency of the central government bodies of the state, the State Securities Inspectorate of the Republic of Belarus was reorganized by joining the Ministry of Finance of the Republic of Belarus with the creation of its structure is the Securities Inspectorate.

In order to determine a rational management structure in accordance with the Decree of the President of the Republic of Belarus of January 11, 1997 No. 30 «On the system of republican government bodies subordinate to the Government of the Republic of Belarus», the Securities Inspectorate of the Ministry of Finance of the Republic of Belarus was transformed into the Securities Committee under the Ministry of Finance of the Republic of Belarus.

Then, in accordance with the Decree of the President of the Republic of Belarus dated July 20, 1998 No. 366 «On improving the system of state regulation of the securities market», the Securities Committee under the Ministry of Finance was transformed into the State Securities Committee of the Republic of Belarus.

In the future, in order to improve the management of industries and spheres of activity, optimize the system of republican government bodies and other government organizations subordinate to the Government of the Republic of Belarus, by the Decree of the President of the Republic of Belarus dated September 24, 2001 No. 516 «On improving republican government bodies and other government bodies subordinate to the Government of the Republic of Belarus» the State Securities Committee was transformed into the Securities Committee under the Council of Ministers of the Republic of Belarus.

In accordance with the Decree of the President of the Republic of Belarus dated May 5, 2006 No. 289 «On the structure of the Government of the Republic of Belarus» the Securities Committee under the Council of Ministers of the Republic of Belarus was merged with the Ministry of Finance of the Republic of Belarus by creating in its structure the Securities Department of the Ministry of Finance of the Republic of Belarus.

This decision was made as part of the implementation and development of an integrated approach to the regulation of the financial market with the widest possible coverage of its various segments. Thus, at present, the body that performs state regulation of the securities market in the Republic of Belarus is the Ministry of Finance, the main functions of which in the securities market include:
   conducting state policy in the securities market;
   creation of the main directions for the development of the securities market;
   licensing of professional and stock exchange activities in the securities market;
   maintaining the State register of securities containing information on registered issues (additional issues) of emissive securities, registration of emissive documents;
   establishment of the procedure for accounting and storage of securities in the depository system, accounting for rights to them and encumbrances (restrictions) of these rights;
   determination of the procedure for disclosing information on the securities market.

The Securities Department, as an authorized structural unit of the Ministry of Finance, performs state regulation of the securities market, executive, control, coordinating and regulatory functions in the securities market, control and supervision over the issue, circulation and redemption of securities, the activities of professional participants of the securities market.