Megaregulator as a Result of Evolution of Financial Regulation

Buklemishev, O. V.; Danilov, Yuriy; Kokorev, Rostislav

doi:10.38050/01300105201546

Cited by 5 publications

(2 citation statements)

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“…Необходимость учета поведенческих аспектов в деятельности регуляторов финансового рынка стала активно обсуждаться после мирового финансового кризиса 2008 г. Ведущие международные организации издали целый ряд документов, закрепляющих основные начала защиты прав и законных интересов потребителей финансовых услуг. К таким документам, в частности, относятся Руководящие принципы ООН для защиты интересов потребителей 1 , Принципы высокого уровня по защите прав потребителей финансовых услуг 2 (разработаны совместно G20 и ОЭСР), документ G20 «Принципы инновационного обеспечения доступности финансовых услуг» 3 и документ Всемирного банка «Передовая практика в области защиты интересов потребителей финансовых услуг» 4 .…”

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Behavioral Supervision in the Financial Market

Sitnik

2023

Lex Russica

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The paper is devoted to the study of issues related to the implementation of behavioral supervision in the financial market. It is determined that the issues of legal regulation of the protection of the rights and legitimate interests of consumers of financial services in general and behavioral supervision in particular, financial market regulators began to pay increased attention after the global financial crisis of 2008. In its most general form, behavioral supervision is the supervision of how financial institutions interact with consumers. At the same time, behavioral supervision is associated not only with the identification and suppression of violations of current laws and bylaws, but also with countering unfair practices of financial organizations. It is important to understand that behavioral supervision is a tool that ensures compliance with a wide range of social norms, including legal and (partly) moral (ethical) norms.It is established that within the framework of the model of a single megaregulator of the financial market, the effectiveness of behavioral supervision is provided by: a) the allocation of a structural unit responsible for protecting the rights and legitimate interests of consumers of financial services; b) the adoption of internal rules for resolving conflicts of interest between the structural units of the regulator responsible for the implementation of various types of supervision in the financial market; c) establishing of an out-of-court body for the protection of consumers of financial services; d) adoption of basic standards for the protection of the rights of consumers of financial services within the framework of self-regulating organizations in the financial market and monitoring of SRO members compliance with these standards.It is determined that behavioral supervision contributes to increasing the availability of financial services, ensuring fair competition between financial organizations, strengthening consumer confidence in financial service providers, improving, developing and ensuring the stability of the financial market.

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Behavioral Supervision in the Financial Market

Sitnik

2023

Lex Russica

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“…закон от 02 дек. 1990 № 395-1 // СПС «Консультант плюс» 2. Там же.3 О Центральном банке Российской Федерации (Банке России) : Федер.…”

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Genesis of the Russian Financial System and Ways of Its Transformation: Soviet and Modern Periods

Bubnov

2023

Baikal Research Journal

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The financial system is derived from the economic model of society. The purpose of our research is to develop the scientific foundations of the genesis of the Russian financial system, allowing us to determine the conditions, causes, factors and elements that can form scientific and practical proposals for its further development, taking into account the current political and economic situation. The Russian financial system has gone through several stages of development: catch-up development finance, war communism finance, new economic policy finance, Soviet finance, neoliberal and globalist finance, national finance. At each of these stages, fundamental changes occurred both in the financial system itself and in its elements. In theory and practice, there is high theoretical, methodological and methodological uncertainty regarding the elements of the financial system. In this context, their study from a historical perspective is relevant. It is proposed to highlight the following main elements: national currency, payment system, monetary relations, tax system, banking system, insurance system, mortgage system, public finance, securities market, mutual investment funds and non-state pension funds, exchange trading, existence of relationships with international finance. The research methodology is based on a theoretical analysis of the basic scientific principles of the formation of the financial system and its elements. The information and empirical basis for the study were scientific research, statistical data, and analytical reviews. The object of observation is the Russian financial system for the period 1928 to the present. The scientific novelty lies in the formation of the author's conceptual approach to the financial system and its elements, and the imperatives for the emergence of economic problems caused by the underdevelopment of the financial system are identified. The study showed the need to further improve the elements of the financial system to ensure economic growth and development.

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