REGULATION OF FINANCIAL MARKETS IN RUSSIA: PRESENT AND FUTURE | Журнал правовых и экономических исследований

Верхнее меню

REGULATION OF FINANCIAL MARKETS IN RUSSIA: PRESENT AND FUTURE



V.E. Krolivetzkaya
Ya.A. Alexeev
mail26@yandex.ru
mail26@yandex.ru
Head of the Department of Finance and Banking, State Institute of Economics, Finance, Law and Technology, Doctor of Economics, professor
candidate for PhD at the Department of Banking and Financial Markets, St. Petersburg State University of Economics
Gatchina
St. Petersburg

Keywords:

  • bank regulation
  • surveillance of banks
  • functions of the Bank of Russia
  • protection of rights of consumers of financial services
  • megaregulator
  • financial stability
  • financial intermediaries
  • Federal Financial Markets Service
  • non-credit financial organizations
  • We consider the role of the Central Bank of the Russian Federation as a megaregulator of the financial market. We believe that the regulation of the financial market should be improved on regular basis. Therefore, establishing a single body authorized to control and monitor market participants was inevitable and timely. We analyze modern trends of controlling and regulating the participants of financial markets both in Russia and abroad. Special attention is paid to the problems that the Bank of Russia is facing to expand the scale of its activity. On the basis of the information concerning the structure and the amount of organizations controlled by the Central Bank of the Russian Federation, we come to the conclusion that the bank’s managerial workload has considerably increased, which results in additional risks for effective regulation of the financial market.
    We analyze the problems of protecting the rights of the consumers of financial services and minority shareholders. Due to the fact that in Russia we can see the lack of legal acts protecting the consumers of financial services we suggest reviewing the existing base and create the new one.

    188300 Russia, Leningrad region, Gatchina, st. Roshchinskaya, 5