Promising areas of international cooperation in regulatory and supervision in financial markets

Abstract

The article examines the problematic issues of state regulation and oversight in the Russian financial market. The dual nature of the Bank of Russia as a Public Federal Institute is considered. From the point of view of the authorities provided for the Bank of Russia to regulate and oversight in financial markets, the thesis of its unconditional qualifications as a state executive body is substantiated. In the context of the functional tasks of the Bank of Russia, the fundamental deficiencies in the organization, regulation and in the immediate implementation of prudential and behavioral supervision are identified and investigated. The regulatory and operational factors of the negative and unacceptable approach of the authorized body are disclosed to the implementation of supervisory powers in the financial market, predetermining the ineffectiveness of the entire state system to ensure and protect the rights and interests of investors in the domestic financial market. The article presents the results of systematization and analysis of data, the formation and operating of which carry out supervisory and law enforcement agencies, the overview of which characterizes the level of law enforcement, legality and financial discipline in the domestic financial market. The aspects of the illegal activities of economic entities in the financial market are considered and analyzed, in the perspective of these specific problems of market functioning and investing on it, the solution of which can be implemented in the framework of the interstate interaction of the competent federal authorities, in order to ensure legal order and financial discipline during implementation financial services. The promising areas of that international cooperation of state regulatory and supervisory authorities authorized in the field of national financial markets are identified, within which concrete recommendations have been developed.