Home  Journals  Finance and Credit  46(622) - 2014 December

Some specifics of the Bank of Russia functioning as a mega-regulator of the financial market

Available online: 6 December 2014

Subject Heading: Banking

JEL Classification: 

Pages: 11-18

The article presents the main results of studying the specifics of the Bank of Russia functioning as a mega-regulator of the financial market. The subject of the study is the new functions of the Bank of Russia, which were transferred to the Bank after final assigning it the status of the mega-regulator of the financial market. The authors considered the specifics of regulation, control and supervision in the financial market of the Russian Federation implemented by the Bank and its territorial offices, including the reformed organizational structure, functions of new business units and distribution of powers between them. The performed analysis resulted in the conclusion about inefficient distribution of powers of control and supervision between the territorial offices of the Bank of Russia over the financial market participants acting as non-credit organization. First of all, it concerns the powers of implementing actions related to registration of securities issues and reports on securities issue results of issuers that are not part of the federal group. The authors emphasize that this situation necessitates improving the organizational structure of the Bank of Russia and identify the areas and ways of such improvement. It is possible to use the research results for further elaboration of issues related to optimization of regulation, control and supervision over the financial market participants acting as non-credit organizations exercised by the Bank of Russia. In addition, it is expedient to use the results as part of training process in higher educational institutions when teaching and studying the financial market-related disciplines.

Keywords: financial market, mega-regulator, Bank of Russia

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