EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA
Large-scale improvement is in store for the European financial regulators. Reforms are being carried out at the supranational level of the European Union whereas the national legislation of the EU member-states is being refined. Similarly, the system of financial regulation in the Russian Federation...
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| Language: | English |
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MGIMO University Press
2013-08-01
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| Series: | Vestnik MGIMO-Universiteta |
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| Online Access: | https://www.vestnik.mgimo.ru/jour/article/view/1305 |
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| author | R. A. Kasyanov |
| author_facet | R. A. Kasyanov |
| author_sort | R. A. Kasyanov |
| collection | DOAJ |
| description | Large-scale improvement is in store for the European financial regulators. Reforms are being carried out at the supranational level of the European Union whereas the national legislation of the EU member-states is being refined. Similarly, the system of financial regulation in the Russian Federation is about to change prompting creation of a mega-regulator for the financial market on the basis of the RF Central Bank to be launched in August of 2013 with the regulation and supervision shared by the RF Ministry of Finance and Central Bank respectively. As a result, the current regulator, Federal Financial Markets Service, will be abolished with its staff to be employed by the Central Bank. Whether the initiative will be successful depends on a number of factors, among them appropriate application of existing regulation models taking into account the following aspects: participation/non-participation of the market and professional community in the regulation; the subject and the field of regulation. Scrutiny of the European regulators active at the level of the European Union, as well as the national experience of the financial regulators of Luxemburg and Belgium gives a better insight into the prospects of the regulatory reform that is supposed to make the future system intelligible, lucid and self-sufficient, which should be reflected in the underlying legislation. |
| format | Article |
| id | doaj-art-9339ff9ddce74c38a6b7b59d3e83d2a3 |
| institution | Kabale University |
| issn | 2071-8160 2541-9099 |
| language | English |
| publishDate | 2013-08-01 |
| publisher | MGIMO University Press |
| record_format | Article |
| series | Vestnik MGIMO-Universiteta |
| spelling | doaj-art-9339ff9ddce74c38a6b7b59d3e83d2a32025-01-30T12:16:07ZengMGIMO University PressVestnik MGIMO-Universiteta2071-81602541-90992013-08-0104(31)26727410.24833/2071-8160-2013-4-31-267-2741051EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIAR. A. Kasyanov0Moscow State Institute of International Relations (University), 76, Prospect Vernadskogo, Moscow, 119454, Russia.Large-scale improvement is in store for the European financial regulators. Reforms are being carried out at the supranational level of the European Union whereas the national legislation of the EU member-states is being refined. Similarly, the system of financial regulation in the Russian Federation is about to change prompting creation of a mega-regulator for the financial market on the basis of the RF Central Bank to be launched in August of 2013 with the regulation and supervision shared by the RF Ministry of Finance and Central Bank respectively. As a result, the current regulator, Federal Financial Markets Service, will be abolished with its staff to be employed by the Central Bank. Whether the initiative will be successful depends on a number of factors, among them appropriate application of existing regulation models taking into account the following aspects: participation/non-participation of the market and professional community in the regulation; the subject and the field of regulation. Scrutiny of the European regulators active at the level of the European Union, as well as the national experience of the financial regulators of Luxemburg and Belgium gives a better insight into the prospects of the regulatory reform that is supposed to make the future system intelligible, lucid and self-sufficient, which should be reflected in the underlying legislation.https://www.vestnik.mgimo.ru/jour/article/view/1305the european unionthe lamfalussy processthe larosière processthe eu financial sectorthe committee of european securities regulatorsthe european banking authoritythe european insurance and occupational pensions authoritythe european securities and markets authoritythe national bank of belgiumthe financial services and markets authority of belgiumthe commission de surveillance du secteur financier of luxembourgthe central bank of the russian federationthe federal service for financial markets of russia |
| spellingShingle | R. A. Kasyanov EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA Vestnik MGIMO-Universiteta the european union the lamfalussy process the larosière process the eu financial sector the committee of european securities regulators the european banking authority the european insurance and occupational pensions authority the european securities and markets authority the national bank of belgium the financial services and markets authority of belgium the commission de surveillance du secteur financier of luxembourg the central bank of the russian federation the federal service for financial markets of russia |
| title | EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA |
| title_full | EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA |
| title_fullStr | EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA |
| title_full_unstemmed | EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA |
| title_short | EUROPEAN EXPERIENCE OF FINANCIAL MARKETS REGULATION AND OPPORTUNITIES FOR ITS APPLICATION IN RUSSIA |
| title_sort | european experience of financial markets regulation and opportunities for its application in russia |
| topic | the european union the lamfalussy process the larosière process the eu financial sector the committee of european securities regulators the european banking authority the european insurance and occupational pensions authority the european securities and markets authority the national bank of belgium the financial services and markets authority of belgium the commission de surveillance du secteur financier of luxembourg the central bank of the russian federation the federal service for financial markets of russia |
| url | https://www.vestnik.mgimo.ru/jour/article/view/1305 |
| work_keys_str_mv | AT rakasyanov europeanexperienceoffinancialmarketsregulationandopportunitiesforitsapplicationinrussia |