Year of Graduation
Prospects of introduction of the mega–regulator in Russia,taking into account international experience
The subject of the article is creation of the effective system of financial regulation, most fitting to the needs of economic development of Russia and the structural characteristics of the domestic financial market. Having analyzed international experience to-date with integrated financial regulation, basic conditions for introduction of mega-regulator in Russia are formulated. Its alternative institutional designs, their advantages and flaws are described. The conclusion is made that the scheme currently adopted in Russia with Central Bank as a mega-regulator is suboptimal. Consolidation of financial regulators and the creation of the mega-regulator recently can be considered a global trend. And the formation of such a body in Russia repeats foreign experience. Experience of the financial crisis clearly demonstrated that existing in Russia supervisory institutions are not able to respond quickly to " freelance " market situation and offer effective solutions. Moreover, the functions of the state supervisory agencies operating in the financial sector today , largely overlap , their powers are not always clear .Banks, like other financial institutions, are often accountable to various government agencies , the requirements of which are contradictory It should also be stated that the activities of public oversight bodies and bureaucratic needs an influx of new ideas , relevant global trends and needs in the financial markets. The situation in the world economy and the lack of sustained development of the Russian financial market served as a decisive impetus to the realization of the idea of reforming the infrastructure of the financial services market , in particular the creation of the mega-regulator . Accumulated experience in the development of financial markets confirms the importance of interrelations between the type of the chosen model of regulation and historically achieved «depth of financial structure», as well as national institutional characteristics. Effective regulation model which takes into account these features became an indispensable condition for economic growth. I analyze patterns of development of regulation and supervision systems in the financial markets on a sample of 30 countries focusing on trends in integration of regulation and supervision. The calculations show that new model of rigid integration of system of prudential supervision and regulation formed in Russia on the basis of the Bank of Russia does not fully take into account the level of development of institutional investors and creates risks of excessive administrative pressure on non-bank financial institutions and risks of competitive environment weakening. Solving these problems requires active effort on the part of government agencies and financial market participants.