Prospective model of organization of self-regulation in the banking market

Publication type Article
Status Published
Occupation: Professor of the Entrepreneurial and Corporate Law Chair, Kutafin Moscow State Law University (MSAL)
Affiliation: Kutafin Moscow State Law University (MSAL)
Address: Russian Federation, Moscow
Journal nameGosudarstvo i pravo
EditionIssue 11

Self-regulation is an indispensable element of market relations that facilitates state management of the market and increases competition between business entities. However, due to specific character of the banking market there are peculiarities of a legal regime, and a legislator’s approach to self-regulating is only outlined. This paper focuses on a prospective model of self-regulating in the banking market. At the same time, it points out legal gaps in self-regulating regulatory windows (in part of rulemaking, scope of delegated authority, and composition of the Bank of Russia’s Committee on activity standards for credit institutions) that may reduce efficiency of banking self-regulating institutions, and outlines possible ways to overcome them.

Keywordscredit institutions, Central Bank of the Russian Federation, self-regulation, self-regulatory organization model, co-regulation, “double” regulation, standards, misselling, microfinance market, securities market
Publication date29.11.2022
Number of characters37772
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