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Critical Analysis of the International Experience in Terms of Addressing the Issue of the Formation of the EAEU Supranational Body Governing Financial Market
 
PIIS160565900030065-5-1
DOI10.61205/S160565900030065-5
Publication type Article
Status Published
Authors
Rustam Kasyanov 
Occupation: Professor of the Department of Integration and Human Rights Law
Affiliation: MGIMO University
Address: Russian Federation,
Journal nameJournal of Russian Law
Edition
Abstract

As from 2025 in Almaty pursuant to the Treaty on the EAEU the supranational body governing financial market shall become operational. The international treaty identifying the powers and functions of this body is currently drafted by the EAEU Member States. The EU experience in terms of the governance of and supervision over the single market for financial services was scrutinized and the outcomes which shall be accounted for during the preparation of the legal basis for the EAEU supranational body governing financial market were found in the article. The article deals with historical, organizational and legal issues of the functioning of the European System of Financial Supervision. The authors trace the evolution of the construction of this system through the lens of the Lamfalussy– Larosièr processes, identifying the key features of the development of integration in the field of EU financial markets. To achieve the purpose of the study, two groups of research methods were used: general scientific (methods of cognition, description, analysis, induction, deduction, comparison) and special methods (formal legal, comparative legal, structural legal, historical methods). The analysis conducted resulted in the following findings. The forthcoming supranational body governing the EAEU common financial market should be created on the basis of the international agreement, which would, in the first place, reflect the national experience of the EAEU Member States. At the same time, where the EU applying the trial-and-error technique has designed a rather effective organizational framework in the realm of financial integration, the international experience obtained shall be subject to critical analysis. The aforementioned supranational financial body will benefit provided that it consists of the heads of national regulatory authorities being as independent from the EAEU bodies as possible, that it is allowed to produce its own EAEU financial standards being empowered to carry out the micro- and macroprudential supervision, applying a detailed compendium of specifically designed rules.

Keywordslaw, integration, the EAEU, the EU, common financial market
Received21.03.2024
Publication date27.04.2024
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