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Critical Analysis of International Experience in the Context of Solving the Task of Forming a EAEU Supranational Body for Financial Market Regulation
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Critical Analysis of International Experience in the Context of Solving the Task of Forming a EAEU Supranational Body for Financial Market Regulation
Annotation
PII
S1605-65900000622-5-1
DOI
10.61205/S160565900030065-5
Publication type
Article
Status
Published
Authors
Rustam Kasyanov 
ORCID: 0000-0003-2946-5744
Occupation: Professor, Department of Integration and Human Rights Law
Affiliation: Moscow State Institute of International Relations (University), Ministry of Foreign Affairs of the Russian Federation
Address: Moscow, Russia
Edition
Volume 28 No. 6
Pages
110-122
Abstract

According to the Treaty on the Eurasian Economic Union, a supranational financial market regulatory body is to start working in Almaty in 2025. Currently, the EAEU member states are working on the text of an international treaty that will define the powers and functions of this body. The article analyzes the experience of the European Union in the field of regulation and supervision of the single market of financial services, the positive aspects of which can be taken into account when preparing the legal framework for the activities of the EAEU supranational body for regulating the financial market. The historical-legal and organizational-legal issues of the functioning of the European financial supervision system are considered in detail. The evolution of this system is traced through the prism of the Lamfalussy— Larosièr processes, and the key features of the development of integration in the field of EU financial markets are identified.

To achieve the research goal, two groups of research methods were used: general scientific (methods of cognition, description, analysis, induction, deduction, comparison) and special (formal legal, comparative legal, structural legal, historical).

Conclusion: the future EAEU supranational body for regulating the common financial market should be created on the basis of an international agreement that will take into account, first of all, the national experience of the EAEU member states. At the same time, it is important to critically analyze the existing international experience, taking into account that the EU has a long history of legal regulation in the field of financial integration. According to the author, the created EAEU supranational financial body should be as independent as possible from other EAEU bodies, consist of heads of national regulators, develop their own financial standards, have broad powers in the field of micro- and macroprudential supervision, work in accordance with a detailed set of rules.

Keywords
law, integration, EAEU, EU, common financial market
Date of publication
07.06.2024
Number of purchasers
2
Views
85
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