Preview

Russian Law Journal

Advanced search

Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation

https://doi.org/10.17589/2309-8678-2020-8-1-111-137

Full Text:

Abstract

The article covers key formats of interstate cooperation in the post-Soviet space. The authors conclude that the Eurasian Economic Union is the major integration project bringing together Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This research addresses various legal issues related to founding of the EAEU single financial services market with provisions and annexes of the EAEU Treaty studied. The EAEU meets challenges and creates legal and institutional framework for single financial services market within a relatively short timeframe. By 2025 both Supranational Eurasian financial regulator should be established and EAEU legislation on financial services should be harmonized. These tasks require international and national regulation experience. Therefore through the use of comparative analysis some advantages of the European Union law in the field of financial services market regulation are pointed out alongside with particular national legislation aspects of the EAEU member states in the similar or relative fields. Comparative analysis provides for determination of modern approaches to financial services market regulation in the EAEU and its member states, and allows to emphasize advantages and disadvantages of such regulation. Comparative analysis is applied to specifically investigate three subject areas of high relevance for global financial community: institutional forms of trade in financial instruments; organized trade in financial derivatives; organization of algorithmic and high-frequency algorithmic trading. Conclusion drawn is that the EU experience in the matters of financial markets regulation is of particular interest for the EAEU and its member states.

About the Authors

Rustam Kasyanov
MGIMO University
Russian Federation

Senior Lecturer, European Law Department

76 Vernadskogo Av., Moscow, 119454



Anzhelika Kriger
MGIMO University
Russian Federation

PhD student

76 Vernadskogo Av., Moscow, 119454



References

1. Awrey D. Complexity, Innovation, and the Regulation of Modern Financial Markets, 2(2) Harvard Business Law Review 235 (2012). https://doi.org/10.2139/ssrn.1916649

2. Baker C.M. Regulating the Invisible: The Case of Over-the-Counter Derivatives, 85 Notre Dame Law Review 1287 (2010).

3. Bonneau T. Le Committee of european regulators (CESR) renforcé, 3 Revue de droit bancaire et financier 110 (2009).

4. Castellano G.G. et al. Reforming European Union Financial Regulation: Thinking Through Governance Models, 23(3) European Business Law Review 409 (2012).

5. Collard K. Advantages of a Co-Regulatory OTC Derivatives Regime, 46(3) Georgetown Journal of International Law 877 (2015).

6. Dalhuisen J.H. Globalization and the Transnationalization of Commercial and Financial Law, 19(1) Rutgers University Law Review 19 (2015). https://doi.org/10.2139/ssrn.2357090

7. Ferrarini G. & Moloney N. Reshaping Order Execution in the EU and the Role of Interest Groups: From MiFID I to MiFID II, 13(4) European Business Organization Law Review 557 (2012).

8. Gorton L. Financial Law in a Global Surrounding, 23(6) European Business Law Review 913 (2012).

9. Griffith S.J. Substituted Compliance and Systemic Risk: How to Make a Global Market in Derivatives Regulation, 98(4) Minnesota Law Review 1291 (2014).

10. Jairath A. The Impact of the Market in Financial Instruments Directive (MiFID), 6(3) Journal of Investment Compliance 50 (2005). https://doi.org/10.1108/15285810510659329

11. Kasyanov R.A. The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU), 16(5) European Company and Financial Law Review 592 (2019). https://doi.org/10.1515/ecfr-2019-0021

12. Lamandini M. Towards a New Architecture for European Banking Supervision, 6(1) European Company Law 6 (2009).

13. Muller A.-C. Rapport Larosière, 4 revue de droit bancaire et financier 77 (2009).

14. Okonjo J. Assessing the Impact of the Extraterritorial Provisions of the European Markets Infrastructure Regulation (EMIR) on Emerging Economies’ OTC Derivatives Markets: A Doctrine of Proportionality Perspective Challenges and Unresolved Issues, 7 Indian Journal of International Economic Law 1 (2015).

15. Schiavo G.L. A Judicial Re-Thinking on the Delegation of Powers to European Agencies Under EU Law? Comment on Case C-270/12UK v. Council and Parliament, 16(2) German Law Journal 315 (2015). https://doi.org/10.1017/s2071832200020861

16. Schmitz-Lippert T. International Co-operation between Financial Supervisory Authorities, 7(2) European Company and Financial Law Review 266 (2010). https://doi.org/10.1515/ecfr.2010.266

17. Sheridan I. MiFID II in the Context of Financial Technology and Regulatory Technology, 12(4) Capital Markets Law Journal 417 (2017). https://doi.org/10.1093/cmlj/kmx036

18. Takehara D. Financial Reform in the European Union: Establishing the Common Technical Rulebook, 26(2) Global Business & Development Law Journal 531 (2013).


For citation:


Kasyanov R., Kriger A. Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation. Russian Law Journal. 2020;8(1):111-137. https://doi.org/10.17589/2309-8678-2020-8-1-111-137

Views: 2017


ISSN 2309-8678 (Print)
ISSN 2312-3605 (Online)
X