Control and Supervisory Activities of the Bank of Russia as a Subject of Administrative Legal Relationship

The paper elucidates the issues related to the administrative and legal status of the Bank of Russia as a mega-regulator of financial markets using logical and systemic-structural, functional and cybernetic, comparative-legal, and dogmatic methodologies. Currently, Russian society frequently encounters criticism directed at the creditor of last resort due to its control and supervisory policies, which are allegedly at odds with the actual economic needs of the State. In turn, the author aims to provide his own assessment of the legal regulation of the Bank of Russia’s control and supervisory powers, beginning the analysis with a study of the theoretical provisions from scientific works in the field of administrative and financial law, as well as an examination of the terminology of specific banking legislation. In the context of the latter, the mega-regulator is viewed as «another body of public authority» and a legal entity, as well as an organ of banking regulation and supervision. Based on existing doctrinal standings, the Bank of Russia is a unique public-legal institution, a tool of the state’s unified monetary and credit policy, a legal entity of public law, or an organization endowed by law with state and other public powers for public purposes. Theoretically delineating the administrative-legal categories of control and supervision, the author explains the imperatively established goals of the Bank of Russia’s activities and seeks to classify its powers and functions. The paper concludes that a competent policy of control and supervision over the financial market that meets current economic needs and the legally enshrined objectives of activity, serves as an area of interest for the primary bank of the first level, endowed with organizational, regulatory, and protective functions.

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