The Financial Market of the Innovation Era: Administrative and Legal Regimes in the Activities of the Bank of Russia

The study examines, through the prism of both the theoretical tenets of administrative, financial, and banking law and a number of normative provisions of the current legislation of the Russian Federation, the formation of administrative law regimes in the field of digital innovations on the financial market. The author consistently concludes that the Bank of Russia plays a significant role in the normative and methodological support for the introduction of high-technology infrastructure that is transforming the day-to-day economic activities of participants in banking, monetary-credit, foreign-exchange, insurance, and emerging securities-related public relations. This process is becoming an established feature of modern economic activity, in part owing to the modernization of the mechanisms of administrative law regimes. Today these regimes are not only an exceptional form of public administration used for the rapid prevention of threats through restrictions and prohibitions, but also encompass experimental legal norms aimed at translating the products of innovative activity into practice. As the body responsible for the organizational structure of the digital ruble platform and the payment system of the mega-regulator, the Bank of Russia — by providing for the possibility of remote inspections of supervised entities and by improving electronic document flow in the field of licensing — helps ensure that the financial market responds to the trends of digitalization. At the same time, the author devotes particular attention to the normative regulation of digital innovations within the framework of experimental legal regimes. The study concludes that the issuing (emission) bank, which performs certain state-authority functions within public administration, can today be regarded as a full-fledged subject of innovative administrative law regimes. Nevertheless, the proper practical implementation of advanced technologies requires not only the evolution of legal regulation and the organizational structure of the financial sector, but also balanced economic development of the Russian Federation as a whole. Enhancing mechanisms for ensuring legality through a complex of administrative-legal regimes, together with raising the level of citizens’ financial literacy, constitutes the key to the innovative development of the State.

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