DOI: 10.25136/2409-7136.2023.2.39735

Abstract: The subject of the study are the norms of Russian and foreign financial legislation and other sources of law regulating the activities of the Central Bank of the Russian Federation on supervision of the behavior of participants in the financial market of the Russian Federation. The object of the study is the social relations arising in the implementation of behavioral supervision of the Central Bank of the Russian Federation. The author examines in detail such aspects of the topic as the concept and essence of behavioral supervision of the Central Bank of the Russian Federation. Particular attention is paid to the concepts of the phenomenon under study that have developed in practice and science during the period of supervision by the Central Bank of the Russian Federation for the detection of unfair practices in the financial market. The novelty of the research lies in the fact that the author has considered in detail the concept and essence of one of the instruments of the Central Bank of the Russian Federation – "behavioral supervision". Behavioral supervision is a tool designed to identify and counter unfair practices in the sale of financial products and services, as well as other patterns of behavior of financial market entities that violate the rights and freedoms in the financial market. In a number of foreign countries, behavioral supervision has long found its place in the system of control and supervisory measures of the relevant state bodies. In Russia, behavioral supervision is a formative legal category, the legal consolidation of which is absent in legislation. Based on the analysis of foreign legislation and law enforcement practice of the Bank of Russia, the article formulates the concept of behavioral supervision and its essential features.

DOI: 10.7256/2454-0706.2023.2.39772

Abstract: The subject of this study is the norms of Russian financial legislation and scientific sources containing information that allows to determine the legal nature (legal essence) of the Bank of Russia's activities on supervision of the behavior of participants in the financial market of the Russian Federation. The object of the study is the social relations that arise during the implementation of banking supervision and behavioral supervision of the Central Bank of the Russian Federation. The author examines in detail the concept of the legal nature of behavioral supervision of the Central Bank of the Russian Federation, establishes an analogy with the legal nature of banking supervision, and also analyzes the control and supervisory state activities. Particular attention is paid to the concepts of the phenomenon under study that have developed in science during the period of supervision by the Central Bank of the Russian Federation. The main conclusions of the study are generalizations of the prevailing views on the legal nature of behavioral supervision of the Central Bank of the Russian Federation. The novelty of the research lies in the fact that the author is one of the few attempts to define the concept of behavioral supervision, its subject and object. Additionally, he draws attention to the fact that the current model of supervision over the behavior of financial market entities is not as formalized as the system of banking supervision, due to the objective impossibility of regulating dynamically developing relations. At the same time, it is determined that the characteristic features of behavioral supervision are the subject composition, which is characterized by the participation of the consumer of financial services, in this regard, it is concluded that behavioral supervision is the supervision of compliance with the rights of consumers of financial services, but at the same time attention is drawn to the fact that behavioral supervision can act as a continuation of banking supervision. The author notes that this classification directly depends on the purpose of supervisory measures, for example, checking a credit institution or considering a complaint from a consumer of financial services.