Mega-regulation as the response to the challenges of financial globalization

Under the processes of financial globalization, the replacement of the industrial financial regulation by megaregulation, which regulates different financial market segments according to the unified principles, is critical. The booming in the world practice of mega-regulator formation is caused by the strengthening of the ties between the financial market segments, appearance of financial supermarkets and universal financial products. The author investigates the peculiarities of exciting mega-regulation models on the example of UK, the USA, Germany, Australia, Italy and others. The proposals for establishing the mega-regulator at the Russian financial market are examined in the article. The author analyses the necessity of mega-regulator at the Russian financial market, marks out the specific features of suggested models and notes the consequences of their application for development of the Russian stock market.

mega-regulator, financial supermarket, financial globalization, conflict of interests, investors’ rights protection, prudential supervision, self-regulatoring organizations, systemic risks, stock market, systemic-significant organizations