Definition of the Bank of Russia’s supervision system for collective investment market participants: institutional and functional components

the article is devoted to the problem of clarifying the concept of supervision system of the Bank of Russia over subjects of the collective investment market. The relevance of the research of scientific issues is due to the fact that Russian legislation sets out the goals, principles and procedures for exercising supervisory powers, however, the very concept of supervisory system activities of the Bank of Russia in relation to subjects of the collective investment market is still legally uncertain. Thus, the purpose of this study is to fill the identified gap. The scientific novelty is the proposal of the author's definition of the supervision system of the Bank of Russia over the subjects of the collective investment market as a complex of interrelated and interdependent institutional and functional elements that monitor, control and adjust the behavior of participants in the collective investment market in order to ensure the stability of the financial sector, protect the legitimate rights and interests of investors, as well as prevent risks threatening sustainability this segment of the financial market. The formulated definition complements the existing theory of financial supervision system, clarifying its structure, goals and methods in relation to the collective investment market, where fiduciary relations, distributed responsibility and institutional intermediation are of crucial importance. The practical significance of the research results lies in the possibility of applying the proposed definition in the development and improvement of the supervisory procedures of the Bank of Russia, as well as in the formation of criteria for evaluating the effectiveness of supervised organizations.

The Central bank of the Russian Federation, Bank of Russia, supervision system, collective investment market, supervision of the Bank of Russia