Effectiveness of the Basel Principles of Financial Supervision of Financial Markets Stability Under the US Dodd-Frank Act and Russian Banking Legislation: A Comparative Legal Analysis

Introduction. The article in a comparative legal context examines the basic provisions of the "Fundamental Principles for Effective Banking Supervision" of the Basel Committee on Banking Supervision (BCBS), reflected in the US Dodd-Frank Act 2011. and in the Russian banking legislation of the last 10 years. The aim of the work is recommendations and conclusions that allow to track the effectiveness of the implementation of the principles of organizing financial and banking supervision of the BCBS in the United States and Russia in order to prevent crisis situations and ensure the stability of financial markets. The development of the provisions of the US Dodd-Frank Law (last revised 2018) and the norms of the Federal Law of the Russian Federation "On Banks and Banking Activities" (revised 02.07.2021) reflect the dynamics of strengthening the legislative regulation of financial supervision. Comparative analysis helps not only to look critically at the innovations of the US Dodd-Frank Law, but also to identify its most effective provisions that help to eliminate gaps in Russian banking legislation in terms of improving the effectiveness of the BCBS's Basel Principles of Banking Supervision. Materials and methods. The norms of Russian banking legislation, regulatory legal acts of the Central Bank of the Russian Federation, the US Dodd-Frank Act, related US regulatory legal acts, Russian and foreign scientific sources on financial supervision over the stability of financial markets were used. The methods of comparative legal analysis of scientific concepts and foreign sources on the topic of the article were used. Results. It was revealed that the Dodd-Frank Act adopted in the United States changed approaches to the regulation of financial markets, complicated the regulatory system and significantly strengthened financial prudential supervision. Despite the fact that, on the whole, the adopted law had an objectively positive effect on the stability of the US financial system, its individual negative consequences caused serious discontent, which caused further transformation of the legal regulation of financial stability. Russian federal laws and regulations in the banking sector are gradually introducing the BCBS Basel principles, reflecting transformation trends similar to those in the United States, for example, in terms of methods of strengthening supervision over banking groups, holding companies, and systemically important financial institutions. Discussions and conclusions. It seems that certain provisions of the Dodd-Frank Law, as a result of the implementation of the Basel standards of banking supervision, differ from similar legal regulation in the Federal Law of the Russian Federation "On Banks and Banking Activities" and the Federal Law "On the Central Bank of the Russian Federation". This reflects the different doctrinal, conceptual, strategic, monetary approaches of the governments and financial regulators of the United States and Russia to methods of ensuring stability in financial markets. At the same time, the banking legislation of the United States and Russia is constantly being improved in terms of financial supervision of financial markets, implementing the Basel principles in the context of their deepening, softening, and expanded interpretation.

Dodd-Frank Law US, Russian banking laws, Volcker's rule, financial supervision, financial stability, banking legislation