Payment and Settlement System Oversight in the Russian Federation

Abstract

This article focuses on the study of the problems of legal regulation of payment and settlement system oversight. The results of the study showed certain shortcomings of legal techniques in the sphere of legal regulation of public relations, formed in the process of providing this oversight in the national payment system. These shortcomings arise from inaccuracy and inconsistency of the concept of payment and settlement system oversight, as well as difficulty to establish the precise range of objects of oversight, as well as a number of other challenging issues. In this respect, the author suggests an original definition of payment and settlement system oversight in the Russian Federation, which can be brought into use in the federal legislation. The work makes a distinction between payment and settlement system oversight and supervision, which makes it possible to consider the latter as a separate direction of the control and supervision of the Bank of Russia, the main body of monetary regulation. The article also examines the impact of the Bank for International Settlements (BIS) documents on the process of introducing Russian national legislation into the national payment system oversight, as well as the definition of the subject of assessment conducted during such monitoring. This suggests that the Bank of Russia adequately approaches the implementation of the principles set out in the BIS documents. It introduces the best international practice, with due consideration of features of the legal regulation of public relations developing in the Russian national payment system. Currently, the oversight model in the national payment system fully corresponds to the oversight proposed by the BIS.