ECONOMIC ANALYSIS OF LAW: ON THE REDUNDANCY CRITERIA OF REGULATORY REQUIREMENT IN THE FINANCIAL SPHERE

Rakhmeeva Irina Igorevna, Andronov Mikhail Yurievich

A significant redundancy and low transparency of regulatory policy determine the relevance of the paper. At the same time, the necessity and degree of state regulation is a complex debatable issue. Experts of a certain sphere of economic activity find excessive regulation in a significant number of cases. But there is a problem of regulators ignoring initiatives to improve the legal field. The authors propose a methodology for determining the redundancy requirements regarding regulatory objectives based on the analysis of scientific research and their own practical experience. The methodology provides the formation of proposals for adjustment of regulation with the estimation of the effect based on economic analysis. The approbation of the methodology in the financial sphere revealed redundancy regulatory requirement. Regulators and regulated persons can use the results of the research to analyze regulatory requirement and improve the effectiveness of the regulatory environment.

Keywords:Redundancy of regulatory requirement, redundancy criteria, regulatory policy, excessive regulation, economic analysis of the law, reduction of the burden on entrepreneurs, defects in regulation’s goal-setting, regulatory effectiveness, smart regulation, regulatory impact assessment, lean regulation