Regulatory impact assessment for draft regulatory acts of the Central Bank of Russia

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Marina E. Babich^а

^аRussian Presidential Academy of National Economy and Public Administration

DOI: 10.22394/2070-8378-2023-25-1-6-13

Abstract:
Modern legal literature has no studies on the legal control over regulatory impact assessment (RIA) for draft regulatory acts of the Central Bank of Russia. At the same time, RIA remains an essential element of the law-making process, its effectiveness directly depends on quality, consistency, and enforceability of requirements. The article is focused on studying the legal regulation for RIA of draft regulatory acts of the Central Bank of Russia and law enforcement in this area. As an instrument of “smart regulation”, regulatory impact assessment has been adopted from the legislation of foreign countries. The study aims to analyze the legal regulation of RIA for compliance with the Recommendation of the OECD Council on Regulatory Policy and Governance 2012. Considering the legal framework for assessing the regulatory impact of draft regulatory acts of the Central Bank of Russia, the study revealed that the legal regulation of the regulatory impact assessment for draft regulations of the Central Bank of Russia does not fully meet the principles enshrined in the OECD Recommendations; this applies to regulatory policy and “smart regulation” instruments. For example, there is no definition for the subject of evaluation, no transparent criteria to form the terms of public discussion, and no obligation on the regulator to post a summary of the proposals received and the conclusion on the RIA on the official website. The author concludes that we should improve the quality of legal regulation of the RIA for draft regulatory acts of the Central Bank of Russia via its further development according to the principles of the OECD regulatory policy.

Keywords:
regulatory impact assessment (RIA), normative legal act, law-making, subject of regulation, regulatory policy, smart regulation, the principle of proportionality, regulator, OECD, the Central Bank of Russia

Received:
October 30, 2022

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