ABSTRACT
244 245This chapter considers a number of issues related to the trends in modern banking regulation and supervision and the role, advantages, and challenges resulting from the existence of soft law as a part of global financial regulation, and implementation of soft law standards in national (Russian) jurisdiction. The discussion takes into consideration the three main streams of modern banking regulation and supervision: prudential; conduct of business and discharge of the public functions, and considers the main international soft law standards for them, their implementation in Russian legislation and not only positive outcomes, but also disadvantages resulting from it. The author insists on the necessity for modern international soft lawmaking bodies to take into consideration the differences between the national jurisdictions, including cultural differences, as a precondition for the efficiency of modern financial soft law, the necessity to develop modern financial soft law to ensure the balance of the different chains of the financial system, instead of jeopardizing it into a set of rules that ignores the possible negative outcomes resulting from its formal enforcement.
