Supernational financial market regulation: contradictions of institutionalization

The article considers the current trends of strengthening supranational supervision as a result global counter-crisis reform in context shrinking unregulated space operational activity financial intermediaries and implementation principles governance. author characterizes basic approaches compliance, its goals, mechanisms national spaces. legislative normative basis for compliance European institutional coordinate system is systematized effectiveness control systems determined. Features regulatory development are revealed. ambivalence terms field client-bank interaction shown: against background banking dictates about clients, institutions themselves have opportunity to overcome restrictions by more active use shadow banking, offshore operations more. There vision quasi-institutionalization, or imaginary institutionalization, which manifests itself formal increase supervisory procedures, growth general control, at same time actual avoidance structures from undesirable compliance. It concluded that close hyperinstitutionalization local level lead emergence expansion non-institutional spaces not subject classical regulation (shadow banking), rules operation available adoption ordinary entities (banking compliance).