Legal Aspects of the Formation of the Common EAEU Exchange Space in the Light of Best Practices of Integration Associations

The formation of the EAEU common exchange space (CES) is an integral component of the common financial market and is carried out on the basis of the Action Plan approved by the EEC Board in 2020, as well as on the basis of the Concept of Creating a Common Financial Market adopted by the Supreme Eurasian Economic Council in 2019. Drafts of two international treaties, which will form the basis of the CES, have been developed and agreed with almost all the EAEU member States. The essence of these agreements is to provide national treatment within the EAEU to professional participants and securities registered in other member states. Based on a review of the practice of a number of European, African and Latin American integration associations, the authors have identified the main elements of the legal regulation of the CES that can be used in the EAEU. The harmonization of the legislation of the member States of integration associations is effective in cases where it is carried out on the basis of legal acts of integration bodies having direct application or on the basis of legal acts obliging the member States to amend national legislation. Such harmonization can also be carried out on the basis of model laws or recommendations of financial authorities of integration associations. The administrative cooperation of national securities market regulators is carried out via the creation of a permanent body that unites such regulators and ensures contacts not only at the level of heads of national departments, but also at a lower level. Taking into account the sanctions risks and geopolitical turbulence, a supranational body can currently be created with an emphasis on «soft» law-making.