Risks of legal regulation of financial organizations: legal instability and uncertainty

The article examines legal instability and uncertainty as risks of legal regulation of financial organizations. It is revealed that these risks are an essential characteristic of a financial right, since it contains a fiscal element. This is also confirmed by the recommendations of the Bank of Russia on risk management in financial institutions. The analysis of the impact of instability and uncertainty in the law on the activities of financial organizations is carried out, regulatory legal acts are considered, the gaps in which had a negative impact, the norms are compared: at the time of the event and in the current version. It was found that in all cases, changes were made in legislation, and specifically in those norms that caused the greatest difficulties in law enforcement practice. Judicial practice is analyzed. It is shown that the frequent reasons for clients of financial organizations to seek judicial protection are non-compliance with legislation by organizations, including due to misinterpretation. The mechanisms for regulating the activities of financial organizations for managing legal risks have been identified, which include regulatory support, acts of the Bank of Russia and other regulatory authorities, capital requirements, and consumer protection. There are practically no recommendations on the use of digital technologies in business. Based on the results of the study, it was proposed, as part of improving the legal regulation of financial organizations and minimizing legal risks, to use LegalTech systems that can be integrated into business processes using API technologies in order to monitor and analyze the entire range of transactions and actions of financial organizations and verify compliance with current legislation.