Importance The article analyses the creation of a mega-regulator of the financial market in response to the 2007-2008 global financial crisis. The focus is on the reform of financial regulation and supervision in Russia, and its first results. The article also suggests areas of further activity of the mega-regulator. Objectives The purpose is to analyze the reform of financial regulation and supervision in the post-crisis period. Methods The study rests on the methods of theoretical analysis and synthesis of scientific literature to review various aspects of creating the financial market mega-regulator. Furthermore, we analyze the regulatory and legal framework for the reform of financial regulation and supervision in Russia. Results The study results in the comparison of various views on establishing and functioning of the mega-regulator. We have summarized best practices of introducing the financial market mega-regulator in Russia and foreign countries. Conclusions and Relevance Despite contradictory views of the expert community on creating the mega-regulator, in the post-crisis period, many countries changed the financial regulation and supervision and established a single financial regulator. The activity of the Russian mega-regulator can be assessed as positive; meanwhile, many challenges remain for the Bank of Russia in the insurance sector, securities market and pooled investment management regulation.
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