Journal article Open Access

Introducing a New Model for Regulating the Non-Banking Financial Sector. Implementation of European Legislation

Z.A. Repikova

The article analyzes the issues related to the introduction of a new model for regulation of the non banking financial sector, as well as the implementation of European legislation, investigates aspects of a partially consolidated (integrated) model of financial market regulation in Ukraine and stages of transition from one model of regulation to another.

Since the financial system plays an important role for the effective functioning of the country's economy and its economic development, the question arose about the need to enhance the role of the non-banking financial sector in the modern socio-economic life of the country. In this regard, the Strategy for reforming the state regulation of non-banking financial services markets for 2015-2020 was developed, the main directions of which are: 1) deregulation of non-banking financial services markets and simplification of the regulatory environment; 2) improving the activities of the regulator and increasing the efficiency of state oversight; 3) protect the interests of consumers of financial services and restore confidence in the markets of non-banking financial services; 4) regulatory impact on the development of non-banking financial services markets (priorities).                                     An important element of the regulatory and regulatory environment for regulatory and oversight is the institutional regulatory model. Currently, there is a sectoral regulatory model in Ukraine in which the supervision of the banking services market, money transfer and currency transactions is performed by the National Bank, the National Securities and Stock Market Commission (NCSSMC) oversees the securities markets and derivatives (derivatives), and the National Commission for State Regulation in the Financial Services Market oversees other financial services markets. It is proposed to introduce a new model - partially consolidated (integrated), under which the entire financial sector will be regulated by two regulators - the National Bank of Ukraine and the NCSSMC. Like any reform, reform of the non-banking financial sector will certainly require substantial changes to the regulatory framework. Therefore, the specific rules of operation and prudential requirements applicable to certain types of financial institutions will be determined by special laws.                          

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