№ 4/2021

Fìnansi Ukr. 2021 (4): 65–83https://doi.org/10.33763/finukr2021.04.065

MARKET OF FINANCIAL SERVICES

KLYMENKO Kateryna ¹, SAVOSTIANENKO Maksym ²

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-8295-1333
²SESE “The Academy of Financial Management”, Kyiv
OrcID ID : https://orcid.org/0000-0002-6712-5831

Formation of the system of strategic regulation of the market of non-bank financial services in Ukraine

The article highlights the issues of development of non-bank financial institutions as subjects of the aggregate financial capacity of Ukraine and promising directions for increasing the efficiency of their operation. The authors give a comprehensive analysis of development problems accumulated in the process of restructuring the non-bank financial services market in Ukraine and identifies the main ways of their solution on the basis of the сcomprehensive Program of Ukrainian Financial Sector Development until 2025, of the Law of Ukraine “On Amendments to Certain Legislative Acts Concerning the Improvement of Functions on State Regulation of Financial Services Markets”, etc. The paper also emphasizes the need for the adoption of the draft Law “On Financial Services and Financial Companies” № 5065 and related bills: “On Insurance” and “On Credit Unions”. To support the development of the non-banking sector, it is proposed to develop a draft Program for the development of the non-banking financial services market in Ukraine in the medium term, which should be strategically adjusted and based on a holistic integrative model of the rule of law and sectoral legal principles, financial services with relevant approved financial indicators. In particular, the program document should provide for the growth of the role of the market of non-banking financial services in the processes of redistribution of financial resources, their accumulation to solve priority government tasks; constant increase of its capitalization and expansion of the practice of attracting investments with the use of NBFU market instruments etc.

Keywords:state regulation, non-banking financial services market (NBFSM), reforming, strategic development of the market of non-banking financial services, non-banking financial institutions (NBFIs), “split”-regulation, Strategy of Ukrainian Financial Sector Development until 2025

JEL: G23, G28

Klymenko K. . Formation of the system of strategic regulation of the market of non-bank financial services in Ukraine / K. Klymenko, M. Savostianenko // Фінанси України. - 2021. - № 4. - C. 65-83.

Article original in Ukrainian (pp. 65 - 83)

Download

Downloads :125

1. Bacho, R. J. (2015). Present state of non-banking financial services market development in Ukraine. Scientific Bulletin of Uzhhorod University, Series "Economics", 1, 180–183 [in Ukrainian].
2. Hrynevych, Yu. M., & Myronenko, M. Yu. (2016). Status and prospects of development of specialized credit and financial institutions in Ukraine. Innovative economy, 2, 17–24 [in Ukrainian].
3. Ivanytska, O. M., & Huts, M. V. (2013). The influence of tranches provided by IMF over Ukraine’s economy. Scientific Bulletin of the Institute of International Relations at NAU. Series: economics, law, political science, tourism, 1, 28–32 [in Ukrainian].
4. Klymenko, O. (2020). State regulation of non-banking financial services markets in Ukraine in european integration. Bulletin of the National Academy of Public Administration under the President of Ukraine. Series Public Administration, 1 (96), 39–48 [in Ukrainian].
5. Prokopenko, Zh. (2017). Business activities nbfis as object legal regulation: accounting aspects. Agrosvit, 8, 60–64 [in Ukrainian].
6. Pshyk, B. I. (2017). Development of non-bank financial services markets in Ukraine: main problems and ways to solve them. Global and National Problems of Economics, 16, 988–992 [in Ukrainian].
7. Tereshchenko H., & Musatova T. (2016). The strengthening of prudential supervision of non-bank financial institutions. RFI Scientific Papers, 1, 95–106 [in Ukrainian].
8. Teslenko, T. (2019). Characteristics of non-bank financial institutions and construction of accounting in non-bank financial institutions. Pryazovskyi economic herald, 2 (13), 376–380 [in Ukrainian].
9. Verkhovna Rada of Ukraine. (2019). On Amendments to Certain Legislative Acts of Ukraine Concerning the Improvement of Functions on State Regulation of Financial Services Markets (Act No. 79-IX, September 12). Retrieved from zakon.rada.gov.ua/laws/show/79-20#Text [in Ukrainian].
10. Ministry of Finance of Ukraine. (2020, June 11). IMF publishes text of Letter of Intent and Memorandum of Economic and Financial Policy on new 18-month Stand-by Program for Ukraine. Retrieved from www.mof.gov.ua/uk/news/mvf_opriliudniv_tekst_lista_pro_namiri_ta_memorandumu_pro_ekonomichnu_i_finansovu_politiku_shchodo_novoi_18-ti_misiachnoi_programi_stand-by_dlia_ukraini-2184 [in Ukrainian].
11. All-Ukrainian Association of Credit Unions. (2020). Natskomfinposlug signed memoranda of cooperation with the National Bank and the NSSMC within the implementation of the provisions of the Law on “Split”. Retrieved from vaks.org.ua/?id_news=1626 [in Ukrainian].
12. Porada, Ye. (2020, April 23). Split-regulation of the financial market. Retrieved from yur-gazeta.com/publications/practice/bankivske-ta-finansove-pravo/splitregulyuvannya-finansovogo-rinku.html [in Ukrainian].
13. National Bank of Ukraine. (2020, May 7). The National Bank is completing preparations for the adoption of the functions of a regulator of non-banking financial services markets. Retrieved from bank.gov.ua/ua/news/all/natsionalniy-bank-zavershuye-pidgotovku-do-priynyattya-funktsiy-regulyatora-rinkiv-nebankivskih-finansovih-poslug [in Ukrainian].
14. Verkhovna Rada of Ukraine. (2021). About financial services and financial companies (Draft Law No. 5065, February 15). Retrieved from w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=71092 [in Ukrainian].
15. National Bank of Ukraine. (2021, February 5). The National Bank approved new rules for the application of measures of influence to non-banking financial institutions. Retrieved from bank.gov.ua/ua/news/all/natsionalniy-bank-zatverdiv-novi-pravila-zastosuvannya-zahodiv-vplivu-do-nebankivskih-finustanov [in Ukrainian].
16. Board of the National Bank of Ukraine. (2020). On Amendments to the Resolution of the Board of the National Bank of Ukraine of February 12, 2013 No. 42 (Decree No. 143, October 19). Retrieved from zakon.rada.gov.ua/laws/show/v0143500-20#Text [in Ukrainian].
17. National Bank of Ukraine. (2021, February 19). Financial sector reporting is moving to the international standard. Retrieved from bank.gov.ua/ua/news/all/zvitnist-finansovogo-sektoru-perehodit-na-mijnarodniy-standart [in Ukrainian].
18. Bukhhalter.ua. (2021, March 12). The NSSMC will not penalize for failure to submit annual financial statements for 2020 based on the UA Taxonomy IFRS XBRL. Retrieved from buh.ligazakon.net/news/202174_nktspfr-ne-shtrafuvatime-za-nepodannya-rchno-fnzvtnost-za-2020-rk-na-osnov-taksonom-ua-msfz-xbrl [in Ukrainian].
19. National Bank of Ukraine. (2021, February 16). Non-banking financial sector to receive new laws: bill on financial services and financial companies registered in parliament. Retrieved from bank.gov.ua/ua/news/all/nebankivskiy-finsektor-otrimaye-novi-zakoni-u-parlamenti-zareyestrovano-zakonoproyekt-pro-finansovi-poslugi-ta-finansovi-kompaniyi [in Ukrainian].
20. National Commission for State Regulation of Financial Services Markets. (2015). Strategy for reforming state regulation of non-banking financial services markets for
2015–2020 (Order No. 499, March 19). Retrieved from nfp.gov.ua/news/918.htm [in Ukrainian].
21. National Bank of Ukraine. (n. d.). Strategy for the development of the financial sector of Ukraine until 2025. Retrieved from bank.gov.ua/ua/about/develop-strategy [in Ukrainian].
22. Cabinet of Ministers of Ukraine. (2021). On approval of the National Economic Strategy for the period up to 2030 (Decree No. 179, March 3). Retrieved from www.kmu.gov.ua/npas/pro-zatverdzhennya-nacionalnoyi-eko-a179 [in Ukrainian].
23. National Bank of Ukraine. (2021, April 16). Non-bank financial institutions will disclose their ownership structures – the requirements have been approved. Retrieved from bank.gov.ua/ua/news/all/nebankivski-finustanovi-rozkriyut-svoyi-strukturi-vlasnosti--zatverdjeno-vimogi [in Ukrainian].