EEU continues drafting legal framework of common financial market
<p> MINSK, Jul 27 - PrimePress. The concept of a common financial market of the Eurasian Economic Union (EEU) was examined at a session of the advisory committee on financial markets of the Eurasian Economic Commission (EEC) Board chaired by Timur Zhaksylykov, Minister for Economy and Financial Policy of the Commission, the EEC press office reports. </p> <p> </p> <p> The concept defines the legal framework for the common financial services market, key infrastructure areas and tools for its expansion and further development. </p> <p> </p> <p> The concept envisages standardized licensing to ensure mutual admission (commercial presence) in the form of subsidiaries of banks and insurance companies as providers of financial services. </p> <p> </p> <p> Authorized representatives of the parties assessed the progress reached in drafting an agreement on a standardized license, which will determine the procedure and terms for issuing and revoking (suspending) a standardized license, requirements to applicants, and a procedure for a revision of such requirements. </p> <p> </p> <p> The EEU is also working on an agreement on a supranational body that will regulate the common financial market of the EEU. Its establishment is determined by the agreement on the EEU and the concept of the common financial market. </p> <p> </p> <p> “In accordance with the agreement on the harmonization of the legislation of the Eurasian Economic Union member states pertinent to the financial market, which entered into force on March 1, 2020, the member states are to make a plan jointly with the EEC for the harmonization of the financial legislation of the EEU member states within nine months,” said Zhaksylykov. </p> <p> </p> <p> The EEC coordinated the plan for harmonizing the legislation of the EEU member states in the financial sector (for banks, insurance companies and providers of services in the securities market). The EEC Board will examine the plan in October 2020. </p> <p> </p> <p> The Commission says the harmonization of requirements for the regulation of the financial market will base on the international principles of the Basel Committee on Banking Supervision, International Association of Insurance Supervisors, International Organization of Securities Commissions and Organization for Economic Cooperation and Development, taking into account best international practices. End </p>
2020-07-28
Primepress
MINSK, Jul 27 - PrimePress. The concept of a common financial market of the Eurasian Economic Union (EEU) was examined at a session of the advisory committee on financial markets of the Eurasian Economic Commission (EEC) Board chaired by Timur Zhaksylykov, Minister for Economy and Financial Policy of the Commission, the EEC press office reports.
The concept defines the legal framework for the common financial services market, key infrastructure areas and tools for its expansion and further development.
The concept envisages standardized licensing to ensure mutual admission (commercial presence) in the form of subsidiaries of banks and insurance companies as providers of financial services.
Authorized representatives of the parties assessed the progress reached in drafting an agreement on a standardized license, which will determine the procedure and terms for issuing and revoking (suspending) a standardized license, requirements to applicants, and a procedure for a revision of such requirements.
The EEU is also working on an agreement on a supranational body that will regulate the common financial market of the EEU. Its establishment is determined by the agreement on the EEU and the concept of the common financial market.
“In accordance with the agreement on the harmonization of the legislation of the Eurasian Economic Union member states pertinent to the financial market, which entered into force on March 1, 2020, the member states are to make a plan jointly with the EEC for the harmonization of the financial legislation of the EEU member states within nine months,” said Zhaksylykov.
The EEC coordinated the plan for harmonizing the legislation of the EEU member states in the financial sector (for banks, insurance companies and providers of services in the securities market). The EEC Board will examine the plan in October 2020.
The Commission says the harmonization of requirements for the regulation of the financial market will base on the international principles of the Basel Committee on Banking Supervision, International Association of Insurance Supervisors, International Organization of Securities Commissions and Organization for Economic Cooperation and Development, taking into account best international practices. End