FOREIGN EXPERIENCE IN FINANCIAL SERVICES REGULATION AND ITS USE IN UKRAINE

Abstract

The article deals with the problems of public relations in the sphere of financial services in foreign countries. The foreign experience of regulation of the sphere of financial services is studied and possibilities of its use in Ukraine are determined. An example of a model of legal regulation of the financial services industry in Ukraine may be the model used by the European Union. The European Union in the field of financial services has introduced a system of authorized institutions and bodies of the European Union, based on the principles of the internal market, aimed at consolidating a competitive efficient financial market, ensuring a high degree of financial stability, consumer protection and control.         The regulation of financial markets in different countries of the world usually works within two different models.

The first model involves regulation by predominantly state bodies, and only a small part of the powers overseeing, controlling, establishing the rules for conducting operations are transferred to associations of professional market participants - self-regulatory organizations.

         The second involves the transfer of as much authority as possible to self-regulatory organizations. At the same time, the state retains basic control functions and the ability to intervene at any time in the process of self-regulation.

            An important issue in the implementation of the European Union's financial services policy is the organization of a prudential oversight structure for financial market participants.However, the effectiveness of its operation depends on the specific institutional structure of supervision established in the Member States of the European Union in most countries of the world as a regulator of the banking system entrusted to the central bank.

            The experience and possibilities of introducing positive experience in regulating public relations in the sphere of financial services of such countries of the European Union as Germany, Great Britain, France, Denmark, Czech Republic, Hungary, Estonia, Latvia, Malta and the experience of the Russian Federation are discussed in detail

         The study of the financial services market regulation systems makes it possible to conclude the gradual development of common rules, rules and principles that are recognized by most countries. The need for unification is linked to the processes of interstate integration, internationalization and globalization of the financial markets, which initiate the gradual blurring of the identification boundaries between different national models of state regulation of the financial services market.