Legal Features of Licensing Certain non-bank Financial Institutions

Abstract

The relevance of the research topic is due to the fact that the development of market relations in Ukraine stimulated the emergence and expansion of various markets, among which the markets of non-banking financial services took their rightful place. The organizational and legal forms of economic activity in these markets were constantly expanding, the volume of services provided, their types increased, and as a result, the issues of state regulation in these markets became relevant. The article is devoted to the features of licensing of certain non-bank financial institutions. At the same time, attention is paid to the licensing system of these business entities. The purpose of the article is to reveal the legal features of such a procedure of state regulation as licensing. Achieving the outlined goal was made possible by using a complex of methods of scientific knowledge, in particular, the formal-legal method (to establish the content of legal norms), the formal-logical method (to identify shortcomings in national legal regulation), the comparative-legal method (to study the experience of other countries and determine the prospects for implementing their principles of activity in the national legal field). It is studied that the licensing system in the non-bank financial services market in Ukraine has undergone significant changes aimed at increasing the transparency, reliability and stability of the financial market. The transfer of functions to the NBU ensured the centralization of the regulatory function and harmonization with international standards. At the same time, the challenges associated with the implementation of new rules require further improvement of procedures and active dialogue between the regulator and market participants. In conditions of war, Ukraine faces serious challenges that affect the state's economy. Despite this, the development of the non-banking financial sector remains an important component of the restoration and modernization of the state. Returning to a competitive economy requires effective state regulation and support of non-banking institutions - credit unions, pawnshops, financial companies, insurance companies, etc.