Tuesday, September 18 2018 10:43
Karine Melikyan

Agreement of the EEU member states on harmonization of legislation in  financial sector envisages final rapprochement of national standards  by 2025

Agreement of the EEU member states on harmonization of legislation in  financial sector envisages final rapprochement of national standards  by 2025

ArmInfo.The Deputy Prime Ministers of the countries of the Eurasian Economic Union (EEU) signed the Agreement on Harmonization of the Legislation of the  Member States in the Financial Sector.

As the press service of the Eurasian Economic Commission informs,  within 9 months from the date of entry into force of the agreement,  the parties together with the Commission will develop a "road map"  for rapprochement of the norms provided for by national legislation  in the financial sector.

The agreement defines the directions and the procedure for  harmonizing the legislation of the EEU countries in the banking,  insurance and securities services sectors on the basis of  international principles and standards. The document is necessary for  creating a common financial market and mutual recognition of licenses  in the countries of the Union. The process of rapprochement of  national norms should be completed by 2025.

On September 17, the heads of the central (national) banks of the EEU  member states signed an agreement on harmonization of the legislation  in the financial sector at the Central Bank of Armenia.

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