ArmInfo. The Advisory Committee on Financial Markets under the Board of the Eurasian Economic Commission discussed approaches to the formation of a common financial market and harmonization of legislation in the field of financial services. The meeting was held in Moscow at the EEC headquarters under the chairmanship of the Minister of Economy and Financial Policy of the Commission Bakhyt Sultanov, the press service of the EEC reported.
The concept of forming a common financial market of the EAEU provides for the introduction of a standardized license mechanism, which will ensure mutual access to the markets of financial service providers through subsidiaries and their commercial presence. A standardized license is a special permit issued by the financial regulator of the country of origin of the parent organization. According to Bakhyt Sultanov, this document is aimed at creating conditions for the mutual recognition of licenses for activities in the banking and insurance sectors. In addition, it is designed to improve the availability, quality and diversity of financial services for legal entities and individuals, as well as develop competition in the financial market. "The agreement determines the procedure and conditions for issuing a standardized license, requirements for the applicant and licensee, the procedure for creating or acquiring a subsidiary," the EEC Minister emphasized. The draft Agreement establishes mutual access of financial service providers, including banks and insurance organizations, to national financial markets, which will simplify the process of establishing or acquiring a legal entity in the form of a subsidiary.
In addition, the members of the Advisory Committee reviewed the draft recommendation of the EEC Council on agreed proposals for the harmonization of the legislation of the Union states in terms of basic concepts and definitions in the sphere of regulation of the securities market and the establishment of requirements for market intermediaries (brokers).
The meeting participants were informed about the work on the draft recommendations of the Commission Council aimed at harmonizing the legislation in the sphere of admission of banks and insurance organizations to the common financial market, establishing requirements for market intermediaries (dealers), developing the infrastructure of stock exchange trading in securities, and improving measures to combat the legalization of proceeds from crime.
