ArmInfo. By order of the Council of the Eurasian Economic Commission, the draft Agreement on a standardized license in the banking and insurance services sectors within the Eurasian Economic Union has been approved and sent to member states for the internal procedures necessary for its signing.
According to the EEC press service, the draft Agreement aims to ensure mutual recognition of standardized licenses in the banking and insurance sectors issued in the home country of the parent bank (insurance organization). This recognition will allow for a simplified procedure for establishing or acquiring a subsidiary bank or insurance organization in the host country.
The draft Agreement was developed in accordance with the Concept for the Formation of a Common Financial Market of the EAEU and the Action Plan for the Harmonization of Legislation of the EAEU States in the Financial Market.
The draft Agreement has now undergone the internal approval process in all member states of the Union.
"The approval of the draft Agreement is a significant step toward the formation of a common financial market within the EAEU. Mutual recognition of a standardized license will allow banks and insurance organizations to enter the markets of Union member states through a simplified procedure, which will reduce administrative barriers and create new opportunities for financial services consumers in all our countries," stated Bakhyt Sultanov, Minister of Economy and Financial Policy of the EEC.
