Інституційні реформи фінансового ринку України

A crucial role of financial market is determined by its system-forming position in the organization of market flows of resources, products, goods and services to consumers and the movement of cash flows in the opposite direction, serving the total capital of domestic market at all stages of social reproduction, production, distribution, exchange and consumption, which actualizes the positive impact of institutional regulation and identifies ways to further improve its functioning. Internal financial market combines and organizes a set of different types of financial resources concentrated at the disposal of the state, business entities, independent financial institutions and households in accordance with market rules. The need for institutional regulation is due to ensuring national priorities of socio-economic development and the interaction of the interests of market participants. The main regulators of financial market are the National Bank of Ukraine and the National Commission on Securities and Stock Market. The Ministry of Finance of Ukraine, the National Depository, the Accounting Chamber, and the State Property Fund also have some institutional levers of influence. Control over the functioning of financial market is provided by the Antimonopoly Committee and the State Financial Monitoring Service. The strategic priorities of financial market reforms include building market competitive environment in line with European Union standards in three areas such as ensuring the stability of a financial sector, building the institutional capacity of regulators, and protecting the rights of consumers and investors in the financial sector. Liberalization of currency regulation has allowed the operation of international investment funds. The stock market infrastructure is connected to the securities depository Clearstream, but there is a need to include in the system of automatic exchange of information on financial accounts. At the same time, tax evasion schemes are critically widespread, which can be considered as factors in the emergence of conditions of unfair competition. To combat abuse, Ukraine has joined the Plan to Develop Measures to Combat Tax Erosion and Profit Recovery (BEPS), but the implementation of regulatory tools for financial market recovery and automation of financial information exchange remains unsolved. The problems of financial literacy development, innovative technologies, distribution of virtual service channels, personalization of financial services, open banking, and cooperation with FinTech companies are still urgent, which requires regulators to take a proactive approach to regulating the relations of market participants.