FOREIGN EXPERIENCE IN NON-BANKING FINANCIAL INSTITUTIONS

Abstract

The article analyzes foreign experience in the activities of non-banking financial institutions. It is proved that the World Council of NFIs, defining the basic principles of supervision, notes that they are financial institutions and should be subjects of prudential supervision. The recommendations set out in the prudential supervision standards should be taken into account in national legislation on the regulation of credit unions. The need to implement Basel II requirements depends on the existence of a system of prudential supervision of financial institutions in a particular country. The implementation of Basel II provisions in any country provides for the opportunity for credit unions to participate in the development of new regulatory and regulatory requirements, as well as predict the possible consequences of their application. the requirements of legal norms establishing the legal status of NFIs are factors that determine the need for administrative and legal regulation and supervision of their activities, taking into account their special legal capacity. The legal grounds that determine the need to supervise the activities of NFIs are the provisions enshrined in regulatory legal acts that establish rules of conduct for NFIs in the financial services market, compliance with which ensures the reliability of the activities of both each specific financial institution and the entire NFI. In today's conditions, the state regulates the activities of NFIs, normalizes their behavior, sets certain restrictions on the activities of NFIs, but with the possibility of exercising their will through certain government bodies. At the same time, in order to improve the administrative and legal regulation of the activities of NFIs, it is necessary: – develop and adopt a strategy for the development and functioning of NFIs, which was consistent with the Strategies for economic security and development of the financial sector of Ukraine, aimed at creating legal conditions for the functioning of NFIs in accordance with international standards defined in the basic documents of the Basel Committee on Banking Supervision; – develop and adopt legislation that would regulate the risk management system in the activities of NFIs, namely: methodological recommendations for inspection (“Risk Assessment System”) and for the organization and functioning of risk management systems in the field of activities of NFIs.