STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (11) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Credit Unions ◽  
State Regulation ◽  
The State ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial ser- vices market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regu- lation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory le- gal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial ser- vices markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mecha- nisms in the financial services markets by developing a system for guarante- eing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

STATE REGULATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE

2018 ◽  
Vol 1 (12) ◽  
pp. 30-47
Author(s):  
Lyudmila Nikolayevna Akimova ◽  
Alla Vasilievna Lysachok
Keyword(s):  
Financial Services ◽  
Legal Regulation ◽  
State Regulation ◽  
The State ◽  
Compensatory Mechanisms ◽  
Existing Problems ◽  
Insurance Contracts ◽  
State Pension

The essence of such concepts is “financial service”, “financial services market”, and “participants of the financial services market”; determined the purpose of state regulation of the financial services market; forms of state regulation of the financial services market; financial services that are present in the financial services market; the structure of state regulation bodies of the financial services market in Ukraine is given; The role of state bodies in the regulation of the financial services market was studied; to characterize the regulatory legal regulation of the financial services market in Ukraine; the main problems of functioning of the domestic market of financial services are revealed; ways to solve existing problems. It is grounded that the state regulation of financial services markets consists in the state’s implementation of a set of measures aimed at regulating and overseeing financial services markets to protect the interests of financial services consumers and preventing crisis phenomena. It is concluded that the financial services market is an important element of the development of the economy as a whole, in particular, it concerns not only the state but also society. We must understand that when this market is settled, that is, all bodies that carry out state regulation are competent in their powers, only then will we make informed, effective decisions about the normal and effective functioning of the RFP. It is important that the data of the subjects of control do not overlap, their activities should be fixed at the legislative level. It is also worth bearing in mind that appropriate conditions must be created to create compensatory mechanisms in the financial services markets by developing a system for guaranteeing deposits and providing for payments under long-term life insurance contracts, non-state pension provisions, deposits with deposit accounts to credit unions, etс.

scholarly journals Features of construction of the model socially oriented national economy

2020 ◽  
pp. 48-55
Author(s):  
Оlena Golovnya ◽  
Iryna Kinash
Keyword(s):  
Economic Development ◽  
Public Sector ◽  
Economic System ◽  
National Economy ◽  
State Regulation ◽  
The State ◽  
Social Orientation ◽  
Economic Mechanism

The background of the development of the model of economic development of Ukraine in the context of social orientation has been analyzed taking into account the interdependent influence of the mechanism of market relations and economic policy of the state. It is researched that the economic mechanism of socially oriented market economy contains organizational structure of production (vertical and horizontal), specific forms of functioning of economic system (state and non-state regulation of the market), as well as a specific institutional base (including its legislative component). The constituents of the economic system are entities formed by large economic entities (eg financial corporations). The authors argue that the economic mechanism of a socially oriented national economy is a complex structure and system of interconnections and includes: a) a system of balanced markets; b) public sector of economy; c) large economic structures that fulfill the regulatory role of the state for the economy as a whole and at the same time increase the market sensitivity to medium and long-term programs of its development; d) public sector administrative and production subsystem; e) system of operative state regulation of economy; e) a budget-balancing system with a powerful core; g) regulatory framework governing mid-market processes. The study states that Ukraine, in rather difficult conditions, produces the parameters of its own national model of socio-economic development for the long term. The country has not yet formulated or implemented an effective model of economic development that would fully reflect its national characteristics and interests and become a macroeconomic basis for effective state regulation It is determined that in the conditions of construction of a new model of the national economy the role of non-governmental and charitable organizations is increasing. The role of non-governmental organizations, which represent one of the most optimal legal forms to assist citizens in solving their common problems, upholding common interests, is a compulsory attribute of the model of socially oriented national economy.

scholarly journals Strengthening the role of public governance approaches to ensure sustainable economic growth

Upravlenets ◽  
2021 ◽  
Vol 11 (6) ◽  
pp. 15-27
Author(s):  
Mikhail Ershov ◽  
Anna Tanasova ◽  
Elena Sokolova
Keyword(s):  
Economic Growth ◽  
Structural Changes ◽  
State Regulation ◽  
Public Governance ◽  
Existing Problems ◽  
Role Of The State ◽  
The Government ◽  
Sustainable Economic Growth

The COVID-19 pandemic has formed a fundamentally new environment in both the global and Russian economies. The scale of problems that countries have to deal with significantly enhances the role of the state in the functioning of the economy and requires active government intervention to stabilize the situation and overcome the crisis. The article analyzes the role of state regulation and monetary authorities in the crisis environment in Russian and global economies. Methodologically, the study relies on the theory of institutionalism, Keynesian and neo-Keynesian economics, monetarism and industrialization. Qualitative methods of analysis, as well as retrospective and system-based methods and cross-country comparisons are applied in the research. The authors emphasize that the quality of these interventions is becoming increasingly important. In the Russian Federation, the economic situation is aggravated by the pre-existing problems, such as low business activity. We analyze the measures to support the Russian economy that are aimed, among other things, at the formation of long-term structural changes. Despite the fact that the introduction of the government approaches to counteract the crisis in 2020 will help to mitigate the current acute situation, they will not be able to lay solid foundations for further sustainable economic growth, since system-based mechanisms are still not provided for forming long-term affordable financial resources that are necessary for investment. The paper develops concrete approaches for providing the economy with long-term money, which embrace the formation of the resources on an internal basis amid the interaction of the Central Bank and the Ministry of Finance. We stress the powerful role of mechanisms for government departments’ coordination.

scholarly journals The Ways to Improve the Mechanism of the State Regulation of the Compulsory Accumulative Pension Provision

2020 ◽  
Vol 12 (515) ◽  
pp. 347-354
Author(s):  
Y. О. Malyshko ◽  
Keyword(s):  
Pension System ◽  
Current System ◽  
State Regulation ◽  
The State ◽  
Evaluation Procedure ◽  
Investment Projects ◽  
Administrative Costs ◽  
Effective Development ◽  
State Pension

The article is aimed at identifying the ways to improve the mechanism of the State regulation of compulsory accumulative pension provision. Both the effective development and the ways to improve the introduction of compulsory accumulative pension provision are analyzed. A financial cluster of the subjects of pension system is built up. The association of pension system subjects of Ukraine into a financial cluster will accelerate the full functioning of all levels of pension provision. The core of the cluster is the levels of the pension system. The main risks on the ways to improve the mechanism of the State regulation of compulsory accumulative pension provision are identified, namely: long-term investment; diversification of sources of coverage of the risk of disability; ensuring financial sustainability and balance; valuation of assets; corruption schemes of money laundering of pension assets; shadow economy of Ukrainian enterprises; audit and actuarial evaluation; procedure for accrual and the level of pension payments. The hierarchy of risk impact on the ways to improve the mechanism of the State regulation of compulsory accumulative pension provision is built up, where the risk of long-term investment holds the highest level. The following ways of improving the mechanism of the State regulation of compulsory accumulative pension provision are proposed: monitoring of elements of accumulative, redistribution and the State-based funding; introduction of the possibility of using investment projects of the financial market; improvement of the current system of the non-State pension provision, focused on protecting pension savings from the risks of a non-State pension fund; reducing socio-economic risks by increasing employment, increasing incomes of citizens, exercising the State supervision and controlling the diversification of financial instruments, balancing the financial resources of citizens through the reduced administrative costs.

scholarly journals Interaction Between Marketing and Informational Technologies in the Insurance Business

2013 ◽  
Vol 60 (1) ◽  
pp. 33-41
Author(s):  
Ovidiu Stofor
Keyword(s):  
Economic Crisis ◽  
Life Insurance ◽  
The State ◽  
Insurance Business ◽  
State Pension

Abstract Business of selling insurance requires great skill especially in this time of difficulty caused by the economic crisis which seems to extend more than anyone had. If by 2008, life insurance offset the gap represented by a long-term savings product to fill in the state pension, after this year, more and more they entered the natural path of protection first. Currently, however, the economic crisis has become an even bigger reason to refuse or postpone the purchase of insurance.

scholarly journals Development an optimization plan for redistributing pension assets applying information technologies

2021 ◽  
Vol 6 (13 (114)) ◽  
pp. 72-79
Author(s):  
Svitlana Achkasova ◽  
Yevheniia Malyshko
Keyword(s):  
Financial Services ◽  
Information Technologies ◽  
Social Protection ◽  
Pension System ◽  
State Regulation ◽  
The State ◽  
Information And Communication ◽  
Oriented Approach ◽  
Oriented System

The issue of the significance of the role of information technologies in the pension system was highlighted. The information and communication model of the state regulation of financial support of the pension system in the market of non-banking financial services was considered. The essence of information and communication support of the risk-oriented approach to the system of accumulative pension provision, which involves preventing the information and technological probability of risks, was explored. The issues of development of non-bank financial institutions as entities of aggregate financial potential were explored and promising directions of increasing the efficiency of their functioning with the use of information technologies were outlined. The necessity of introducing the mechanism of information and communication provision of the state regulation of accumulative system of pension provision by means of mandatory payment of contributions to individual pension accounts and their further investment as an important component of social protection of the population was considered. The algorithm of construction of the mechanism of information and communication provision of the risk-oriented approach to the accumulative pension system was proposed. The main indicators of the implementation of the accumulative component of the pension system were analyzed. The need for the interaction of the elements of the risk-oriented system of accumulative pensions was substantiated. Information technologies of investment of pension savings as a long-term investment resource in interaction of elements of the risk-oriented system of the accumulative pension provision were considered. The needs of introducing a risk-oriented approach to accumulated assets to strengthen social protection of participants in the non-banking financial services market were highlighted. The results of the redistribution between the cluster proved a close relationship of incomes of population and long-term pension savings.

scholarly journals Economic and Legal Policy of the State in the Field of Digital Economy

2020 ◽  
Vol 10 ◽  
pp. 383-392
Author(s):  
Oksana M. Vinnyk ◽  
◽  
Dmytro V. Zadykhaylo ◽  
Olena M. Honcharenko ◽  
Olga V. Shapovalova ◽  
...  
Keyword(s):  
Financial Services ◽  
Self Regulation ◽  
Digital Economy ◽  
State Regulation ◽  
The State ◽  
Legal Policy ◽  
Commercial Code ◽  
Economic Sphere ◽  
The Impact

Digitalisation of the economic sphere of Ukraine is one of the priority areas of social development, which should be reflected in the economic and legal policy of the state. Therewith, a considerable gap exists in the statutory consolidation of the fundamental principles of such a policy, in particular the lack of relevant provisions on the digital transformation of the economy in the Commercial Code of Ukraine. Despite the fact that the state has adopted some acts on the development of the digital economy, there are significant gaps in the legislation, especially with regard to the role of digitalisation in the economic and legal policy of the state. The purpose of the study is a theoretical analysis of the general principles of such a policy in the modern period. As a result, the impact on the economic and legal policy of the state of the process of digitalisation of the economic sphere of the country is determined. The necessity of co-regulation is substantiated, which constitutes a combination of state regulation with self-regulation by participants of digitally-targeted markets. The role of digital resources (on the example of public registers) and electronic financial services is analysed. It is established that the modern legal support of the digital economy needs to be reformed, first of all, by supplementing the Commercial Code of Ukraine with provisions on digitalisation, including the relevant direction of economic and legal policy of the state. The results of the study have a scientific novelty, as they fill the gap in the coverage of the role of t

scholarly journals Remediation of mercury-contaminated soils and sediments using biochar: a critical review

Biochar ◽  
2021 ◽  
Author(s):  
Qian Yang ◽  
Yongjie Wang ◽  
Huan Zhong
Keyword(s):  
Health Risks ◽  
Contaminated Soils ◽  
Functional Materials ◽  
Redox Conditions ◽  
Existing Problems ◽  
Soils And Sediments ◽  
Underlying Mechanisms ◽  
Biochar Amendment

AbstractThe transformation of mercury (Hg) into the more toxic and bioaccumulative form methylmercury (MeHg) in soils and sediments can lead to the biomagnification of MeHg through the food chain, which poses ecological and health risks. In the last decade, biochar application, an in situ remediation technique, has been shown to be effective in mitigating the risks from Hg in soils and sediments. However, uncertainties associated with biochar use and its underlying mechanisms remain. Here, we summarize recent studies on the effects and advantages of biochar amendment related to Hg biogeochemistry and its bioavailability in soils and sediments and systematically analyze the progress made in understanding the underlying mechanisms responsible for reductions in Hg bioaccumulation. The existing literature indicates (1) that biochar application decreases the mobility of inorganic Hg in soils and sediments and (2) that biochar can reduce the bioavailability of MeHg and its accumulation in crops but has a complex effect on net MeHg production. In this review, two main mechanisms, a direct mechanism (e.g., Hg-biochar binding) and an indirect mechanism (e.g., biochar-impacted sulfur cycling and thus Hg-soil binding), that explain the reduction in Hg bioavailability by biochar amendment based on the interactions among biochar, soil and Hg under redox conditions are highlighted. Furthermore, the existing problems with the use of biochar to treat Hg-contaminated soils and sediments, such as the appropriate dose and the long-term effectiveness of biochar, are discussed. Further research involving laboratory tests and field applications is necessary to obtain a mechanistic understanding of the role of biochar in reducing Hg bioavailability in diverse soil types under varying redox conditions and to develop completely green and sustainable biochar-based functional materials for mitigating Hg-related health risks.

The Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

The impact of adaptability on the competitiveness of non-State pension funds

2021 ◽  
Vol 27 (11) ◽  
pp. 2606-2636
Author(s):  
Ekaterina S. YAROVAYA
Keyword(s):  
Pension Fund ◽  
Pension Funds ◽  
High Variability ◽  
Current Time ◽  
Factors Affecting ◽  
Existing Problems ◽  
State Pension ◽  
The Impact ◽  
State Pension Funds

Subject. This article deals with the analysis of competitiveness, which is an important component of the strategic management of a non-State pension fund. Objectives. The article aims to study the existing approaches to the analysis of competitiveness, determine the role of the indicator of adaptability of competitiveness of non-State pension funds in conditions of high variability of the external environment, and formulate recommendations for drawing up criteria for the enterprise competitiveness taking into account the specifics of the activities of the funds. Methods. For the study, I used analysis, and the systems, and structural and functional approaches. Results. The article defines and classifies the factors affecting the competitiveness of non-State pension funds in modern market conditions. It substantiates the influence of the indicator of adaptability on the competitiveness of non-State pension funds. The article also proposes an approach to ranking this indicator, which can be applied regardless of the chosen method for assessing the competitiveness of non-State pension funds. Conclusions. The article concludes that the testing of the assessment of the non-State pension fund competitiveness using the author-proposed adaptability indicator helps determine the level of non-State pension fund competitiveness at the current time, track the changes, and identify the existing problems, the causes of their occurrence, and thereby ensure the conditions under which the non-State pension fund has the opportunity to promptly respond and adapt to external changes thus ensuring its stability in the market.

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