By disposition of the Eurasian Economic Commission's Council, the draft Agreement on a Standardized License in the Banking and Insurance Services Sectors within the Eurasian Economic Union was approved and sent to the Member States for internal legal procedures required for its signing.

The draft Agreement is aimed at ensuring the mutual recognition of standardized licenses in the banking and insurance sectors issued in the state of origin of the parent bank (insurance company). Such recognition will allow for establishing or acquiring a subsidiary bank or insurance company in the host state under a simplified procedure.

The draft Agreement was elaborated in accordance with the Concept for the Formation of the EAEU Common Financial Market and the Action Plan for Harmonizing the EAEU States' Legislation in the Financial Market Sector.

To date, the draft Agreement has undergone the internal coordination procedure in all the Union Member States.

“The approval of the draft Agreement is a significant step toward establishing the EAEU common financial market. The mutual recognition of standardized licenses will allow banks and insurance companies to enter the Union States' markets under a simplified procedure, which will reduce administrative barriers and create new opportunities for consumers of financial services in all our countries,” stated Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy.