News
27.06.2024
EAEU countries discussed harmonization of financial services legislation
Approaches to harmonize the legislation, determining the requirements to participants of the common financial market, were discussed at the Eurasian Economic Commission's Advisory Committee on Financial Markets on June 26-27 in Yerevan. The meeting was chaired by Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy.
The key topics were unification of requirements to market participants, including the amount of authorized capital and own funds, as well as transboundary interaction in establishing credit relations and rendering services in the common financial market.
"The harmonization of legislation in the banking and insurance sectors, and in the securities market is aimed at ensuring conditions for establishing the Union's common financial market. The harmonized requirements to regulation and supervision of financial markets is one of the important conditions for free movement of capital", Bakhyt Sultanov noted.
Besides, the Advisory Committee members considered the issues of implementing the Agreement on the procedure for the exchange of information included in credit histories within the Eurasian Economic Union dated December 21, 2021.
The issues under discussion included recommendations on the use of national currencies in mutual trade between the Union States, harmonization of national lists of offshore areas providing preferential tax treatment and opening of brokerage accounts in the Russian Federation."The Agreement forms a legal basis for transboundary interaction between financial market participants, provides equal conditions for residents of our countries when applying for credit resources in banks located in the territories of other Union States, and provides an accessible tool for identifying and assessing the credit risk of potential borrowers", the EEC Minister emphasized.
