This was declared by Director of the EEC Financial Policy Department Arkady Khachatryan at a meeting of the Expert Group in the field of bank deposit insurance, liquidation, financial rehabilitation and bankruptcy of credit institutions in the EAEU, which was held on October 6-7 in Yerevan.
According to Director of the EEC Department, a significant amount of work has been done by the Expert Group to achieve an agreement on a number of issues concerning harmonization of legislation in the field of deposit insurance. "At the beginning of last month, the Commission sent 15 expert opinions developed and approved by this Expert Group to the national banks of the EAEU countries," said Arkady Khachatryan.
Director of the EEC Department recalled that last year an Agreement was concluded on the procedure for the exchange of information included in credit histories within the EAEU in order to form a common financial market of the EAEU. The document is now being implemented by experts.
"Last week, a draft Agreement on cross-border admission to the placement and circulation of securities at organized trading in the EAEU countries was sent to the Union countries for domestic approval," he stressed. "We expect that in the near future we will achieve significant results in guaranteeing deposits, allowing us to take specific harmonized decisions in order to create a common financial market."
The Expert Group on the harmonization of legislation in the field of insurance (guaranteeing) bank deposits, liquidation, financial rehabilitation and bankruptcy of credit institutions in the territory of the EAEU under the Advisory Committee on Financial Markets of the Eurasian Economic Commission was created by the decision of the Advisory Committee on Financial Markets dated October 2, 2019.
The main objectives of the Expert Group: analysis of the legislation of the EAEU countries and the best international practices in these areas, as well as preparation of proposals for the harmonization of legislation for consideration by national regulators.