DIRECTIONS OF DEVELOPMENT OF THE REGULATORY SYSTEM OF NON-CREDIT FINANCIAL ORGANIZATIONS IN RUSSIA AND BELARUS
The presented article contains the results of a study on a comparative analysis of possible directions for the development of the regulatory system for non-credit financial organizations in Russia and Belarus. The relevance of the work is determined by the need to integrate the financial markets of Russia and Belarus based on the existence of common factors of historical development, the degree of integration interaction between the countries, as well as the availability of common approaches to financial regulation. The main problem of the article is the search for measures aimed at improving the efficiency of financial intermediaries in the countries under consideration. The system of non-credit financial organizations as the main participants in the financial markets of these countries has been selected as an object. The study was conducted on the basis of an institutional comparison of the existing regulatory system for non-credit financial intermediaries in Russia and Belarus. The similarities and differences in the work of individual non-credit financial organizations and financial markets in general are shown. Based on the analysis, the main directions for the development of the regulatory system for non-credit financial organizations in Russia and Belarus are proposed, including measures in the field of prudential and macroprudential policy, determining the ratio of functions of the mega-regulator and self-regulatory organizations in the financial market, the introduction of a system of mandatory standards for non-credit financial organizations, taking into account the functional characteristics of their activities.
Bitkina I.K. “Directions of development of the regulatory system of non-credit financial organizations in Russia and Belarus”, Research Result. Economic Research, 11(2), 140-149, DOI: 10.18413/2409-1634-
2025-11-2-1-1
While nobody left any comments to this publication.
You can be first.
1. Arzumanov I. (2025), “Microloans are becoming gigantic”, available at: https://expert.ru/finance/mikrozaymy-priobretayut-gigantskie-masshtaby / (Accessed 03 January 2025)
2. Bgatova N.A., Bitkina I.K. (2022), “Classical theory of financial intermediation – the origin of the transformational concept”, International Scientific and Practical Conference of young scientists and specialists on sustainable development, investments and financial risks "FINATHLON FORUM", Conference materials, Moscow, 78-81.
3. Kanaev A.V. (2006), “Banking activity in the light of the theory of financial intermediation: traditions and innovations”, Bulletin of St. Petersburg University. Economy, 3,113-123.
4. Musina A.A. (2012), “Theoretical and methodological foundations of the study of the financial intermediation system”, Bulletin of KazEU, 6 (90), 11-20.
5. Decree of the Government of the Russian Federation dated December 29, 2022 N 4355-r <On approval of the Strategy for the development of the financial market of the Russian Federation until 2030>.
6. Sorokina E.V., Bitkina I.K. (2022), “Modern concepts of the theory of financial intermediation: ensuring liquidity and risk management”, International Scientific and practical Conference of young scientists and specialists on Sustainable development, investments and financial Risks "FINATHLON FORUM", Conference materials, Moscow, 203-210.
7. Decree of the President of the Republic of Belarus dated 02/25/2014 No. 99 "On the regulation of leasing activities"
8. Decree of the President of the Republic of Belarus dated October 23, 2019 No. 394 ”On granting and attracting loans".
9. Federal Law "On Microfinance Activities and Microfinance Organizations" dated 07/02/2010 N 151-FZ
10. Federal Law "On Non-Governmental Pension Funds" dated 05/07/1998 N 75-FZ
11. Federal Law "On Attracting Investments using Investment Platforms and on Amendments to Certain Legislative Acts of the Russian Federation" dated 08/02/2019 No. 259-FZ
12. Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" dated 10.07.2002 No. 86-FZ (latest edition)
13. Federal Law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation"
14. Fedotkina O.P. (2012), “Prospects for the integration of financial intermediaries”, Service in Russia and abroad, 7 (34), 49-56.
15. Fedotkina O.P. (2011), “Financial intermediation in Russia: problems and prospects of development”, Bulletin of the Trade and Technology Institute, 5 (5), 200-205.