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.