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AGREEMENT

of November 6, 2018

About harmonization of the legislation of state members of the Eurasian Economic Union in the field of the financial market

State members of the Eurasian Economic Union on behalf of the Government of the Republic of Armenia and the Central bank of the Republic of Armenia, the Government of the Republic of Belarus and National Bank of the Republic of Belarus, the Government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan, the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic, the Government of the Russian Federation and the Central bank of the Russian Federation,

for the purpose of creation within the Eurasian Economic Union of the total financial market, ensuring mutual recognition of licenses for implementation of types of activity in service sectors (banking sector, insurance sector, service sector in the security market) and non-discriminatory access to the financial markets of state members of the Eurasian Economic Union (further – state members),

proceeding from need of enhancement of state regulation and control and supervision in the financial markets of state members,

taking into account provisions of Item 3 of article 70 of the Agreement on the Eurasian Economic Union of May 29, 2014 and for the purpose of harmonization of the legislation of state members in the field of the financial market

agreed as follows:

Article 1. Subject of the agreement

This agreement determines the directions and procedure for harmonization of the legislation of state members in the field of the financial market (in banking sector, insurance sector, service sector in the security market), including:

on adoption of the approved requirements to members of the financial markets concerning their creation, organization and activities in banking sector, insurance sector, service sector in the security market;

on harmonization of approaches to regulation of risks in the field of the financial market according to international standards;

on harmonization of supervising requirements and procedure of supervision of members of the financial market;

on providing conditions for mutual recognition of licenses;

on harmonization of requirements to disclosure of information in the field of the financial market;

concerning acquisition of shares (shares) in the authorized capital of members of the financial market by investors of state members;

on harmonization of requirements for protection of the rights and consumer interests of financial services.

Article 2. Determinations

The concepts used in this agreement are applied in the values defined by the Agreement on the Eurasian Economic Union of May 29, 2014.

Article 3. Measures for harmonization of the legislation

state members

1. For the purpose of harmonization of the legislation of state members in the field of the financial market participants of this agreement will take the measures including:

interaction by preparation of projects of the regulatory legal acts directed to harmonization of the legislation of state members in the field of the financial market;

other measures which participants of this agreement will consider reasonable and possible for implementation of measures for harmonization of the legislation of state members in the field of the financial market.

2. Each of state members makes the decision on what regulatory legal acts of this state member are subject to rapprochement taking into account provisions of this agreement, and also the decision on establishment of the sequence of implementation of measures for harmonization of the legislation of state members in the field of the financial market according to the procedure, stipulated in Clause the 6th this agreement.

Such decisions can provide taking measures to harmonization of the legislation both to the separate directions, and concerning general approaches to legal regulation in banking sector, insurance sector and service sector in the security market.

Article 4. Directions of harmonization of the legislation

state members

1. Implementation of measures for harmonization of the legislation of state members in the field of the financial market is enabled in the directions determined by Items 22 – 26 and 30 Protocols on financial services (appendix No. 17 to the Agreement on the Eurasian Economic Union of May 29, 2014).

2. Participants of this agreement perform harmonization of requirements for protection of the rights and consumer interests of financial services.

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