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:
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.
The concepts used in this agreement are applied in the values defined by the Agreement on the Eurasian Economic Union of May 29, 2014.
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.
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.
3. Harmonization of specific requirements to implementation of activities in the financial markets of state members shall be performed provided that the remaining distinctions will not interfere with effective functioning within the Eurasian Economic Union of the total financial market.
4. State members by January 1, 2025 will complete process of harmonization of the legislation in the financial sphere according to the directions provided by Items 1 and 2 of this Article.
Participants of this agreement in the course of harmonization of the legislation of the states in the field of the financial market are guided by the fundamental principles of effective banking supervision of Basel Committee on Banking Supervision, the fundamental principles of insurance supervision of International association of insurance supervisions, the principles of International Organization of Securities Commissions, Organization for Economic Cooperation and Development and the best international practice, international standards of Group of development of financial measures of anti-money laundering (FATF) for counteraction to money laundering, financing of terrorism and to financing of distribution of weapons of mass destruction, and also other international principles and standards in the field of regulation of the financial market.
1. Participants of this agreement together with the Eurasian economic commission within 9 months from the date of entry into force of this agreement develop the plan of harmonization of the legislation of state members with indication of stages and terms of carrying out harmonization of the legislation of state members (further – the plan of harmonization) which affirms Council of the Eurasian economic commission.
2. The offers on harmonization of the legislation approved by participants of this agreement (including by adoption of international agreements) state members in the field of the financial market developed according to the plan of harmonization and terms of implementation of offers in the legislation of state members affirm Council of the Eurasian economic commission.
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