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DECISION OF THE SUPREME EURASIAN ECONOMIC COUNCIL

of October 1, 2019 No. 20

About the Concept of forming of the total financial market of the Eurasian Economic Union

Being guided subitem 1 of Item 2 of Article 12by and the subitem 1 of Item 1 of article 70 of the Agreement on the Eurasian Economic Union of May 29, 2014, the Supreme Eurasian economic council solved:

1. Approve the enclosed Concept of forming of the total financial market of the Eurasian Economic Union.

2. To provide to the governments and national (central) banks of state members of the Eurasian Economic Union implementation of the Concept approved by this Decision.

3. This Decision becomes effective from the date of its acceptance.

 

Members of the Supreme Eurasian economic council:

From the Republic of Kazakhstan

From the Republic of Armenia

From the Kyrgyz Republic

From the Republic of Belarus

From the Russian Federation

Approved by the Decision of the Supreme Eurasian economic council of October 1, 2019 No. 20

Concept of forming of the total financial market of the Eurasian Economic Union

I. General provisions

This Concept is developed for the purpose of implementation of the Agreement on the Eurasian Economic Union of May 29, 2014 (further - the Agreement) and orders of the Supreme Eurasian economic council of December 26, 2016 No. 6 and determines the purposes, the principles, stages, criteria and the main directions of forming of the total financial market of the Eurasian Economic Union (further respectively - the total financial market, the Union).

The total financial market represents the financial market of state members of the Union (further - state members) giving the chance of the simplified and non-discriminatory access for subjects of the financial market to the markets of each other. The total financial market covers banking sector, the sector of the security market and insurance sector of each state member, and also set of the relations regulating interaction between sectors of the financial market.

The total financial market is integral part of Eurasian integration and security sales term of main objectives of the Union.

Process of forming of the total financial market is integrated to process of forming of digital economy and considers need of creation of conditions for development of financial technologies and support of innovations in the financial markets including directed to cost reduction for the financial organizations, expansion of availability of financial services, reduction in cost and ensuring cyber security of financial services for consumers and decrease in risks.

When forming the total financial market special attention is paid to decrease in opportunities for regulatory arbitration and concentration of risks of financial stability both at the level of the certain countries, and in the total financial market in general. One of criteria of forming of the total financial market is maintenance and improvement of level of consumer protection of financial services and investors.

State members aim to pursue coordinated policy on forming of transparency of origin of the capital of the financial organizations.

The concepts used in this Concept are applied in the values defined by the Agreement and acts entering the right of the Union.

II. Purposes of forming of the total financial market

Main objectives of forming of the total financial market are:

increase in level of availability, quality and set of financial services to the companies and citizens of state members;

ensuring growth and increase in efficiency of the financial sector of state members, development of the competition in this market.

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