МОЖЛИВОСТІ ВИКОРИСТАННЯ ЗАРУБІЖНОГО ДОСВІДУ ФУНКЦІОНУВАННЯ САМОРЕГУЛІВНИХ ОРГАНІЗАЦІЙ В УПРАВЛІННІ РИЗИКАМИ ФІНАНСОВОЇ СИСТЕМИ УКРАЇНИ

Анотація

At the present stage of development of the Ukrainian state, there is a need to create an effective legal mechanism for regulating the financial services market. That is why the problems related to the functioning of self-regulatory organizations in this market, whose influence and role in the development of the financial services market are quite important, are very topical.

The article is devoted to the evaluation of the effectiveness of interaction between state regulators and self-regulatory organizations in Ukraine. In particular, the foreign experience of delegation of certain powers to self-regulatory organizations by the central authorities and the functioning of these organizations in the financial market are explored. Regulatory acts concerning the organization of activities of self-regulatory organizations are analyzed, which determine their legal status and mechanisms for ensuring the stability of the market and the safety of its activity for both professional participants and investors.

In Ukraine, an effective regulatory system may be based on a law that grants special rights to professional (business) associations that meet certain requirements, especially in the area of interaction with public authorities, as well as to the system of joint and several liability (liability insurance) of members of the organization before those who may be harmed by their activities. Self-regulatory organizations help to improve the quality of service in those areas of business and professional activity where there is an objective need to set flexible standards and rules.

The study found links between the number of members of some self-regulatory organizations and the level of the shadow economy in Ukraine, based on the Fechner correlation method.

Attention is paid to finding the best option of relation between the state administration and the market mechanism of regulation of certain spheres of entrepreneurial activity, since the formation of the financial sector of the Ukrainian economy testifies to the objective necessity of forming appropriate institutions for harmonizing the interests of all participants. The current system of state regulation in Ukraine is characterized by high bureaucracy and has several disadvantages. This leads to high costs for the state and businesses to support an inefficient control system. The formation of public policy in the sphere of regulation of financial sector entities is related to new institutions, which are often the result of borrowing from the positive experience of developed foreign countries.

Keywords: financial market, regulation, self-regulation, self-regulatory organizations, shadow economy.