Approaches to harmonizing legislation that sets requirements for participants in the common financial market were discussed at the Advisory Committee on Financial Markets of the Eurasian Economic Commission (EEC) on June 26-27 in Yerevan. The meeting was chaired by Bakhyt Sultanov, Minister for Economy and Financial Policy of the EEC.
According to the EEC press service, the key topics included the unification of requirements for market participants, including the amount of authorized capital and own funds, as well as cross-border interaction in the establishment of credit relations and the provision of services in the common financial market.
"Harmonization of legislation in the banking and insurance sectors, and the securities market is aimed at creating conditions for the formation of a common financial market of the Union. Establishing harmonized regulatory and supervisory requirements for financial markets is one of the important conditions for the free movement of capital," said Bakhyt Sultanov.
The members of the Advisory Committee also considered the implementation of the Agreement on the Procedure for the Exchange of Information Included in Credit Histories within the Eurasian Economic Union, dated December 21, 2021.
"The agreement forms the legal basis for cross-border interaction between financial market participants, ensuring equal conditions for residents of our countries when applying for credit resources in banks located in other Union states, and providing an accessible tool for identifying and assessing the credit risk of potential borrowers," emphasized the EEC minister.
Among the discussed issues were recommendations on the use of national currencies in mutual trade between the Union states, the harmonization of national lists of offshore zones that provide preferential tax regimes, and the opening of brokerage accounts in the Russian Federation.
