Adaptation of banks' services in Ukraine to EU requirements

Abstract

Problem setting. A properly functioning banking system that facilitates the provision of modern banking services, which is ensured by effective national legislation and its harmonization with EU law, can be considered a necessary prerequisite for the economic stability of any modern state. However, the effectiveness of legal regulation cannot be achieved without a clear understanding of the essence of the object of regulation and the instruments of influence on it, the place of banking regulation in the reforming and post-war restored economy of Ukraine, including in the conditions of modern regulatory mechanisms, such as Industry 4.0.

Analysis of recent researches and publications. In recent years, the problems of legal regulation of banking operations have been dealt with by scientists from various fields of science and law, which corresponded to the current challenges of the time of conducting research. During the formation of banking law and legislation in Ukraine, the concepts of banking services and operations were mostly provided by Ukrainian scientists, in particular such as I. A. Bezkluby, O. O. Kachan, I. L. Nurzad, O. P. Orlyuk, most often on on the basis of a functional and substantive analysis or on formally legal grounds of the legislative definition of banking activity. Zh. O. Andriichenko, I. M. Chmutova drew attention to the development of the banking supervision system for banking operations based on a risk-oriented approach, the reliability of Ukrainian banks and their ability to resist the risks of money laundering. Bank payment services to be investigated by V.P. Bohun, I. M. Zhukov, S. M. Polovko, defining their content and tasks for improvement. At the same time, in the presence of separate legal concepts of financial services markets, including banking services, directly banking operations and types of banking activity, it becomes necessary to harmonize the legislative regulation of banking activity with the existing mechanisms of state regulation of the economy of Ukraine.

Target of the research. In connection with the noted problems, in order to answer the question of the formation of directions for the legal regulation of banking activity and, at the same time, the state policy regarding the transition of the economy to Industry 4.0, the proper performance of the functions of financial intermediation of banks, it is necessary to determine possible tasks for the harmonization of further regulation of banking activity, the provision of financial services with mechanisms for restructuring the functioning of the economy of Ukraine in the conditions of Industry 4.0, as well as to note the trends of approximation of the regulation of banking operations to the requirements of the business environment, taking into account the interests of banks or their clients.

Article’s main body. The actual dualism of the regulation of banking activity in Poland performs at least two functions: first, it defines the list of types of purely banking activity, and secondly, it clearly defines that these types of activities constitute the special competence of banks.

Similar operations in the Law of Ukraine "On Financial Services", as well as in the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their member states, on the other hand, dated September 6, 2014, and in the Appendix regarding financial services to the General Agreement on Trade in Services (the Protocol on the Accession of Ukraine to the World Trade Organization, ratified by the Law of Ukraine "On the Ratification of the Protocol on the Accession of Ukraine to the World Trade Organization" dated 04/10/2008 No. 250-VI are classified as financial services and have in these normative acts, the substantive identity of the terms given in Directive No. 2013/36/EU for types of financial services, which are worded differently from the terms of these transactions in the Law of Ukraine "On Banks".

Conclusions and prospects for the development. It is necessary to deviate from the definition of normative regulation of banking activity: either to remain on the basis of stable normative regulation or to regulate banking activity taking into account modern world trends regarding banking activity and financial services and as markets that contribute to the economic growth of the country. Therefore, there is currently a question regarding the improvement of approaches in accordance with which it is necessary to determine the ratio of modern means of legal regulation of banking activity, their justification and mandatory introduction into the economic and legal mechanisms of Industry 4.0.