Legal status of entities providing consumer financial services: reforming the institutional structure of the market
Keywords:
bank, financial company, credit union, insurance company, pawnshop.
Abstract
The article analyzes the peculiarities of the legal status of banks, credit unions, pawnshops, financial companies, leasing companies, insurers, non-state pension funds, payment service providers. It also offers a description of credit organizations under national and foreign legislation.
Attention is focused on legislative changes to the principles of activity of financial intermediaries associated with the adoption of the Law of Ukraine «On Financial Services and Financial Companies». At the same time, the classification of certain participants in the financial services market to the list of financial intermediaries is criticized. The activity of financial organizations in attracting financial resources and placing them on their own behalf is called financial intermediation, taking into account its economic essence. Based on a generalized analysis of the specifics of the legal status of these subjects, it is proposed under providers of consumer financial services to understand financial organizations, and in cases specified by law, other legal entities that, on the basis of a license, provide for fee services regarding the use of financial means for the purpose of obtaining profit or other property benefit by consumers or third parties to meet their personal, family needs, not related to related to entrepreneurial or independent professional activity.
Downloads
Download data is not yet available.
References
Bezklubyi, І. А. (2006) Theoretical problems of banking transactions: autoref. dissertation ...doctor of legal sciences. Kyiv: Kyiv National University named after Taras Shevchenko, 16
Borysov, V. І. (2016) Organizational and legal forms of financial institutions as participants in the financial services market (Dissertation. ... candidate of legal sciences). Kharkiv, Yaroslav Mudryi National Law University, 94
Code No. 435-IV. Civil Code. Ukraine, January 16, 2003. Recovered from https://zakon.rada.gov.ua/laws/show/435-15#Text
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036
Dragan, О. V. (2011) State-legal regulation of the activities of financial intermediaries on the securities market: autoref. dissertation ... candidate of legal sciences. Kyiv: National Academy of Internal Affairs, 9
European Union. (2013). Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. Official Journal of the European Union, L 176/1. Retrieved from https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex%3A32013R0575
Federal law No. 950.1. On Financial Services. Switzerland. June 15, 2018. https://www.fedlex.admin.ch/eli/cc/2019/758/en
Federal law No. 954.1. On financial institutions. Switzerland. June 15, 2018. https://www.fedlex.admin.ch/eli/cc/2018/801/en
Federal law No. 952.0. On banks and savings banks. Switzerland. November 8, 1934. https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de
Gorbachova, О. О. (2014) Non-state pension funds as subjects of civil law of Ukraine: autoref. dissertation ... candidate of legal sciences. Kyiv: Kyiv National University named after Taras Shevchenko, 15
Guba, М. А., Linnyk, А. О., & Kolesnyk, D. S. (2019) Development of neobanks in Ukraine and the world. Regional economy and management, 2(24), 71.
Lavryk, О. L. (2015) The essence of financial intermediation at the current stage of development of the economy of Ukraine. Economic analysis: coll. of science works, 19(1), 184-192
Law No. 140. On banking law. Poland. August 29, 1997. Recovered from Akt prawny (sejm.gov.pl)
Law No. 2121-IІІ. On banks and banking activity. Ukraine, December 7, 2000. Recovered from https://zakon.rada.gov.ua/laws/show/2121-14#Text
Law No. 3480-IV. On capital markets and organized commodity markets. Ukraine, February 23, 2006. Recovered from https://zakon.rada.gov.ua/laws/show/3480-15#Text
Law No. 2908-III. On credit unions. Ukraine, December 20, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2908-14#Text
Law No. 1201-ІХ. On Financial Leasing. Ukraine, February 4, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1201-20#Text
Law No. 2664-III. On Financial Services and State Regulation of Financial Services Markets. Ukraine, July 12, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2664-14#Text
Law No. 1953-IX. On Financial Services and Financial Companies. Ukraine, December 14, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1953-20#Text
Law No. 1909-IX. On Insurance. Ukraine, November 18, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1909-20#Text
Law No. 1057-IV. On non-state pension provision. Ukraine, July 9, 2003. Recovered from https://zakon.rada.gov.ua/laws/show/1057-15#Text
Legifrance (2001) Monetary and financial code of France, from January 1, 2001. Recovered from https://cutt.ly/M6wJGeZ
Maidanyk, R. A. (2002) Problems of trust relations in civil law: monograph. Kyiv: Publishing and Printing Center «Kyiv University», 315-316
Maslyaeva, K. V. (2009) Economic and legal support for the functioning of the financial services market in Ukraine: author's abstract. (Dissertation ... candidate of legal sciences). Kharkiv, Yaroslav Mudryi National Law University, 7
Orzih, Y. G. (2008) Brokerage contract: civil law aspect: autoref. (Dissertation ... candidate of legal sciences), Odesa, Odesa National Law Academy, 11
Reznikova, V. V. (2011) Theoretical problems of regulation of mediation in the business sphere of Ukraine: author's abstract. (Dissertation ...doctor of legal sciences). Kyiv, Kyiv National University named after Taras Shevchenko, 9-10
Roshylo, V. I., Kovalevych, D. A., Gut, L. V., Ventsel, V. T., & Berdar, M. M. (2020) Current Status and Development Prospects of the Financial Services Market in Ukraine. Journal of Advanced Research in Law and Economics, 11(4), 1353. https://journals.aserspublishing.eu/jarle/article/view/5340
Payments Cards & Mobile. (2019, November 27). The global state of neobanks. Retrieved from https://www.paymentscardsandmobile.com/the-global-state-of-neobanks/
Tsyura, V. V. (2017) Institute of representation in the civil law of Ukraine (Dissertation ...doctor of legal sciences). Kyiv, Kyiv National University named after Taras Shevchenko, 193, 195
Uninets-Khodakivska, V. P. (2009) Market of financial services: theory and practice: education. manual. Kyiv, Center of educational literature, 39
Vitka, Y. V. (2010) Non-state pension funds: peculiarities of civil legal status: monograph. Kyiv: Express Polygraph, 82
Venetska, M. V. (2007) The evolution of legal regulation of financial services in the book Evolution of civil legislation of Ukraine: problems of theory and practice: monograph. Kyiv: Legal opinion, 31 (In Ukrainian)
Voitenko, О. М. (2011) Transformation of the world market of financial services in conditions of global instability (Dissertation ... candidate of economy science) Ternopil, Ternopil National University of Economics, 33
Yashchyshchak, O. R. (2010) State regulation of the financial services market in Ukraine: organizational and legal aspect (Dissertation …candidate of legal sciences) Kyiv, Institute of State and Law named after V.M. Koretsky, 9
Yavorska, O. S. (2009) Contractual obligations on the transfer of property into ownership: civil and legal aspects: monograph. Ternopil: Textbooks and manuals, 260 (In Ukrainian)
Borysov, V. І. (2016) Organizational and legal forms of financial institutions as participants in the financial services market (Dissertation. ... candidate of legal sciences). Kharkiv, Yaroslav Mudryi National Law University, 94
Code No. 435-IV. Civil Code. Ukraine, January 16, 2003. Recovered from https://zakon.rada.gov.ua/laws/show/435-15#Text
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32013L0036
Dragan, О. V. (2011) State-legal regulation of the activities of financial intermediaries on the securities market: autoref. dissertation ... candidate of legal sciences. Kyiv: National Academy of Internal Affairs, 9
European Union. (2013). Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012. Official Journal of the European Union, L 176/1. Retrieved from https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex%3A32013R0575
Federal law No. 950.1. On Financial Services. Switzerland. June 15, 2018. https://www.fedlex.admin.ch/eli/cc/2019/758/en
Federal law No. 954.1. On financial institutions. Switzerland. June 15, 2018. https://www.fedlex.admin.ch/eli/cc/2018/801/en
Federal law No. 952.0. On banks and savings banks. Switzerland. November 8, 1934. https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de
Gorbachova, О. О. (2014) Non-state pension funds as subjects of civil law of Ukraine: autoref. dissertation ... candidate of legal sciences. Kyiv: Kyiv National University named after Taras Shevchenko, 15
Guba, М. А., Linnyk, А. О., & Kolesnyk, D. S. (2019) Development of neobanks in Ukraine and the world. Regional economy and management, 2(24), 71.
Lavryk, О. L. (2015) The essence of financial intermediation at the current stage of development of the economy of Ukraine. Economic analysis: coll. of science works, 19(1), 184-192
Law No. 140. On banking law. Poland. August 29, 1997. Recovered from Akt prawny (sejm.gov.pl)
Law No. 2121-IІІ. On banks and banking activity. Ukraine, December 7, 2000. Recovered from https://zakon.rada.gov.ua/laws/show/2121-14#Text
Law No. 3480-IV. On capital markets and organized commodity markets. Ukraine, February 23, 2006. Recovered from https://zakon.rada.gov.ua/laws/show/3480-15#Text
Law No. 2908-III. On credit unions. Ukraine, December 20, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2908-14#Text
Law No. 1201-ІХ. On Financial Leasing. Ukraine, February 4, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1201-20#Text
Law No. 2664-III. On Financial Services and State Regulation of Financial Services Markets. Ukraine, July 12, 2001. Recovered from https://zakon.rada.gov.ua/laws/show/2664-14#Text
Law No. 1953-IX. On Financial Services and Financial Companies. Ukraine, December 14, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1953-20#Text
Law No. 1909-IX. On Insurance. Ukraine, November 18, 2021. Recovered from https://zakon.rada.gov.ua/laws/show/1909-20#Text
Law No. 1057-IV. On non-state pension provision. Ukraine, July 9, 2003. Recovered from https://zakon.rada.gov.ua/laws/show/1057-15#Text
Legifrance (2001) Monetary and financial code of France, from January 1, 2001. Recovered from https://cutt.ly/M6wJGeZ
Maidanyk, R. A. (2002) Problems of trust relations in civil law: monograph. Kyiv: Publishing and Printing Center «Kyiv University», 315-316
Maslyaeva, K. V. (2009) Economic and legal support for the functioning of the financial services market in Ukraine: author's abstract. (Dissertation ... candidate of legal sciences). Kharkiv, Yaroslav Mudryi National Law University, 7
Orzih, Y. G. (2008) Brokerage contract: civil law aspect: autoref. (Dissertation ... candidate of legal sciences), Odesa, Odesa National Law Academy, 11
Reznikova, V. V. (2011) Theoretical problems of regulation of mediation in the business sphere of Ukraine: author's abstract. (Dissertation ...doctor of legal sciences). Kyiv, Kyiv National University named after Taras Shevchenko, 9-10
Roshylo, V. I., Kovalevych, D. A., Gut, L. V., Ventsel, V. T., & Berdar, M. M. (2020) Current Status and Development Prospects of the Financial Services Market in Ukraine. Journal of Advanced Research in Law and Economics, 11(4), 1353. https://journals.aserspublishing.eu/jarle/article/view/5340
Payments Cards & Mobile. (2019, November 27). The global state of neobanks. Retrieved from https://www.paymentscardsandmobile.com/the-global-state-of-neobanks/
Tsyura, V. V. (2017) Institute of representation in the civil law of Ukraine (Dissertation ...doctor of legal sciences). Kyiv, Kyiv National University named after Taras Shevchenko, 193, 195
Uninets-Khodakivska, V. P. (2009) Market of financial services: theory and practice: education. manual. Kyiv, Center of educational literature, 39
Vitka, Y. V. (2010) Non-state pension funds: peculiarities of civil legal status: monograph. Kyiv: Express Polygraph, 82
Venetska, M. V. (2007) The evolution of legal regulation of financial services in the book Evolution of civil legislation of Ukraine: problems of theory and practice: monograph. Kyiv: Legal opinion, 31 (In Ukrainian)
Voitenko, О. М. (2011) Transformation of the world market of financial services in conditions of global instability (Dissertation ... candidate of economy science) Ternopil, Ternopil National University of Economics, 33
Yashchyshchak, O. R. (2010) State regulation of the financial services market in Ukraine: organizational and legal aspect (Dissertation …candidate of legal sciences) Kyiv, Institute of State and Law named after V.M. Koretsky, 9
Yavorska, O. S. (2009) Contractual obligations on the transfer of property into ownership: civil and legal aspects: monograph. Ternopil: Textbooks and manuals, 260 (In Ukrainian)
Published
2023-04-30
How to Cite
Lepekh, S. (2023). Legal status of entities providing consumer financial services: reforming the institutional structure of the market. Amazonia Investiga, 12(63), 87-98. https://doi.org/10.34069/AI/2023.63.03.8
Issue
Section
Articles
.gif)
