Ensuring financial stability is defined as the Agency's priority goal
Goal of the Agency for Regulation and Development of the Financial Market to ensure financial stability is formulated as a priority over other its tasks. This clarification was made in a draft of the new law on banks and banking activities, developed by the Agency on instruction of the Head of State.
Focus on the priority goal helps shape market expectations regarding the priorities and policies of the financial regulator. This initiative is also in line with the international practice.
Also, during revision of the current law, duplicate and outdated provisions were removed. The regulatory framework has acquired a more relevant, convenient and accessible format. Some general articles were removed from the new draft law and retained in the law on state regulation of the financial market. This approach made it possible to streamline the new law and unify the legal framework.
Structure of the new law is more intuitive, subject to the logic of the bank's life cycle: from procedures for opening and licensing a bank to the procedures of bank liquidation.
The current law on banks and banking activities was adopted in 1995. For the past 3 decades, the law has been subject to numerous changes. Revision of the law was prompted by current challenges for the banking sector and its development potential.
The new law, subject to the instruction of the Head of State, will meet the current challenges of stimulating economic activity and further dynamic development of the fintech sector.
External Communications Department