Article title Markets of Non-Bank Financial Services and Their Instruments
Authors
Name of magazine Legal journal «Law of Ukraine» (Ukrainian version)
Issue 5/2018
Сторінки [136-150]
DOI https://doi.org/10.33498/louu-2018-05-136
Annotation

Our article ensues from the need for enhancement of the role played by non-bank financial services markets as an integral part of our country’s financial system. The markets of non-bank financial services are functioning and constantly developing, and this necessitates a research into this economic and legal category and its instruments. The purpose of the article is to analyze the definitions such concepts as “financial market”, “financial services market” and “non-bank financial services market” existing in the economic and legal doctrine, as well as to study the correlation of such categories as “financial instruments”, “financial resources” and “financial assets”. The author proposes own definition and classification of non-bank financial services markets. Given that currently no unified approach exists regarding the correlation of the financial market with the financial services markets, it is established that the financial services market is a part, a segment or a standalone subsystem of the financial market; the financial market and the financial services market are interrelated in a complex manner, but are not included into each other; the concept of “financial services market” is broader than the concept of “financial market”; these concepts are synonymous. As a result of the analysis of doctrinal and legislative concepts made by the author, it is proposed to define the markets of non-bank financial services as a segment of the financial market consisting of a system of economic and legal relations which arise between nonbank organizations and other participants of the non-bank financial services market in the context of financial services rendered (except banking services), and which are aimed at forming and using of own and/or raised financial assets in the social production domain and which are subject to regulation by the State. It is also proposed to divide the markets of non-bank financial services into the market of services for raising financial assets under an obligation of their subsequent repayment; the market of financial leasing services; the market of money lending services, including under the terms of a financial loan; the market of services of providing guarantees and sureties; the market of insurance services; the market of non-state pension funds administration; the stock market; the market of factoring services; the market of financial assets administration for purchase of goods by groups; the market of property management services for financing of const The author came to the conclusion that financial assets are a special type of business entity’s property (money, securities, debt obligations and the right of debt claim which are not classified as securities) which is the object of a financial service.

 

Keywords financial market; market of financial services; market of non-bank financial services; financial instruments; financial resources; financial assets
References

List of legal documents 
Legislation 
1. Finansovi instrumenty: rozkryttia i podannia: Mizhnarodnyi standart bukhhalterskoho obliku 32 (MSBO 32) [Financial Instruments: Disclosures and Submissions: International Accounting Standard 32 (IAS 32)] vid 1 sichnia 2012 r. URL: http://zakon.rada.gov.ua/ laws/show/929_029 (accessed: 05.05.2018) (in Ukrainian). 

2. Finansovi instrumenty: vyznannia ta otsinka: Mizhnarodnyi standart bukhhalterskoho obliku 39 [Financial Instruments: Recognition and Measurement: International Accounting Standard 39] vid 1 sichnia 2012 r. URL: http://zakon.rada.gov.ua/laws/ show/929_015 (accessed: 05.05.2018) (in Ukrainian).

3. Polozhennia (standart) bukhhalterskoho obliku 13 “Finansovi instrumenty” [Accounting Provision (Standard) 13 “Financial Instruments”]: nakaz Ministerstva finansiv Ukrainy [Order of the Finance Ministry of Ukraine] vid 30 lystopada 2001 r. Ofitsiinyi visnyk Ukrainy. 2001. № 52 (in Ukrainian).

4. Pro banky i bankivsku diialnist [About Banks and Banking]: Zakon Ukrainy [the Law of Ukraine] vid 7 hrudnia 2000 r. № 2121-III. Vidomosti Verkhovnoi Rady Ukrainy. 2001. № 5-6. St. 30 (in Ukrainian).

5. Pro finansovi posluhy ta derzhavne rehuliuvannia rynkiv finansovykh posluh [On Financial Services and the State Regulation of Financial Services Markets]: Zakon Ukrainy [the Law of Ukraine] vid 12 lypnia 2001 r. № 2664-III. Vidomosti Verkhovnoi Rady Ukrainy. 2002. № 1. St. 1 (in Ukrainian). 6. Pro tsinni papery ta fondovyi rynok [On Securities and the Stock Market]: Zakon Ukrainy [the Law of Ukraine] vid 23 liutoho 2006 r. № 3480-IV. Vidomosti Verkhovnoi Rady Ukrainy. 2006. № 31. St. 268 (in Ukrainian).

 

Authored books

7. Blank I, Osnovy finansovogo menedzhmenta [Fundamentals of Financial Management] (Nika-Tsentr 1999) (in Ukrainian).

8. Dmitriev M i Koshechkin S, Finansirovanie i finansovye aspekty ekologii: uchebnoe posobie [Financing and Financial Aspects of the Environmental Science: Textbook] (NNGASU 2002) (in Russian).

9. Fel’dman A, Proizvodnye finansovye instrumenty: uchebnik [Derivative Financial Instruments: Textbook] (Finansy i statistika 2003) (in Russian).

10. Khodakivska V ta Bieliaiev V, Rynok finansovykh posluh: teoriia i praktyka: navchalnyi posibnyk [Financial Services Market: Theory and Practice] (TsUL 2002) (in Ukrainian).

11. Kolohoida O, Hospodarsko-pravove rehuliuvannia fondovykh vidnosyn v Ukraini: monohrafiia [Regulation of Stock Relations in Ukraine under Economic Law: Monograph] (Lira-K 2015) (in Ukrainian).

12. Masliaieva K, Hospodarsko-pravove zabezpechennia funktsionuvannia rynku finansovykh posluh Ukrainy: monohrafiia [Support of Functioning of Ukraine’s Financial Services Market under Economic Law: Monograph] (FShN 2010) (in Ukrainian).

13. Maslova S ta Opalov O, Finansovyi rynok: navchalnyi posibnyk [Financial Market: Training Manual] (Karavela 2004) (in Ukrainian).

14. Oparin V, Finansova systema Ukrainy (teoretyko-metodolohichni aspekty): monohrafiia [Financial System of Ukraine (Theoretical and Methodological Aspects): Monograph] (KNEU 2005) (in Ukrainian).

15. Oparin V, Finansy (zahalna teoriia): navchalnyi posibnyk [Finance (General Theory): Training Manual] (2-he vyd, dop i pererob, KNEU 2002) (in Ukrainian).

16. Patsuriia N, Strakhovi pravovidnosyny u sferi hospodariuvannia: problemy teorii i praktyky: monohrafiia [Insurance Legal Relations in the Economic Activity Sector: Issues of Theory and Practice: Monograph] (Aspekt-Polihraf 2013) (in Ukrainian).

17. Pavliuk K, Finansovi resursy derzhavy: monohrafiia [Financial Resources of the State: Monograph] (NIOS 1997) (in Ukrainian).

18. Semilyutina N, Rossiyskiy rynok finansovykh uslug (formirovanie pravovoy modeli) [The Russian Market of Financial Services (Shaping of a Legal Model)] (Volters Kluver 2005) (in Russian).

19. Sheludko V, Finansovyi menedzhment: pidruchnyk [Financial Management: Textbook] (2-he vyd, ster, Znannia 2013) (in Ukrainian).

20. Sheludko V, Finansovyi rynok: pidruchnyk [Financial Market: Textbook] (2-he vyd, ster, Znannia 2008) (in Ukrainian).

21. Sutormina V, Pravovoe obespechenie funktsionirovaniya finansovogo rynka v Ukraine [Legal Support of Functioning of the Financial Market in Ukraine] (Natsional’naya akademiya upravleniya 1999) (in Russian).

22. Vasylyk O, Teoriia finansiv: pidruchnyk [Theory of Finance: Textbook] (NIOS 2000) (in Ukrainian).

23. Zahorodnii A ta Vozniuk H, Finansovo-ekonomichnyi slovnyk [Dictionary of Finance and Economics] (Znannia 2007) (in Ukrainian).

24. Ziunkin A, Finansove pravo: Opornyi konspekt lektsii [Financial Law: Basic Notes of Lectures] (3-tie vyd, dop, MAUP 2003) (in Ukrainian).

 

Edited books

 25. Levchenko V, ‘Rynok nebankivskykh finansovykh posluh Ukrainy: potochnyi stan i perspektyvy rozvytku’ [‘Non-Bank Financial Services Market of Ukraine: Current Situation and Development Prospects’] v Zbirnyk naukovykh prats DVNZ “Ukrainska akademiia bankivskoi spravy NBU” [Collection of Scientific Works of the “Ukrainian Academy of Banking of the NBU”] (Ukrainska akademiia bankivskoi spravy Natsionalnoho banku Ukrainy 2010) (in Ukrainian).

26. Opryshko V (red), Hospodarske pravo: pidruchnyk [Economic Law: Textbook] (KNEU 2011) (in Ukrainian).

27. Yukhymenko P, Teoriia finansiv: pidruchnyk [Theory of Finance: Textbook] (Fedosov V red, Tsentr uchbovoi literatury 2010) (in Ukrainian).

 

Journal articles

28. Bacho R, ‘Derzhavne rehuliuvannia rynkiv nebankivskykh finansovykh posluh Ukrainy: retrospektyvnyi analiz’ [‘State Regulation of Non-Bank Financial Services Markets

in Ukraine: a Retrospective Analysis’] [2014] 4(47) Teoriia ta praktyka derzhavnoho upravlinnia 186 (in Ukrainian).

29. Bazylevych V, ‘Rozvytok finansovoho rynku u suchasnykh umovakh’ [‘Development of the Financial Market under Modern Conditions’] [2009] 12(169) Finansy Ukrainy 5 (in Ukrainian). 30. Klymenko K ta Kolosov I, ‘Napriamy reformuvannia derzhavnoho rehuliuvannia rynku nebankivskykh finansovykh posluh v Ukraini’ [‘Areas for Reforms of the State Regulation of the Non-Bank Financial Services Market in Ukraine’] [2017] 2(79) Rynok finansovykh posluh 99 (in Ukrainian).

31. Konarivska O, ‘Formuvannia i realizatsiia stratehii ekonomichnoho rozvytku rynku nebankivskykh finansovykh posluh’ [‘Formation and Implementation of the Economic Development Strategy for the Non-Bank Financial Services Market’] [2015] 1(69) Visnyk Natsionalnoho universytetu vodnoho hospodarstva ta pryrodokorystuvannia Seriia “Ekonomika” 218 (in Ukrainian).

32. Lysenko Zh, ‘Finansovyi rynok Ukrainy – stan, trendy ta napriamy rozvytku [‘Financial Market of Ukraine: Current Situation, Trends and Development Targets’] (2014) 6 Efektyvna ekonomika <http://www.economy.nayka.com.ua/?op=1&z=3126> accessed 5 May 2018 (in Ukrainian).

33. Ostapiuk N ta Protsiuk O, ‘Finansovi resursy yak predmet zlochynu: ekonomikopravovyi analiz’ [‘Financial Resources as a Target of Crime: Economic and Legal Analysis’] [2014] 2(14) Finansovyi prostir 125 (in Ukrainian).

34. Vyhovskyi O, ‘Poniattia ta sutnist finansovyi aktyviv yak pryvatnopravovoi katehorii’ [‘The Concept and Essence of Financial Assets as a Category under Private Law’] (2015) 7-8 Yurydychna Ukraina 56 (in Ukrainian).

35. Yurii S ta Lutsyshyn O, ‘Rynok finansovykh posluh yak instytutsiina osnova rynkovoi ekonomiky’ [‘Financial Services Market as the Institutional Basis of a Market Economy’] (2010) 11 Finansy Ukrainy 48 (in Ukrainian).

 

Thesis abstracts

36. Yurchuk O, ‘Bankivska diialnist na rynku finansovykh posluh’ [‘Banking in the Financial Services Market’] (avtoref dys kand ekon nauk, 2010) (in Ukrainian). Dissertations

37. Moskvichova O, ‘Derzhavne rehuliuvannia kredytnykh posluh v umovakh bankivskoi kryzy [‘State Regulation of Loan Services in the Situation of a Banking Crisis’] (dys kand ekonom nauk, Lvivskyi natsionalnyi universytet imeni Ivana Franka 2014) (in Ukrainian).

38. Rieznikova V, ‘Teoretychni problemy rehuliuvannia poserednytstva u sferi hospodariuvannia Ukrainy’ [‘Theoretical Issues of Regulating Mediation in the Economic Activity Sector of Ukraine’] (dys d-ra yuryd nauk, Kyivskyi natsionalnyi universytet imeni Tarasa Shevchenka 2011) (in Ukrainian).