Regulation of banking activity at the international level
Journal Title: Формування ринкових відносин в Україні. Збірник наукових праць - Year 2018, Vol 4, Issue 4
Abstract
The activation of globalization and integration processes creates an objective need for regulation of banking activity at the international level. Uniform standards for regulating financial services sectors are developed by international organizations and continue to serve as the basis for the development of national regulatory standards, while the system for monitoring compliance with these standards operates in each separate country. The article states that banking supervision is implemented through regulatory and supervisory activities, outlining various organizational models of entities that oversee the activities of financial services sectors. In world practice there are various models of institutional building of the banking regulation and supervision systems, each of which has its advantages and disadvantages. Each country chooses one of the models that will be effective, active and consistent with the architecture of the financial system and the peculiarities of the national banking system. The regulation of banking activities at the international level is not aimed at unification of organizational models of structures that in some countries supervise the activities of financial services sectors. Most importantly, regulatory and oversight bodies of different countries should be guided by the same principles and standards in their activities, as well as having all the necessary powers to effectively carry out their tasks. Mandatory condition is the consolidation of these powers at the legislative level.
Authors and Affiliations
M. KOVACH, K. INDUS
Keywords
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