EUROPEAN PRACTICE OF FINANCIAL REGULATION OF NON-BANK INTERMEDIATION IN THE CONTEXT OF DIGITALIZATION

Анотація

The significant role of financial intermediation in the financial sector and the EU economy leads to the spread of liquidity, solvency and significant losses risks within the financial system in conditions of economic uncertainty. The digitalization of financial services in the EU creates new threats to uninterrupted financial activities. The use of financial technologies in non-banking intermediation requires strengthening digital operational resilience. The purpose of the article was to study the European practice of financial regulation of non-bank intermediation in the context of digitalization. The methodology of the article is based on statistical and regulatory analysis to identify the features of financial regulation of non-bank financial institutions with a focus on regulatory approaches. The results demonstrate the application of a sectoral approach to regulation in the EU, which provides for a macroprudential impact on certain types of institutions or their activities. Such regulatory practice leads to gaps, fragmentation and inconsistency of existing legal regimes with new challenges and risks of financial intermediation. In the context of an increase in the share of financial intermediation in the EU financial sector to 42% in 2024 due to the difficulties that arose in the banking system after the crisis of 2008-2009, and the increase in the level of use of financial technologies, there is a need to change approaches to financial regulation. In this regard, the need to apply integrated financial regulation, which will take into account the market structure of non-bank financial institutions, the existing risks of their financial activities and new digital risks associated with technological resilience, is emphasized. Further research should focus on the tax regulation of non-bank financial institutions in the EU.

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