LEGAL REGULATION OF FINANCIAL LEASING IN UKRAINE

Анотація

The necessity of updating the regulatory framework for leasing is due to the fact that, firstly, the latest amendments to the Law of Ukraine "On Financial Leasing", which had expired on June 13, 2021, were made in 2004; and, secondlythe need to bring leasing activities in Ukraine in line with international practice. The new Ukraine-EU agreement has become the associative agreement of the "fourth generation". It will be supported by the EU's previous experience, however, it will go beyond it in terms of promoting the political and economic reforms needed for Ukraine in order to meet European standards, which will largely coincide with the criteria for membership in the European Union. The leasing market, like any other one, has undergone a certain process of its formation -from the emergence (the first lease documents date back to about 2000 BC) to full development. Until 1997, the term "leasing" did not officially exist in Ukraine, although leasing companies were established in 1994. The new Law of Ukraine "On Financial Leasing", adopted on February 4, 2021, should address the issues and introduce a number of innovations, through which the coordination with other legislation is conducted. State regulation and state supervision of the financial leasing market is carried out by the National Bank of Ukraine in accordance with the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets", the Law of Ukraine "On Financial Leasing" and other legislative acts. At the same time, the legislator does not provide clear and understandable mechanisms for independent control of the market of financial leasing services by its participants. Also, the status of self-regulatory authorities that could supervise market participants has not been determined yet. However, taking into consideration the current realities, the new Law of Ukraine "On Financial Leasing" is a prerequisite for expanding its scope as an alternative to longterm financing the purchase of transport, equipment, other machinery and real estate.

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