ECONOMIC AND LEGAL POLICY IN THE FIELD OF SECURITY ON THE MARKET OF NON-BANKING FINANCIAL SERVICES IN UKRAINE

Анотація

The purpose of the article is to analyze the economic and legal policy in the security sphere in non-banking financial services market in Ukraine. Methodology. General scientific methods of formal logic (analysis, synthesis, deduction, induction, analogy, abstraction and modeling) and special methods (logical and legal method, axiomatic method) were used, with the help of which the essence of economic and legal policy in the security sphere in the non-banking financial services market in Ukraine was revealed. Results. Ensuring the Ukrainian state's own path of development and its integration into world processes are inextricably linked with the reform of the financial system and the improvement of legal regulation. This is necessary to achieve compliance with modern development trends and international standards. The functioning of any state is impossible without proper financial support, an effective legal mechanism, as well as clearly defined tasks and objectives of activity. Nowadays the issues of the ensuring financial stability and security are the key elements, since it depends on their condition that the realization of national interests and sustainable development of the country. The modern economy is unthinkable without the financial services market, which serves as the basis for the provision and consumption of financial services. These services contribute to the formation of financial resources that are directed to the economic development of both the state as a whole and individual business entities. The financial services market is a key element in ensuring the development of all sectors of the national economy, creating conditions for the expansion and modernization of production. The progress in such areas as industry, entrepreneurship, trade, medicine, science and other important sectors is impossible without the active use of financial instruments in the modern world. The legal principles for implementing state policy in ensuring security sphere in the non-banking financial sector (NFS) constitutes a system of legal norms enshrined in the current legislation of Ukraine, subordinate regulations, as well as in program and strategic documents. These principles determine the purpose, objectives, rules, order and procedures of the activities of authorized entities in the context of regulating and developing relations in NFS. Their main purpose is to ensure the implementation of social and economic rights and freedoms of citizens, their legal protection in case of violations, creating conditions for sustainable economic growth, increasing the competitiveness of national economy. Usually, these norms are enshrined in by-laws adopted by state regulatory entities operating within the principles of NSF. The norms of administrative legislation are the basis of administrative and legal regulation aimed at implementing state policy. Their characteristic feature is a clear definition of the scope of action (limits of legal regulation), which covers the subject area of work of public administration bodies and managerial social relations that arise in the process of their performance of power and organizational functions. It is also important to emphasize the importance of interaction between regulatory entities and financial market participants. This interaction is based on the principles of transparency, legality and responsibility. The use of innovative approaches to regulation, digitization of control processes and increasing financial awareness among market participants contribute to reducing risks in financial security sphere. Strengthening the institutional capacity of bodies responsible for supervision and regulation is a key factor for the effective implementation of state policy in non-banking financial sector. The constant updating of the regulatory framework, in accordance with modern challenges and international standards, is an urgent need in this regard. Practical implications. It should be noted that the norms of administrative law are formed to regulate public relations of a managerial nature that arise between the state and the subjects of NFS. The difference between these relations is that one of the parties is the state represented as a public administration body endowed with power. This body has the right to demand compliance with certain legal behavior from other participants, such as the National Bank of Ukraine (NBU), the National Securities and Stock Market Commission (NSSMC), etc. This creates an effective tool for implementing regulatory policy in the financial services sector in practice. It covers the processes of licensing, supervision, inspections, application of administrative sanctions and issuance of mandatory regulations for implementation. These measures are aimed at preventing violations, ensuring transparency of financial institutions and strengthening confidence in the financial market as a whole. In modern conditions, special emphasis is placed on the implementation of a risk-based approach to supervision. This allows the regulator to focus its resources on the most vulnerable market segments and those entities whose activities may pose a threat to financial stability. This approach involves a deep analysis of financial companies' internal processes, their corporate governance, financial reporting, and compliance with consumer protection standards.

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