EEC discusses formation of common EAEU market 

ArmInfo. The Advisory  Committee on Financial Markets under the Board of the Eurasian  Economic Commission discussed approaches to the formation of a common  financial market and harmonization of legislation in the field of  financial services. The meeting was held in Moscow at the EEC  headquarters under the chairmanship of the Minister of Economy and  Financial Policy of the Commission Bakhyt Sultanov, the press service  of the EEC reported.

The concept of forming a common financial market of the EAEU provides  for the introduction of a standardized license mechanism, which will  ensure mutual access to the markets of financial service providers  through subsidiaries and their commercial presence. A standardized  license is a special permit issued by the financial regulator of the  country of origin of the parent organization. According to Bakhyt  Sultanov, this document is aimed at creating conditions for the  mutual recognition of licenses for activities in the banking and  insurance sectors. In addition, it is designed to improve the  availability, quality and diversity of financial services for legal  entities and individuals, as well as develop competition in the  financial market. "The agreement determines the procedure and  conditions for issuing a standardized license, requirements for the  applicant and licensee, the procedure for creating or acquiring a  subsidiary," the EEC Minister emphasized. The draft Agreement  establishes mutual access of financial service providers, including  banks and insurance organizations, to national financial markets,  which will simplify the process of establishing or acquiring a legal  entity in the form of a subsidiary.

In addition, the members of the Advisory Committee reviewed the draft  recommendation of the EEC Council on agreed proposals for the  harmonization of the legislation of the Union states in terms of  basic concepts and definitions in the sphere of regulation of the  securities market and the establishment of requirements for market  intermediaries (brokers). 

The meeting participants were informed about the work on the draft  recommendations of the Commission Council aimed at harmonizing the  legislation in the sphere of admission of banks and insurance  organizations to the common financial market, establishing  requirements for market intermediaries (dealers), developing the  infrastructure of stock exchange trading in securities, and improving  measures to combat the legalization of proceeds from crime.