IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION
The article is devoted to the problem of financial supervision system compliance in the countries with the international principles and the best world practices. The main international principles of effective banking supervision, insurance and regulation of the securities market are analyzed....
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| Format: | Article |
| Language: | English |
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FINTECH Alliance LLC
2021-01-01
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| Series: | Фінансово-кредитна діяльність: проблеми теорії та практики |
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| Online Access: | https://fkd.net.ua/index.php/fkd/article/view/2863 |
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| _version_ | 1850160440378654720 |
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| author | V. М. Kremen A. Yu. Semenog O. І. Kremen |
| author_facet | V. М. Kremen A. Yu. Semenog O. І. Kremen |
| author_sort | V. М. Kremen |
| collection | DOAJ |
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The article is devoted to the problem of financial supervision system compliance in the countries with the international principles and the best world practices.
The main international principles of effective banking supervision, insurance and regulation of the securities market are analyzed.
We developed a scientific and methodological approach to assessing the country's financial supervision compliance with international principles, which allows to determine the dynamics of development and improvement of financial supervision in banking, insurance and securities segments of the financial sector. A scale for translating financial supervisory compliance assessments into international principles was developed and statistical tools of arithmetic weighted and geometric mean were used to summarize the implementation of Core Principles for Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation.
The average level the implementation of each of the principles of Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation is determined. Banking Supervision has been assessed to international principles in countries such as Austria, Bulgaria, Canada, Germany, Denmark, United Kingdom, Georgia, Hong Kong, Republic of Korea, Moldova, New Zealand, Russian Federation, Turkey, United States of America, South Africa, Insurance Supervision — Canada, Denmark, Hong Kong, Ireland, New Zealand, Turkey, United States of America, South Africa, securities market surveillance and financial supervision in general — Canada, Hong Kong, United States of America, South Africa. The work identifies key areas of modern and innovative development of the financial supervision system.
The paper identifies key areas of modern and innovative development of the financial supervision. Our results showed that increasing the compliance of financial supervision with international standards can be ensured primarily through the introduction of risk-oriented financial supervision, improvement of corporate governance and disclosure of financial reporting by financial intermediaries.
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| format | Article |
| id | doaj-art-c9feaae8ab4b4c5ebc438d7dbaa00d01 |
| institution | OA Journals |
| issn | 2306-4994 2310-8770 |
| language | English |
| publishDate | 2021-01-01 |
| publisher | FINTECH Alliance LLC |
| record_format | Article |
| series | Фінансово-кредитна діяльність: проблеми теорії та практики |
| spelling | doaj-art-c9feaae8ab4b4c5ebc438d7dbaa00d012025-08-20T02:23:08ZengFINTECH Alliance LLCФінансово-кредитна діяльність: проблеми теорії та практики2306-49942310-87702021-01-0113210.18371/fcaptp.v1i32.200284IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATIONV. М. Kremen0A. Yu. Semenog1O. І. Kremen2Doctor of Economics, Professor, Kyiv National University of Technologies and DesignPh. D. in Economics, Associate Professor, Sumy State UniversityPh. D. in Economics, Associate Professor, Kyiv National University of Technologies and Design The article is devoted to the problem of financial supervision system compliance in the countries with the international principles and the best world practices. The main international principles of effective banking supervision, insurance and regulation of the securities market are analyzed. We developed a scientific and methodological approach to assessing the country's financial supervision compliance with international principles, which allows to determine the dynamics of development and improvement of financial supervision in banking, insurance and securities segments of the financial sector. A scale for translating financial supervisory compliance assessments into international principles was developed and statistical tools of arithmetic weighted and geometric mean were used to summarize the implementation of Core Principles for Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation. The average level the implementation of each of the principles of Effective Banking Supervision, Insurance Core Principles and Objectives and Principles of Securities Regulation is determined. Banking Supervision has been assessed to international principles in countries such as Austria, Bulgaria, Canada, Germany, Denmark, United Kingdom, Georgia, Hong Kong, Republic of Korea, Moldova, New Zealand, Russian Federation, Turkey, United States of America, South Africa, Insurance Supervision — Canada, Denmark, Hong Kong, Ireland, New Zealand, Turkey, United States of America, South Africa, securities market surveillance and financial supervision in general — Canada, Hong Kong, United States of America, South Africa. The work identifies key areas of modern and innovative development of the financial supervision system. The paper identifies key areas of modern and innovative development of the financial supervision. Our results showed that increasing the compliance of financial supervision with international standards can be ensured primarily through the introduction of risk-oriented financial supervision, improvement of corporate governance and disclosure of financial reporting by financial intermediaries. https://fkd.net.ua/index.php/fkd/article/view/2863financial supervisioninternational principlesbanking supervisionregulation of the securities marketinsurance supervision |
| spellingShingle | V. М. Kremen A. Yu. Semenog O. І. Kremen IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION Фінансово-кредитна діяльність: проблеми теорії та практики financial supervision international principles banking supervision regulation of the securities market insurance supervision |
| title | IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION |
| title_full | IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION |
| title_fullStr | IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION |
| title_full_unstemmed | IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION |
| title_short | IMPROVEMENT OF FINANCIAL SUPERVISION ON THE BASIS OF INTERNATIONAL PRINCIPLES IMPLEMENTATION |
| title_sort | improvement of financial supervision on the basis of international principles implementation |
| topic | financial supervision international principles banking supervision regulation of the securities market insurance supervision |
| url | https://fkd.net.ua/index.php/fkd/article/view/2863 |
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