To harmonize partner legislation, the commission is already working with representatives of the EAEU, which is expected to be completed by 2025, Iya Malkina, an EEC representative, explained during a March 15 press briefing. And she specified that at its completion, the countries of the union “should create a supranational body for the regulation of the financial market”.
Moreover, according to the forecasts of the representative of the commission, whose remarks are quoted by BELTA work on draft agreements on cross-border admission to placement and circulation of securities in organized trade in the EAEU states and an agreement on the admission of brokers and dealers from one state of the EAEU ‘EAEU to the participation in organized trade of other member states of the EAEU union is at the final stage.
In parallel, Malkina said, “work is underway on a draft agreement on a standardized license in the banking and insurance sectors within the framework of the EAEU.” The purpose of this agreement is to ensure the mutual recognition of a standardized license to carry out activities in the banking and insurance sectors, issued by the accredited body of the State of origin.
This, the EEC added, “will make it possible, under a simplified procedure, to establish or acquire a legal person in the form of a subsidiary of a bank or an insurance company in the territory of the host state”.
It has also been learned that an agreement on the procedure for exchanging information included in credit history under the EEU is also being ratified in national parliaments. This document, Malkina clarified, aims to ensure equal conditions for residents of all countries of the union when applying for credit resources in banks located in the territory of other member states. In addition, it “will stimulate the development of cross-border credit within the union”, summed up the official spokesperson for the EEC.
