STATE FINANCIAL POLICY ON THE MARKET OF NON-BANKING FINANCIAL INSTITUTIONS
Abstract
The article presents a comprehensive study of modern transformations of the state's financial policy in the market of non-bank financial institutions in the context of the structural restructuring of the financial system, the digitaliza-tion of economic processes, the European integration of Ukraine and the for-mation of mechanisms for post-war economic recovery. The mission of the non-bank financial sector as an alternative channel of financial intermediation is substantiated, capable of ensuring the expansion of economic agents' access to financial resources, increasing the level of financial inclusion and diversify-ing sources of investment financing. It is proven that in the context of global transformation of financial markets, non-bank financial institutions act as an important element of the financial ecosystem, which complements the banking sector through the development of insurance, leasing, factoring, credit coopera-tive and Fintech financing mechanisms, which contribute to reducing the con-centration of financial risks in the banking system, forming a competitive envi-ronment in the financial services market and increasing the efficiency of the re-distribution of financial resources in the national economy. The institutional changes in the functions of regulating non-bank financial institutions are ana-lyzed, which increase the consistency of regulatory policy, minimize regulatory arbitrage and ensure the unification of financial supervision standards. It is es-tablished that the reduction in the number of market participants was accom-panied by an increase in their assets, an increase in the level of capitalization, an improvement in financial stability indicators through the implementation of approaches to state regulation and an improvement in the quality of supervi-sory procedures. The introduction of digital supervision technologies, auto-mated risk monitoring, electronic customer identification and remote financial services allows changing the mechanisms of interaction between the regulator and non-bank financial institutions.
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