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Considerable progress in work on EAEU common financial market concept

Economy 24.05.2019 | 16:54
An archive photo
An archive photo

MOSCOW, 24 May (BelTA) – Work on the concept for setting up a common financial market of the Eurasian Economic Union may be finished in 2019. The statement was made by Member of the Board (Minister) for Economy and Financial Policy of the Eurasian Economic Commission Timur Zhaksylykov at a session of the exchange policy advisory council of the central banks of the Eurasian Economic Union member states, BelTA has learned.

Timur Zhaksylykov said: “Essential progress has been secured in the work on the concept for forming the Eurasian Economic Union's common financial market. Together with colleagues from the governments and the central banks we intend to finish work on the document this year.”

The session focused on discussing topical matters concerning the establishment of the common financial market. The sides discussed integration in the stock market sector, procedures to enable mutual access of participants of the national markets to the common financial market, protection of rights of consumers of financial services, information interaction, and oversight.

Heads of the central banks and other financial regulators of the Eurasian Economic Union member states took part in the session.

In December 2016 the presidents of the Eurasian Economic Union instructed the governments and the national banks to work together with the Eurasian Economic Commission to develop a draft concept for forming the common financial market of the Eurasian Economic Union. The concept is supposed to determine the main goals, tasks, and key directions in forming the common financial markets. The document is supposed to specify stages and measures to implement them, the legal framework for the market's operation, the procedure for information interaction and administrative cooperation of financial market regulatory bodies, tasks and authority of the supranational agency in charge of regulating the Eurasian Economic Union's common financial market.

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