The dissertation is devoted to substantiation and elaboration of theoretical and methodological approaches, conceptual provision and practical recommendations for the development of the non-banking financial services markets of Ukraine in the current conditions of institutional changes at the micro-, meso-, macro- and megaeconomic levels. The conception of non-banking financial services markets development in Ukraine developed in the thesis is based on the principles of transparency, unity, functionality, sustainability, efficiency, trust, social responsibility, taking into account the changing peculiarities of the institutional structure of non-banking financial services markets will facilitate the transition to a new regulatory model by strengthening of non-banking financial services markets, will ensure their soundness to systemic crises and will increase their impact on accelerating economic growth in the country. The methodical approach formed in the thesis to assessing the institutional provision of the regions of Ukraine with non-banking financial services enables to form a map of institutional provision of Ukrainian regions with non-banking financial services, which forms the basis for the formation of priorities on attraction and allocation of financial resources at local level and contributes to aligning the asymmetric development of non-banking financial services markets. In the dissertation the concept of «validation on non-banking financial services markets» is introduced as a continual process of self-determination of the financial institution’s solvency by its own specialists through the method of internal assessments based on the application of quantitative and qualitative indicators that allow to make an objective assessment of borrowers and counteragents, distinguish and extract real risks, and also ensure the correct and consistent risk assessment in the operation of a non-banking financial institution. The main purpose of the introduction of validation as an instrument of self-regulation is to ensure transparency and market competitiveness, as well as the objectivity of the information provided by the professional members about their activities to the state regulator body.
It’s proved that non-banking financial institutions are subjects of economic relations which are entered into the corresponding state register of financial institutions; carry out economic commercial or non-commercial activities, have specialized legal capacity, that is, they operate on the basis of the statute and the corresponding license issued by the National Committee for State Regulation of Financial Services Markets in accordance with the current legislation, operate on the market as financial intermediaries; the activities of these institutions does not affect the dynamics of money supply, therefore they are not subject to special requirements of mandatory reserve, are characterized by a rather narrow specialization and provide limited services, contributing to the transformation of capital in the national economy. Characterizing the stages of the development of non-banking financial services markets, for the first time four phases have been identified, the distinguishing of which is related to the functioning of state regulation and its results on the functioning of non-banking financial institutions. According to the presented diagnostic tools, an assessment of the policy effectiveness of the National Committee for State Regulation of Financial Services Markets was conducted based on indicators that characterize the steady development of non-banking financial services markets and have a cause and effect relationship with the regulator's instruments and foresees argumentation of the quantitative values of their levels, which makes it possible to assess the status of non-banking financial services markets as a result of the state's policy. Analysis of the existing regulatory models has shown that in many countries as a result of significant reforms in the financial services markets was created the appropriate market «megaregulator» which performs integrated management of these markets, and at the same time, the system of state regulation of non-banking financial services markets depends on historical and national traditions, stability of national economy. At the same time, the study showed that full integration of micro-prudential regulation to the structure of the Central Bank does not ensure maximum effectiveness of the investigated markets functioning.
