The dissertation is dedicated to the study of modern mechanisms of state regulation of the financial services market under martial law through the lens of the phenomenon of public interest, the realization and protection of which is one of the fundamental tasks of public administration.
The doctrinal problem of the admissibility of restricting the rights of participants in the financial services market is examined in the context of the collision between private and public interests. The solution to this theoretical problem is proposed through modeling a practical algorithm of actions for policymakers aimed at achieving and protecting public interest in wartime conditions. Theoretical-methodological and conceptual approaches are suggested to illuminate the issue of achieving proportionality between public and private interests, which serves as a guarantee of the effectiveness of the state regulation mechanism and the dynamic changes of the very instruments ensuring public interest in the financial services sector under the influence of new risks.
It is substantiated that the modern dynamics of public interest in the country's financial sector under wartime conditions, determined by the paramount importance, urgency, and «intensity» of public interest, has led to an active transformation of mechanisms for state regulation of the financial services market with vectors aimed at enhancing the institutional capacity of the Regulator, creating a disbalance in the proportionality between public and private interests, which may pose a threat to the rights and legitimate interests of financial service providers and their clients.
It is proven that despite the full-scale war, which has caused a shift in priorities, it is essential to maintain proportionality (fairness, proportionality, reasonableness, optimality) in the balance between public and private interests in state regulation of the country's financial sector.
An analytical overview and generalization of fundamental scientific-theoretical and normative approaches to state regulation of the financial services market, its goals, tasks, forms, and principles have been carried out. The necessity for modernizing and updating the concepts, goals, and tasks of state regulation and supervision over financial service provision activities formulated in Ukrainian laws such as «On Financial Services and Financial Companies», «On the National Bank of Ukraine», «On Banks and Banking Activities», «On Capital Markets and Organized Commodity Markets», «On State Regulation of Capital Markets and Organized Commodity Markets» has been substantiated, taking into account current market functioning conditions and prioritizing financial security in wartime.
The author's approach to interpreting concepts such as «financial service» «financial services market» «state regulation of the financial services market under martial law», «mechanism for state regulation of financial service provision activities in special periods», «legal mechanism», «administrative-organizational mechanism», «institutional mechanism», and «financial-economic mechanism» has been specified. As a result, it is argued that only a clear, unified normative terminological structure in regulatory acts will help eliminate ambiguous interpretations of key concepts and categories.
The proposed state regulation of the financial services market under martial law is to be viewed as the activity of entities involved in economic and financial state policy (policymakers) aimed at ensuring the stability and reliability of the financial market's functioning during this special period, as well as protecting the rights and legitimate interests of clients and financial service providers. This is achieved through the application of a complex set of legal, institutional, administrative-organizational, and financial-economic mechanisms.
It is argued that the mechanism of state regulation of the financial services market has a complex nature, allowing it to be considered as a collection of individual regulatory mechanisms (which are segments of the overall mechanism), namely: legal; institutional; financial-economic; and administrative-organizational. Each of these mechanisms has its own tools, subjects, and objects of regulatory and supervisory influence. It has been proven that only in combination can these mechanisms ensure the effective functioning of a unified state regulation mechanism.
A doctrinal and normative-legal characterization of the basic segments of the overall mechanism of state regulation of financial services provision activities (legal, administrative-organizational, financial-economic, institutional mechanisms) is presented.
