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Central banks of EEU sign agreement on harmonization of financial laws

The chairmen of the central (national) banks of the countries of the Eurasian Economic Union (EEU) signed an agreement on the harmonization of legislation in the financial market sphere. The press service of the Eurasian Economic Commission (EEC) reported.

According to it, the document was signed in Yerevan (Armenia) at a meeting of the advisory council on currency policy of the central (national) banks of EEU. The agreement determines the directions and order of harmonization of legislation in the banking and insurance sectors, services sector, in the securities market on the basis of international principles and standards.

«The document was drawn up to create a common financial market in EEU, to ensure mutual recognition of licenses for work in banking, insurance, securities sectors and non-discriminatory access to the financial markets of the countries of the union. A harmonization plan will be developed that will become «a road map» for convergence of norms and requirements provided for by national legislation in the financial sphere. Earlier, the agreement was approved by the members of EEC Council — the vice prime ministers of EEU countries,» the message said.