Ostapenko Iu.
Doctor of Law, Associate Professor, assistant of the Department of Economic Law,
Yaroslav the Wise National Law University,
Kharkiv, Ukrainе
ORCID: 0000-0001-5950-2927

Abstract
The article is devoted to the issue of reforming the sphere of financial services, which is conditioned by the adoption of the Law of Ukraine “On Financial Services and Financial Companies”. A thorough analysis of the innovations introduced by this Law was made. Emphasis is placed on significant changes in the field of financial services, scientific comments are made regarding the new definitions given in this normative legal act.

It was emphasized that the Law of Ukraine “On Financial Services and Financial Companies” introduces risk-oriented regulation and supervision. It is indicated that the new opportunities will make it possible to ensure proportionality, that is, small non-risky financial institutions will receive minimal attention from the regulator.

It has been proven that the Law of Ukraine “On Financial Services and Financial Companies” significantly facilitated the process of entering the market for financial companies and pawnbrokers, as well as their obtaining a license. It is emphasized that financial companies and pawnshops, if they are not enterprises that create public interest (we are talking about enterprises – issuers of securities, insurers, non-state pension funds, other financial institutions and enterprises that belong to large assets in terms of book value , net income and average number of employees), are able to outsource a number of their functions, such as: accounting, risk management, internal audit, compliance, etc. However, a mandatory condition is that they must inform the National Bank about it.

Keywords: financial services, financial companies, market of financial services, secrecy of financial services.