BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

Financial Instruments of Non-Bank Financial Institutions in Ukraine
Shirinyan L. V., Shirinian A. A.

Shirinyan, Lada V., and Shirinian, Artur A. (2025) “Financial Instruments of Non-Bank Financial Institutions in Ukraine.” Business Inform 5:377–385.
https://doi.org/10.32983/2222-4459-2025-5-377-385

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 0

Download article (pdf) -

UDC 368+336.77 (477)

Abstract:
The article examines functioning of non-banking financial institutions (NBFIs) in Ukraine. The need to organize and systematize NBFIs, as well as to conduct an in-depth analysis of the financial instruments used by them to perform their functions, is becoming increasingly relevant. Despite the oversight of the National Bank of Ukraine (NBU), the complexity of ensuring effective control is growing due to the increasing number of market participants and the rapid development of the fintech sector. The aim of the research is to provide a comprehensive analysis and systematization of non-banking financial institutions in Ukraine based on legislative acts and current Ukrainian laws, as well as to explore the financial instruments they use in the modern financial environment. The methodological foundation of the research is a comprehensive approach that combines legal, economic, and systemic analysis. Theoretical and legal analysis, as well as content analysis of regulatory documents, was conducted on the basis of current Ukrainian legislation and acts of regulatory bodies, with the aim of systematizing the types of NBFIs and identifying the financial instruments. A statistical and economic analysis was applied to assess the actual role of NBFIs in the Ukrainian economy. The article presents a systematization of all types of NBFIs in Ukraine as defined in Ukrainian legislation, including: 1) insurance companies, intermediaries, brokers, and consultants; 2) leasing and factoring companies; 3) non-bank credit institutions, pawnshops, and credit unions; 4) asset management companies (AMCs), brokerage and dealer companies; 5) non-AMC pension funds; 6) non-AMC investment companies and funds; 7) rating agencies and trust (guarantee) companies; 8) financial intermediaries and consultants; 9) debt collection companies; 10) clearing institutions (non-bank financial market settlement centers); 11) payment institutions (providers of payment services); and 12) financial institutions licensed and registered by the NBU. Regulation of financial companies providing cryptocurrency (virtual asset) services remains unresolved. The article also provides examples of financial instruments used by specific types of NBFIs. It is argued that NBFIs use a broad range of financial instruments, revealing a contradiction between their theoretical potential and the actual state of the financial services market in Ukraine, as well as their limited impact on GDP formation.

Keywords: non-banking financial institutions, financial services, financial regulation, financial instruments, financial services market, institutional systematization, legislation, influence on GDP.

Tabl.: 5. Bibl.: 24.

Shirinyan Lada V. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Finance, Educational and Scientific Institute of Economics and Management of the National University of Food Technologies (68 Volodymyrska Str., Kyiv, 01601, Ukraine)
Email: [email protected]
Shirinian Artur A. – PhD, Analyst, Department of Forecasting and Management, Silpo-Food LLC (room 188, 1v Pavla Tychyny Ave., Kyiv, 02152, Ukraine)
Email: [email protected]

List of references in article

[Legal Act of Ukraine] (2021). https://zakon.rada.gov.ua/laws/show/1953-20#Text
Kornieiev, V. “Rozvytok rynkiv finansovykh posluh nebankivskykh poserednykiv“ [Development of Financial Services Markets for Non-bank Intermediaries]. Ekonomika i prohnozuvannia. 2001. https://eip.org.ua/docs/EP_01_3_79_uk.pdf
Borodenko, T. M., Buriachenko, A. Ye., and Haponiuk, M. A. “Diialnist nebankivskykh finansovykh ustanov na rynku finansovykh posluh“ [Activities of Non-Bank Financial Institutions in the Financial Services Market]. Ekonomika ta suspilstvo, no. 57 (2023). DOI: https://doi.org/10.32782/2524-0072/2023-57-4
Shirinian, A. A., and Tatarina, T. V. “Ekonomichna kharakterystyka strakhovoho rynku v Ukraini“ [Economic Characteristics of the Insurance Market in Ukraine at the Current Stage of Development]. Ekonomika ta suspilstvo, no. 68 (2024). DOI: https://doi.org/10.32782/2524-0072/2024-68-33
Drebot, N. P., Tanchak, Ya. A., and Mykolyshyn, M. M. “Tendentsii rozvytku nebankivskykh finansovykh ustanov na rynku finansovykh posluh Ukrainy“ [Trends in the Development of Non-Banking Financial Institutions in the Financial Services Market of Ukraine]. Naukovyi visnyk NLTU Ukrainy. 2020. https://nv.nltu.edu.ua/index.php/journal/article/view/2132
Buha, H. S. Zabezpechennia bezpeky u sferi diialnosti nebankivskykh finansovykh ustanov v Ukraini: administratyvno-pravovi zasady [Ensuring Security in the Sphere of Activities of Non-banking Financial Institutions in Ukraine: Administrative and Legal Principles]. Odesa: Vydavnychyi dim «Helvetyka», 2022.
Leonov, S., Vasylieva, T., and Tsyhaniuk, D. “Harmonizatsiia kliuchovykh parametriv resursnoi bazy instytutiv spilnoho investuvannia“ [Harmonization of Key Parameters of the Resource Base of Collective Investment Institutions]. Visnyk Natsionalnoho banku Ukrainy. 2012. https://journal.bank.gov.ua/archive/2012/8.pdf
Vovchak, O., and Krentovska, L. “Finansove poserednytstvo: ekonomichna sutnist i klasyfikatsiia“ [Financial Intermediation: Economic Essence and Classification]. Visnyk NBU, no. 8 (2012): 4-9.
Dzhuruk, N. I. “Klasyfikatsiia finansovykh poserednykiv ta yikh rol na finansovykh rynkakh“ [Classification of Financial Intermediaries and Their Role in Financial Markets]. Ekonomika, upravlinnia ta administruvannia, no. 2 (2020): 121-125. DOI: https://doi.org/10.26642/ema-2020-2(92)-121-125
Polishchuk, Ye. “Klasyfikatsiia nebankivskykh finansovykh ustanov“ [Classification of Non-bank Financial Institutions]. Rynok tsinnykh paperiv Ukrainy. 2012. http://nbuv.gov.ua/UJRN/rcpu_2012_12_2
[Legal Act of Ukraine] (2021). https://zakon.rada.gov.ua/laws/show/1201-20#Text
[Legal Act of Ukraine] (2023). https://zakon.rada.gov.ua/laws/show/3254-20#Text
[Legal Act of Ukraine] (2016). https://zakon.rada.gov.ua/laws/show/1734-19#Text
[Legal Act of Ukraine] (1991). https://zakon.rada.gov.ua/laws/show/1788-12#Text
[Legal Act of Ukraine] (2003). https://zakon.rada.gov.ua/laws/show/435-15#Text
[Legal Act of Ukraine] (2003). https://zakon.rada.gov.ua/laws/show/436-15#Text
[Legal Act of Ukraine] (2022). https://zakon.rada.gov.ua/laws/show/2074-20#Text
“Finansovyi rynok u tsyfrakh. U hrudni 2024 roku 21 nebankivsku ustanovu vykliucheno z reiestriv, piat - vkliucheno do reiestriv“ [Financial Market in Numbers. In December 2024, 21 Non-banking Institutions Were Excluded from the Registers, Five Were Included in the Registers]. Natsionalnyi bank Ukrainy. January 08, 2025. https://bank.gov.ua/ua/news/all/u-grudni-2024-roku-21-nebankivsku-ustanovu-viklyucheno-z-reyestriv-pyat--vklyucheno-do-reyestriv
Shirinian, L. V., and Shirinian, A. A. “Finansovi instrumenty nebankivskykh finansovykh ustanov vs instrumenty finansovoho rehuliuvannia rynku finansovykh posluh“ [Financial Instruments of Non-bank Financial Institutions vs Financial Regulation Instruments of the Financial Services Market]. Formuvannia rynkovykh vidnosyn v Ukraini, no. 3 (2025): 36-45.
“Diialnist z upravlinnia aktyvamy instytutsiinykh investoriv“ [Asset Management Activities of Institutional Investors]. Natsionalna komisiia z tsinnykh paperiv ta fondovoho rynku. https://www.nssmc.gov.ua/for-market-participants/profuchasnykam/asset-management-companies/
Vidkrytyi nederzhavnyi pensiinyi fond Ukrainy OTP «Pensiia». https://www.otpcapital.com.ua/pension-funds_2/fund-otp-pension/
“Rozkryttia informatsii“ [Disclosure of Information]. Kredytna spilka «Vyhoda». https://vygoda.com.ua/info/
“Oholoshennia ta rezultaty auktsioniv“ [Announcements and Auction Results]. Ministerstvo finansiv Ukrainy. https://mof.gov.ua/uk/ogoloshennja-ta-rezultati-aukcioniv
“Ohliad nebankivskoho finansovoho sektoru za 2023 rik“ [Non-banking Financial Sector Overview for 2023]. Natsionalnyi bank Ukrainy. May 23, 2024. https://bank.gov.ua/admin_uploads/article/Seminar_oglyad_non-bank_sector_23-05-2024.pdf?v=8

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster