SUSTAINABLE DEVELOPMENT OF THE NON-BANK FINANCIAL MARKET SUBJECTS OF UKRAINE: PROBLEMS AND PROSPECTS OF FUNCTIONING

In the context of a systemic banking crisis in Ukraine, the financial mediation vacuum on redistribution of funds instead of banks would have to fill the non-bank financial market. At the same time, those expectations and preconditions regarding the development of the non-bank financial market in UkraineThe goal of research is to analyze the trends, problems of the development of the non-bank financial market, the theoretical substantiation of the proposals and the development of practical recommendations for improving the existing regulatory requirements that will promote its sustainable development. In accordance with the stated goal, the following research objectives have been formulated:a) to analyze the development trends in the context of financial market entities to distinguish between those financial and credit institutions that are not characterized by progressive development;b) to investigate the legal framework regulating the activities of participants of the financial market, to point out the shortcomings and inconsistencies that do not motivate their development;c) to propose a mechanism for localization of the problem of low level of public confidence to the participants of the financial market.The article presents a statistical and retrospective analysis of the non-bank financial sector development dynamics in Ukraine. The indicators, which have been the most significant changes during the last four years (2014—2017), are revealed, and the problems, which flow substantially on the dynamics of their development, are outlined. The comparative analysis disclosed the problems of the legislative field of Ukraine, which do not support the development of credit unions, insurance companies and sustainable economic development of Ukraine as a whole. Applying the historical method to the EU Directives on the development of individual financial market participants, in particular, credit cooperation, the insurance market, the authors were able to develop proposals for the progressive development of a given segments of the market of financial intermediaries in Ukraine, which will promote the sustainable development of small and medium-sized businesses whose interests banks often ignore or fail to focus on focusing on meeting the financial needs of corporate clients, large business enterprises. Also, in this research, by applying methods of analysis, synthesis of legislative acts, state programs of development of the financial sector of Ukraine, the emphasis was placed on the effectiveness of implementing in the legislative acts of Ukraine mechanisms and standards that would bring domestic normative, legal, organizational and financial requirements closer to the world. , on the one hand, the growth of confidence in the functioning of financial intermediaries and, accordingly, the growth of their resource potential at the expense of domestic sources of filling resource base of another implementation of declared European integration processes in Ukraine.