Доцільність запровадження моделі мегарегулятора фінансового ринку в Україні
Feasibility of the financial market mega-regulator model implementing in Ukraine

Summary/Abstract: Introduction. Recently, an intense discussion of advisability a comprehensive approach to the regulation of the financial market introducing in Ukraine by refusing from the models of departmental regulators for the benefit of the mega-regulator in the circle of scholars and practitioners has taken place. From the point of view of the real sector development, competitiveness increase and market share expand additional financial resources that can be obtained from financial market participants are necessary. Creation of enabling environment for their functioning is an important task of the state, because the mismatch of the regulation mechanism for the financial market participants can lead to negative consequences for the real economy and cause a systemic economic crisis. According to that, the model of financial market regulation study is an important direction of modern economic analysis. Purpose. To analyze the feasibility and predict possible consequences of a mega-regulator of the financial market creating in Ukraine at the present stage from the standpoint of the sustainable development ensuring for the market. Results. Positive and negative aspects of implementation the model of the financial market mega-regulator have been formulated. The preconditions necessary for the functioning of such institution have been grounded. The key indicators of the different countries’ financial markets sustainable development in conjunction with their regulatory models are analyzed. The authors conclude that most of the indicators are lower in countries with the mega-regulators, than in countries with sector model or model of «twin peaks» regulations. Conclusion. It is determined that Ukraine still has not developed the necessary preconditions for the mega-regulator model introduction, which also confirms the inappropriateness of its creation at the present stage.

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