The Council of the Eurasian Economic Commission (EEC) has approved the draft Agreement on a standardized license in the banking and insurance sectors, which will be sent to member states for the necessary domestic procedures for its signing:
This agreement provides for the mutual recognition of standardized licenses issued in the country of origin of the parent bank (insurance organization), which will simplify the process of establishing or acquiring a subsidiary bank or insurance organization in another state.
The draft agreement has been developed in accordance with the Concept of forming a common financial market of the EAEU and the Action Plan for harmonizing legislation in the financial market.
So far, the project has passed the domestic approval procedure in all member states of the Union.
The Minister for Economy and Financial Policy of the EEC, Bakyt Sultanov, noted that the approval of the draft agreement is a significant step towards the formation of a common financial market in the EAEU.
