Supervision of financial conglomerates: european experience

  • Mykhailo Kuzheliev University of the State Fiscal Service of Ukraine
  • Mykola Boichuk The National Securities and Stock Market Commission
Keywords: financial conglomerates directive, financial conglomerates, banking, investing, prudential supervision, risk management, cross-sector risk transfer


The subject of the work - a set of methods and models of improving the mechanism of proceedings supervision of financial conglomerates that are used in the countries of the European Union in the modern world. The aim lays in identification key regulatory mechanisms used in the EU in order to optimize the system of supervision of financial conglomerates and the possible use of national financial markets in order to promote national economic system as a whole. Methodology of work presents by following techniques: selection, compilation and comparison of information, critical thinking, formulating own thoughts. The author used methods of analysis, synthesis, deduction, comparison, modeling with the axiomatic approach of logical scientific methods. The results present by a set of tools serves investigated the supervision of financial conglomerates, which are used in the EU regulatory tools, optimize their control procedures and defining the most relevant ones for using in the national financial market of Ukraine. Practical implications. Considered instruments, legal framework and the supervisory challenges of financial conglomerates form effective means of supervision in the EU. In addition to their use in the national market important tools of supervision may be: determining affiliation group of companies classified as «financial conglomerate» procedures researched in article in the control of their activities, restrictions on access to financial markets and their structural parts in this direction, the expansion conditions providing appropriate permits, approval of key persons introducing additional rules of procedure of financial activities, using of disciplinary measures at different levels of managing and ownership of financial conglomerates, which will allow ensure better protection of investors and other users of financial services, transparent conditions for business and quality functioning of financial markets for the harmonization of the sector for the benefit of the state, national economy and society in particular. 


Download data is not yet available.


1. The Law of Ukraine «On Principles of State Supervision (Control) of economic activity» [Electronic resource]. Access mode:

2. Kuzhelev M.A. Korporatyvnoe upravlenye: sushchnost y еlementу // Ekonomika i orhanizatsiya upravlinnya: Zbirnyk naukovykh prats. Vyp. 3. – Donetsk: DonNU, Kashtan, 2008. – S. 51-58

3. Kuzhelev M.O. Korporatyvnyi kontrol: metodolohiia doslidzhennia, finansovyi aspekt ta modeli formuvannia // Fynansы, uchet, banky: Sbornyk nauchnыkh trudov. – Vыpusk №1 (18). – Donetsk: DonNU, TOV «Nord Komp’iuter», 2012. – S. 24-34.

4. Europe Aid/126416/C/SER/UA EU Project «Strengthening of Ukrainian Financial Services Sector» 2016.

5. Relating to the taking up and pursuit of the business of credit institutions DIRECTIVE 2000/12/EC :

6. Financial conglomerates directive – FCD EU-RL 2002/87/EG :

7. Finanzkonglomerategesetz - FKG (7073/BR d.B.) :

8. Basel II: Revised international capital framework – Bank for International Settlements (BIS) :

9. Kuzheliev M.O., Zhytar M.O. Finansova hnuchkist pryiniattia rishen v investytsiinii diialnosti bankiv : monohrafiia. – K. : «Tsentr uchbovoi literatury», 2016. – 176 s.

10. Supervisory challenges of financial conglomerates Thomas Wulf Financial Market Authority (FMA) :

Author Biographies

Mykhailo Kuzheliev, University of the State Fiscal Service of Ukraine

Kuzheliev Mykhailo, Doktor of Science (Economics), Professor, Director of Educational and Scientific Institute of Finance and Banking

Mykola Boichuk, The National Securities and Stock Market Commission

Boichuk Mykola, chief specialist of licensing, supervision and control over the activities of institutional investors department of joint investment and regulation of institutional investors

How to Cite
Kuzheliev, M., & Boichuk, M. (2017). Supervision of financial conglomerates: european experience. University Economic Bulletin, (34/1), 221-233. Retrieved from
Finance, Monetary Circulation and Credit