The head of the Secretariat of the Minister in charge of Economy and Financial Policy of the EEC Askar Kishkembaev called for integration of three freedoms: movement of goods, services and labor, for the speedy launch of the common financial market

"The overall financial market cannot function without taking into account the financial infrastructure of the entire regional space. It will depend on how quickly the Member States of the Union will be able to mutually integrate the three other freedoms: movement of goods, services and labor," noted Askar Kishkembaev.
As the EEC representative mentioned, the Commission is creating the basis, that is the regulatory framework, and developing common tools and procedures for monitoring financial market participants by regulatory bodies. A corresponding Agreement on information cooperation between the regulators, already signed by the countries, will ensure such monitoring at the cross-border level.
Common requirements and approaches to regulation and monitoring are necessary steps to achieve a qualitatively new level of integration: mutual recognition of licences of financial market participants. "This gives an opportunity to obtain a license in one country and carry out financial activities in the whole Eurasian Economic Union," said Askar Kishkembaev.
The creation of the common financial market will lead to increased competition between the participants of the financial market and could further improve the quality of services and reduce prices for some of them.
The Deputy Minister of Finance of the Russian Federation Aleksei Moiseev, First Deputy Chairman of the Central Bank of the Russian Federation Aleksei Simanovsky, Director of Department of Development of Financial Markets of the Central Bank of the Russian Federation Elena Chaikovskaya, and the President of the CIS Interstate Bank Igor Suvorov delivered their speeches at the plenary session.
Representatives of the Financial Policy Department of the EEC participated actively in the discussions and spoke at sectoral meetings: "The role of the financial infrastructure in the development of the integrated market and operations in national currencies the EAEU”, "Harmonization of legislation and regulation of the financial markets of the Eurasian Economic Union”, “Creating a common financial market: development prospects, expected architecture".
The event was also attended by representatives of national banks and stock exchanges of Member States, self-regulatory organizations and the scientific community on the financial market.
Press-release at the official Eurasian Economic Commission web-site