EFFECTIVNESS OF NON-BANK FINANCIAL INSTITUTIONS REGULATION: EVIDENCE FROM UKRAINE

NBFIs need effective regulation system, which provides the protection of financial services consumers and from other hand the uninterrupted activities of financial market. In this article, costs and revenues of National Commission for the State Regulation of Financial Services Markets in Ukraine (NCSRFSM) from have been taken from 2003 to 2012 for performing the analysis of regulation effectiveness. We attempted to find a correlation between costs and revenues of regulation body and number of NBFIs, which are regulated by NCSRFSM. After these recommendations, further development of NCSRFSM is presented here.