Особливості фінансової політики Європейського Союзу на ринку небанківських фінансових послуг

The article focuses on analyzing the specific features of the European Union’s financial policy in the context of the non-banking financial services market. The aim of the study is to conduct a comprehensive examination of the EU’s financial policy regarding non-banking financial institutions (NBFIs), with an emphasis on their structural dynamics, interconnections with the banking sector and capital market, as well as regulatory mechanisms designed to ensure financial stability. The research employed general scientific methods of cognition: analysis and synthesis; induction and deduction; systematization; comparative method; structural-functional approach; elements of forecasting. The findings indicate that between 2014 and 2024, EU countries experienced a steady increase in both the assets and liabilities of non-banking financial institutions, which necessitated a transformation of regulatory policy in this segment. The intensification of financial supervision measures was accompanied by the introduction of macroprudential tools aimed at monitoring and regulating the activities of various types of NBFIs. Particular attention was given to systemic risk issues and the enhancement of financial resilience, taking into account the growing interconnectedness of NBFIs with the banking system and the broader financial market of the European Union. The asset structure of non-banking institutions is dominated by shares, investment units, loans, deposits, and receivables, while significant differences exist in the composition of assets and liabilities across different EU member states. The market is primarily composed of investment funds, insurance companies, and pension funds, which leads to the dominance of these segments in the Union’s financial policy. Emphasis was placed on improving the legislative framework to ensure consumer protection, strengthening capitalization and solvency requirements for institutions, and promoting strategic investments in line with the EU’s integration and economic policy priorities. The practical significance of the study lies in identifying directions for enhancing the EU’s financial policy to reinforce the financial stability of the non-banking sector.