Historical and legal preconditions for the formation of non-bank financial institutions on the territory of Ukraine

The article analyzes the socio-economic and legal reasons for the emergence of non-bank financial institutions in Ukraine and concludes that it was in the middle of the XIX century formed as part of the country’s credit system. The genesis of the development of non-banking financial institutions, the regulatory framework for their creation and operation has been studied in the following stages, in particular: the emergence of credit cooperatives; the rise of credit and its decline; revival of the non-banking financial sector (with Ukraine’s independence) and the adoption of a number of regulations. It is noted for its long history and peculiarities, which form a modern idea of the non-banking financial sector as a specific type of financial institutions and give impetus to their further development. Financial services markets are an important and integral part of the economy of every state. The article proves that the development of the financial sector, entrepreneurship and the competitive environment in Ukraine lead to the restructuring of all components of the financial market, in particular, the financial services market. Moreover, the activity of financial intermediaries is gaining new importance, primarily non-banking financial institutions that meet the needs of economic entities through the provision of a wide range of highly specialized financial services. This leads to an increase in the competitive potential of individual non-bank financial intermediaries, covering the maximum number of consumers at different levels of economic activity. It is determined that the objective preconditions for the emergence in Ukraine in the middle of the XIX century. Non-bank financial institutions were social and economic changes associated with the industrial development of society, characterized by the development of cooperatives, large-scale production, division of labor, enrichment of owners of means of production, landowners and impoverishment of the general population, exacerbation of their economic problems. The needs of ordinary people for additional financial resources to ensure their own existence, to receive financial services to improve living conditions, were the root cause of the non-banking monetary sector.