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  5. Theoretical and legislative approaches to the definition of «financial services», «banking services» and «banking operations» and their correlation

Almanac of law. Issue 16 (2025), pages 334–340.

DOI: 10.33663/2524-017X-2025-16-334-340

Tsvyetkov A. M.
Theoretical and legislative approaches to the definition of «financial services», «banking services» and «banking operations» and their correlation

The article examines the historical, scientific and legislative approach to the definition of the concept of «financial services», «banking services» and «banking operations». Various interpretations of the bank in scientific articles, monographs and textbooks are systematized. It is also noted that the legislator identifies the concept of «banking activity» with part of the operations carried out by banking institutions. There is a distinction between the concepts of «banking service» and «banking operation», which are considered in different essences of these definitions. based on the above legal norms of the current legislation of Ukraine. It is emphasized that according to Part 2 of Article 125 of Subsection 6 «Financial Services» of the Association Agreement, the term «banking services and other financial services» is used, and a list of these services is given.

The emphasis is placed on the fact that currently the main document in the field of harmonization of banking law, which defines the «roadmap» for the implementation of the provisions of the Association Agreement in the banking sector, is the Strategy for the Development of the Financial Sector of Ukraine. A detailed analysis of various scientific approaches to the interpretation of the concepts of «banking services» and «banking operations» made it possible to propose an author’s definition of the terms under study in the Law of Ukraine «On Banks and Banking Activities».

Based on the analysis of the current legislation of Ukraine and research by domestic scientists, the following definition of banking services can be given — this is the professional activity of banking institutions that operate on the basis of a banking license by providing the following services to legal entities and individuals in both national and foreign currency for the purpose of making a profit: 1) attracting funds and bank metals that are subject to return from an unlimited number of persons; 2) opening and maintaining current (settlement, correspondent) accounts of clients, including in bank metals, and escrow accounts; 3) providing funds and bank metals on credit at the expense of funds and bank metals attracted in deposits, including in current accounts, in their own name, on their own terms and at their own risk.

In our opinion, based on the analysis of various scientific approaches to the interpretation of the definition of the concept of «banking transaction» and its somewhat broad legislative interpretation, it is necessary to clarify and narrow it along with its main features. We propose the following formulation: «banking transactions are a set of specific, interconnected regular actions of a banking institution that has a license from the NBU and performs banking services in accordance with the standards and regulations stipulated in Article 47 of the Law of Ukraine

«On Banks and Banking Activities» on the basis of a contract».

Key words: services, financial services, payment services, banking activities, banking services, banking transactions, European Union, National Bank of Ukraine. 

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