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The paper presents the most promising way of restructuring the financial system in Ukraine, in particular a single regulator (megaregulator), thus allowing to avoid contradictions in the system of state regulation and control in the financial sphere and create a stable basis for the successful integration of Ukraine into the global financial system. The main purpose of state financial agencies is stabilizing the financial system, taking into account the positives and drawbacks of state regulation in the financial sector. Reforms for regulation and supervision in the financial market of Ukraine should be implemented in four main areas: - unifying the rules and regulations of state regulation in the financial market with the gradual concentration of regulatory functions in a single state body; - separating supervisory functions from regulatory and implementing the system of prudential supervision in all major segments of the financial market; - increasing the role of self-regulatory organizations of professional participants and establishing their closer connection with regulatory bodies; - significant improvement in financing state regulators, including from market sources. The need to concentrate efforts on developing the mechanisms of the state influence on financial stability, system analysis and implementing measures to prevent systemic risks, ensuring effective management of the financial system liquidity, modernizing and improving the transparency of financial legislation and implementing existing legislative norms by all subjects of financial relations is noted. [ABSTRACT FROM AUTHOR]

The paper presents the most promising way of restructuring the financial system in Ukraine, in particular a single regulator (mega-regulator), thus allowing to avoid contradictions in the system of state regulation and control in the financial sphere and create a stable basis for the successful integration of Ukraine into the global financial system. The main purpose of state financial agencies is stabilizing the financial system, taking into account the positives and drawbacks of state regulation in the financial sector. Reforms for regulation and supervision in the financial market of Ukraine should be implemented in four main areas: -- unifying the rules and regulations of state regulation in the financial market with the gradual concentration of regulatory functions in a single state body; -- separating supervisory functions from regulatory and implementing the system of prudential supervision in all major segments of the financial market; -- increasing the role of self-regulatory organizations of professional participants and establishing their closer connection with regulatory bodies; -- significant improvement in financing state regulators, including from market sources. The need to concentrate efforts on developing the mechanisms of the state influence on financial stability, system analysis and implementing measures to prevent systemic risks, ensuring effective ma nagement of the financial system liquidity, modernizing and improving the transparency of financial legislation and implementing existing legislative norms by all subjects of financial relations is noted. [ABSTRACT FROM AUTHOR]