STRUCTURAL CHANGES IN THE NON-BANKING FINANCIAL SECTOR OF UKRAINE UNDER REGULATORY REFORMS AND MARTIAL LAW CONDITIONS

Abstract

The transformation of the financial market under conditions of regulatory change and wartime challenges increases the need for a comprehensive reassessment of the role of the non-bank financial sector in Ukraine. Structural shifts in the financial system, redistribution of assets between segments, and changes in their relative weight determine the relevance of a systematic analysis of recent trends. The purpose of the article is to provide a comprehensive assessment of structural changes in the non-bank financial sector of Ukraine during 2018-2025, taking into account both institutional dynamics, reflected in the number of institutions, and resource capacity, measured by the volume of assets. The study aims to determine how regulatory reform and wartime conditions have influenced the configuration of the financial system and the balance between the banking and non-bank segments. The research is based on official statistical data and applies structural, dynamic and comparative analysis. The authors proposes a periodization of the sector’s transformation by distinguishing the regulatory stage and the wartime stage. Changes in the number of institutions, internal structure of the sector, asset concentration, and the ratio between banks and non-bank institutions are examined in an integrated manner. The scientific novelty of the study lies in the combination of institutional and resource-based approaches to assessing the development of the non-bank financial sector and in identifying a dual transformation pattern. On the one hand, the sector experienced significant institutional contraction; on the other hand, asset concentration and consolidation intensified. The findings demonstrate that despite the reduction in the number of institutions, the resource base did not decline proportionally, indicating processes of market consolidation and enlargement of financially stronger entities. At the same time, the relative share of the non-bank sector within the financial system decreased due to the more dynamic growth of the banking segment. The practical significance of the results lies in their potential application for improving regulatory policy, assessing structural risks, and developing strategic approaches to the balanced development of the financial market. The conclusions contribute to understanding the specific trajectory of Ukraine’s financial system transformation in comparison with global trends in non-bank financial intermediation.