ECONOMIC LAW FRAMEWORK FOR NON-BANK BUSINESS LENDING: TRANSFORMATION OF THE REGULATORY PARADIGM

Abstract

The article provides a theoretical substantiation of the economic law model of non-bank lending to business entities in the context of transformation of the regulatory paradigm and the decodification of economic legislation in Ukraine. It is established that the current state of the financial system is characterized by limited access of small and medium-sized enterprises to traditional bank credit resources, which creates an objective need for the development of alternative mechanisms of financing business activities. Non-bank lending is defined as an autonomous system of financial and economic relations aimed at ensuring liquidity of the real sector of the economy beyond the classical banking intermediation framework.

The study critically analyzes the existing state regulatory policy based on a subject-centered supervisory approach, which focuses primarily on the legal status of financial institutions and administrative control over their activities. It is argued that such an approach fails to take into account the technological nature of modern financial instruments, including digital lending platforms, crowdfunding, online factoring, and corporate bond issuance for small and medium-sized enterprises, thereby limiting access to investment capital and stimulating the shadowization of financial relations.

The author proposes a functional and stimulative approach to the legal regulation of non-bank lending, which involves shifting the regulatory focus from supervision over the institutional status of the lender to legal support of the credit operation itself. The necessity of differentiating the legal regimes of business and consumer lending, based on the principle of professional risk autonomy, is substantiated. Special attention is paid to the role of financial technologies (FinTech) as a key factor in shaping a new model of smart regulation that combines legal certainty with flexibility in access to capital.

It is concluded that the development of non-bank lending constitutes a strategic prerequisite for ensuring economic resilience during wartime and post-war recovery, while the transformation of regulatory policy should be based on the principles of proportionality of state intervention, stimulation of business activity, and technological interoperability of financial instruments, particularly in the context of EU law adaptation.