Regulating of financial service market to be distributed between securities commission and NBU
The functions of the national commission for financial services market regulation will be distributed between the National Commission for Securities and the Stock Market of Ukraine and the National Bank of Ukraine (NBU), member of the National Commission for Securities and the Stock Market Dmytro Tarabakin has said.
"The president told us when we were appointed that the national commission for financial services market regulation is the structure being distributed between us and the National Bank. People who are working in the financial services regulation commission will go to work to the National Commission for Securities and the Stock Market," he said in an exclusive interview with Interfax-Ukraine.
Tarabakin said that specialists experienced in regulating the operation of nongovernmental pension funds and collective investment institutions (CIIs) will be the first to be transferred to the commission.
As reported, the National Commission for Securities and the Stock Market in late March 2015 posted a comprehensive program on the development of the Ukrainian financial market for 2015-2020 on its website. The program was designed by representatives of the central bank, Finance Ministry, National Commission for Securities and the Stock Market, the national commission for financial service markets regulation, and representatives of the Independent Association of Banks of Ukraine and the Individuals' Deposit Guarantee Fund.
Regarding the regulation of the financial services market, the project foresees the creation of a regular non-banks and banks' asset quality assessment system, taking into account the necessity of conducting regular stress tests and the drawing up a strategy to prevent risks linked to the operation of systemic banks and non-bank financial institutions.
The Ukrainian Credit-Banking Union has said it believes that the program only covers the banking sector and does not take into account other market players – credit unions, insurance companies, a whole segment of the stock market, the e-money market, and consumers of financial services.
