The National Bank of Ukraine (NBU) has drafted the concept of a project to improve the effectiveness of protection of financial services consumers and investors, the NBU reported on Thursday, November 30.

The concept was presented at a meeting of the reform task force, which was held on November 29.

The concept provides for the creation of a separate unit for the protection of consumer rights in the NBU. It will be separated from the prudential supervision unit in order to avoid conflicts of interest between these functions.

According to the report, the concept will be implemented in the NBU after the adoption by the Verkhovna Rada at second reading of a bill amending certain legislative acts of Ukraine on improving the protection of the rights of financial services consumers, No. 2456-d.

Olha Hurbych, a member of the National Commission for Regulation of Financial Services Markets, presented the proposals to the commission on amendments to the law of Ukraine on licensing of certain types of economic activities, which are aimed at improving the procedure for cancellation of licenses of non-banking financial institutions.

The issue of interaction between the financial sector regulators and the Ukrainian Finance Ministry regarding the draft of the Comprehensive Program 2020 "Harmonization of Systems for Taxation of Financial Sector Instruments" caused a lively discussion.

The head of the NBU's financial sector reform department, Yevhen Stepaniuk, noted that the monitoring of the status of the implementation of this project showed the availability of various approaches of regulators to the improvement of legislation on taxation of financial instruments, which leads to inefficient work on their implementation.

Representatives of regulators and professional associations of market participants agreed on an action plan for coordination and preparation of proposals for the necessary changes to the Tax Code.