Half of the Ukrainian off-bank market is operating illegally and without observing license requirements, the head of the state commission for financial service markets regulation, Vasyl Volha, said at a press conference in Kyiv on Tuesday.
He said that the results of comprehensive checks on paper records' correspondence to data posted in electronic form in the state register of financial institutions was evidence of this.
Volha said that over the period of the watchdog's work, in 90% of cases commission employees were the ones to blame for the infringements.
He asked market players to urgently check the correspondence of the registration of their licenses and subdivisions against the register of financial institutions and inform the commission about discrepancies if they are found
He said that from November 1, the commission would start sending instructions on the discovered infringements to companies. The companies are to eliminate them in the term set in Ukrainian law.
Volha said that many companies have commission documents confirming their registration without document numbers.
He said that it would take four or five months to bring order to the state register.
