10:00 18.09.2019

NBU soon to meet with non-banking financial market to draft new legislation

2 min read
NBU soon to meet with non-banking financial market to draft new legislation

The National Bank of Ukraine (NBU) in the next few weeks will start meeting with the participants of the non-banking financial market to work over the legislation for this segment of the market to comply with Verkhovna Rada adopted law on split, said NBU First Deputy Governor Kateryna Rozhkova.

"Along with the process of transferring functions, we will get down to work on the new legislation ... In the coming weeks we plan to meet with the representatives of financial companies and discuss these tasks. We plan to involve our international partners in the development of legislation and together we will work over the new legislation in order to improve it and bring it in line with the European requirements," she said at a briefing on Monday.

Rozhkova said that in a transition period, which will last by July 2020, there would be no amendments to the licensing requirements.

The Verkhovna Rada of Ukraine on September 12 adopted a law on amending certain legislative acts of Ukraine regarding the improvement of functions for the state regulation of financial services markets (No. 1069-2), initiated by MPs Danylo Hetmantsev and Oleksandr Dubinsky (the Servant of the People faction).

As a correspondent of the Interfax-Ukraine agency, this decision was supported by 296 MPs.

According to the document, the NBU and the National Commission on Securities and the Stock Market from July 1, 2020 are the successors of the National Commission for the State Regulation of the Financial Services market in executing the authority and state regulation and supervision in the field of financial services markets within the powers established by the law on financial services and state regulation of financial services markets.

According to an explanatory note, the document provides for the split of the functions of the national commission for financial service markets regulation. In particular, the supervision and regulation of the market of insurance, leasing and factoring companies, credit unions, credit bureaus, pawnshops and other financial companies will go to the supervision of the National Bank of Ukraine (NBU), and the National Commission for Securities and the Stock Market will regulate private funds: pension funds, construction financing and real estate transactions.

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