NBU, financial service markets regulator sign memo of cooperation
The National Bank of Ukraine (NBU) and the National Commission for Financial Service Markets Regulation of Ukraine have signed a memorandum of cooperation to ensure the implementation of the provision of the so-called "split" law in part of the transfer of functions of public regulations and supervision over non-bank financial institutions from the commission to the NBU.
As reported on the website of the central bank, the signed document will provide a more coordinated and efficient process of transferring functions to regulate and supervise the market of non-banking financial services from the national commission to the National Bank.
From the central bank, the document was signed by acting NBU Governor Kateryna Rozhkova, from the National Commission for Financial Service Markets Regulation – its Chairman Ihor Pashko.
The memorandum provides for: the creation of a working group consisting of representatives of the regulators, which will coordinate the interaction between the NBU and the national commission in order to transfer functions, determine the exchange of information between institutions on personnel issues, the national commission's work plans for 2020, including the preparation of draft regulatory acts.
In addition, the document defines the transfer of documents and materials created by the national commission during the exercise of powers and functions, the exchange of information on supervision of non-banking financial institutions, including the experience of inspections and application of measures of coercion, to the National Bank.
The memorandum entered into force on February 7, 2020. It will remain in force until the parties complete the implementation of the provisions of the split law.