From 1 July, NBU will become the regulator of non-banking financial services


Companies can send reports in test mode by mid-July

From 1 July, NBU will become the regulator of non-banking financial services. Photo:

From 1 July, National Bank will start regulating the non-banking financial services market. In this regard, NBU published on the website information on the format, timing and other requirements for reporting for the first half of 2020.

Yuri Polovanev, director of the Department of Statistics and Reporting, presented general approaches and rules for reporting to the NBU, including:

Lack of new reporting forms. In the next six months, National Bank will not introduce either new reporting forms or additional reporting indicators. By 2021, you must specify only those indicators in reporting forms approved by the National Financial Services Commission.

“For future regulators, technical exchange of information with the right indicators and their economic content is more important. Changes in NBU’s regulatory acts on reporting will not be visible earlier than next year. In future, there are plans to implement such changes more than once a year, ”said NBU.

Reporting Methods. The submission of regulatory reporting will be through a special resource on the NBU, which requires initial registration for access. To speed up registration, you can additionally send a scanned copy of the registration letter to the email address [email protected] Reporting files will be submitted in standard XML format according to the register of indicators published on the NBU website in the “Statistics” section. The presentation of the financial statement packages is to be done by NBU’s e-mail, the regulator’s website report.

Ability to file reporting during the approved period. The file uploaded last will be considered accepted. This would allow new participants in the regulation to correct possible impurities without the application of measures of impact, the NBU noted.

Extension of reporting period. National Bank plans to consider a plan to extend reporting deadlines by non-banking financial companies for the first half of 2020 and resolve technical and methodological issues for successful download of files by all participants.

Features and Changes in Reporting:

1. Financial statements are presented in units of measure – thousands, and the NBU system provides for adoption in kopecks. Therefore, now, individual indicators of financial statements need to be submitted through the NBU web portal in kopecks by adding 5 zeros to the current reporting format.

2. The NBU reporting system allows you to accept reporting files with only one qualified electronic signature, and not two (head and chief accountant), as indicated in the regulatory functions of the National Financial Services Commission. However, it does concern the submission of regulatory reports through the web portal. The presentation of financial statements by electronic means of NBU is envisaged to be authenticated by two qualified electronic signatures.

Report submission In test mode Will be possible by mid-July 2020. After that, the test service will be disconnected and there will be open access to the productive reporting service.

In addition, NBU supported the automation of reporting and active use of IT-technologies. The reporting technology present on the NBU provides for the possibility of full automation of this process, the National Bank emphasized, although it is not possible to meet all the technical requirements of the National Financial Services Commission (regarding the application of two signatures) makes. The regulator stated that the transition period would begin from July 1, during which the National Bank would be able to develop and implement its own legal acts that would fully legalize the practice of reporting for non-bank financial institutions.

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Recall that the First National Bank published the white paper “Future Regulation of Non-Bank Leasing”, which describes planned changes in market regulation. In particular, the NBU is going to unify the requirements to reduce, as well as to regulate and expand the sources of, financing companies.

Read: Is the Ukrainian financial services market ready for remote video recognition?

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