NBU talks about major changes in regulation of financial companies


By the end of this year, the NBU plans to adopt a dozen new regulatory acts.

The NBU talked about the main changes in the regulation of financial companies. Photo:

Since 1 July, the National Bank of Ukraine has become a regulator of non-banking financial services, beginning to develop several new regulatory acts on the regulation of the activities of participants in this market.

According to the plan, by the end of 2020, the NBU plans to adopt at least 11 new functions to regulate the activities of financial companies.

In the priority areas for updating the regulatory framework, the National Bank identified licensing, supervision, inspection, risk assessment, application of interventions, reporting and auditing. The goal is to standardize and bring to international standards regulatory approaches and procedures.

Specifically, we are talking about such changes in each area:

  1. Licensing – Creation of a single document that will determine the procedure for implementing licensing procedures, establishing requirements for non-banking financial companies;
  2. Supervision – Development of remote supervision procedures and inspection inspections of non-banking financial institutions, namely, the establishment of procedures for conducting remote supervision, as well as conducting scheduled and unscheduled inspections based on a risk-based approach;
  3. Measure of impact – The introduction of a new process to implement measures of influence on non-banking financial companies;
  4. Reporting – Standardization of requirements by non-banking financial companies to update the form and frequency of reporting based on the risks of their activities;
  5. Audit and financial reporting – Initiation of additional requirements for audit reports, which will be compiled as a result of audits of financial companies.

The National Bank also said that it intends to attract business and the expert community for the joint development of legal acts. To this end, the draft of such acts has been reviewed and discussed with market participants in the “Official” section in the “Official” section, reviewing the “Regulation of the market for non-banking financial services” (division). Will be published for Each draft regulatory act goes through a discussion phase for a period of at least one month.

The NBU reminded that until the new legal basis of the National Bank is implemented in the non-banking financial services market, the functions of the former regulator, the National Financial Services Commission, will remain in effect.

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Earlier, we wrote that the National Bank published information on the format, timing and other requirements for reporting by non-bank financial institutions for the first half of 2020.

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