From July 1, 2020, National Bank will start regulating non-banking financial services markets.
National Bank announces completion of preparations to handle the functions of a regulator of non-banking financial services markets, despite quarantine. The powers of the National Bank are expanded according to the Partition Law divided by RADA.
Under this law, Ukraine controls the market regulator of non-banking financial institutions of the National Financial Services Commission, and its powers are distributed between the NBU and the National Securities Commission and the Stock Market (NKTSBFR).
From July 1, 2020, the National Bank will begin to regulate neobanks, not only state bank funds, but also insurance companies, credit unions, pawnbooks and other financial institutions.
All new methods of regulation by the National Bank are being discussed with market participants. Today, the NBU already has a ready-made conceptual vision in most areas of regulation, in particular, the authority of non-banking financial institutions, regulating and overseeing their activities, measures for the impact and exit of companies from the market, It is a vision to effectively protect the rights of consumers of non-banking financial services and oversee market behavior.
Summary PAYSPACE magazine
Recall that following the NBU’s principle of transparency, the NBU report will be published weekly, allowing bank customers, experts and market participants to quickly get the latest information about the state of the sector under quarantine measures.
Such reports include data on the dynamics of deposits, interest rates on loans and deposits, liquidity of the banking system, as well as measures to support the financial system of the National Bank.
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