Photo from UNIAN
The head of state also named officials responsible for drafting and adoption of the law.
Ukrainian President Volodymyr Zelensky has instructed the Verkhovna Rada, Ukraine's parliament, to pass a draft "split" law on the consolidation of state regulation of financial services markets, which provides for the liquidation of National Commission on the Financial Services Market State Regulation and the distribution of its functions between the National Bank and the National Securities and Stock Market Commission before October 1, 2019.
"A law shall be adopted to amend certain legislative acts regarding consolidation of the functions of state regulation of financial services markets, which stipulates distribution of functions (the so-called "split") between the National Bank and the National Securities and Stock Market Commission, before October 1, 2019," Zelensky said at a meeting with the government, parliament and law enforcement agencies.
Read alsoFarmland sale moratorium must be lifted before Dec 1. Zelensky says
The head of state also mentioned officials responsible for drafting and adopting the law, namely Chairman of the Verkhovna Rada Dmytro Razumkov, head of the Servant of the People parliamentary faction David Arakhamia, and First Deputy Chairman of the Verkhovna Rada Ruslan Stefanchuk.
As UNIAN reported earlier, the Verkhovna Rada passed the said bill (No. 2413a) in the first reading in July 2016.
In particular, the National Bank shall supervise and regulate the market of insurance, leasing and factoring companies, credit unions, credit bureaus, pawnshops and other financial companies, while the National Securities and Stock Market Commission will regulate private pension funds, construction funds, and real estate funds.
The bill is yet to be voted in the second reading.