REUTERS
This refers to about 1,900 institutions, including insurance and factoring companies, credit unions, pawnshops, and companies that provide remittance services.
First Deputy Governor of the National Bank of Ukraine (NBU) Kateryna Rozhkova says the central bank will receive powers to regulate the country's non-banking financial sector from July 1, 2020, under the draft "split" law passed by the Verkhovna Rada, Ukraine's parliament.
"The [draft] 'split' law backed by the Verkhovna Rada provides for a transitional period until June 30, 2020,” she said at a briefing on September 15.
According to Rozhkova, this refers to about 1,900 institutions, including insurance and factoring companies, credit unions, pawnshops, and companies that provide remittance services.
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The official assures there will be no changes in licensing requirements for financial companies, that is, there will be no need for operating companies to obtain new licenses.
In addition, the "split" expands the regulator's capabilities to ensure financial stability, extending requirements on transparency, reliability and efficiency to the non-banking financial sector.
During the transition period, the National Bank and the National Commission on the Financial Services Market State Regulation will elaborate the required procedures for the transfer of functions and work to improve the legislation with the involvement of a wide range of experts and representatives from the non-banking financial sector.
As UNIAN reported earlier, the Verkhovna Rada, Ukraine's parliament had passed 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.