Volodymyr Zelensky / REUTERS
The Verkhovna Rada, Ukraine's parliament, earlier passed a bill on improving the functions of state regulation of financial services markets.
Ukrainian President Volodymyr Zelensky has enacted the 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 (the so-called "split") between the National Bank and the National Securities and Stock Market Commission.
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The president enacted the relevant bill into law on Wednesday, October 16, according to the Verkhovna Rada's website.
Ukraine's parliament passed the bill on improving the functions of state regulation of financial services markets in the second reading on September 12.
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.
According to the NBU, it will receive powers to regulate the country's non-banking financial sector from July 1, 2020. In particular, the central bank will supervise about 1,900 financial institutions.
As UNIAN reported earlier, the Verkhovna Rada passed the said bill in the first reading in July 2016.