Ukrainian Union of Lessors successfully held The First Lessor’s Regulatory Workshop

On November 28, the Ukrainian Union of Lessors together with the National Commission for the regulation of financial services markets conducted the First Lessor`s Regulatory Workshop devoted to the novels in the reporting procedures of lessors and other relevant market development issues and its regulatory framework. The event was supported by the USAID Financial Sector Transformation Project.

The event met a lively interest – the Association received more than 80 applications for participation from lessors and companies working on other financial markets. As a result, 55 representatives of leasing companies, as well as 12 individual who represent other financial markets, the NBU and the World Bank representatives took part in an event that for the first time in the history of Ukrainian leasing united most of the country’s leasing companies under one roof.

While the members of the Association Ukrainian Union of Lessors meet regularly, especially during the past two years, such meetings, mainly in the form of trainings or regional events, take place almost every month, that can not be said about companies outside the Association. Such productive cooperation and development within Ukrainian Union of Lessors became possible due to support of the USAID Financial Sector Transformation Project that  provides for the Association members the opportunity to study at the best foreign and domestic specialists in the field of leasing and other relevant topics (legal practice, financial monitoring, audit, etc.) and conduct regional leasing promotional events and other members and market developing activity.

Therefore, the First Lessor`s Regulatory Workshop, which gathered 55 participants in the leasing market, representing 37 companies (15 out of 19 UUL members and 22 leasing companies that are not members of the UUL), can be considered the first gathering of the Ukrainian leasing industry in modern history of Ukrainian Leasing.

A proposal to organize such meetings on regular basis was made by the representative of the National Financial Services Commission Olexandr Zaletov, who was the first speaker of the workshop. Mr. Zaletov also shared leasing market statistics in Q3 2018 and theses on what should be expected by leasing companies in 2019.

Galina Pavlenko, Director of the Department of Regulation and Supervision of Financial Companies, Natskomfinposlug spoke about the novels of Legislation on Financial Reporting of Leasing Companies and responded to numerous, sometimes sharp, questions from the representatives of leasing companies.

Director of the Association Ukrainian Union of Lessors Marina Masich told about the huge work the Association carries out for the development of the leasing market, solving the problems that arise before the leasing companies and creating favorable conditions for the development of leasing in Ukraine. It is important to say, that the “doors” of the Association are open to all transparent and responsible lessors of the country, as joint efforts are much more effective to solve the problems faced by leasing companies and Ukrainian leasing in general.

Also, Ms. Masich announced the launch of an all-Ukrainian ranking of leasing companies aimed at increasing the interest of consumers, investors, central and local authorities and other stakeholders of the leasing market.

The expert of USAID Financial Sector Transformation Project Natalia Pedos noted the progress of the leasing market in Ukraine and the positive dynamics of the Project’s cooperation with the Association “Ukrainian Union of Lessors”. Also, the representative of the USAID Project noted that further cooperation will be conducted with the organized market, in other words, with the companies members of the Association.

At the end of the First Lessor`s Regulatory Workshop the participants welcomed Natalia Hayevska – president of the Union of Auditors of Ukraine. She ran the session about the novels of the Law of Ukraine “On Audit of Financial Reporting and Auditing, and met lively interest and numerous questions from the audience.