The NBU has approved the rules of the transition period for non-bank financial institutions



The National Bank adopted a number of transitional provisions for the smooth regulation of non-banking financial services markets after July 1

Participants in the markets of non-banking financial services after the transition to regulation and supervision of the National Bank from July 1 will continue to be guided by the legislation introduced during the operation of Natskomfinposlug.

According to the press service of the NBU, in order to make this possible and not cause legal conflicts, the regulator has adopted a number of “transitional” resolutions. They also determine the peculiarities of the National Bank’s application of regulatory acts of Natskomfinposlug, which will be valid until the NBU approves its own regulations. “Transitional” resolutions were adopted in the following areas: licensing and registration; supervision; on-site inspections; sanctions; reporting.

The “transitional” regulations also provide for a number of clarifications to the regulation in these areas:

– fixed submission of reports by NBU market participants through a special web resource – portal.bank.gov.ua;

– it is established that until the National Bank determines the tariffs for the issuance of licenses, they will be issued free of charge;

– it is determined that inspections will begin only after the National Bank adopts special regulations on inspections of non-banking financial services market participants (except for clients) and the application of enforcement measures.

Responsibilities of non-banking financial services market participants, in particular to provide information to the regulator and obtain its approvals, remain unchanged from July 1 and will be carried out in relation to the National Bank, not Natskomfinposlug.

Decisions made by Natskomfinposlug as a collegial body starting from July 1 will be made by the NBU represented by its collegial bodies: the Board and the Committee on Supervision and Regulation of Non-Banking Financial Services Markets.

In the near future, the NBU plans to publish an updated plan for the preparation of draft regulatory acts of the National Bank for 2020, taking into account the schedule of adoption of new regulations for participants in non-banking financial services markets.

  • On October 16, 2019, President  Volodymyr Zelensky  signed the  law on “split”,  adopted  in September by the Verkhovna Rada. The law provides for the liquidation of the National Commission for Regulation of Financial Services Markets and the division of powers for financial market regulation between the National Bank of Ukraine (NBU) and the National Commission for Securities and Stock Market (NSSMC). It enters into force on July 1, 2020.
  • The adoption of the law on “split” is  one of the items  of the stand-by financial assistance program of the IMF to Ukraine. This document has been awaiting a second reading in parliament for more than two years.

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