The National Bank plans to regulate the procedure for inspecting participants in non-banking financial services markets, which it has been supervising since July 1, 2020. To this end, a draft Regulation on the organization, conduct and registration of the results of inspections of non-bank financial institutions has been developed. As of today, the National Bank will start a public discussion of this draft Regulation with the participants of the non-banking financial services market, which will last for a month.
The regulation should replace the current orders of Natskomfinposlug
This Regulation should repeal the current orders of Natskomfinposlug dated 21.01.2019 № 102 “On approval of unified forms of acts drawn up as a result of planned (unscheduled) measures of state supervision (control) on compliance by business entities with the requirements of legislation in the field of financial services ”And the order of 21.10.2019 № 2038“ On approval of the unified form of the Act, drawn up as a result of a planned (unscheduled) measure of state supervision (control) on compliance by the business entity with the requirements of legislation in the field of economic activity of collection, processing, storage, protection, use of information that makes up the credit history ”.
Purpose of the Regulation: transparency and universal approach to financial institutions during the inspection
Adoption of the proposed Regulation will allow to clearly regulate the procedure for inspections, which will ensure the transparency of this process, will allow participants to exercise the right to review the results of the inspection and provide appropriate explanations or objections (if necessary).
With this draft Regulation, the National Bank intends to resolve such issues as:
- types of inspections to be carried out by the National Bank;
- the procedure for organizing and conducting inspections;
- composition of the inspection team, rights and responsibilities of members of the inspection team;
- rights and responsibilities of managers and employees of the object of inspection;
- the procedure for access to premises, systems for automation of operations, information / documents and their copies;
- registration of results of inspections;
- procedure for action in case of obstruction of inspections.
The purpose of this Regulation is to unify approaches to the settlement of the above issues for both banks and non-bank financial institutions, taking into account the features established by the Law of Ukraine “On Financial Services and State Regulation of Financial Services Markets”.
The public discussion will last a month
You can get acquainted with the materials at the link:
- draft resolution of the Board of the National Bank of Ukraine “On approval of the Regulations on the organization, conduct and execution of the results of inspections of participants in non-bank financial services markets” ;
- analysis of the regulatory impact of the draft Regulation .
Comments and proposals to the draft Regulations are accepted until 16.08.2020 to the e-mail address of the National Bank of Ukraine: [email protected] .