Source: HB
(…) Now let’s take banking. Unless we take into account some of the technical laws we have adopted, say, the Financial Restructuring Act, or the Consumer Financial Protection Act, the main one is the split law, which is the first step to bringing order to the non-banking financial markets. . In addition, we have made fundamental changes to the financial monitoring legislation. On the one hand, we raised the benchmark for mandatory monitoring and brought out from it a huge number of previously monitored operations and, on the other, tightened the rules for those operations that met the criteria.
– The split law was one of the IMF’s prior actions.
– This is a commitment made by Ukraine in accordance with a memorandum with the IMF. But in this context, I would not pay much attention to the IMF requirements. I would look at these requirements, as well as those of any of our other partners in terms of Ukraine’s interests. To put in order with all the schematics that currently exist in the field of non-banking financial services, I believe this is a must have for any civilized country, in particular for Ukraine. This, and not the demand of anyone, is the reason for the passage of this law. Many tasks now lie ahead for us to implement the provisions of the Split Law. In fact, it is necessary to rewrite all legislation on non-bank financial services, adopt a law on financial services, a law on financial companies, and then under these rules – sectoral laws: on insurance, on pawnshops, on non-state pension funds, on financial leasing, etc