03/06/2020 Association “Ukrainian Union of Lessors” participated in a working meeting within the framework of the Split project on drafting and reporting to non-banking financial institutions with the National Bank of Ukraine.
Representatives from all sectors of the non-banking financial market – leasing, insurance, financial companies, credit unions, pawnshops, credit bureaus and fintech representatives – were invited to the event. The main purpose of the meeting was to prepare the NFU to begin reporting to the NBU and to adapt to the new requirements and standards.
The curators of the discussion, Yuriy Polovnev , Director of the Department of Statistics and Reporting and Maxim Kushch , Deputy Director of the NBU Information Technology Department, reported in particular:
The reasons for reporting to the NBU are:
- Law of Ukraine on the National Bank of Ukraine (Article 67) – the right to collect data
- Resolution of the NBU Board №120 of 13.11.2018 as amended – detailed reporting requirements
“All market participants submit reports in a single format – in the form of a single file format containing a set of reporting indicators in accordance with the approved taxonomy,” – said Yuriy Polovnev.
NBU reporting will be based on current approaches and technologies:
- market participants are free to choose a reporting vendor
- reporting is provided in standardized formats (XML, JSON, and in the future – XBRL)
- the data is transmitted through open secure channels without binding to IP or location
- Reporting companies create a custom web portal with a user’s office and API for automatic reporting
- reporting will be submitted in the paperless form with the imposition of Qualified Electronic Signature (QES) by responsible persons
- Electronic signatures of different ACSCs are accepted without restriction
- the data will be automatically verified by providing verification protocols
- it will be possible to transmit reports from any workplace, ie there is no binding to any computer
Yuriy Polovnev also said that the NBU intends to create clear rules of engagement and change them as rare and as necessary:
- changes to regulations can be made twice a year or extraordinary, but in clearly defined cases (changes to laws, terms of agreement with the IMF, force majeure, etc.)
- technical changes to the registry, directories and controls – not more than once a month with early warning (letters, information on the web portal)
Statistical reporting:
- 1 sq. M. 2020 – submitted to the National Financial Services Commission
- 2, 3, 4 sq. M. 2020 – submitted through the NBU web-portal, but on the basis of the National regulatory acts
- From the 1st quarter. 2021 – submitted through the NBU web-portal, based on the NBU regulatory acts
Financial Statements:
- 1 sq. M. 2020 – Reporting is submitted to the National Financial Services Commission through the Comprehensive Information System (CIS)
- 2 sq. M. 2020 – submitted to the National Financial Services Commission through the CIS or the NBU web portal
- 3 and 4 sq. M. 2020 – if necessary, the legal acts of the National Financial Services Commission on reporting can be extended, the reporting is submitted through CIS or the NBU web portal
- From the 1st quarter. 2021 – reporting is submitted on the basis of regulatory acts of the NBU, through the National Bank’s web portal or the NCSSMC hub
By 2023, the full transition to European reporting standards is planned, including Solvency II.
A special web portal ( https://portal.bank.gov.ua/en ) has been created for reporting by the National Bank of Ukraine, which contains the necessary instructions, news, registers and more.
At the moment, it has already registered more than 500 non-banking financial companies and, accordingly, has the ability to test reporting.