SPLIT ISSUE REQUIRES DEEPER ANALYSIS – LIOU
Date: 10.09.2018. Section: Press Review, Trends in Insurance, Top
The issue of reforming the public supervision and regulation system in the financial sector of Ukraine requires deeper and comprehensive analysis, taking into account the currency situation in the National Bank of Ukraine (NBU) and the National Commission for Financial Service Markets Regulation, President of the League of Insurance Organizations of Ukraine (LIOU) Oleksandr Filoniuk has said at a meeting of the Public Board of the NBU Council during the discussion of bill No. 2413 amending some Ukrainian laws regarding consolidation of functions of public regulation of financial service markets being prepared for second reading.
“The dispersed system of regulated facilities, the requirement of different approaches during the introduction of the required organizational changes, the burden on the national budget of the country in practice could neutralize the synergistic effect of the idea of creating a mega-regulator,” the president of LIOU said, whose words are posted on the league’s website.
He also recalled that the creation of a model for integrated supervision of the financial sector has been actively studied since 2004.
“The League supports the idea of preserving the integrity of the National Commission for Financial Service Markets Regulation team and believes that additional regulatory and supervisory functions in the market of non-banking financial services can increase the burden on the NBU and impede its main function – ensuring the stability of the monetary unit,” Filoniuk said.
According to the league, the Public Board of the NBU Council decided to recommend further consideration of the issues of reforming the system of the public supervision and regulation in the financial sector during the preparation of bill No. 2413 for the second reading via sending relevant appeals to the public authorities.