LIOU participated in the presentation of the White book “The Future in the Regulation of the Non-Bank Financial Sector”

On October 31, 2018, the National Bank of Ukraine hosted a presentation of the White book “The Future in Regulating the Non-Bank Financial Sector.” The goal of the event is to start a dialogue with market participants on a new regulatory model aimed at making services of non-bank financial institutions more reliable, and the markets themselves are more attractive to investors.

As Kateryna Rozhkova, the First Deputy Head of the NBU, noted, key elements of the proposed regulatory model were transparency of ownership structure, capital adequacy, market behavior, quality management and compliance with financial monitoring legislation. “The main thing that we were based on is proportionality, proportionality and proportionality again. Regulation and supervision should be adequate to the type of company, its inherent risk, size and systemic impact, as well as the business model. Therefore, the proportionality of regulation and certain market segmentation are two main principles on which the document is based, “said Alexander Bevz, director of the NBU licensing department.

Kateryna Rozhkova emphasized that transparency, partnership and dialogue with market participants are important for the National Bank, so the next meeting with them will take place by the end of November this year. “I emphasize, this is still only a draft of White book, and it will remain the project until we agree with the market all the issues and all the rules,” the First Deputy Head of the NBU emphasized.

The event was held with the participation of members of the Committee of the Verkhovna Rada of Ukraine on Financial Policies and Banking, Pavel Rizanenko and Ruslana Demchak, PP Director of the Strategy and Reform Department of the NBU Mikhail Vidiakin, Director of the NBU Licensing Department Oleksandr Bevz and others. Representatives of the non-bank financial market, profile associations, international donors and experts were invited to the event. The League of Insurance Organizations of Ukraine was represented by the President of LIOU Oleksandr Filonyuk and the Director of the Information Policy Department of the LIOU Iryna Denisova.

It is planned that the meeting materials will be published on the NBU website in the near future.

Event photos –