The financial sector will get the brand new regulation.
From 1 July this year the national Bank will become the regulator of non-banking financial services under the “split”, that is, the separation of powers of the financial services Commission between the NBU and the national Commission on securities and stock market. But this does not mean that this time the financial sector will get the brand new regulation. Even on the level of regulation, explained the Director of Department of licensing of the NBU Oleksandr Bevz in an interview with Pravo.
“No, from 1 July it (the financial sector – ed.) it will not receive because the law requires that all normative acts of the NBU on non-banking market, which are and regulations, first prepared at the project level, and then coordinated with the market and only then claimed. This procedure takes at least a month and a half”, says Bevz.
The official said that since July 1, the regulator will start to publish these projects, and then experts, lawyers, financial companies will be able to see the finished first drafts of normative legal acts on issues that require priority attention.
“For example, it will be completely new licensing conditions, and licensing: a large document, which will regulate all issues associated directly with the licensing, but also include requirements for managers, owners, financial companies, changes in financial control of the company”, – he said.
According to him, the second document that will be updated in the first place is the Position on the application by the national Bank measures: from fines and warnings up to the withdrawal from the market and recall of the license. But also requires updates and document the inspections.
“However, in this context, I note that we will not abuse the right to conduct inspections, so the market should not be frightened of this prospect. Financial monitoring will also be included in the list of major and key acts that will be updated”, – said Mykola Bevz. And added that all other documents will point to change when needs.
Bevz also admitted that one of the main challenges for the national Bank – this is the law and a bogus company.
“Unfortunately, in the market there are companies that have licenses, but de facto do not work. Such companies quite a lot, which distorts the understanding of how the market is structured and who it really works. Also, in some segments of the market there are companies that engaged in unscrupulous practices, their activities are not compliant with the legislation”, – noted he.
Says Bevz, the powers of the existing regulator (the national Commission, carrying out state regulation in the sphere of financial services markets) is very limited, so his colleagues from the Commission could not timely and fully respond to these challenges without the proper tools.
But such instruments provided to the national Bank by law “On the National Bank of Ukraine” and the so-called law on split and, therefore, from July 1, the NBU will these tools actively use.
Recall that in mid-may, the national Bank proposed to expand the rights of insolvent borrowers from pawnshops, and pawnshops, permitted to engage in currency exchange. The regulator has published its White paper “the Future regulation of pawnshops,” containing a plan of regulation changes in this area after the completion of the split.