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Financial Market Regulators Address Members of Parliament with Proposal to Support Draft Law on Split
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The National Bank of Ukraine, the National
Securities and Stock Market Commission, and the National Commission for the
State Regulation of Financial Services Markets addressed a joint letter to the Verkhovna Rada of Ukraine about
the necessity to adopt Draft Law No. 2413A On Amendments to Certain Laws of
Ukraine On the Consolidation of Functions of the State Regulation of Financial
Markets. Andriy Parubiy,
Chairman
of the Verkhovna Rada of
Ukraine Volodymyr Groysman, Prime
Minister of Ukraine Ihor Rainin,
Head of
the Presidential Administration of Ukraine Leaders of
parliamentary factions in the Verkhovna Rada of Ukraine Artur Gerasimov Maksym Burbak
Oleh Bereziuk
Yuriy Boiko Oleksandr Vilkul Oleh Liashko
Yulia Tymoshenko Yaroslav Moskalenko Vitaliy Khomutynnik
Viktor Bondar Mykhailo Dovbenko, First
Deputy Head of the Committee on Financial Policy and Banking Iryna Lutsenko,
Representative
of the President in the Verkhovna Rada
of Ukraine Oleksandr Saienko, Minister
of the Cabinet of Ministers of Ukraine Oksana Markarova, Acting
Minister of Finance On Draft Law No. 2413A Dear Mr
Parubiy, Dear Mr
Groysman, Dear Mr
Rainin, On behalf of the financial market
regulators, particularly, the National Bank of Ukraine (hereinafter – the NBU),
the National Securities and Stock Market Commission (hereinafter – the
Securities Commission), and the National Commission for the State Regulation of
Financial Services Markets (hereinafter – the Financial Services Commission),
we would like to express our respect for you and address you with the
following. Transformation and strengthening
of institutional capacity of the financial market regulators is an integral
part of the Memorandum on economic and financial policy within the framework of
the International Monetary Fund’s program as well as one of the key measures of
the Comprehensive Program for the Development of Ukraine’s Financial Sector
until 2020, approved by the National Reforms Council on 15 May 2015 and
approved by NBU Board Resolution No. 391 dated 18 June 2015 (as amended),
decision No. 931 of the Securities Commission dated 30 June 2015 (as amended),
ordinance No. 1367 of the Financial Services Commission dated 11 June 2015 year
(as amended). Ensuring and supporting the
proper effective regulation of financial services by regulatory authorities is
also included in the EU-Ukraine Association Agreement. On 7 July 2016, the Verkhovna Rada of Ukraine adopted
in the first reading the Draft Law No. 2413A On Amendments to Certain Laws
of Ukraine On the Consolidation of Functions of the State Regulation of
Financial Markets (hereinafter – the Draft Law) which was submitted as a
legislative initiative by the President of Ukraine. The aim of the Draft Law is to
raise the quality standards of the financial market regulation in accordance
with the EU standards, to improve the business environment with the
simultaneous increase of responsibility of the market participants to consumers
of financial services and decrease of the number of regulatory and controlling
authorities through distribution of functions of the Financial Services
Commission between the NBU and the Securities Commission. The NBU and the Securities
Commission made preparations for implementation of the Draft Law and developed
a detailed schedule of transferring the functions from the Financial Services
Commission to the NBU and the Securities Commission. On 2 October 2018, the Committee
on Financial Policy and Banking of the Verkhovna Rada of Ukraine took a decision to recommend that Verkhovna Rada of Ukraine adopt
in the second reading and as a whole the Draft Law prepared by the said
Committee for the second reading with participation of representatives of the
financial regulators, professional communities of the financial market participants,
and the World Bank. Considering the above, we address
you with a request to support inclusion of the Draft Law into agenda of the
next plenary week of the parliament and its further adoption taking into
account the systemic importance of the draft law for the country’s financial
system development and Ukraine’s commitment to fulfil
its international obligations. Sincerely yours, Kateryna Rozhkova, Acting Governor, National Bank of Ukraine Timur Khromaiev,
Chair of the National Securities and Stock Market Commission Ihor Pashko,
Chair of the National Commission for the State Regulation of Financial Services
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