The National Bank of Ukraine and the National Securities and Stock Market Commission expect Parliament to approve financial draft laws on the Financial Day scheduled for 14 March 2017. 

“The NBU expects to secure Parliament's approval of the draft laws required to  bring about qualitative changes in the financial sector. The streamlining of the rules governing money transfers, improved compliance procedures and the protection of financial services users are essential for the timely implementation of reforms, ensuring stability and the further development of Ukraine’s financial sector. Therefore, the NBU expects MPs to approve these bills,” said Director of the NBU Strategy and Reforming Department and Reform Task Force Leader Mr Mykhailo Vidiakin.

In his turn, Head of the National Securities and Stock Market Commission Mr Tymur Khromaiev said that an array of draft laws are pending approval in parliament. These bills are intended to stimulate the development of capital markets, enhance the protection of investor rights, build an efficient market infrastructure. Unfortunately, these bills did not receive much attention from MPs during the previous parliamentary sessions.

“With regard to draft laws on capital markets, the National Securities and Stock Market Commission has made every effort to design draft laws, provided a platform to deliberate these bills and offered explanations and clarifications. We have received a positive opinion from international financial institutions and expert groups. Therefore, we call on MPs to devote special attention to all financial draft laws tabled to parliament for approval and included in the agenda of the Financial Day as further delays in approval of these bills will slow the momentum of reforms,” said Mr Khromaiev. 

Following the approval by the Parliamentary Committee on Financial Policy and Banking, six draft laws on money transfers, prevention and counteraction to laundering of the proceeds from crime, the protection of financial services users, regulated markets and derivatives, disclosure of information on the stock market, as well as some types of bonds were included in the agenda of the Financial Day. In particular, the following draft laws will go through first reading:

• Draft Law No 5361 On Amendments to Some Laws of Ukraine of Ukraine Regulating Money Transfer, which streamlines the rules governing regulation and oversight of payment systems and regulates the operation of non-bank financial institutions in the payment services market;
• Draft Law No.4960-D On Amendments to Some Laws of Ukraine regarding Specifying Certain Provisions on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime, which enhances an anti-money laundering framework;
• Draft Law No.5592 On Amendments to Some Laws of Ukraine On the Disclosure of Information in the Stock Market and the Streamlining of the Rules Governing the Issuance of Securities and  Expanding the Opportunities to Raise Capital, which is broadly supported by the NBU. This bill is intended to set higher information disclosure standards in the stock market and raise investors' awareness of the activities of issuers and lays the foundation for the operation of  alternative stock exchange trading platforms;
• Draft Law No. 5068 On Amendments to Some Laws of Ukraine regarding some types of bonds, which would enhance the protection of bondholders' rights through the Introduction of General Meeting of Bondholders and the Appointment of a Bondholders' Representative.

The following draft laws will go through second reading:

• Draft Law No. 2456-D On Amendments to Some Laws of Ukraine regarding improvement of financial services consumer rights protection. This bill is designed to establish a legal framework to protect the rights of financial services consumers and authorizes the public authorities to ensure the protection of these rights; and
• Draft Law No.3498 On Amendments to Some Laws of Ukraine (regarding regulated markets and derivatives), which would promote the development of the derivatives market. In particular, the bill is intended to stimulate the development of capital markets, introduce unified approaches underlying  the operation of regulated markets regardless of the type of assets traded on stock exchanges, and establish a legal framework governing the derivatives market.

The NBU and the National Securities and Stock Market Commission are confident that the aforementioned draft laws would bring domestic laws in line with international best practices, enable Ukraine move the financial sector reform forward and enhance the protection of creditor and financial services consumer rights.