Purpose. To create a strong environment for the development of non-bank financial services; to assist the Ukrainian authorities in bringing the regulatory framework and supervisory practices regarding: securities and investment transactions, insurance, pensions, non-bank credit institutions, non-bank payment institutions and other non-bank financial services to European and international standards and practices.
The Project assisted the National Bank in improving the legislative and regulatory framework as part of the National Bank’s function of regulation and supervision of the non-bank financial market. The work is focused on the following areas: insurance, non-bank payment institutions, factoring, financial monitoring, statistics and reporting, supervision of non-bank financial institutions, financial literacy, and the National Bank’s communications with the non-bank financial sector.
Products for the National Bank and the most significant events:
- proposals to the White Paper “Future of Insurance Market Regulation” were submitted;
- draft Laws of Ukraine “On the National Bank of Ukraine”, “On Financial Services and Financial Companies”, “On Insurance”, “On Compulsory Insurance of Civil Liability of Owners of Land Vehicles”, and “On Credit Unions” were analysed and proposals to insurance regulations were submitted;
- a number of analytical reviews (reports, recommendations, gap analyses, roadmaps, concepts, etc.) were received to improve regulation and supervision of the non-bank financial market;
- a survey of financial service providers on their self-assessment of compliance with the standards of fair market behaviour was carried out and a report on the results of this survey was provided;
- a sociological survey on financial literacy of the population regarding the non-bank financial services market and a strategic session for the representatives of the National Bank on building communications in the field of non-bank financial services were carried out;
- support was provided for the development and implementation of the All-Ukrainian Information Campaign on the Protection of Financial Services Consumers’ Rights “Know Your Rights”, as well as the #Cashless and #Bold Hryvnia information campaigns;
- a number of training events and consultations were held on insurance, reporting and disclosure by non-bank financial institutions, financial monitoring, statistics, and communications;
- a videoconference was held (10 June 2021) on the regulation and operation of NBFI payment accounts (payment account operation mode, types of transactions and payment restrictions). (The EU-FINREG project provided an analytical review on the use of accounts in EU countries in September 2021).