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Only 7% of Nonbank Financial Market Players Disclose their Ownership Structure Two Weeks before the Deadline

Only 7% of Nonbank Financial Market Players Disclose their Ownership Structure Two Weeks before the Deadline

Eight weeks after the effective date of the regulation on the ownership structure requirements for financial services providers, only 7% of nonbank market participants have submitted their ownership structure documents to the National Bank of Ukraine. In particular, 15 insurers and 89 finance companies disclosed their ownership structure.

Companies that have not submitted their documents yet, still have two weeks to do so, until 17 June 2021. The NBU reminds nonbank market players about the deadline and the importance of submitting the complete set of documents on time.

"As a new regulator, the NBU has started to create the foundation for a solvent, stable, and competitive market of nonbank financial services in Ukraine. One of the key elements in this process is ensuring transparency of the nonbank market and disclosure of its participants’ ownership structures. The deadline for ownership structure disclosure is approaching, and today we publish for the first time the ownership structure information of those nonbank market participants who have already submitted their complete sets of documents to the NBU," said NBU Governor Kyrylo Shevchenko.

In addition, the NBU has added the page Ownership Structure of Financial Services Providers to its website. The webpage will contain information about ownership structures of nonbank financial institutions. Ownership structure information of companies that have disclosed it is already available.

Moreover, the dedicated landing page Transparent Nonbank Financial Services Market was today updated with an expanded list of answers to the most common questions market participants have about ownership structure disclosure.

As a reminder, on 14 April 2021, the NBU approved the ownership structure requirements for financial services providers, while also setting the criteria for their transparency. Nonbank market players were given two months to submit a set of documents disclosing their actual owners.

Financial services providers whose ownership structures do not meet the requirements must submit their ownership structure documents to the NBU and, in addition, provide an action plan to bring their ownership structure in compliance with the regulator’s requirements. After that, they will have around four months to fix the problems. However, if the problems remain unresolved, the NBU will have the right to revoke all licenses of a financial institution.

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