Ukrainian President Volodymyr Zelensky has instructed that the so-called “split” bill, amending some Ukrainian laws regarding the consolidation of functions of the public regulation of the financial service markets, be passed before October 1, 2019.
“To adopt a bill… that provides for the distribution of functions between the National Bank and the National Commission for Securities and the Stock Market – split. The deadline is until October 1, 2019,” the head of state said at a meeting with the members of the Cabinet of Ministers, the Verkhovna Rada and law enforcement officials in Kyiv on Monday.
He said that Chairman of the Verkhovna Rada Dmytro Razumkov and Head of the Servant of the People parliamentary faction David Arakhamia are responsible for the matter.
As reported, according to a memorandum signed at the end of 2018 with the International Monetary Fund (IMF), Ukraine pledged to adopt a split bill. The Verkhovna Rada on July 7, 2016 passed it at first reading.
The document provides for the split of the functions of the national commission for financial service markets regulation. In particular, the supervision and regulation of the market of insurance, leasing and factoring companies, credit unions, credit bureaus, pawnshops and other financial companies will go to the supervision of the National Bank of Ukraine (NBU), and the National Commission for Securities and the Stock Market will regulate private funds: pension funds, construction financing and real estate transactions.
