National Bank of Ukraine to take over insurance supervisory tasks until year end

According to the Memorandum signed by Ukraine with the IMF, the insurance market's supervision and regulating responsabilities will be taken over by the National Bank of Ukraine until year end, the latest.

Responsibilities for supervision over a number of financial intermediaries will be reassigned from the National Commission for State Regulation of Financial Services Markets to the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission and should be fully implemented by December 2017, reports Reuters quoting the provisions of the memorandum between the authorities of Ukraine and the International Monetary Fund (IMF), which was posted on the Fund's website on Tuesday.

The relevant legislation was adopted by parliament in first reading in July 2016. The IMF is working to ensure that this legislation is adopted in second reading by end-March 2017 and fully implemented by end-December 2017.

According to the memorandum, the NBU will become responsible for the regulation and supervision of insurance and leasing companies, credit unions, credit bureaus and other non-bank lenders, pawnshops and other financial companies and the National Securities and Stock Market Commission for private pension funds, issuers of mortgage certificates, funds for construction financing and real estate funds.

The document also says that new Audit Law and a revised Accounting Law based on EU standards will be adopted. The laws will be adopted by end-July 2017.

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