The National Bank of Ukraine (NBU) continues its preparations for the transfer of regulatory functions of non-banking financial services market from the National Financial Services Commission, to become effective on July 1, 2020, Forinsurer reports.

New divisions have already been established within NBU; preparations are underway for the introduction of market regulation concepts. The reporting of insurers and non-banking institutions will also be transformed based on the NBU format. Transparency will be the main principle of future regulation.

NBU has developed approaches to organizing key processes such as licensing, remote monitoring, inspection, financial monitoring, and consumer protection. Soon, a new draft of the Law on insurance will also be proposed.

By the end of April, about 60% of the non-banking financial services market was already connected to the NBU reporting system. Technical synchronization of the NBU and the National Financial Services Commission should be completed before the end of May, and from July 1 NBU will be ready to enter the powers of the regulator of the non-banking services market.