06 March, the EU-FINREG Project initiated a technical discussion on further steps to improve the Law of Ukraine “On the Regulation of the Financial Services Market” (No. 2664-III).
The event was hosted by the representatives of the National Bank of Ukraine, National Securities and Stock Market Commission, National Commission for State Regulation of Financial Services Markets, and the Verkhovna Rada of Ukraine.
According to Mira Eric Jovic, the EU-FINREG Team Leader, the project experts reviewed the Law #2664-III at the request of the Financial Policy and Banking Committee of the Verkhovna Rada of Ukraine.
“Appropriate amendments to this law, along with other laws, such as the Law “On licensing”, are preconditions for the regulatory reforms of non-bank financial institutions.
Only consistent well-balanced proportionate regulation can better protect consumer rights, lead to better access to financial services and increase public confidence,” – she noted.
Priit Kask, EU-FINREG Key Expert, presented key findings and observations based on analysis of the Law #2664-III. The discussion that followed focused on the next steps towards improvement of the mentioned law during the regulatory reform process either through drafting new legislation or by improving the existing draft of its amendments.
The Law on Financial Service Market is fundamental to establishing provision for regulation and supervision of financial services in Ukraine.
It also provides a legal basis for customers’ interests protection, operation and development of the competitive financial service market, as well as a unified state policy in Ukraine’s financial sector.
The participants acknowledged the need for further alignment of the mentioned Law with EU principles which, besides the strengthening of the Law, will facilitate fulfilment of Ukraine`s commitments under the Association Agreement.