President of Ukraine Volodymyr Zelenskyy signed Law of Ukraine “On Amendments to Certain Legislative Acts on Improving the Functions in State Regulation of Financial Services Markets” No. 79-XX.
The document which was supported by 296 People's Deputies, provided for the liquidation of the National Commission for State Regulation of Financial Services Markets and the distribution of powers on regulation of the financial market between the National Bank and the National Securities and Stock Market Commission.
According to the document, the powers of the National Commission for State Regulation of Financial Services Markets in terms of regulation and supervision in the system of funded pension provision, regulation and supervision of the functioning of financial and credit mechanisms and property management in the construction of housing and real estate transactions are transferred to the National Securities and Stock Market Commission. The other ones to the National Bank of Ukraine.
The implementation of the provisions of the law will help to increase the efficiency of the State Regulatory Policy, the functionality of the legislation in force to create an effective mechanism of State Regulation and Supervision.The document will help to ensure competition in the financial market, to prevent the activity of unscrupulous companies, to coordinate with the modern processes of reforming and deregulation of the Ukrainian economy as well as to activate the development of Non-Bank Financial Services Markets.