Strengthening the Regulation and Supervision of the Non-Bank Financial Market

The Project's purpose is to assist the Ukrainian authorities in strengthening the regulatory framework and supervision practices for non-bank financial services, including:

  • a legal framework that approximates to EU standards and best practices in a broad range of financial services,including securities and investment business, fund management, insurance and pensions provision, leasing andfactoring services, and non-bank credit institutions;
  • solvency standards and market entry rules for non-bank financial institutions defined and applied;
  • strengthened capacity of regulatory authorities to apply legislation, and associated rules, norms, etc., usingappropriate methods, tools and guidance;
  • enhanced supervision in practice (evidence of significant on-site and off-site supervision);
  • appropriate levels of monitoring and enforcement;
  • an efficient mechanism for withdrawal of insolvent companies from the market taking into account consumerprotection..

Provision of the following main services:

  • Component 1: Insurance
  • Component 2: Investment funds/collective investment schemes
  • Component 3: Securities issuance: transparency and disclosure
  • Component 4: Securities and investment firms: capital requirements
  • Component 5: Private and occupational pensions
  • Component 6: Non-bank credit institutions, including credit unions
  • Component 7: Non-bank payment systems and institutions
  • Component 8: Other non-bank financial services, including leasing and factoring
  • Component 9: Regulatory powers and enforcement capabilities
  • Component 10: Statistical framework for securities