The authors of the Bill deem necessary to adopt these amendments, because corporate relations in financial enterprises, established in the form of economic associations, are at present regulated by the general legislation of Ukraine about economic associations which does not always comprehend the peculiarity of activities of financial enterprises and interests of other, apart from shareholders, interested people, - first of all, users of financial services.  

The main challenge of the Bill (Reg. No. 3685) is to increase protection of interests of financial services users, creation of favourable conditions for development and functioning of the financial services market, securing equal opportunities of access to the financial services markets and protection of rights of their participants, control over transparency and openness of the financial services markets and facilitation of integration into European and world financial services markets.

The Bill envisages definition of the concept and peculiarities of the corporate management in financial enterprises, established in the form of an economic association. It also includes the statement concerning disclosure of information by the financial institutions, including disclosure in the form of report on corporate management and while consulting the customers.

According to the Bill, the financial enterprises should disclose financial and consolidated financial reporting, compiled and submitted in accordance with the legislation, and report on corporate management in the financial enterprise (for financial enterprises, established in the form of joint-stock companies) which is compiled according to the requirements of current legislation.

Introduction and implementation of the requirements, determined by the Bill, will help to establish in Ukraine the international rules of development of financial services markets in the part concerning corporate management and information disclosure, protection of rights of financial services users and other market participants and will also secure stable development of the financial services markets.

 

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