Committee on Financial Policy and Banking considers introduction of effective and objective state control over financial market
19 December 2016, 09:38
"On the one hand, the state control aims to ensure strict and transparent rules in the market and determination of mandatory terms, and on the other hand, it aims to transparently and impartially control the implementation of such terms. To do so, Ukraine needs a Regulator having legal instruments to control the market," Serhii Rybalka said.
The Committee members took into consideration information about the work of the National Commission for Regulation of Financial Services Markets covering the year of 2016 as well as the major trends of work and prospects of the legislative initiative for 2017.
According to Rybalka, the Committee has a number of bills on different markets of financial services and cooperates with the Financial Services Commission in working on them. He also stressed that the bill on consolidation of functions of state regulation in financial services markets No. 2413a, which describes an authority obliged to regulate the financial services markets, is being updated for second reading.
As a result of the discussion, the Committee agreed with the Financial Services Commission to elaborate draft amendments to the Law of Ukraine On Financial Services And State Regulation Of Financial Services Markets that envision higher efficiency of state regulation and supervision over the non-bank financial services markets.
The Committee also considered and unanimously decided to recommend that the Ukrainian Parliament adopt as a basis the bill No. 5068 on amendments to some legislative acts of Ukraine touching some types of bonds.