The Committee on Finance and Banking recommends the Parliament to adopt the Bill on Amendments to several Laws of Ukraine (re Consolidated Supervision)

20 December 2010, 17:07

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Опис : C:\Documents and Settings\Имя\Рабочий стол\1.jpgThe bill (Reg. No. 7399) specifies the procedure and conditions of bank supervision over the activity of bank and non-bank financial groups, amending and supplementing the Laws "On Banks and Banking", "On the National Bank of Ukraine", and "On Financial Services and State Regulation of the Financial Services Markets."  

 

Under the bill, the basic criterion of a financial group is the relations of control between its participants. Financial groups are divided into the bank financial groups and the non-bank financial groups, depending on the entity that controls the group or the prevalent financial establishments (bank or non-bank financial establishments).  

 

The bill delineates the authorities between the state regulators on the consolidated supervision depending on the type of a financial group.  

 

The bill regulates cooperation between the state regulators, and the respective foreign supervisory bodies.

 

The Committee members believe that "adoption of the bill will become one of the steps of the Economic Reforms Program for 2010-2014, and will harmonize Ukrainian laws with the European Union legislation."