On 29.03.2020, the NSSMC’s Resolution № 677 dated 05.11.2019, which amended the Regulation “On Consolidated Supervision of the Activities of Non-Banking Financial Groups”, the predominant activity of which is carried out by a person licensed to pursue professional activity in the stock market, entered into force.
The essence of these changes is that the NSSMC has received an effective mechanism for identifying and recognizing non-banking financial groups in the stock market, which have not provided the Commission with the relevant documents.
In particular, the Commission Resolution provides for the following changes in the supervision of non-banking financial groups:
“Non-banking financial groups are required to submit a package of documents to the Commission within 6 months of the effective date of this decision, which will allow us to recognize them as a non-banking financial group and begin consolidated supervision. Once this deadline is over, we will do it on our own based on information obtained during oversight or information from other government agencie”, – said the Commissioner Oleksandr Panchenko.
Recall that a non-banking financial group is a group of legal entities that have a joint controller (other than a bank), consisting of two or more financial institutions in which a non-banking financial institution (non-banking financial institutions) operates predominantly.
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