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31.03.2020

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:

  • Introduced a mechanism for identifying and recognizing non-banking financial groups, including those not disclosed to the NSSMC, which were revealed on the basis of information obtained in the course of stock market supervision or information from other public bodies that exercise state regulation of financial services markets.
  • The procedure for approval of a responsible person of a non-banking financial group has been improved and requirements for such a person have been established.
  • Clarified requirements for the calculation of financial indicators of non-banking financial groups to avoid double-counting regulatory capital by group members.
  • Requirements for disclosure of information about the non-bank financial group are established, which should be made by posting the information on the responsible person’s own website and in the NSSMC’s Public Information Database or through an information agent.

“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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