From July 1, 2020, the National Securities and Stock Market Commission (NSSMC) began to perform the function of regulation and supervision in the system of accumulative pension provision, regulation and supervision of financial and credit mechanisms and property management in construction and real estate transactions.
After the transition to regulation and supervision of the NSSMC from July 1, 2020, participants of the non-banking financial services markets will continue to adhere the legislation introduced during the operation of the еhe National Commission for State Regulation of Financial Services Markets. The licenses for property management services to finance construction and/or real estate transactions and licenses for services in the accumulative pension system in the administration of non-state pension funds will be considered as reissued in accordance with this legislation.
On July 1, 2020, the NSSMC adopted a Resоlution №341, according to which managers who manage property to finance construction and / or carry out real estate transactions and administrators of the non-state pension funds, the licenses of which are valid as of June 30, 2020, as well as non-state pension funds were included in the respective registers, managed by the NSSMC. This Resolution also establishes a temporary procedure for these entities to submit information (documents) related to changes in data contained in their registration and licensing files.
To ensure the continuity of activities, reporting and supervision, the NSSMC has adopted a number of regulatory legal acts aimed at the succession of functions of state regulation and supervision in the areas transferred to the NSSMC, namely:
The NSSMC is currently developing a new edition of the Licensing conditions for conducting activities in the securities market, which will be applied to the activities mentioned above. The document is planned to be discussed soon.
Inspections of new participants which perform professional activities in the stock market will start after the state registration of the regulatory legal act that will regulate the procedure for scheduled and unscheduled inspections (approximately September 2020).
All amendments and innovations on regulation of new types of professional activity in the securities market will be discussed with market participants and will be published on the official website of the NSSMC.
It should be reminded that the Law on Split, adopted on September 12, 2019, provided for the division of functions of the National Commission for State Regulation of Financial Services Markets between the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission (NSSMC). According to the Law, the NSSMC has become a regulator of non-state pension funds and construction financing funds, and the NBU has become a regulator of insurance, leasing, financial companies, credit unions, pawnshops and credit history bureaus.
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