NSSMC and the National Commission for State Regulation of Financial Servises Markets has signed the MOU for implementation of split law

The National Securities and Stock Market Commission (NSSMC) and the National Commission for State Regulation of Financial Services Markets have signed a Memorandum of Understanding to implement the provisions of the Split Law.

By signing the MOU, regulators stated their intention to ensure timely and effective implementation of the provisions of this law.

Under the MOU, regulators have committed themselves:

• to share information and hold regular consultations – a working group of 10 regulatory representatives has been set up to coordinate their interaction at this stage;
• to coordinate the preparation of draft regulatory acts for the abovementioned entities;
• to exchange information on staffing issues, in particular the NSSMC will provide the National Commission for Services Regulation of Financial Markets with information on open vacancies and competitions and will consider the National Commission for Services Regulation of Financial Markets the employees as candidates for vacant positions;
• to organize the transfer of documents, reports, information, messages and other information received or created by the National Commission for Services Regulation of Financial Markets in the process of fulfilling its powers and functions;
• the National Commission for Services Regulation of Financial Markets will provide NSSMC staff with the opportunity to familiarize themselves with information systems, databases, software and related documentation.

We remind, on September 12 last year the Verkhovna Rada adopted the Law on improvement of functions on the state regulation of the markets of financial services (No. 79-IX), which provides for the implementation of the split procedure. The law reduces the number of regulators and supervisors in non-banking financial services markets by sharing the functions of the National Commission for Services Regulation of Financial Markets between the National Bank of Ukraine and the NSSMC.

According to the law, from  01.07.2020, the NSSMC will become a regulator of non-state pension and construction financing funds.