Ukraine’s National Commission for Financial Service Markets Regulation on December 18 amended the strategy for reforming the public regulation of the nonbanking financial service market for 2015-2020 approved by commission resolution No. 499 dated March 19, 2015, according to a posting on the website of the League of Insurance Organizations of Ukraine (LIOU).
According to the league, the goal of the strategy is to reform the public regulation of nonbanking financial services markets to ensure favorable conditions for their further development, increase investment attractiveness, restore consumer confidence in nonbanking financial services, and enhance the role of the nonbanking financial sector in the social and economic life of the country.
According to resolution No. 2230 of the regulator dated December 18, 2018, the main objectives are to bring the regulatory environment of the nonbanking financial services market to international standards of regulation and supervision, improve the activity of the regulator and increase the effectiveness of public supervision, and increase the level of financial inclusion and protection of the interests of consumer of nonbanking financial services, create favorable conditions for the strengthening and sustainable development of nonbanking financial services markets.
In particular, to achieve the strategic goal of creating an enabling environment for strengthening and sustainable development of nonbanking financial services markets, the strategy is expanded by the objective of improving the system of analysis, forecasting and strategic policy planning in the provision of nonbanking financial services.
