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Ukraine seeks to adopt law enhancing powers of Stock Market Commission by late 2021 – IMF memo

KYIV. Nov 25 (Interfax-Ukraine) – The bill, enhancing the National Securities and Stock Market Commission’s independence and institutional capacity, its cross-border and domestic cooperation mandate, and its enforcement powers, is scheduled to be adopted by late 2021, according to the Memorandum of Economic and Financial Policies with the International Monetary Fund (IMF) released on Wednesday.

According to it, at the same time, the government and the National Bank are trying to pass through the Verkhovna Rada bills on financial services and financial companies (No. 5065) and on credit unions (No. 5125).

"We will expand the coverage of the centralized credit registry to the non-bank credit institutions and lower the threshold for submitting information both for banks and non-banks," the memorandum said.

It indicates that Ukraine will continue to strengthen the legal, regulatory and supervisory framework for non-bank financial institutions and financial markets. It is noted that the National Bank of Ukraine has already adopted new rules requiring all non-bank financial institutions (except credit unions) to disclose information about their owners.