Ukraine to follow international reporting standards for non-bank financial institutions from 2024
Date
10/16/2023 8:58:26 AM
(MENAFN) Commencing from the upcoming year, non-bank financial institutions will be obligated to adhere to international standards and European Union directives, whereby they will be required to report their activities to the banking regulator. This significant development was announced by the press service of the National Bank, as relayed by a Ukrainian news agency. This move represents a fundamental alignment of financial reporting practices in Ukraine with international norms and standards, underlining the nation's commitment to transparency and regulatory consistency.
"The National bank of Ukraine is finalizing the project of disclosing information about non-bank financial institutions in accordance with international standards and directives of the European Union. Corresponding changes to the regulations for drawing up and filing reports will enter into force in January 2024," the statement mentions.
The implementation of these new regulations will encompass a wide range of financial institutions, including credit unions, pawnshops, lessors, insurers, financial firms, and collection companies. These rules encompass the revision and updating of specific reporting forms and indicators, all of which will be submitted to the National Bank.
The National Bank anticipates that these revised reporting practices will facilitate more effective information exchange between the financial market and the regulator, thereby enhancing the overall support provided to market participants. Beginning in January 2024, market participants will be required to submit reports that incorporate these new indicators.
However, it's worth noting that, during the first quarter of 2024, the National Bank will not enforce punitive measures for delayed submission of reports with indicators or errors, specifically for insurers, financial companies, lessors, and pawnbrokers. In the case of credit unions, this leniency will extend from February 1 to June 1, 2024, provided that complete submissions are made by July 25, 2024.
Additionally, it was previously reported that starting from October 10, 2023, the National Bank will introduce an online service for individuals to access information from its Credit Register for bank borrowers.
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