The Verkhovna Rada Will Care For Control Increase of Financial Market
The Cabinet of Ministers of Ukraine drafted the bill concerning control increase of financial market. It was immediately registered in the Verkhovna Rada. Thus, the draft law provides the increase of liability for violations in the financial services market, sponsorship for the development and functioning of financial services market, control of transparency and openness of financial services market and promotion of integration into financial services of European and world markets.
Amendments to the Law of Ukraine "On Financial Services and State Regulation of Financial Services Market" and the Law of Ukraine "On State Regulation of Securities Market in Ukraine" will provide an opportunity to improve the legislation by giving the bodies, carring out the state regulation of financial services market, authority to control increase of financial services market, inability to use the financial services market for money laundering and unproductive diversion abroad.
The bill provides the definition of corporate governance in financial institutions, the establishment of the corporate governance peculiarities in financial institutions, the establishment of the disclosure peculiarities by financial institutions, including the form of a report of corporate governance and the providing of information to customers, control over the acquisition of qualifying holding in financial institutions, authorization of State Financial Services Commission to establish criteria and standards according to the control directions, and increase of responsibility for violations committed in the financial services markets.