The world Bank (WB) recommends that the Verkhovna Rada in addition to the law on “split” to adopt bill No. 2284 “On amendments to some laws to attract investment and the introduction of new financial instruments”, as well as a bill to protect investors from abuses in the capital markets for further reform of the financial sector.

Relevant provisions are also contained in a letter from the Director of the world Bank for Belarus, Moldova and Ukraine, satu Kähkönen to the head of the parliamentary Committee on Finance, tax and customs policy Daniel Getmantsev, which has the Agency “Interfax-Ukraine”.

“WB welcomes the approval of the law on “split” No. 79-IX (12 September 2019), concerning supervision of non-Bank financial sector. The introduction of this important reform will require additional legislative and sub-legislative acts”, – stated in the text of the letter.

Kähkönen added that the most important of these are the draft law № 2284 “On amendments to some laws to attract investment and the introduction of new financial instruments” and the draft law on strengthening the powers of the National Commission on securities and stock market (NKTSBFR – if) – before the draft law No. 6303.

She noted that bill No. 2284 is well designed and ready to be adopted in the first reading, adding that the world Bank had not yet completed his detailed study, so they can find additional technical notes, which will be considered between the first and second reading.

According to Kähkönen, acceptance, in turn, the draft law No. 6303 will provide the opportunity for more rapid steps to ensure financial market stability and protect the interests of investors.

“We believe that the successful implementation of the new standards of investment protection and the introduction of effective mechanisms of financial markets, under the two above-mentioned laws is a key condition for effective oversight and proper regulation of the financial market”, – noted in the message.

In addition, the WB also confirmed the readiness to provide further technical assistance to the securities Commission on measures related to various aspects of the implementation of the law on “split”.

As reported, on October 18 a group of five deputies of fraction “the servant of the people” following the discussion at the securities Commission of draft law No. 9035 “On derivatives and financial markets” registered updated bill No. 2284 “On amendments to some laws to attract investment and the introduction of new financial instruments.”

The draft law, implying the financial independence of the securities Commission at the expense of market participants “On protection of investors against abuses in the capital markets” No. 6303 was registered in the Verkhovna Rada on 6 April 2017. On the 17th of may 2018 is Pleased to send this bill on repeated first reading.

12 September 2019 Verkhovna Rada of Ukraine adopted the law “on the split” – on amendments to some legislative acts of Ukraine concerning improvement of the functions of state regulation of financial services markets No. 1069-2, initiated by people’s deputies by Daniel Getmantsev and Alexander by Dubinsky.