Ukraine’s non-bank financial institutions to disclose information in line with int’l standards from next year

Starting next year, non-bank financial institutions will report to the banking regulator in accordance with international standards and EU directives.

This was reported by the press service of the National Bank, Ukrinform saw.

"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 report reads.

It is emphasized that the new rules will apply to credit unions, pawnshops, lessors, insurers, financial and collection companies. They provide for updating certain forms and indicators of reports for submission to the National Bank.

The NBU expects that new approaches to reporting will allow for improving the quality of information exchange between the market and the regulator and strengthen information support for market participants.

Market participants will file reports including the new indicators from January 2024.

At the same time, the National Bank will not apply influence measures for untimely submission of files with reporting indicators and/or errors to insurers, financial companies, lessors, and pawnbrokers - during the preparation of reports for the 1st quarter of 2024; and to credit unions – regarding reporting due February 1 - June 1, 2024, provided that files are submitted in full by July 25, 2024.

As reported, from October 10, 2023, the National Bank will introduce an online service for providing information from its own Credit Register for individuals – bank borrowers.