The NSSMC plans to stop maintaining the State Register of Financial Institutions from January 2024

The National Securities and Stock Market Commission (NSSMC) informs that starting next year, the law places the maintenance of the State Register of Financial Institutions exclusively within the competence of the National Bank of Ukraine.

Thus, on January 1, 2024, the Law of Ukraine on Financial Services and Financial Companies will come into force, and the Law of Ukraine on Financial Services and State Regulation of Financial Services Markets will cease to be effective from that date.

Importantly, the legislation defines a new list of financial services and provides a new definition of the term «financial institution». Thus, financial institutions are providers of financial services on the basis of a relevant license issued by the NBU or the NSSMC in accordance with the distribution of powers set by the Law and the draft Resolution of the NSSMC dated September 29, 2023 No. 1102.

In particular, the draft law provides that
– the NSSMC shall maintain the register of financial service providers within the framework of maintaining the registers defined by the Laws of Ukraine on State Regulation of Capital Markets and Organized Commodity Markets and on Capital Markets and Organized Commodity Markets- the NSSMC ceases to maintain the State Register of Financial Institutions;
– the provisions of the Procedure relating to the issuance by the NSSMC of a certificate of inclusion/exclusion of NPFs (non-state pension funds) in the State Register of Financial Institutions are removed;
– removes the provisions of the Procedure relating to the provision by the NSSMC of extracts from the State Register of Financial Institutions at the request of capital market participants;
– prescribes the procedure for the NSSMC to provide an administrative service for inclusion/exclusion of NPFs to/from the NPF register, taking into account the provisions of the Law of Ukraine on Administrative Procedure.

It should be noted that starting from January 1, 2024, the Certificates of Inclusion of NPFs in the State Register of Financial Institutions issued by the State Commission for Regulation of Financial Services Markets of Ukraine/National Commission for State Regulation of Energy and Public Utilities/National Securities and Stock Market Commission will be considered canceled.

The draft Resolution of the NSSMC on Approval of Amendments to the Procedure for Keeping Registers of Participants in Capital Markets and Organized Commodity Markets amends the Procedure for Keeping Registers of Participants in Capital Markets and Organized Commodity Markets, approved by the NSSMC`s Resolution No. 700 dated 26.08.2021 (registered with the Ministry of Justice of Ukraine on 26.10.2021 under No. 1385/37007). The document is available on the official website at the link.