The NBU strengthens supervision of the financial market
The NBU has changed its organizational structure to strengthen its supervision of the financial market, in particular with regard to monitoring related parties.
Thus, to enhance the regulator's institutional capacity, the NBU decided to reorganize the Department for Monitoring of Related Parties and create a Department for Monitoring of Related Parties on its basis.
These organizational changes will help to
- Increasing the efficiency of the functions of monitoring and identifying persons related to banks;
- implementing the functions of monitoring and supervising persons related to non-bank financial institutions.
All functions performed by the Department for Monitoring of Bank-Related Persons are transferred to the Department for Monitoring of Bank-Related Persons, and the Department will also perform new functions provided for by the legislation of Ukraine and will, in particular
- identifying, in the course of supervising banks and non-bank financial institutions, signs of relatedness and grounds for determining persons related to banks and non-bank financial institutions
- prepare proposals for determining persons related to banks and non-bank financial institutions by submitting such issues for consideration by the Committee on Supervision and Regulation of Banks, Supervision (Oversight) of Payment Systems, and the Committee on Supervision and Regulation of Non-Banking Financial Services Markets;
- control over transactions of banks and non-bank financial institutions with their related parties and control over compliance by banks and non-bank financial institutions with the requirements of Ukrainian legislation on the definition of related parties.
The Related Party Monitoring Department is part of the Prudential Supervision division, which is supervised by Deputy Governor Dmytro Oliynyk.
Currently, the employees of the Department for Monitoring of Bank Related Parties continue to perform their powers and duties until the relevant procedures set forth in the labor legislation are completed and/or transferred to the newly created unit.
To fill the vacant position of the Head of the newly created department, the NBU will search for and select a candidate who will be able to contribute to strengthening this important area of the NBU's activities.
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