The National Bank decided to expand supervisory functions over non-bank financial service providers

National Bank of Ukraine reported on the introduction of an updated organizational structure in order to strengthen and improve supervision of non-banking financial institutions. The reorganization affected the Department of Supervision of the Non-Bank Financial Services Market, on the basis of which a new Department of Supervision of Non-Bank Financial Services Providers was created.

The new unit will perform the following functions:

• carry out on-site supervision of non-banking financial institutions and their divisions;
• monitor the activities of non-banking financial groups and their participants;
• check persons who provide outsourcing services to non-banking institutions.

The newly created department is designed to improve the quality of internal controls and implement a risk-oriented approach, which will contribute to more effective regulation of the non-banking services market. The unit will work within the “Prudential Supervision” vertical under the leadership of Deputy Chairman of the National Bank of Ukraine Dmytro Oliinyk. Currently, the competition for the positions of director of the department and heads of departments is ongoing.

The National Bank announced competitive selection for the positions of director of the new department and heads of departments that will be part of it. Both external and internal candidates can participate in the selection.