Soon, starting January 2015, the National Committee of Financial Services is going to create the database containing information about all financial institutions open to general use, as set out in the law, according to the information on the regulator’s website.
It is worth noting that the Verkhovna Rada of Ukraine adopted Law No.123-VIII On Changes to Law of Ukraine, as regards regulation and oversight of financial markets made by the government, more precisely - information disclosure.
The law envisages that financial institutions overseen by the National Committee of Financial Services should make disclosure of the information, in particular, about substantial holders and controlling shareholders, by making it available free on-line. The norms set out in the Law, if in place, will create “one window” that financial institutions subordinated to the NCFS can use to post information helping users and investors to get acquainted with financial services they provide in the market, reducing search expenses.
