Non-Banking Financial Institutions to Adopt International Reporting Standards
Date: 2023-10-15 Author: Dima Zakharov Categories: ECONOMY
Non-banking financial institutions in Ukraine are set to adopt international reporting standards and European Union directives, as announced by the National Bank of Ukraine. This move aims to enhance transparency and streamline financial reporting within the sector. The changes are expected to come into effect from January 2024, marking a significant development in the country's financial reporting landscape.
These new rules will apply to a range of financial entities, including credit unions, pawnshops, leasing companies, insurance firms, financial organizations, and debt collection agencies. The regulations encompass updates to specific reporting forms and indicators submitted to the National Bank.
The National Bank anticipates that these new reporting measures will lead to improved data exchange between the market and the regulator, strengthening the informational support provided to market participants. As of January 2024, market participants will be required to submit reports with the new indicators.
It is worth noting that the National Bank of Ukraine will not impose sanctions for late or inaccurate submission of reports for a certain period. Insurance companies, financial firms, leasing companies, and pawnshops will be granted leniency for the first quarter of 2024, while credit unions will have until July 25, 2024, to provide full reports.
In related news, as of October 10, 2023, the National Bank of Ukraine has introduced an online service to provide information from its Credit Register for individual borrowers.
These new rules will apply to a range of financial entities, including credit unions, pawnshops, leasing companies, insurance firms, financial organizations, and debt collection agencies. The regulations encompass updates to specific reporting forms and indicators submitted to the National Bank.
The National Bank anticipates that these new reporting measures will lead to improved data exchange between the market and the regulator, strengthening the informational support provided to market participants. As of January 2024, market participants will be required to submit reports with the new indicators.
It is worth noting that the National Bank of Ukraine will not impose sanctions for late or inaccurate submission of reports for a certain period. Insurance companies, financial firms, leasing companies, and pawnshops will be granted leniency for the first quarter of 2024, while credit unions will have until July 25, 2024, to provide full reports.
In related news, as of October 10, 2023, the National Bank of Ukraine has introduced an online service to provide information from its Credit Register for individual borrowers.
