Law on Financial Services and State Regulation of Financial Services Markets

This law establishes the general legal principles in the areas of provision of financial services, and performance of regulatory and oversight functions related to the provision of financial services.

The law aims to create:

• A legal basis for protecting the interests of users of financial services;
• Legal support for operations and development of a competitive services market in Ukraine;
• Legal support for a single state policy in the financial sector in Ukraine.

The law:

• Provides information about the definitions of terms, the scope of the law and the legislation on the regulation of financial services;
• Discusses the terms of provision of financial services, setting out:
  • A list of services that can be referred to as "financial services";
  • The financial services contract.
• Presents the conditions for creation and operation of financial institutions, describing:
  • Organizational rules;
  • Advertising and information;
  • Clients' right to information;
  • Procedure for reorganization and liquidation of financial institutions;
  • Accounting and reporting;
  • External audit requirements, etc.
• Explains the state regulation of financial services markets, including its objectives, forms, agencies involved, and cooperation between agencies;
• Describes the organization, jurisdiction and functional procedure of the authorized agency of the executive branch in the area of the regulation of financial services markets;
• Informs about licensing the activity of financial institutions;
• Discusses enforcement measures, describing their types and methods.

The law concludes by listing the final provisions.