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ARTICLE · 14 JULY 2011

State Control Over Financial Services Markets Increased

CMS Cameron McKenna Nabarro Olswang
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On 2 June 2011, the Parliament of Ukraine adopted Law of Ukraine "On Amendments to Several Laws of Ukraine regarding Regulation of Financial Services Markets" No. 3462-VI (the "Law").

UkraineFinance and Banking
Adam Mycyk
Adam Mycyk
Mariya Beskova
Mariya Beskova
Victoria Kaplan
Victoria Kaplan
Taras Stasiv
Taras Stasiv

On 2 June 2011, the Parliament of Ukraine adopted Law of Ukraine "On Amendments to Several Laws of Ukraine regarding Regulation of Financial Services Markets" No. 3462-VI (the "Law"). According to the Law and the official web site of the Parliament of Ukraine, the Law becomes effective on 8 January 2012. The Law is aimed at enhancing the transparency of Ukrainian financial services markets, however, certain novelties of the Law substantially increase the state control over financial services markets and as a result, put more administrative pressure on its participants (Ukrainian banks, credit unions, investment funds, insurance and leasing companies, etc.).

The key amendments set out by the Law are the following:

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