Legal alerts


On 1 July 2020, the Law of Ukraine “On Amendments to Certain Legislative Acts to Improve Functions for State Regulation of Financial Services” (“Law”), dated 12 September 2019, became operational. The Law, which is widely known as the “split” law, changes the regulatory framework for local financial services markets.

The Law aims to improve efficiency of the regulatory and oversight functions for the financial services markets through a large-scale modernisation of financial services regulations, led jointly by the National Bank of Ukraine (“NBU”) and the Securities and Stock Market Commission of Ukraine (together, “Regulators”).

The Regulators will regulate and oversee the entirety of banking and non-banking financial services market in Ukraine (hence the “split”), having taken over (in respective parts) functions for non-banking financial services regulation from the Financial Services Commission which existed prior to 1 July 2020 and is now being abolished.

Despite its broad implications, the reform is being implemented consistently and transparently, causing minimal disruption for business. For example, licences, issued by the Financial Services Commission in the past, continue (or, in certain cases, are reissued automatically) without additional formalities. The NBU has also rolled out a massive public information effort, discussing in detail its regulatory agenda for the coming months, which it developed in consultation with the regulated institutions.

It remains largely to be seen what the upcoming regulations and policies will look like. However, the strong proactive message that is currently being relayed by the Regulators instils a very forward-looking attitude towards the future of the financial services market in Ukraine.

Additional note

For further information on the topic please contact Glib Bondar, Senior Partner, or by telephone +380 44 591-3355 or via e-mail.

Related practices

Posted on July 16, 2020

AVELLUM advises Ministry of Finance of Ukraine on export loan from French Government

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a EUR37.6 million export loan provided under the framework agreement between the Governments of Ukraine and France. The funds will be directed towards purchasing and supplying rails from Saarstahl-Rail, a French manufacturer of rails, to Ukrainian Railways. This […]

Posted on March 1, 2024

The Antimonopoly Committee of Ukraine updates the Merger Regulation

The Antimonopoly Committee of Ukraine (“AMC”) has updated the Merger Regulation. This step is part of a more significant reform of Ukrainian antitrust law (find more information about the reform here). Below, we are sharing a brief overview of the main changes in the Ukrainian merger control landscape brought about by the antitrust reform and […]

Posted on February 28, 2024
Subscribe to our Newsletter
Search results: