The American Chamber of Commerce in Ukraine welcomes the adoption of the Draft Law #5065 “On Financial Services and Financial Companies” (Draft Law) by the Verkhovna Rada of Ukraine on December 14, 2021. AmCham member companies’ experts have consistently supported the adoption of this Draft Law, which should become a fundamental basis for the entire financial services market.
The Draft Law will create opportunities for financial institutions’ development in various segments and become a basis for bringing the requirements for their activities, regulation, and supervision in compliance with international standards. Adoption of the Draft Law will strengthen the control over financial institutions' compliance with consumer protection requirements, disclose sufficient information to consumers, transparent ownership structures, the proper business reputation of owners and executives as well as greatly simplifying the market entry process for financial companies. It will help ensure the functioning of an efficient financial services market as an integral part of Ukraine's economy.
The American Chamber of Commerce in Ukraine is grateful to the Members of Parliament for adopting this Draft Law with the proposals of the business community and member companies’ experts for professional support during the drafting process.