Companies@UA: База компаний Украины

Kyiv, July 28 (Interfax-Ukraine) – The League of the Insurance Organizations of Ukraine (LIOU) is initiating the creation of a standing expert and consulting council for the financial services markets from among representatives of financial market regulators and professional associations in order to consider basic and fundamental issues related to the situation in the country's financial sector.

The creation of a single agency to oversee the market of financial organizations would make it possible to coordinate the actions of financial market regulators, including the State Commission for regulating financial services markets, the State Commission for Securities and the Stock Market, and the National Bank of Ukraine amid the current conditions, said LIOU President Oleksandr Filoniuk.

He said he considers it necessary to proceed from the present-day reality amid the financial and economic crisis: a tough budget policy, limited state financing, and poor legislation are not conducive to the creation of an overall regulator in the near future, he said.

He said there are certain objective technical and personnel-related problems hindering the rapid realization of the idea.

The LIOU's initiative is one of the points on its anti-crisis action plan, which has been sent to government agencies.

"The crisis has borne out our fear that the non-coordination of the regulators results in a situation when there are attempts to save one segment of the financial market at the expense of another," he said. "This is inadmissible: we can only get out of the crisis together."

According to Filoniuk, there is a duplication of regulators' functions in the "border zones" of business. Yet, there are some "blank spots," or legislatively unresolved issues that create obstacles to forming a consolidated position among the state agencies.

He recalled that the issue of the creation of a single structure in charge of the country's financial sector was raised over two years ago, although it has yet to be settled because of legislative flaws and the fact that the market was not prepared for such drastic changes.

"It is particularly important today to be aware that to overcome the negative trends in the economy, the efforts of business, the state and society in the general should be coordinated," he said.