OREANDA-NEWS.On 18 January 2016, this year’s first meeting of the Task Force on Financial Sector Reforms led by Governor of the National Bank of Ukraine, Ms Valeria Gontareva, was held at the National Bank of Ukraine.

NBU representatives at the meeting also included Deputy Governor Vladyslav Rashkovan, Director of the Banking Supervision Department Kateryna Rozhkova and Head of the Office for Banking System Strategy and Reform Mykhailo Vidiakin.

The meeting also featured representatives from the National Commission for the State Regulation of Financial Services Markets, National Securities and Stock Market Commission, Deposit Guarantee Fund, Ministry of Social Policy of Ukraine, Ministry of Finance of Ukraine, Independent Association of Ukrainian Banks, as well as Nova Kraina and the Reanimation Package of Reforms civil society platforms.

Non-banking financial services market reforms, notably pension and insurance market reforms, as well as the securities market clean-up were high on the meeting's agenda. The representatives from the National Commission for the State Regulation of Financial Services Markets and the National Securities and Stock Market Commission unveiled plans for 2016. At the same time, Ms Gontareva emphasized that both commissions should attach high priority to cleaning up the financial market to make it transparent. The NBU has already gone through this process, and therefore stands ready to provide comprehensive assistance in cleaning up the market and identifying beneficial owners of financial companies.

Ms Gontareva and Mr Rashkovan shared the NBU’s experience in cleaning up the banking sector and outlined the main stages of the banking sector reform process, including plans to enhance cooperation and boost information and experience sharing between regulators in the area of consolidated supervision in the financial market.

The Task Force on Financial Sector Reforms has decided to request the Parliament to designate a special day to debate draft laws that are critical to advancing financial sector reforms in Ukraine.

Ms Gontareva has been designated responsible for financial sector reforms by the National Reforms Council. The NBU Governor has established a Task Force to develop and implement financial sector reforms. Meetings of the Task Force serve as a platform to consolidate efforts and develop a common policy and approaches to the implementation of financial sector reforms.

The Task Force has developed the Comprehensive Program of Ukrainian Financial Sector Development Until 2020 in close cooperation with the business community, associations and civil society institutions. NBU Deputy Governor Mr Rashkovan has been appointed Head of the Task Force.

The Task Force comprises representatives from the Ministry of Finance, Secretariat of the Parliamentary Committee on Finance and Banking, financial market regulators, civil society institutions, business and expert communities. Representatives from other ministries and agencies, as well as international institutions are invited to participate in Task Force meetings.

Meetings of the Task Force are held on a regular basis, every second or third week of the month. 13 meetings of the Task Force were held in 2015.