National Bank of Ukraine proposes to limit non-financial business to 20% of financial company revenue

MOSCOW. July 15 (Interfax) - The National Bank of Ukraine proposes to limit business activity by financial companies not related to the provision of financial services, permitting it only if revenue from it does not exceed 20% of a company's total revenue, Ukrainian media report, quoting the regulator's website.

Draft amendments envisage that a financial company will be able to carry out other business activity not related to financial services only if its share of the company's total revenue does not exceed 20% as of January 1 and July 1 of each year.

This initiative is aimed at making the non-banking financial market more resilient and is consistent with NBU's legal mandate.

The draft also provides for improving approaches to assessing the property status of owners of meaningful stakes in non-banking financial institutions.