The Development of Non-Bank Financial Institutions in Ukraine: Policy Reform Strategy and Action Plan (World Bank Working Papers) (World Bank Working Papers)

The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukrainian authorities need to implement a strategy based on six main pillars: 1) strengthen the capacity, independence, funding, and accountability of the NBFI regulators; 2) develop money markets, government bond markets, and municipal bond markets; 3) restructure equity markets; 4) accelerate the introduction of funded pension schemes, and, improve transparency and consumer protection in the insurance industry; 5) radically transform corporate governance; and, 6) broaden access of NBFI finance

The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukranian authorities need to implement a strategy based on six main pillars:

• strengthen the capacity, independence, funding, and accountability of the NBFI regulators;
• develop money markets, government bond markets, and municipal bond markets;
• restructure equity markets;
• accelerate the introduction of funded pension schemes, and improve transparency and consumer • protection in the insurance industry;
• radically transform corporate governance; and
• broaden access of NBFI finance.

Annotation The prospect of European integration presents huge opportunities and challenges for the development of non-bank financial institutions (NBFIs) in Ukraine. By most measures, the development of the NBFI sector in Ukraine lags far behind that of recent accession countries in Central Europe. To address the main impediments facing the development of the sector, the Ukranian authorities need to implement a strategy based on six main pillars: € strengthen the capacity, independence, funding, and accountability of the NBFI regulators; € develop money markets, government bond markets, and municipal bond markets; € restructure equity markets; € accelerate the introduction of funded pension schemes, and improve transparency and consumer € protection in the insurance industry; € radically transform corporate governance; and € broaden access of NBFI finance. Introduction : Financial Sector And Nbfis On The Road To Eu Integration -- 1. Recent Evolution Of Nbfis In Ukraine -- Financial Sector Developments From The Mid-1990s To 2004 -- Recent Macroeconomic, Monetary And Fiscal Developments In 2005 -- Money And Securities Markets -- Pension -- The Insurance Sector -- Investment Funds -- Factoring And Leasing -- 2. Impediments To Nbfi Development And Policy Reform Agenda -- Capital Market And Nbfi Regulatory And Supervisory Framework -- Money And Securities Markets -- Pension -- The Insurance Sector -- Corporate Governance -- Broadening Access To Nbfi Finance -- Technical Annex A. Nbfi Regulators In Ukraine : Key Development Issues -- Technical Annex B. Donors Cooperation In The Area Of Nbfi Market Development In Ukraine. Michel Noel ... [et Al.]. Includes Bibliographical References (p. 105). As it sets its sights on European integration over the medium-term, Ukraine faces the challenge of accelerating the development of its financial sector to ensure a smooth integration within the EU single financial market in the future.