A new regulatory authority is now in place. The financial reform pursues stronger protection for creditors’ property rights, by closing legal loopholes used by debtors to prolong the debt resolution process, and reducing obstacles to expediency in the judicial process to recover collateral.
More competition is encouraged through the facilitation of loan substitution by debtors across banks and the prohibition of bundled sales of financial products. Regulation and supervision are strengthened, and a new banking resolution mechanism has been established. Of particular interest is the energy reform. Before the reform, production and most other activities in this sector were open only to government monopolies.