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A number of provisions on authorization in the non-banking financial services market will be changed

The National Bank proposes for discussion a draft of amendments to a number of regulatory legal acts on the authorization of participants in the non-banking and payment markets.

The changes are aimed at strengthening counteraction to the influence of the aggressor state on the financial market of Ukraine, fulfilling the requirements of the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on Improving the Functions of the National Bank of Ukraine on State Regulation of Financial Services Markets”, as well as taking into account market proposals, Banker.ua reports with reference to the regulator’s press service.

It is noted that the changes relate, in particular:

clarifying the distribution of powers of the Committee on Supervision and Regulation of Banking Activities, the Payment Infrastructure Oversight, and the Committee on Supervision and Regulation of Non-Banking Financial Services Markets;
expanding the list of signs of an imperfect business reputation of an individual / legal entity related to compliance with the legislation of Ukraine and public order in order to strengthen counteraction to the influence of the aggressor state on the financial market of Ukraine;
establishing the obligation of the financial service provider to conduct an audit of managers, chief accountants, key individuals, and owners of significant participation for their compliance with the requirements for business reputation specified in the Regulation on Authorization of Financial Service Providers;
expanding the list of activities that payment institutions and electronic money institutions have the right to combine with the activity of providing financial payment services;
improving the provisions on authorization.

The National Bank accepts comments and suggestions on the draft until February 13, 2025 inclusive.