NBU developing new regulation on licensing of financial service providers

The document will change the approaches to licensing procedures in the markets of nonbank financial services. The new Regulation will provide for a significant update of licensing conditions and permitting procedures: issuance of licenses to service providers, approval of significant participation, including assessment of business reputation of institution owners, assessment of compliance with qualification requirements of heads of institutions and assessment of the financial condition of institutions.

The National Bank intends to publish the draft Regulation on licensing for public discussion in the first quarter of 2021.

As reported by Ukrinform, on July 1, 2020, the National Bank of Ukraine became the regulator of the nonbank financial services market.

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