NBU developing new regulation on licensing of financial service providers

NBU developing new regulation on licensing of financial service providers

Ukrinform
The National Bank of Ukraine (NBU) is developing a new Regulation on licensing of financial service providers (insurers, credit unions, pawnshops, financial and leasing companies), which will provide for the renewal of licensing conditions and permitting procedures, the central bank’s press service reports.

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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