NBU developing new regulation on licensing of financial service providers

NBU developing new regulation on licensing of financial service providers

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.


Let’s get started read our news at facebook messenger > > > Click here for subscribe

While citing and using any materials on the Internet, links to the website ukrinform.net not lower than the first paragraph are mandatory. In addition, citing the translated materials of foreign media outlets is possible only if there is a link to the website ukrinform.net and to the website of a foreign media outlet. Citing and using materials in offline media, mobile apps, Smart TV are allowed only with written permission from Ukrinform. News and publications marked as "Advertisement" and "PR" and articles in the section "Releases" include promoted content, and an advertiser is responsible for the content.

© 2015-2021 Ukrinform. All rights reserved.

Website design Studio Laconica

Extended searchHide extended search
By period: