LAW OF UKRAINE

About financial services and financial companies

(Vedomosti Verkhovna Rada (VVR), 2023, No. 3-4, p. 10)

{In the text of the Law, the words "cancellation", "cancel", "cancellation", "cancelled", "cancelled", "cancelled" in all cases are replaced respectively with the words "withdrawal", "withdraw", "withdrawal", "withdrawn", "withdrawn", "withdrawn", "withdrawn" in the corresponding case in accordance with Law No. 4017-IX dated 10.10.2024 }

{In the text of the Law, the words "official Internet representation" and "official Internet representation" are replaced by the words "Official Internet representation" in accordance with Law No. 4465-IX of 03.06.2025 }

Section I. GENERAL PROVISIONS ON FINANCIAL SERVICES↑

Article 1. Definition of terms↑

1. In this Law, the following terms are used in the following meaning:

1) authorization - the procedure defined by this Law and/or special laws for granting the right to carry out activities related to the provision of financial services and/or activities related to the provision of supporting services by making an entry in the Register;

2) revocation of the license - termination of the right of the financial services provider to carry out activities related to the provision of financial services on the basis of a relevant decision of the Regulator and making a corresponding entry in the Register;

3) associated company - a legal entity in which another legal entity directly and/or indirectly owns 20 or more percent of the authorized capital and/or votes;

4) outsourcing - transfer by a financial services provider, on the basis of a relevant agreement, of part of its functions and/or individual processes to another person;

5) affiliated entity - a legal entity in whose authorized (compounded, share) capital the financial services provider has a significant participation or a legal entity that has a significant participation in the authorized (compounded, share) capital of a financial institution;

6) issuance of a license - granting the right to carry out activities related to the provision of financial services (a certain type of financial services) on the basis of a relevant decision of the Regulator and making a relevant entry about the financial services provider in the Register;

7) separate subdivision of a financial services provider and/or intermediary (hereinafter referred to as a separate subdivision) - a branch, representative office, other subdivision of a financial and/or ancillary services provider located outside the location of such financial services provider and/or intermediary;

8) owner of a significant stake - a legal entity or individual who has acquired a significant stake in a financial services provider;

9) state regulation of activities for the provision of financial and supporting services (hereinafter referred to as state regulation) - the implementation by the state, in order to protect the rights and legitimate interests of clients, of measures to create and improve a system of norms that determine the general principles of activities for the provision of financial and supporting services, regulate the activities of providers of financial and supporting services, establish the procedure for supervising the implementation of activities for the provision of financial and supporting services, and establish liability for violation of legislation regulating relations between participants in the financial services market;

10) state supervision over the provision of financial and supporting services (hereinafter referred to as supervision) - a system of control and active orderly actions of the Regulator, which provides for obtaining objective and reliable information about the activities and financial condition of persons in respect of whom the Regulator carries out state regulation in accordance with this Law and special laws, and is aimed at ensuring compliance by such persons with the requirements of the legislation regulating relations in the financial services market;

11) business reputation - a set of documented information collected by the Regulator about an individual or legal entity, which allows drawing a conclusion about the compliance of its activities with the requirements of the law, business practice and professional ethics, as well as information about the professional and managerial abilities of an individual;

12) ancillary services - services related to financial services and/or the provision of financial services that do not belong to intermediary services, namely:

a) services for settling overdue consumer debts provided by a collection company;

b) services for the collection, processing, storage, protection and use of information on the fulfillment of monetary obligations by individuals, which are provided by credit history bureaus;

c) services provided on the basis of a license to carry out cash transactions in accordance with the Law of Ukraine "On the National Bank of Ukraine";

d) information services on capital markets and organized commodity markets, as well as other services, the provision of which requires authorization in accordance with the Law of Ukraine "On Capital Markets and Organized Commodity Markets";

e) actuarial services, the provision of which requires authorization in accordance with the Law of Ukraine "On Insurance";

e) services that are ancillary to payment services in accordance with the Law of Ukraine "On Payment Services";

e) services defined as ancillary by special laws.

The authorization procedure and features of the provision of auxiliary services are established by special laws and regulatory legal acts of the Regulator;

13) subsidiary company - a legal entity controlled by another legal entity (parent company);

14) raising funds and bank metals subject to return - a financial service that involves raising funds and/or bank metals by a financial institution on the basis of a written agreement with a client with an obligation of such financial institution to subsequently return such funds and/or bank metals within the period specified in the agreement with the payment of interest (or income in another form) to the client;

15) early intervention measures - mandatory measures specified by this Law and special laws, applied by the Regulator during its supervision of a financial services provider in the event of the presence of qualitative and/or quantitative indicators specified by special laws and/or regulatory legal acts of the Regulator, which indicate the presence of risks specified by special laws and/or regulatory legal acts of the Regulator in the activities of such a financial services provider, to ensure its compliance with the requirements established by law;

16) significant influence on the management or activities of a legal entity - direct and/or indirect ownership by one person, independently or jointly with other persons, of voting shares, a share in the authorized (compounded, share) capital or the right to vote on shares, a share in the authorized (compounded, share) capital of a legal entity in the amount of 10 to 50 percent and/or the possibility of exercising equivalent influence on the management or activities of a legal entity, independent of formal ownership;

17) significant participation - direct and/or indirect ownership by one person, independently or jointly with other persons, of 10 percent or more of the authorized (share, equity) capital and/or voting rights, shares, stocks, units of a legal entity or, independent of formal ownership, the possibility of significant influence and/or control (decisive influence) over the management or activities of a legal entity. A person is recognized as the owner of an indirect significant participation regardless of whether such person exercises control over the direct owner of the participation in the legal entity or controls any other person in the chain of ownership of corporate rights of such legal entity;

18) subscribed capital - the amount of funds in foreign currency provided by a foreign company, for which the provision of financial services is the predominant type of activity, to a branch of such company for its accreditation in the territory of Ukraine;

19) manager - a sole executive body or members of a collegial executive body, members of the council (supervisory board), the chief accountant of a financial services provider, as well as another person classified as a manager by special laws;

20) client - any person who applies for financial services from a financial service provider and/or intermediary or uses the services of a financial service provider and/or intermediary;

21) key participant of a legal entity, including a key participant in the ownership structure of a financial services provider (hereinafter referred to as a key participant of a legal entity), - any:

a) an individual who owns a share in the authorized (compound, share) capital (shares) of such a legal entity, provided that:

if a legal entity has more than 20 participants - individuals, the key participants of the legal entity are considered to be the 20 participants - individuals whose shares are the largest, but not less than 2 percent;

if shares (blocks of shares) of the same size in the authorized (compound, share) capital of a legal entity belong to more than 20 participants - individuals, all individuals who own shares (blocks of shares) of two percent or more in the authorized (compound, share) capital of such a legal entity are considered key participants of the legal entity;

b) a legal entity that owns a share (block of shares) of 2 percent or more in the authorized (compounded, share) capital of such a legal entity.

It is considered that a public company, credit union does not have key participants of the legal entity;

22) compliance - a continuous process regulated by the internal documents of the financial services provider, and if provided for by a special law - of the provider of supporting services, carried out in order to identify and prevent risks that may arise during the performance by the specified person of activities provided for by law, as a result of non-compliance of such activities with the requirements of the law and/or other requirements (rules, standards, principles) regarding the performance of such activities, and is:

a) monitoring and control over the compliance of internal documents describing all internal processes related to the activities of the person specified in the first paragraph of this paragraph with the requirements of the law and/or other requirements (rules, standards, principles) stipulated in the documents of the association of financial services market participants, of which the financial services provider is a member, as well as, if provided for by a special law, over the compliance of such internal documents with the business plan (business strategy) approved (approved) by the supervisory board or other management body of such person responsible for supervising its activities;

b) monitoring compliance and execution by employees of the person specified in the first paragraph of this paragraph of the internal documents of such person, legal requirements and other requirements provided for in subparagraph "a" of this paragraph;

23) controller - a legal entity for which there are no controllers - individuals, or an individual who exercises control over a legal entity;

24) control (decisive influence) - direct and/or indirect ownership by one person, independently or jointly with other persons, of shares or voting rights on shares, a share in the authorized (compounded) capital of a legal entity in the amount of 50 percent or more and/or the possibility of exercising such influence on the management or activities of a legal entity, independent of formal ownership;

25) conflict of interest - existing and/or potential conflicts between the private interests and official duties of a person that may affect the conscientious performance of his/her powers, the objectivity and impartiality of decision-making and/or the performance or non-performance of actions by such a person while performing his/her duties;

26) corporate governance - a system of relations between participants, management bodies of a legal entity and other interested parties, which ensures the existence and functioning of the organizational structure and mechanisms through which the goals of the financial services provider are determined, the methods of achieving them, and the implementation and monitoring of the implementation of such goals are carried out. Corporate governance of a financial services provider determines the method of distribution of powers and responsibilities between the management bodies of such a provider, as well as the procedure and methods of decision-making by them;

27) loan - funds provided by a financial services provider (lender) to a person (borrower) for use on a repayable basis for a specified period with payment of interest;

28) Credit Register of the National Bank of Ukraine (hereinafter referred to as the Credit Register) - an information system that ensures the collection, accumulation, storage, modification, use and dissemination (provision) of information on credit transactions of financial service providers and on the status of fulfillment of obligations under such transactions, analysis and classification of loans and other financial obligations;

29) license - the right of a legal entity to carry out activities related to the provision of certain types of financial services, confirmed by an entry in the Register;

30) pawnshop loan - a loan provided exclusively by pawnshops exclusively to individuals exclusively against the collateral of movable property, taking into account the requirements established by this Law for the agreement on the provision of a pawnshop loan and the fulfillment of obligations under such an agreement, as well as other requirements of this Law established for the activities of pawnshops;

31) parent company - a legal entity that exercises control over another legal entity (subsidiary company);

32) provider of accompanying services - a legal entity, a permanent representative office of a legal entity - a non-resident, and in cases directly defined by the legislation of Ukraine - an individual or an individual entrepreneur who has the right to provide accompanying services;

33) financial services provider - a financial institution, and in cases directly defined by special laws - another legal entity or a branch of a foreign legal entity, which has the right to provide financial services in accordance with this Law and special laws;

34) non-bank financial group - a group of legal entities that have a common controller (other than a bank), consisting of two or more financial institutions, in which financial institutions other than a bank carry out the predominant activity;

35) regulatory legal acts of the Regulator - regulatory legal acts issued by the Regulator within the limits of its powers to implement this Law and other laws of Ukraine;

36) transaction - a separate action or a set of interrelated actions of a financial service provider that it performs in relation to a financial instrument and/or a client;

37) related person - a person who meets at least one of the following criteria:

a) the head of the financial services provider, the head of the internal audit department;

b) the head of a legal entity that has a significant stake in a financial services provider;

c) a related person of the financial services provider;

d) an affiliate of a financial services provider;

e) manager, controller of a related person of a financial services provider;

e) manager, controller of an affiliated person of a financial services provider;

f) family members of an individual specified in subparagraphs "a" , "b" , "g" and "d" of this paragraph;

g) a legal entity in which family members of an individual specified in subparagraphs "a" , "b" , "g" and "d" of this paragraph are managers or controllers.

For the purposes of this Law, family members of an individual specified in subparagraphs "a" , "b" , "g" and "d" of this paragraph are considered to be his/her spouse, children or parents of such individual, his/her spouse, as well as the spouse of any of the children or parents of the individual;

38) intermediary - an individual, an individual entrepreneur, a legal entity or a permanent representative office of a non-resident legal entity that has the right to provide intermediary services;

39) intermediary services - one or more services aimed at obtaining a financial service by a client (except for services provided within the framework of professional activities in the capital markets, provided for in part two of Article 41 of the Law of Ukraine "On Capital Markets and Organized Commodity Markets"), related to informing, consulting, offering, preparing, concluding and performing (supporting) contracts for the provision of financial services, receiving payments within the framework of these contracts, including carrying out identification and verification of clients on the basis of a contract with a subject of primary financial monitoring, as well as other services defined by special laws;

40) product - a proposal (offer) for the provision of a financial service, standardized within a separate type of financial services according to the relevant characteristics (conditions), which is offered to an unspecified circle of persons;

41) professional suitability - a set of knowledge, professional and managerial experience of a person necessary for the proper performance of the duties of a manager or an individual performing key functions in a financial institution, taking into account the strategy of the financial institution, the scope of responsibility of a specific manager or individual performing key functions of a financial institution.

Persons performing key functions in a financial services provider include employees responsible for financial monitoring, internal audit, risk management, compliance functions, as well as other persons classified as performing key functions by special laws;

42) professional judgment - a motivated, objective, unbiased and substantiated conclusion and/or assessment of the Regulator regarding facts, events, circumstances, persons, which is based on the knowledge and experience of the Regulator's employees, as well as on a comprehensive and comprehensive analysis of information and documents submitted to the Regulator within the procedures provided for by law and received by the Regulator, including as a result of its state regulation and supervision of activities in the financial services market, as well as information from official sources;

43) risk profile - an assessment of the overall level of vulnerability of a financial institution to the risks it is exposed to in its activities, in aggregate form and across all types of risks, carried out as of a specific date;

44) prudential requirements - qualitative and quantitative (including prudential standards) requirements established by the Regulator in order to ensure compliance of the activities of a financial institution with the requirements of the law, as well as to identify potential risks in the activities of financial institutions and minimize them;

45) prudential standards - quantitative indicators, compliance with a certain value of which is mandatory for financial institutions, which are established by regulatory legal acts of the Regulator in order to assess the financial condition and identify potential risks in the activities of financial institutions, as well as to minimize such risks and respond promptly to possible negative consequences in the activities of such persons;

46) public company - a legal entity established in the form of a public joint-stock company that meets the requirements specified by the regulatory legal acts of the Regulator;

47) Regulator - the National Bank of Ukraine or the National Securities and Stock Market Commission in accordance with the division of powers determined by this Law;

48) Register - a register (list) of providers of financial or supporting services, which is maintained by the Regulator, and information from which is made public in accordance with the procedure established by the regulatory legal acts of the Regulator;

49) risk-based approach - the approach applied by the Regulator when:

a) implementation of state regulation to create a system of norms aimed at minimizing the negative consequences of risks inherent in the activities of financial service providers, depending on the types of financial services provided by such providers;

b) supervising financial service providers to identify and identify, assess and reassess, and understand the risks inherent in the activities of such financial service providers, and to take appropriate proportionate supervisory measures to minimize them, taking into account the risk profile, materiality of the identified risks, size, characteristics of the activities, and business model of the financial service provider;

50) market conduct - compliance by a provider of financial and/or ancillary services with the criteria and requirements established by law in a manner that ensures the protection of consumer rights, disclosure and transparency of information, impeccable business reputation of owners and managers, fair competition with other providers of financial or ancillary services, as well as proper internal organization that ensures control over compliance with such standards of activity;

51) financial services market - a set of participants in the financial services market and the relations between them related to the provision and receipt of financial and supporting services;

52) level of ownership of corporate rights of a legal entity - relations regarding ownership of corporate rights of a legal entity between such a legal entity and its participants. If all participants of a legal entity are individuals, such a legal entity has only one level of ownership of corporate rights;

53) self-regulatory organization - a non-profit association of providers of financial or ancillary services, established in accordance with this Law or special laws for the purpose of self-regulation of the activities of its participants, representation and protection of their rights and interests, as well as the interests of other participants in the financial services market, which has been granted such status by the Regulator and to which the Regulator may delegate its individual powers in accordance with the law;

54) internal control system - a set of measures for internal audit, risk management, compliance and other elements defined by this Law and special laws, as well as policies, rules and measures that ensure the functioning, interconnection and support of such measures and elements and are aimed at achieving the specified goal (mission), strategic and other objectives, tasks, plans and requirements for the activities of the financial services provider;

55) special laws - laws of Ukraine that establish the features of the legal status of certain groups of providers of financial and/or supporting services, the provision of certain types of financial and/or supporting services, the features of carrying out certain types of activities for the provision of financial and/or supporting services, the features of state regulation and supervision of activities for the provision of financial and/or supporting services, or determine the legal status of the Regulator;

56) consumer of financial services (hereinafter referred to as consumer) - an individual who applies for the provision of financial services to a financial service provider and/or intermediary or uses the services of a financial service provider and/or intermediary to meet personal needs not related to entrepreneurial or independent professional activities;

57) related party - a legal entity that has common owners of a significant stake with a financial services provider;

58) ownership structure of a legal entity - a documented system of relationships between individuals and legal entities, trusts, and other similar legal entities, which allows determining:

a) key participants of the legal entity;

b) key participants of each legal entity in the chain of ownership of corporate rights of such legal entity;

c) all persons who directly and/or indirectly own a significant stake in such legal entity;

d) the relationship between all persons specified in subparagraphs "a"-"c" of this paragraph, as well as between such persons and the financial services provider;

59) subordinated debt - funds raised in the form of a loan that is unsecured and which, in the event of the borrower's liquidation, including through bankruptcy, is returned to the lender after the borrower has fulfilled its obligations to all other creditors;

60) accompanying services - auxiliary services and intermediary services;

61) financial service secrecy - any information defined by law (except for information constituting banking secrecy and professional secrecy in capital markets and organized commodity markets) regarding the activities and financial condition of a client, which became known to the provider of financial or ancillary services in the process of servicing him (including when providing a financial or ancillary service), and/or information regarding the relationship of the provider of financial or ancillary services with the client or third parties when providing financial or ancillary services, as well as information about the activities of the provider of financial or ancillary services and/or about the client of the provider of financial or ancillary services, obtained by the Regulator during supervision;

62) participants in the financial services market - providers of financial and ancillary services and their associations (including self-regulatory organizations), clients;

63) financial group - banking group, non-banking financial group;

64) financial service - a transaction or several transactions related to the same legal purpose, with financial means, carried out in the interests of persons other than the provider of such financial service, as well as services directly defined by special laws as financial services;

65) financial institution - a legal entity, the purpose of which is to carry out activities in the provision of financial services, which, in accordance with the law, provides one or more financial services on the basis of an appropriate license issued by the Regulator. Providers of ancillary services that do not simultaneously provide financial services, as well as other persons who have received a license to carry out activities in the provision of financial services without acquiring the status of a financial institution, are not financial institutions;

66) financial holding company - a legal entity whose main activity is participation in the authorized capital of legal entities, the main activity of which is the activity of financial institutions that are its subsidiaries and/or associated companies;

67) financial assets - funds, bank metals, financial instruments, debt obligations and debt claims that are not classified as financial instruments.

2. Other terms used in this Law have the following meanings:

the term "capital markets" - in the meaning given in the Law of Ukraine "On Capital Markets and Organized Commodity Markets";

the terms "banking group" , "chain of ownership of corporate rights of a legal entity" - in the meanings given in the Law of Ukraine "On Banks and Banking Activities";

the term "payment service" - in the meaning given in the Law of Ukraine "On Payment Services";

the terms "audit entity" , "statutory audit of financial statements" , "audit services" , "auditor working papers" , "audit report" , "international auditing standards" - in the meanings given in the Law of Ukraine "On Audit of Financial Statements and Auditing Activities";

the terms "accounting" , "consolidated financial statements" , "accounting policy" , "financial statements" , "international financial reporting standards" , "equity" , "microenterprise" , "small enterprise" - in the meanings given in the Law of Ukraine "On Accounting and Financial Reporting in Ukraine";

the terms "collection company" , "settlement of overdue debts" - in the meanings given in the Law of Ukraine "On Consumer Lending";

the term "information and communication technologies" - in the meaning given in the Law of Ukraine "On the National Informatization Program".

{Part two of Article 1 is supplemented by paragraph eight in accordance with Law No. 3994-IX of 08.10.2024 }

Article 2. Scope of the Law↑

1. This Law:

1) establishes general principles for the functioning of the financial services market, the activities of providers of financial and/or ancillary services, state regulation and supervision of such activities, as well as the protection of client rights;

2) determines the legal status of financial companies and pawnshops, the organizational and legal principles of their creation, operation, reorganization and termination of activities in the provision of financial services, as well as the powers of the Regulator regarding state regulation and supervision of such institutions.

2. This Law does not apply to the activities of international, intergovernmental and/or interstate organizations providing financial and supporting services in Ukraine.

3. Unless otherwise provided by special laws, this Law shall not apply to the activities of providing financial and supporting services in Ukraine by legal entities of public law, as well as legal entities of private law, the sole participant of which is the state, provided that the relevant legal entities provide financial and supporting services only within the framework of relevant state programs or programs of local self-government bodies to a certain circle of persons, and such programs determine separate conditions for the provision of financial and supporting services, and their licenses to carry out activities for the provision of financial services have been revoked in accordance with this Law.

This Law does not apply to the activities of the National Development Agency.

{Part three of Article 2 is supplemented by paragraph two in accordance with Law No. 4622-IX of 08.10.2025 }

{Part Three of Article 2 as amended by Law No. 3498-IX of 11/22/2023 }

4. The activities of banks are regulated by this Law, taking into account the Law of Ukraine "On Banks and Banking Activities".

5. Professional activities in the capital markets are regulated by this Law, taking into account the Law of Ukraine "On Capital Markets and Organized Commodity Markets" and other special laws in the field of capital markets.

6. In the event of a conflict between the provisions of this Law and the provisions of special laws regulating the activities of providers of financial and/or supporting services, the provisions of special laws shall prevail.

7. This Law shall apply to activities related to the provision of auxiliary services exclusively in cases and within the limits provided for by special laws for such auxiliary services.

Article 3. Legislation on activities and regulation of activities in the financial services market↑

1. Relations arising in the financial services market are regulated by the Constitution of Ukraine , the Civil Code of Ukraine , the Law of Ukraine "On Prevention and Counteraction to the Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction", this Law, special laws and regulatory legal acts of the Regulator.

2. Consumer rights protection is carried out in accordance with the legislation on consumer rights protection, taking into account the features established by this Law and special laws.

3. Relations regarding the adoption, entry into force, execution and termination of administrative acts in the field of regulation of activities in the financial services market are regulated by the Law of Ukraine "On Administrative Procedure", taking into account the features determined by this Law and other laws of Ukraine regulating activities in the financial services market and the payment market.

{Article 3 is supplemented by part three in accordance with Law No. 4017-IX of 10.10.2024 }

Article 4. Types of financial services↑

1. Types of financial services are:

1) insurance;

2) provision of funds and bank metals on credit;

3) raising funds and bank metals subject to return;

4) financial leasing;

5) factoring;

6) provision of guarantees;

7) trading in currency values;

8) financial payment services;

9) financial services provided within the framework of professional activities in the capital markets, provided for in Part Two of Article 41 of the Law of Ukraine "On Capital Markets and Organized Commodity Markets".

The financial service of raising funds and bank metals subject to return from an unlimited number of persons does not include raising funds by issuing/issuing/concluding financial instruments (except for bank savings certificates) in accordance with the procedure established by the Law of Ukraine "On Capital Markets and Organized Commodity Markets".

2. Types of financial services and their characteristics are established exclusively by this Law, special laws and cannot be established, changed, or supplemented by other laws. The provision of financial services not included in the specified list is prohibited.

3. The regulator, within the limits of the distribution of powers defined by this Law, in accordance with the procedure established by its regulatory legal acts, has the right to make decisions on:

1) the affiliation or non-affiliation of certain services or transactions that inherently contain features of one or more types of financial services in accordance with this Law and/or special laws, to a certain type of financial services defined in part one of this article;

2) a ban on the provision of certain services that are not provided for in part one of this article, but which in their essence contain features of one or more types of financial services in accordance with this Law and/or special laws.

The decision shall state the justified grounds on which the relevant service is attributed by the Regulator to a certain type of financial services with reference to the provisions of this Law. The Regulator shall notify the person providing the relevant service and to whom the decision applies of such a decision no later than the next business day and shall publish it on the page of its Official Internet Representation (official website). Such a person shall be obliged, from the date of receipt of the Regulator's notification, to stop providing services attributed to a certain type of financial services until its activities are brought into compliance with the requirements of this Law and/or special laws. In case of failure to comply with the requirements of this part, the person shall be liable in accordance with the law.

Section II. RELATIONS OF THE PROVIDER OF FINANCIAL AND/OR RELATED SERVICES WITH CLIENTS AND PROTECTION OF CLIENTS' RIGHTS. CONTRACT ON THE PROVISION OF FINANCIAL SERVICES↑

Article 5. Principles of providing financial and supporting services and carrying out activities to provide such services↑

1. Activities related to the provision of financial and/or supporting services by providers of financial and/or supporting services shall be carried out in compliance with the following principles:

1) conducting business activities taking into account the inherent risks and prudently managing them;

2) the availability of qualifications, educational and qualification levels sufficient for the effective and transparent conduct of activities, compliance with standards for the provision of financial and/or supporting services, work with clients, including standards of business conduct and professional ethics among the managers and employees of the provider of financial and/or supporting services;

3) the availability of corporate governance and internal control systems at the financial services provider that meet the requirements established by the legislation of Ukraine, in order to ensure the financial stability of such provider and its compliance with the requirements of the legislation of Ukraine;

4) absence of unfair competition and/or anti-competitive concerted practices in the financial services market;

5) timely provision to the client of necessary, complete, accessible and reliable information about the financial and/or intermediary service, sufficient for him to make informed decisions, in particular about the cost of such service, about the financial service provider and/or intermediary, as well as about the risks associated with obtaining such financial and/or intermediary service;

6) the voluntariness of receiving the service by the client and the avoidance of any forms of misleading clients, abuse, manipulation, pressure and coercion;

7) protecting clients' financial assets from fraud and abuse;

8) protection and preservation of information constituting a financial service secret in accordance with the law;

9) preventing any forms of unjustified discrimination against consumers;

9 - 1 ) accessibility of financial and supporting services for persons with disabilities and other low-mobility population groups, which consists in ensuring the ability of such persons to receive financial (supporting) services provided in accordance with the legislation by a certain provider of financial and/or supporting services, in particular, ensuring unhindered access to remote electronic service channels, equipment and/or premises of financial service providers and/or intermediaries, as well as ensuring the ability of the said persons to obtain the necessary information;

{Part one of Article 5 is supplemented by paragraph 9 - 1 in accordance with Law No. 3994-IX of 08.10.2024 }

10) effective control over the quality of financial and supporting services and prevention of conflicts of interest;

11) promoting educational work to ensure consumer awareness, skills, knowledge and confidence in understanding the risks, responsibilities and opportunities associated with using financial services;

12) implementation of best international practices in order to continuously improve the activities and conditions for the provision of financial and/or supporting services;

13) preventing the use of financial services to carry out activities that contradict the requirements of the law;

14) consideration of client applications within the time limits established by law or contract, and settlement of disputes, including out-of-court settlement;

15) openness and transparency of relations with the Regulator within the framework of the legislation of Ukraine, including timely mutual exchange of necessary information.

Article 6. Client's rights and obligations↑

1. The client, before and during the receipt of a financial and/or intermediary service, has the right to:

1) timely receipt of necessary, complete, accessible and reliable information about the financial and/or intermediary service and its provider in the amount specified by law, sufficient for the client to make an informed decision to receive such a service or to refuse to receive it;

2) the proper quality of the financial and/or intermediary services and maintenance received;

3) confidentiality of receiving a financial service and information about the provision of a financial service, except in cases established by law;

4) protection of one's rights, including through compensation for damage caused as a result of violation of one's rights and legitimate interests, pre-trial resolution of disputes regarding the provision of financial services, appeal to the court and other authorized bodies;

5) making a voluntary decision to receive a financial and/or intermediary service or to refuse to receive such a service before receiving it.

2. In order to receive financial and/or intermediary services, the Client is obliged to:

1) responsibly choose such a service and familiarize yourself with information about the conditions and procedure for its provision;

2) take into account one's own capabilities to fulfill the obligations undertaken in connection with receiving such a service;

3) if necessary, contact the provider of such a service for clarification of the terms of service provision before receiving it;

4) provide, at the request of the provider of such service, reliable and up-to-date information (including documents confirming it) necessary for receiving the service and during the performance of the contract concluded with the provider of financial services, including for the purpose of compliance by the provider of such service with the requirements of the law.

3. The Client also has other rights and obligations established by law and/or contract.

Article 7. Client's right to information↑

1. When a client contacts a financial service provider or intermediary with the aim of obtaining a financial service, the financial service provider or intermediary is obliged to provide information in accordance with the requirements of subparagraph 1 of part one of Article 6 of this Law regarding the products offered within the framework of this type of financial services.

2. The financial services provider is obliged to disclose to clients relevant and reliable information on the activities of the financial services provider, as specified by the legislation of Ukraine, which is placed at the place of provision of services to clients and/or on its own website (web page), including its mobile version, and in the mobile application (if available). Such information must, in particular, include:

1) information about the financial services provider:

a) the name, location, contact telephone number, e-mail address of the financial services provider and the address at which customer complaints are received;

b) information about separate divisions, places of provision of financial services;

c) information about the composition of the management bodies;

d) information on financial performance indicators, ownership structure, other information about the financial services provider that is subject to disclosure in accordance with the law;

e) information on the state registration of the financial services provider;

e) information about the financial service provider's right to provide the relevant financial service and its inclusion in the Register containing information about such a financial service provider;

f) information about the initiation of bankruptcy proceedings, the opening of liquidation proceedings, the application of a rehabilitation procedure to the financial services provider;

g) decision on liquidation/termination of a financial services provider;

g) contact information of the Regulator that carries out state regulation of the activities of the financial services provider;

2) a list of services and products provided by the financial services provider, the procedure and conditions for their provision;

3) cost, price/tariffs, amount of fees (interest, remuneration) for products depending on the type of financial service (for products offered to customers who are not consumers, such information may be individual);

4) information on consumer protection mechanisms (on the possibility and procedure for out-of-court consideration of consumer complaints, as well as on the availability of guarantee funds or compensation schemes applied in accordance with the legislation of Ukraine regarding certain types of financial services and/or products);

5) name (for an individual or individual entrepreneur - surname, first name, patronymic (if any) of intermediaries (if any).

The information provided for in paragraphs 2-4 of this part shall be disclosed in the mobile application of the financial services provider (if available) regarding those financial services and products provided through this mobile application.

Financial service providers shall ensure the availability of information posted on their websites (web pages) in accordance with this Part for at least the past three years.

3. The intermediary is obliged to disclose to clients the relevant information specified by the legislation of Ukraine about the activities of the financial services provider, provided for in part two of this article, as well as information about itself (name, and for an individual or an individual entrepreneur - surname, first name, patronymic (if any), a list of services that it has the right to provide, other information specified by the legislation of Ukraine, which is placed at the place of provision of services to clients and/or on the intermediary's own website (web page), including its mobile version, and/or in the intermediary's mobile application (if any) regarding those financial services provided through this mobile application.

The intermediary may disclose up-to-date information about the activities of the financial services provider by placing a hyperlink on its own website (web page) that provides redirection (referral) to the website (web page) of the financial services provider.

Intermediaries shall ensure the availability of information posted on their own websites (web pages) in accordance with this Part for at least the past three years.

4. A financial service provider or intermediary, at the request of a client, shall be obliged, in accordance with the procedure specified in part six of this article, to provide the client with the following information about the financial service provider:

1) information about the financial indicators of its activities and economic condition, which are subject to mandatory disclosure;

2) a list of its managers;

3) the size of the shares in the authorized capital of the financial services provider owned by members of its executive body, as well as the ownership structure of the financial services provider;

4) other information, the client's right to receive which is determined by law.

Posting the relevant information on the website (web page) of the financial services provider and/or intermediary is considered proper compliance with the requirement for the written form of information provision specified in Part Six of this Article.

5. Unless otherwise provided by a special law, before concluding a contract for the provision of a financial service, the financial service provider or intermediary is obliged to inform the consumer about:

1) financial service - the total amount of costs, including fees, charges and other expenses, which the consumer must pay in connection with receiving a financial service, including taxes, and if the specific amount cannot be determined - the procedure for determining such costs;

2) essential terms of the contract for the provision of a financial service, including:

a) the minimum term of the contract;

b) the consumer's right to withdraw from the contract, the right to terminate, terminate the contract, the right to early performance of the contract, as well as the procedure and consequences of exercising such rights;

c) procedure for amending the contract;

3) mechanisms for protecting consumer rights:

a) the possibility and procedure for considering complaints and out-of-court settlement of disputes;

b) the existence of guarantee funds or compensation schemes applied in accordance with the legislation;

4) the impossibility of increasing the fixed interest rate or changing the procedure for calculating the variable interest rate under the contract without the written consent of the consumer.

6. The information specified in parts four and five of this article shall be provided to the client in writing (in the form of a paper or electronic document), including by e-mail and/or by providing a link to information posted on the website (web page) of the financial services provider and/or intermediary, and/or by providing access to such information through the client's personal account and/or software application or in another manner agreed with the client.

7. The information specified in this article shall be provided to the client in a manner that does not complicate the understanding of the essence of the financial service, its essential conditions, and does not create the impression that the client does not have the right to refuse to receive the financial service, without imposing its purchase, except in cases where obtaining the main financial service without receiving another financial service is operationally impossible.

8. At the client's request, the financial services provider is obliged to provide him free of charge with a draft agreement on the provision of a financial service (except for an agreement the subject of which is a service for trading in foreign exchange or the execution of a payment transaction, if the relevant transactions are fully performed by the parties at the time of their execution) in the form of a paper or electronic document (at the consumer's choice).

The provisions of this part shall not apply if the financial services provider, at the time of the request, has reasons not to continue or does not wish to continue the process of concluding a contract with the client.

9. When providing information to a consumer, a financial service provider is obliged to comply with the requirements of consumer protection legislation.

10. After the termination of the financial service agreement, including in connection with the expiration or performance of such an agreement, the client, upon written request, has the right to receive from the financial service provider information regarding the fulfillment by the parties of their obligations established by the agreement, in the amounts and in the manner established by the regulatory legal acts of the Regulator. In this case, information about the absence of debt and the fulfillment of the client's obligations in full under the financial service agreement shall be provided to the client by the financial service provider in the form of a certificate within five business days from the date of receipt of the client's written request. Other information regarding the fulfillment by the parties of their obligations established by the financial service agreement shall be provided to the client in the amounts and in the manner established by special laws and regulatory legal acts of the Regulator.

11. Regulatory acts of the Regulator may determine the minimum amount and procedure for providing information that must be provided to the consumer regarding each type of financial services in addition to the information provided to the consumer by this Law, if such minimum amount of information and/or procedure for its provision is not established by special laws.

Article 8. Prevention of the dissemination of misleading information on the financial services market↑

1. The dissemination of misleading information on the financial services market is the provision by a provider of financial and/or ancillary services, directly or through another person, of incomplete or inaccurate information about a financial or ancillary service, concealment of certain facts or vague wording that has influenced or may influence the intentions of clients and other persons to receive services from such a provider of financial and/or ancillary services.

2. The dissemination of misleading information about financial and/or ancillary services on the financial services market is prohibited.

3. Misleading information in the financial services market includes, in particular, information that:

1) contain incomplete or inaccurate data about the financial or supporting service, the features of the provision of such services, the cost and discounts on them and/or about the essential terms of the contract for the provision of these services;

2) contain incomplete or unreliable data on the financial performance of the provider of financial and/or supporting services and/or on its financial condition;

3) contain inaccurate data about the activities of the provider of financial and/or supporting services;

4) falsely reflect the scope and content of the powers and rights of providers of financial and/or supporting services that they do not have, or relationships in which they do not exist.

4. Requirements for advertising in the field of financial services are established by the Law of Ukraine "On Advertising" and special laws.

Article 9. Agreement on the provision of financial services↑

1. A financial service is provided on the basis of a contract that is concluded, amended, terminated, the fulfillment of obligations under which is ensured in accordance with the requirements of the civil legislation of Ukraine, taking into account the features established by this Law and special laws.

A contract for the provision of a financial service (except for a contract the subject of which is a service for trading in foreign exchange or the execution of a payment transaction, if the obligations under the relevant transactions are fully fulfilled by the parties at the time of their conclusion) is concluded exclusively in writing in compliance with the requirements of the Civil Code of Ukraine established for the written form of a transaction:

1) in paper form; or

2) in the form of an electronic document created in accordance with the requirements specified by the Law of Ukraine "On Electronic Documents and Electronic Document Management"; or

3) in accordance with the procedure provided for by the legislation of Ukraine on electronic commerce.

In case of failure to comply with the written form of a contract for the provision of a financial service, if such a form of contract is provided for by this part, such contract shall be null and void.

2. A contract for the provision of a financial service, drawn up in writing, unless otherwise provided for by a special law, must contain:

1) the name of the contract;

2) number, date and place of conclusion of the contract;

3) information about the financial service provider: name, location, identification code of the legal entity in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, information about entering information about the financial service provider into the Register;

4) information about the intermediary (if available):

a) for a legal entity - name, location, identification code of the legal entity in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations;

b) for an individual - surname, first name and patronymic (if available), information about the place of residence or place of stay, registration number of the taxpayer's registration card or series and number/number of the passport in the form of a card (for individuals who, due to their religious beliefs, refuse to accept a taxpayer registration number, have notified the relevant regulatory authority about this and have a mark in their passport);

c) for an individual entrepreneur - surname, first name and patronymic (if available), information about the place of residence or place of stay, registration number of the taxpayer's registration card or series and number/number of the passport in the form of a card (for individuals who, due to their religious beliefs, refuse to accept the taxpayer's registration number, have notified the relevant regulatory authority about this and have a mark in their passport), date and number of the entry in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Formations on state registration;

d) number and date of conclusion of the intermediary agreement with the financial service provider, on the basis of which such intermediary carries out its activities (if such an agreement is concluded);

e) information about entering information about the intermediary into the Register;

5) information about the client receiving the financial service:

a) for an individual - surname, first name, patronymic (if available), information about the place of residence or place of stay, registration number of the taxpayer's registration card or series and number of the passport/passport number in the form of a card (for individuals who, due to their religious beliefs, refuse to accept a taxpayer registration number, have notified the relevant regulatory authority about this and have a mark in their passport);

b) for an individual entrepreneur - surname, first name, patronymic (if available), information about the place of residence or place of stay, registration number of the taxpayer's registration card or series and number of the passport/passport number in the form of a card (for individuals who, due to their religious beliefs, refuse to accept a taxpayer registration number, have notified the relevant regulatory authority about this and have a mark in their passport);

c) for a legal entity - name, location, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations;

6) the subject of the contract, indicating the type of financial service provided in accordance with the terms of the contract;

7) the amount of the financial instrument, specified in monetary terms, the terms (term) of its deposit and the terms of mutual settlements (if the financial service provides for the deposit of a financial instrument in a certain amount and/or the terms (term) of its deposit);

8) terms (term), amount, conditions and procedure for making payment for the financial service provided;

9) term (term) of the contract;

10) procedure for changing the terms and terminating the contract;

11) the need to obtain additional or related services from the financial service provider and/or third parties related to obtaining the financial service (if any);

12) rights and obligations of the parties, liability of the parties for failure to fulfill or improper fulfillment of the terms of the contract;

13) procedure and conditions for withdrawal from the agreement on the provision of financial services (if any);

14) contact details of the client and the financial services provider, as well as the intermediary (if any);

15) the procedure for providing the client with the contract and annexes thereto, if the contract is concluded in the form of an electronic document (except for contracts for the provision of services specified in paragraph 3 of part one of this article), as well as the procedure for exchanging messages between the parties.

in part two of this article, the agreement on the provision of a financial service may also contain other conditions determined by agreement of the parties.

4. A copy of the agreement on the provision of a financial service concluded in paper form, as well as its annexes (if any), shall be provided by the financial service provider (intermediary) to the consumer immediately after its signing by the parties.

Sending and receiving a copy of the agreement concluded in the form of an electronic document and its annexes (if any) are carried out in the manner agreed upon by the client, specified in the agreement on the provision of financial services, in accordance with the procedure provided for by the Law of Ukraine "On Electronic Documents and Electronic Document Management" or the Law of Ukraine "On Electronic Commerce".

5. If a contract for the provision of a financial service is concluded by accession, it consists of a public part of the contract and an individual part of the contract, including in the form of a statement of accession, by signing which the client joins the contract as a whole.

The public part of the agreement on the provision of financial services shall be published and shall be available for review by clients on the website (web page) of the financial services provider, including its mobile version, and shall be provided to the client at the time of signing the agreement in the manner chosen by him from those proposed by the financial services provider, which allows establishing the date of provision of such agreement, using the contact details specified by the client. All versions of the public part of the agreement shall be stored on the website (web page) of the financial services provider, indicating their validity period in accordance with the procedure and for the period established by the regulatory legal acts of the Regulator, but not less than three years from the date of termination of the last of the agreements in the relevant version. The provisions of this paragraph shall not apply to the process of providing a financial service using a payment device, the functionality of which allows the client to familiarize himself with the public part of the agreement on the provision of financial services on the screen of such a payment device.

The individual part of the contract must contain the information provided for in part two of this article, including by referring to the relevant terms and conditions set out in the public part of the contract.

If the individual part of the contract is concluded in paper form, a copy of the individual part and its annexes (if any) are provided to the client immediately after signing the contract.

Providing the client with a copy of the individual part of the contract concluded in the form of an electronic document and its annexes (if any) is carried out in a manner agreed upon by the client, specified in the contract for the provision of financial services, in accordance with the procedure provided for by the Law of Ukraine "On Electronic Documents and Electronic Document Management" or the Law of Ukraine "On Electronic Commerce".

The contracts provided for in paragraph 3 of part one of this article shall be concluded in accordance with the procedure established by the Law of Ukraine "On Electronic Commerce", taking into account the features determined by this Law.

6. Amendments to the contract are provided to the client in the same manner as the contract to which the amendments are made, unless otherwise specified in such contract or by law.

The burden of proving that a copy of the agreement (amendments to the agreement) was provided or sent to the client lies with the financial services provider (intermediary).

7. Any proposals by a financial service provider to a client to change the terms of a financial service agreement, including one concluded by way of accession, shall be made by the financial service provider sending a notification to the client in the manner agreed upon by the client in the financial service agreement, which allows for the date of sending such notification to be established, and within the time limits established by the agreement.

The terms of the contract on providing the client with proposals to change the essential terms of the contract in a manner other than that which allows for the date of sending the notice to the client to be established, without the written consent of the client, are null and void.

The terms of the contract for the provision of financial services specified in paragraphs 2 , 4 , 6 of part one of Article 4 of this Law, on the right of the provider of financial services to increase the fixed interest rate, change the procedure for calculating the variable interest rate, increase other payments or introduce new payments under the contract without the written consent of the consumer are null and void. The provisions of this paragraph do not apply to the terms of the contract regarding the increase in the interest rate or other payments in the event of a violation by the client of the terms of the contract, if such terms and the amount of the increase are provided for in such a contract.

The provisions of paragraphs one and two of this part do not apply to changes in the terms of the public part of the accession agreement initiated by the financial services provider in accordance with the procedure provided for by the terms of such agreement.

The client's written consent to change (including increase) payments under the agreement (except for changing the fixed interest rate, changing the procedure for calculating the variable interest rate) may be provided by the client at the time of concluding the agreement (individual part of the accession agreement), unless otherwise provided for by a special law. The provisions of this paragraph do not apply to consumer credit agreements.

8. Terms of a contract for the provision of financial services that limit the client's rights compared to the rights established by law are null and void.

9. Unclear or ambiguous provisions of contracts for the provision of financial services (including those concerning the rights and obligations of the parties) with the participation of the consumer shall be interpreted in favor of the consumer.

10. Providers of financial services are prohibited from unilaterally increasing the interest rate or other payments provided for in the agreement on the provision of financial services or the payment schedule, as well as changing the procedure for calculating a variable interest rate, except in cases established by a special law.

11. Unless otherwise provided by law, financial service providers are prohibited from demanding early performance and/or termination of a financial service agreement, as well as unilaterally terminating financial service agreements in the event of the client's disagreement with the financial service provider's proposal to increase the interest rate or other payment provided for in the agreement or debt repayment schedule, and/or a proposal to change the procedure for calculating a variable interest rate.

12. The grounds, procedure and legal consequences of termination of agreements on the provision of financial services are determined by the laws of Ukraine, as well as agreements concluded in accordance with them.

13. It is prohibited to impose on the consumer the obligation to pay any payments, compensations, penalties for exercising his right to withdraw from the contract (if such a right is provided for by law and/or contract), the subject of which is the provision of a financial service to him for the provision of funds and bank metals on credit, or for early termination (initiation of early termination) by the consumer of such a contract, and it is also prohibited to collect such payments, compensations, penalties.

14. Special laws may establish the specifics of concluding and/or performing a contract for the provision of a financial service.

15. Other requirements for a contract for the provision of financial services may be provided for by a special law, and if such requirements are not established by a special law - by regulatory legal acts of the Regulator.

Article 9 - 1. Peculiarities of assignment of the right of claim under a contract for the provision of a financial service↑

1. The right of claim under a contract for the provision of a financial service may be assigned to a financial institution that, in accordance with the law, has the right to provide a financial service, the right of claim under which is assigned, except for cases specified by law. A financial service in this article means the provision of funds and bank metals on credit, the provision of credit within the framework of the provision of payment services in accordance with the Law of Ukraine "On Payment Services", as well as the provision of guarantees.

In the event of assignment of the right of claim under a Lombard loan, it is prohibited to make amendments to the Lombard loan agreement that provide for an increase in the borrower's obligation under such a loan above the value of the collateral specified in the Lombard loan agreement at the time of granting such a loan.

2. The right of claim under an obligation that arose on the basis of a contract for the provision of a financial service may be assigned to a legal entity or an individual entrepreneur after the expiration of the term for full performance of the obligation, including on the basis of a creditor's demand for early performance of such obligation.

3. If the right of claim under a contract for the provision of a financial service to a client is acquired by a person who, in accordance with the legislation, does not have the right to provide such a financial service, the right of claim shall be transferred to such person exclusively in the amount of the debt under the contract for the provision of a financial service that exists at the time of acquisition of such right of claim, without the possibility of increasing such debt amount, including by accruing interest, commissions or other additional payments.

4. The provisions of parts one , two and three of this article shall not apply to the replacement of a creditor in an obligation in cases specified by the Law of Ukraine "On the Deposit Guarantee System of Individuals".

5. Assignment of a right of claim under a contract for the provision of a financial service in accordance with this article may occur on the basis of a contract of sale of the relevant right of claim or other transaction specified by law.

6. A transaction on the assignment of a right of claim under a contract for the provision of a financial service is valid regardless of the existence of an agreement between the financial institution and the debtor on the prohibition of the assignment of the right of claim or its restriction. In such a case, the financial institution is not released from obligations or liability to the debtor in connection with the financial institution's violation of the condition on the prohibition or restriction of the assignment of the right of claim.

7. A financial company that has the right to provide factoring services does not have the right to acquire (purchase) rights of claim under contracts for the provision of financial services concluded with consumers.

8. The debtor under a financial service agreement shall be obliged to make a payment to the new creditor, provided that he has received a notification from the new or original creditor about the replacement of the creditor and this notification specifies the monetary claim to be performed, as well as the new creditor to whom the payment is to be made. The fulfillment by the debtor of his obligation to the new creditor after receiving the notification specified in this part shall release him from the fulfillment of the obligation to the original creditor.

9. The original creditor under a financial service agreement must transfer to the new creditor documents certifying the rights being transferred, unless otherwise established by the agreement under which the right of claim is assigned.

10. The provisions of parts two , three , six and eight of this article do not apply to the assignment of the right of claim under contracts for the provision of financial services concluded with consumers. The assignment of the right of claim under a consumer credit contract is carried out in accordance with the Law of Ukraine "On Consumer Crediting".

{Chapter II supplemented by Article 9 - 1 in accordance with Law No. 4466-IX of 03.06.2025 }

Section III. SECRET OF FINANCIAL SERVICES AND CONFIDENTIALITY OF INFORMATION↑

Article 10. Financial service confidentiality↑

1. Information about the activities and financial status of the client that became known to the financial service provider and/or intermediary in the process of servicing the client and/or relations with him or became known to third parties during the provision of services by the financial service provider and/or intermediary or during the performance of functions defined by law, as well as information about the financial service provider and/or intermediary specified in this article, is a financial service secret.

2. The confidentiality of financial services includes, in particular, information about:

1) client accounts;

2) transactions carried out for the benefit of or on behalf of the client, transactions carried out by him;

3) the financial or property status of the client;

4) organization and implementation of security of financial service providers and/or intermediaries and persons staying on the premises of financial service providers and/or intermediaries, as well as any information about codes (encryption, etc.) used by the financial service provider and/or intermediary to protect information;

5) organizational and legal structure of the client - a legal entity, its managers, areas of activity;

6) customer activities or other information constituting a trade secret, about any project, invention, product samples, etc., other commercial information;

7) financial service providers and/or intermediaries and their clients, which is received/collected by the Regulator in the exercise of its powers, including during supervision, including currency supervision, oversight, as well as inspections of compliance with the requirements of legislation in the field of preventing and countering the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction, legislation on the application of personal special economic and other restrictive measures (sanctions), legislation on consumer protection;

8) financial service providers and/or intermediaries and their clients, which is received by the Regulator in accordance with an international agreement or on the principle of reciprocity from the supervisory authority for financial institutions of a foreign state.

3. The provisions of this Article shall not apply to information subject to mandatory disclosure and public information in the form of open data in accordance with the Law of Ukraine "On Access to Public Information". The list of information subject to mandatory disclosure shall be established by law.

4. The regulator shall issue regulatory legal acts on issues of establishing the terms and procedure for processing, storage, protection, use, transfer, disclosure, destruction and publication of information constituting a financial service secret, and shall provide clarifications on the application of such acts.

5. Provisions of other laws of Ukraine regarding the scope and procedure for disclosing information constituting a financial service secret shall apply insofar as they do not contradict this Law and special laws.

6. Special laws may establish the features of the collection, protection and disclosure of information constituting financial service secrecy, banking secrecy, professional secrecy in capital markets and organized commodity markets.

Article 11. Ensuring the confidentiality of financial services↑

1. The secret of a financial service must be protected from transfer to third parties and shall not be disclosed, except in cases provided for by law and/or with the consent of the relevant natural or legal person to whom such information relates.

2. Financial service providers and/or intermediaries, as well as the Regulator, are obliged to ensure the confidentiality of financial services by:

1) limiting the circle of persons who have access to information constituting the secret of a financial service;

2) organization of special records management with documents containing financial service secrets;

3) use of technical means to prevent unauthorized access to electronic and other information carriers that constitute the secret of a financial service;

4) inclusion of a clause on the need to maintain the confidentiality of financial services and responsibility for its disclosure in the text of concluded contracts and agreements.

3. Managers and employees of the financial services provider and/or intermediary, the Regulator shall sign an undertaking to maintain financial service secrecy upon taking office. Managers and employees of the financial services provider and/or intermediary shall not disclose or use for their own benefit or for the benefit of third parties information constituting a financial service secret that has become known to them in connection with the performance of their official duties.

4. State authorities, the Deposit Guarantee Fund for Individuals, legal entities and individuals who, while performing their functions defined by law or while providing services to a financial service provider and/or intermediary, directly or indirectly received, in accordance with the procedure established by law, information constituting a financial service secret, are obliged to ensure the preservation of such information, not to disclose it and not to use it for their own benefit or for the benefit of third parties.

5. Persons guilty of disclosing information constituting a financial service secret and/or using it for their own benefit or for the benefit of third parties, which caused harm to the financial service provider and/or the intermediary, its client, are obliged to compensate for the losses and moral damage caused in accordance with the law.

6. Restrictions on obtaining information constituting a financial service secret, provided for by this Law, do not apply to managers and employees of the Regulator, persons authorized by the Regulator who, within the powers granted by law, perform the functions of supervision, protection of the rights of consumers of financial services, as well as supervision in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction.

7. Financial service providers and/or intermediaries have the right to provide information constituting a financial service secret to private individuals and organizations to ensure their performance of their functions or the provision of services to the financial service provider and/or intermediary in accordance with agreements concluded between such individuals (organizations) and the financial service provider, intermediary, including on the assignment of the right of claim against the client, provided that the functions and/or services provided for in the agreements relate to the activities of the financial service provider and/or intermediary, which it carries out in accordance with the law.

State authorities, legal entities and individuals who, in the course of performing their functions specified by law or in the course of providing services to a financial service provider and/or intermediary, directly or indirectly received in accordance with the procedure established by law information constituting a financial service secret shall be obliged to ensure the preservation of such information, not to disclose such information and not to use it for their own benefit or for the benefit of third parties. The financial service provider and/or intermediary shall be obliged to notify such persons of the requirements for maintaining the financial service secret and the obligation not to disclose it. Information constituting a financial service secret, specified by this Part, shall be provided to such persons to the extent necessary for their performance of the contract with the financial service provider and/or intermediary.

An audit entity that has received information constituting a financial service secret while providing audit services to a financial service provider and/or intermediary may disclose such information, in accordance with the procedure specified in the agreement with such financial service provider and/or intermediary, to persons conducting quality control reviews and disciplinary proceedings in accordance with the Law of Ukraine "On Audit of Financial Statements and Auditing Activities", and to the Regulator.

8. A financial service provider and/or intermediary has the right to provide information constituting a financial service secret to notaries, officials of local government bodies and foreign consular institutions authorized to perform notarial acts, the state enforcement service, private enforcement agents, a court, an arbitration court, and international commercial arbitration to protect its rights and legitimate interests in cases in which it is a participant, in Ukraine and abroad.

9. The provisions of this article also apply to persons to whom claims under contracts for the provision of financial services have been assigned, as well as to providers of financial services and/or intermediaries after they have lost the right to carry out activities for the provision of financial services and/or activities for the provision of intermediary services.

10. A financial service provider and/or intermediary has the right to provide information constituting a financial service secret to the central executive body implementing state policy in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, terrorist financing, and financing of the proliferation of weapons of mass destruction, in cases provided for by law.

Article 12. Procedure for disclosure of financial service secrets by the Regulator↑

1. The regulator has the right to receive, store and use information constituting a secret of a financial service relating to a client, solely for the purpose of performing the functions and powers assigned to it by law.

2. Information constituting a financial service secret shall be disclosed by the Regulator in accordance with the procedure established by it:

1) upon written request of the relevant person to whom such information relates;

2) by court decision;

3) in other cases specified in this article.

The regulator provides financial service providers with access to information from the Credit Register in accordance with the procedure prescribed by law.

3. The regulator has the right to disclose to state authorities information constituting a financial service secret collected in the course of performing its functions, if such information may indicate an offense and/or be used to prevent, detect, stop, investigate offenses, and hold guilty persons accountable for their commission.

4. The Regulator has the right to provide the state enforcement service bodies, private enforcement agents for forced execution of its decisions on the application of a measure of influence in the form of a fine to a financial service provider and/or intermediary, which, in accordance with this Law, are executive documents and contain information constituting a secret of a financial service. In such a case, the state enforcement service bodies, private enforcement agents have the right, in accordance with the procedure established by law, to disclose the information received from the Regulator constituting a secret of a financial service to the participants in the enforcement proceedings and persons involved in the enforcement actions.

5. The regulator, in accordance with an international treaty of Ukraine or on the principle of reciprocity, has the right to provide information obtained during the supervision of the activities of financial service providers and/or intermediaries to the relevant regulatory and/or supervisory body of a foreign state, as well as to receive such information from such regulatory and/or supervisory body of a foreign state. The regulator has the right to disclose information constituting a financial service secret received by it from a regulatory and/or supervisory body of a foreign state, exclusively with the consent of such body, unless otherwise provided for by an international treaty and/or a special law.

6. In order to ensure the performance of its functions and/or protect its legitimate interests, the regulator has the right to provide information constituting a financial service secret, collected in the course of performing its functions, to judicial, law enforcement and/or supervisory authorities of foreign states.

The regulator is obliged to notify the persons specified in the first paragraph of this part about the requirements for maintaining the confidentiality of the financial service and the obligation not to disclose it.

Persons who have received information constituting a financial service secret, in accordance with the procedure specified in this part, are obliged not to disclose or use it for their own benefit or for the benefit of third parties.

7. The regulator has the right to provide information constituting a financial service secret to the court to protect its rights and legitimate interests in cases in which it is a participant.

Section IV. BASIC PRINCIPLES OF ACTIVITIES IN PROVISION OF FINANCIAL SERVICES↑

Article 13. Financial services activities↑

1. Financial institutions and other persons that have received the appropriate license(s) have the right to provide financial services, except for cases provided for in parts three to five of this article and special laws.

A license includes the right to carry out activities to provide one or more financial services specified in such a license, the possibility of providing which is provided for by law for a provider of financial services of a certain type. A special law may determine the need to obtain a separate license that includes the right to carry out activities to provide a specific financial service.

A legal entity that intends to carry out activities related to the provision of financial services is obliged to ensure the accessibility of such services to persons with disabilities and other groups of the population with limited mobility, including access to premises where customer service is provided, and to provide for proper information to such persons about ensuring the accessibility of services in accordance with the requirements established by the Regulator.

{Part one of Article 13 is supplemented by paragraph three in accordance with Law No. 3994-IX of 08.10.2024 }

2. Only financial institutions, on the basis of an appropriate license issued by the Regulator, except for cases established by special laws, shall carry out the following types of activities for the provision of financial services:

1) banking activities in accordance with the Law of Ukraine "On Banks and Banking Activities";

2) insurance activities in accordance with the Law of Ukraine "On Insurance";

3) activities of a credit union in accordance with the Law of Ukraine "On Credit Unions";

4) activities of a financial company in accordance with Section VI of this Law;

5) pawnshop activities in accordance with Section VI of this Law;

6) activities in the capital markets in accordance with the Law of Ukraine "On Capital Markets and Organized Commodity Markets" and other special laws.

3. Financial service providers, on the basis of an appropriate license issued by the Regulator (except for cases established by special laws), carry out activities to provide financial payment services in accordance with the Law of Ukraine "On Payment Services".

Legal entities may carry out activities related to the provision of financial payment services without the need to obtain a license, provided that their activities are authorized (accredited) in accordance with the procedure established by the law of Ukraine regulating the provision of payment services.

4. Legal entities may provide financial services on the basis of authorization without acquiring the status of a financial institution in cases established by this Law or special laws.

The specifics of the provision of financial services by such legal entities and additional requirements for them are determined by the regulatory legal acts of the Regulator.

5. A contract that provides for the provision of a financial service by a person who, on the date of conclusion of the contract, does not have the right to provide such a financial service in accordance with this Law and special laws, is null and void.

Article 14. Raising funds by financial institutions↑

1. Financial institutions have the right to provide financial services for raising funds and bank metals subject to return from an unlimited number of persons, exclusively in cases established by this Law and special laws.

2. Financial institutions also have the right to raise funds from:

1) participants, shareholders, owners of significant participation and affiliated persons of a financial institution - in any form;

2) other financial service providers - in the form of a loan and/or credit. Funds on credit terms are attracted if the financial service provider - the lender has the right to provide a financial service, as provided for in paragraph 2 of part one of Article 4 of this Law;

3) international financial organizations - in any form;

4) individuals (except for participants in a financial institution), the requirements for which are established by the Regulator, and legal entities - in the form of an interest-free loan (repayable financial assistance) or subordinated debt;

5) any persons - by conducting transactions with financial instruments (except bank savings certificates) in accordance with the Law of Ukraine "On Capital Markets and Organized Commodity Markets";

6) any persons - by issuing shares when increasing (decreasing) the size of the authorized capital of the joint-stock company;

7) The Regulator - in cases provided for by law;

8) any persons (including non-residents) - in the form of a charitable contribution, donation, grant, financial assistance, technical assistance exclusively on a non-refundable basis and in the manner prescribed by the legislation of Ukraine;

9) in other cases - in the manner and manner determined by a special law.

The methods of raising funds by financial institutions specified in this Part shall not be considered as the provision of a financial service. The specifics and procedure for raising funds by financial institutions shall be established by this Law and special laws.

3. The regulator has the right to establish additional requirements for financial institutions that issue debt securities.

4. Before raising funds from individuals specified in paragraph 4 of part two of this article, a financial institution shall be obliged to verify the compliance of such individual with the characteristics established by the regulatory legal acts of the Regulator. Violation of this requirement shall be grounds for the Regulator to apply enforcement measures.

5. A financial institution is obliged to inform the person providing financing under subordinated debt with information about the risks of investing under subordinated debt.

6. To be included in the regulatory capital, in the prudential requirements of a financial institution, subordinated debt must meet the requirements established by the regulatory legal acts of the Regulator. Subordinated debt is included in the regulatory capital, in the prudential requirements of a financial institution after obtaining the Regulator's permission.

The Regulator shall decide on granting or refusing to grant permission to include funds raised under subordinated debt in the regulatory capital of a financial institution, on taking subordinated debt into account in the prudential requirements of a financial institution, a decision on granting the relevant permission for early repayment of subordinated debt or on refusing to grant such permission, a decision on amending the relevant permission or on refusing to amend the relevant permission, a decision on granting permission for a new investor or on refusing to grant such permission on the basis of the relevant application of the financial institution and the documents attached thereto, specified by the regulatory legal act of the Regulator. The term for adopting such a decision by the Regulator shall be 30 business days from the date of receipt of the relevant application. The Regulator shall have the right to extend this term, but not more than 30 business days, if it is necessary to verify the authenticity of the submitted documents/information and/or to obtain additional documents/information necessary for making the relevant decision, as provided for in this paragraph. The Regulator shall notify the financial institution of such extension of the period no less than three business days before the end of the deadline for making a decision provided for in this paragraph.

{Part Six of Article 14 as amended by Law No. 4017-IX of 10.10.2024 }

Article 15. Regulatory platform for testing services, technologies and instruments in financial services markets based on innovative technologies↑

1. The regulator has the right to create a regulatory platform for testing innovative services, technologies and/or instruments in financial services markets based on innovative technologies (hereinafter referred to as the regulatory platform).

The procedure for the creation and functioning of the regulatory platform is determined by this Law and regulatory legal acts of the Regulator.

2. To participate in the regulatory platform, legal entities and individual entrepreneurs submit an application to the Regulator in the form established by its regulatory legal acts.

The application for participation in the regulatory platform is accompanied by documents, the list and requirements for the content of which are established by the regulatory legal acts of the Regulator.

Persons applying to the Regulator for participation in the regulatory platform, as well as services, technologies and/or tools used on such a platform, must meet the requirements and criteria established by the Regulator. The Regulator, guided by professional judgment, taking into account the assessment of the situation in the financial services markets, the efficiency and risks of providing financial services using innovative technologies and tools, makes a decision on the appropriateness of the participation of a person in the regulatory platform and determines the procedure for such participation.

The regulator makes a decision on the appropriateness of participation in the regulatory platform or on refusal to participate in the regulatory platform within four months from the date of registration of the application.

{Part two of Article 15 is supplemented with a new paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

The Regulator shall leave the application for participation in the regulatory platform without action if the legal entity or individual entrepreneur intending to participate in the regulatory platform has not attached the necessary documents to the application or such application is submitted in violation of the requirements established by law. In such case, the Regulator shall, within five working days from the date of receipt of such application, send the relevant legal entity or individual entrepreneur a written notification (paper or electronic) about leaving the application for participation in the regulatory platform without action, indicating the identified shortcomings with reference to the violated requirements of the law, the procedure and time frame for eliminating such shortcomings, as well as the procedure and time frame for appealing the decision to leave the application without action.

{Part two of Article 15 is supplemented with a new paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

If a legal entity or individual entrepreneur who intends to participate in the regulatory platform eliminates the identified deficiencies within the period established by the Regulator, the application is considered submitted on the day of its initial submission, and the period for considering the application is extended for the period during which such application was left without action.

{Part two of Article 15 is supplemented with a new paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

The Regulator has the right to refuse a person participation in the regulatory platform if they do not meet the requirements and criteria established by the Regulator.

3. The regulator has the right to determine a simplified procedure for authorizing the activities of persons who intend to become participants in the regulatory platform, and a special regime for the activities of such persons in the financial services markets during their participation in the regulatory platform.

The special regime for the activities of participants in the regulatory platform may provide for the simplification or non-application of certain requirements established by law, including regulatory legal acts of the Regulator, for carrying out activities in the financial services markets, as well as non-application of measures of influence or exemption from liability for violation of such requirements.

A special regime for the activities of the regulatory platform participants is introduced for a period of no more than two years.

4. A person participating in the regulatory platform is obliged to comply with the requirements and decisions of the Regulator throughout the entire period of participation in the regulatory platform. Failure to comply with such requirements and/or decisions of the Regulator shall result in the Regulator deciding to terminate the participation of such person in the regulatory platform.

Participation in the regulatory platform is terminated from the moment the Regulator makes a relevant decision in accordance with the procedure established by the Regulator's regulatory legal acts.

At the request of the Regulator, a participant in the regulatory platform is obliged to cease providing or using services, technologies and tools that were tested in the regulatory platform.

After the end of the testing period, the participant of the regulatory platform has the right to continue providing or using services, technologies and instruments in financial services markets based on innovative technologies, subject to completing the activity authorization procedure and complying with the requirements and restrictions established by the regulatory legal acts of the Regulator.

5. The regulator has the right to enter into agreements with financial market regulators of foreign countries for testing international innovative financial services, technologies and instruments.

Article 16. Reporting by a financial services provider↑

1. In order to perform regulatory and supervisory functions, the Regulator shall establish the procedure for the formation and submission to it of reports (indicators, reporting data, information on the activities of a financial services provider, its operations, liquidity, solvency, profitability, as well as information on affiliated persons of such a financial services provider) (hereinafter referred to as regulatory reporting), which shall be mandatory for all business entities, the state regulation and supervision of whose activities is carried out by the Regulator.

2. In cases specified by law, a financial services provider is obliged to submit to the Regulator information about its activities and explanations regarding the information provided and transactions carried out (hereinafter referred to as information on the activities of the financial services provider).

Article 17. External audit↑

1. A financial services provider shall ensure that financial statements (consolidated financial statements) and, in cases specified by regulatory legal acts of the Regulator, regulatory reporting and information on the activities of the financial services provider are audited by an audit entity entitled to conduct a statutory audit of financial statements. A financial services provider belonging to public interest entities shall engage an audit entity entitled to provide statutory audit services for the provision of audit services.

2. The financial services provider is obliged to submit annual financial statements (consolidated financial statements) to the Regulator together with the audit report.

In cases and in accordance with the procedure specified by the regulatory legal acts of the Regulator, regulatory reporting, information on the activities of the financial services provider shall be submitted to the Regulator together with the report of the audit entity.

3. The regulator, using a risk-based approach and the principle of proportionality, has the right to establish requirements for a financial service provider to submit regulatory reporting and information on the activities of the financial service provider and the financial group together with the report(s) of the audit entity, prepared in accordance with international auditing standards, based on the results of the provision of audit services.

4. The financial services provider and the audit entity shall be obliged to provide the Regulator, at its request, with explanations, in particular written ones, on the results of the provision of audit services to the financial services provider. The audit entity shall be obliged to provide the Regulator, at its request, with access to working documents on the audit of the financial services provider.

5. The managers of the financial services provider are obliged to ensure the conditions for the provision of audit services in cases stipulated by law and regulatory legal acts of the Regulator, and at the request of the audit subject, provide reports on the Regulator's audit of the financial services provider, audit reports and internal audit reports of the financial services provider, and other documents and information necessary for the audit.

6. The audit entity shall be obliged to immediately, no later than the date of signing the audit report or the report of the audit entity, inform the Regulator in the manner determined by the Regulator about the facts established during the provision of audit services provided for in part one of this article regarding:

1) a significant violation of legislation on issues within the competence of the Regulator;

2) a significant threat or doubt regarding the ability of the financial services provider to continue its activities on a going concern basis;

3) the presence of a modified opinion (qualified opinion, adverse opinion or disclaimer of opinion);

4) failure to comply with established prudential requirements and standards.

7. The Regulator has the right to establish additional requirements for information related to the audit or review of the financial statements of a financial services provider and must be included in the audit report based on the results of the statutory audit of a financial services provider or in the report on the review of interim financial information of a financial services provider, as well as establish requirements for additional reports of the audit entity (reports of the audit entity based on the results of the provision of other audit services provided for by international auditing standards), including a list of such reports with a definition of the types of tasks, based on the results of which such reports are provided, the grounds and procedure for the submission of such additional reports by audit entities to the Regulator.

8. The continuous duration of the audit activity subject's performance of the task of statutory audit of financial statements of a financial services provider for an audit activity subject may not exceed 10 years. The maximum duration of the task of statutory audit of financial statements of a financial services provider may be extended in accordance with the Law of Ukraine "On Audit of Financial Statements and Auditing Activities".

Article 18. Outsourcing↑

1. A financial service provider may engage other persons (including another financial service provider) to perform certain functions and/or certain processes within these functions on an outsourcing basis.

The list and/or characteristics of functions and individual processes within these functions, the performance of which a financial services provider has the right to outsource, or restrictions on such outsourcing, are determined by this Law and special laws. Requirements for persons whom a financial services provider has the right to engage under outsourcing conditions, the procedure for such engagement and outsourcing are determined by regulatory legal acts of the Regulator.

2. The provisions of this Article shall not apply to the relations of a financial service provider with:

1) intermediaries, carried out in accordance with this Law, special laws and regulatory legal acts of the Regulator;

2) third parties, if such relations relate to their carrying out of economic activities not related to the provision of financial services;

3) by third parties, if the performance by such third parties of the functions and/or processes of the financial services provider is mandatory by law;

4) by third parties - in relation to their performance of other functions and/or processes of the financial services provider than those determined in accordance with part one of this article.

3. Outsourcing shall be carried out in a manner that does not result in:

1) transfer to the person providing outsourcing services the responsibility of managers and/or persons responsible for performing key functions for the implementation of key functions and/or processes of the financial services provider (except for cases established by a special law);

2) deterioration in the quality of functioning of the management system of the financial services provider;

3) disproportionality of the increase in operational risk compared to the benefits obtained as a result of its implementation;

4) occurrence of a conflict of interest;

5) violation of the requirements of the legislation of Ukraine;

6) restrictions on the Regulator's exercise of the function of supervising the activities of a financial services provider;

7) improper performance by the financial service provider of its obligations under agreements for the provision of financial services.

4. The outsourcing agreement shall be concluded in writing and shall comply with the requirements established by the regulatory legal acts of the Regulator.

5. The list of functions and/or processes that may be performed by persons on an outsourced basis, as well as the requirements for such persons, shall be approved by the supervisory board (in its absence, by the higher body) of the financial services provider.

6. In the case of outsourcing, the financial services provider is required to have internal documents regulating outsourcing issues approved by its supervisory board (in its absence, by a higher body), and to keep records of outsourcing agreements in the manner specified by the Regulator.

7. The financial services provider must notify the Regulator in the cases, procedure and time limits established by its regulatory legal acts about the transfer to third parties or the involvement of third parties in the performance of functions or processes determined in accordance with part one of this article, under outsourcing conditions.

Article 19. Association of participants in the financial services market↑

1. Providers of financial (regardless of the types of financial services they provide) and supporting services have the right to voluntarily unite in associations or other groups in accordance with the procedure established by the legislation of Ukraine.

2. Special laws may provide for the mandatory creation of a single association of participants in the financial services market, participation in which is a mandatory condition for carrying out a relevant type of activity in the provision of financial or supporting services and/or the provision of certain types of financial or supporting services.

3. Legal entities that do not engage in the provision of financial or supporting services have the right to join the association of financial services market participants.

4. The procedure for the creation, legal status and legal regime of the functioning and termination of the activities of associations of financial services market participants shall be determined by the legislation of Ukraine.

5. An up-to-date list of members of such association shall be published on the website of the association of financial services market participants.

6. Unless otherwise established by a special law, associations of financial services market participants are not objects of supervision by the Regulator, except in cases where such associations acquire the status of a self-regulatory organization in accordance with Article 20 of this Law.

Article 20. Self-regulatory organizations of financial services market participants↑

1. An association of financial services market participants shall acquire the status of a self-regulatory organization or shall lose such status from the date of adoption of the relevant decision by the Regulator in accordance with the procedure and in cases specified by special laws. The Regulator shall make a corresponding entry in the Register regarding the acquisition of such status or its loss.

Unless otherwise established by a special law, the Regulator's decision to grant an association of financial services market participants the status of a self-regulatory organization may also provide for the scope of powers that the Regulator delegates to such a self-regulatory organization, the forms of exercising such powers, and other methods of conducting self-regulation in the manner and within the limits established by the Regulator's regulatory legal acts.

Requirements for an association of financial services market participants that acquires the status of a self-regulatory organization, the registration procedure, powers, and procedure for its activities are established by this Law and special laws.

2. The status of a self-regulatory organization for a certain type of activity in the financial services market may be obtained only by an association registered in accordance with the procedure established by law as a legal entity uniting exclusively authorized providers of the relevant type of financial or supporting services in accordance with the law.

For each type of professional activity in capital markets and organized commodity markets, only one association may acquire the status of a self-regulatory organization, unless another is determined by a special law.

3. The main purpose of creating a self-regulatory organization is to conduct self-regulation by its participants as an independent and initiative activity within the limits and forms established by the Regulator, to develop, establish and apply by such participants the rules, standards and principles for carrying out the relevant type of activity, as well as to monitor their compliance.

In addition to the areas of activity specified in the first paragraph of this part, a self-regulatory organization may represent and protect the interests of its participants, as well as the interests of other participants in the financial or ancillary services market in the manner determined by its internal documents, within the limits and forms established by the Regulator.

Section V. STATE REGULATION AND SUPERVISION OF ACTIVITIES IN THE PROVISION OF FINANCIAL AND RELATED SERVICES↑

Article 21. General principles of state regulation and supervision of activities related to the provision of financial and supporting services↑

1. The purpose of state regulation and supervision of the provision of financial and ancillary services is to ensure the protection of the legitimate interests of clients, sustainable development and stability of the financial market, as well as the creation of favorable conditions for the development of the economy of Ukraine and an appropriate competitive environment in the financial market.

2. The main tasks performed by the Regulator to achieve the goal defined in part one of this article are:

1) formation and implementation of a unified and effective state policy on state regulation and supervision of the financial services market;

2) protection of the rights and legitimate interests of participants in the financial services market;

3) ensuring the efficiency and integrity of the financial services market, creating favorable conditions for its development and functioning;

4) creating conditions for effective mobilization and allocation of financial resources by participants in the financial services market;

5) creating an appropriate competitive environment in the financial services market and preventing monopolization;

6) promoting the creation of equal opportunities for access to the financial services market;

7) prevention of conflicts of interest in the activities of providers of financial and supporting services and/or resolution of conflicts of interest;

8) ensuring financial stability and preventing the accumulation of systemic risk in the financial system;

9) compliance by participants in the financial services market with the requirements of Ukrainian legislation;

10) control over the transparency and openness of the functioning of the financial services market;

11) promoting integration into European and international financial services markets;

12) promoting educational work to ensure consumer awareness, skills, knowledge and confidence in understanding the risks, responsibilities and opportunities associated with receiving financial services;

13) ensuring open and transparent relations with participants in the financial services market within the framework of the legislation of Ukraine, including timely mutual exchange of necessary information.

3. When implementing state regulation and supervision of activities related to the provision of financial and supporting services, the regulator is guided by the principles of:

1) legality, which provides that state regulation and supervision of activities related to the provision of financial and supporting services is carried out by the Regulator in accordance with the legislation of Ukraine;

2) proportionality, which provides that state regulation and supervision of activities for the provision of financial and ancillary services should be carried out proportionately, based on the purpose of state regulation and supervision and the need to ensure a reasonable balance between private and public interests, taking into account a risk-based approach, as well as the circumstances and conditions of a specific situation (including the size of the provider of financial or ancillary services, the types of activities it carries out and the risks inherent in them, the financial condition of such a provider of financial or ancillary services and the owners of significant participation in it);

3) guaranteeing the rights and legitimate interests of participants in the financial services market (in particular, consumer rights), which provides for:

a) prevention of corruption;

b) establishing reasonable deadlines for implementing changes to the regulatory legal acts of the Regulator in the field of state regulation and supervision;

c) ensuring the possibility of participation in the process of decision-making by the Regulator in accordance with the procedure established by law for participants in the financial services market;

4) openness and transparency of the supervision process, which is ensured by:

a) publication, in compliance with the regime for preserving information on the provision of financial services, financial service secrecy in the manner established by the regulatory legal acts of the Regulator, of generalized and depersonalized information on the planning and results of supervisory activities on the page of the Official Internet Representation (official website) of the Regulator;

b) ensuring the availability of information in the field of supervision in accordance with the law;

5) assessment by the Regulator of transactions, operations, circumstances and events taking into account their economic and factual content;

6) objectivity and impartiality of supervision, including inspection, in accordance with the procedure established by law and regulatory legal acts of the Regulator;

7) planning, proportionality and systematicity of supervision, its focus on preventing offenses in the financial services market.

4. State regulation and supervision of the activities of providing financial and supporting services are carried out by the Regulator through:

1) maintaining the Register and publishing information from the Register in accordance with the procedure established by this Law, special laws and regulatory legal acts of the Regulator;

2) authorization of activities for the provision of financial services and activities for the provision of supporting services in cases specified by special laws;

3) regulatory and legal regulation of the provision of financial and supporting services and supervision of such activities;

4) exercising prudential supervision and monitoring the market behavior of financial services market participants;

5) application of corrective measures, early intervention measures and impact measures;

6) preparation and publication of statistical and analytical information on the functioning of the financial services market and the activities of its participants;

7) implementation of other measures provided for by this Law and special laws;

8) supervision of compliance by financial service providers, as well as intermediaries and collection companies, with the legislation on the protection of the rights of consumers of financial services, including compliance with requirements for interaction with consumers when settling overdue debts (requirements for ethical behavior);

9) monitoring compliance with advertising legislation in financial services markets.

5. When supervising the provision of financial services, currency supervision, supervision of compliance with legislation on the protection of the rights of consumers of financial services, monitoring compliance with legislation on advertising in financial services markets and the dissemination of information on financial and related services, as well as supervision in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, terrorist financing and financing of the proliferation of weapons of mass destruction, the Regulator has the right to apply professional judgment.

{Paragraph one of part five of Article 21 as amended by Law No. 3498-IX of 11/22/2023 ; as amended by Law No. 3994-IX of 10/08/2024 ; as amended by Law No. 4465-IX of 06/03/2025 }

Professional judgment is formed by the Regulator taking into account the following principles:

a) equivalence of substance and form (assessment of transactions, operations, circumstances and events from the point of view of their substance and form);

b) proportionality (taking into account the circumstances and conditions of a specific situation, regarding which a professional judgment is formed and a corresponding decision is made (in particular, the size of the financial or ancillary services provider, the complexity, volume, types, nature of the transactions carried out by it, the organizational structure of the financial services provider, the risk profile of the financial services provider, the features of the financial services provider's activities as systemically important and/or significant (if such status exists), the activities of the financial group to which the financial services provider belongs, the financial condition of the financial services provider and the owners of a significant stake in it);

c) reasonable doubt (carrying out additional/in-depth verification/analysis of transactions, operations, circumstances and/or events regarding which a professional judgment is formed and a corresponding decision is made, if there is reasonable doubt about them);

d) comprehensive analysis (study of all circumstances and conditions of a specific situation when forming a professional judgment and making an appropriate decision).

The Regulator has the right to apply professional judgment when assessing persons, transactions, operations, circumstances, events (by qualitative and quantitative indicators), which is carried out by the Regulator within the framework of the performance of its supervisory functions, in particular:

the financial condition of the financial services provider, the risks inherent in its activities;

the viability of the financial services provider's business model, the adequacy of the financial services provider's capital and liquidity to the risks to which the financial services provider is or may be exposed;

the quality of the financial services provider's corporate governance, the effectiveness of its internal control system, the impact of risks and stress factors on the effective management of the financial services provider, financial stability and protection of the interests of the financial services provider's clients and creditors;

compliance with the requirements of currency legislation, legislation on the protection of the rights of consumers of financial services, including legislation on advertising in financial services markets and legislation on the dissemination of information about financial and related services.

{Part five of Article 21 is supplemented with a new paragraph in accordance with Law No. 3498-IX of 11/22/2023 ; with amendments made in accordance with Law No. 3994-IX of 10/08/2024 }

The document setting out the professional judgment shall be signed/approved/concurred with/approved by the head of the Regulator or by the person(s) of the Regulator authorized to do so.

Professional judgment cannot replace evidence and legal justification for the Regulator's decision.

A document containing a professional judgment, except as otherwise provided for by special laws, may be reviewed in accordance with the procedure established by the Regulator upon application by the person to whom it relates. The person has the right to submit an application for review of the professional judgment within 15 business days from the date of its receipt.

The Regulator's decisions, made using professional judgment, may be appealed in court.

Damage caused to a provider of financial and/or supporting services as a result of a professional error by the Regulator's employees and/or the experts involved in forming a professional judgment and taking into account such professional judgment, the Regulator's appropriate decision shall be compensated in accordance with the legislation.

Article 22. Regulators, their cooperation and coordination of activities↑

1. State regulation and supervision of financial services activities shall be carried out by:

1) regarding the activities of providing financial services defined in clause 9 of part one of Article 4 of this Law and related services - the National Securities and Stock Market Commission;

2) regarding the activities of providing financial services defined in paragraphs 1-8 of part one of Article 4 of this Law and related services - the National Bank of Ukraine.

2. The Antimonopoly Committee of Ukraine and other state bodies exercise control over the activities of participants in the financial services market and receive information from them within the limits of their powers determined by law.

3. Regulators shall ensure cooperation among themselves in accordance with the provisions of this Law and special laws, including:

1) promptly inform each other of observations and conclusions, as well as exchange information on the implementation of state regulation and supervision, which are necessary for the exercise of the powers entrusted to them;

2) have the right to obtain information necessary for the Regulator to exercise the powers conferred on it by law from each other's databases, which are maintained for the purpose of state regulation and supervision of activities related to the provision of financial and supporting services;

3) hold operational joint meetings at the request of one of the heads of these bodies, as a result of which relevant protocols are drawn up and/or interdepartmental agreements are concluded. The decisions contained in the said protocols and agreements are mandatory for consideration and implementation by each Regulator in accordance with the distribution of powers established by part one of this article;

4) cooperate with each other to ensure the protection of consumer rights, including exchanging information on the results of considering consumer applications and appeals, violations in the financial services market, and persons held liable;

{Clause 4 of Part Three of Article 22 as amended by Law No. 4017-IX of 10.10.2024 }

5) exercise supervision on a consolidated basis over financial groups in accordance with Article 26 of this Law, initiate before another Regulator the conduct of an inspection or the application of corrective measures, early intervention measures or measures of influence to a provider of financial or ancillary services that is a member of a financial group, but belongs to financial institutions, the state regulation and supervision of the activities of which is carried out by another regulator, and also, in accordance with their regulatory and legal acts, exchange information regarding members of such groups in the manner determined by them.

4. Regulators cooperate with the Antimonopoly Committee of Ukraine to create an appropriate competitive environment in the financial services market and prevent monopolization.

Article 23. State supervision over activities related to the provision of financial and accompanying services↑

1. The Regulator, within the limits of its powers, shall supervise the activities of providing financial and supporting services in accordance with this Law and special laws in accordance with the procedure determined by the regulatory legal acts of the Regulator.

2. The regulator oversees individual components of the financial services market in accordance with special laws.

3. The regulator shall carry out the following types of supervision over the provision of financial and/or ancillary services:

1) prudential supervision;

2) supervision of market behavior.

The Regulator carries out supervision on a consolidated basis, which provides for supervision of financial groups in order to control and limit the risks to which a financial institution is exposed as a result of participation in a financial group, by assessing, monitoring and controlling the risks of the financial group in the manner specified by the Regulator's regulatory acts.

4. The Regulator shall supervise the implementation of activities for the provision of financial and/or supporting services in accordance with this Law, special laws and regulatory legal acts of the Regulator in the following forms:

1) on-site supervision;

2) inspection checks (inspections).

5. The National Bank of Ukraine, within the scope of its powers in the field of state regulation and supervision, has the right to conduct inspections of the activities of persons covered by the supervisory activities of the National Bank of Ukraine, in accordance with Part Seven of this Article, at their location and/or through remote access, provided for the period of the inspection, to documents, information and automation systems using information and communication technologies available to persons covered by the supervisory activities of the National Bank of Ukraine, including financial groups and their participants.

{Paragraph one of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

Entities covered by the supervisory activities of the National Bank of Ukraine, including financial groups and their participants, are required to have at least one software product to provide remote access for conducting inspections.

{Paragraph of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

Persons covered by the supervisory activities of the National Bank of Ukraine, including financial groups and their participants, are obliged, during the conduct of an inspection by the National Bank of Ukraine, to provide relevant information to persons authorized by the National Bank of Ukraine at their location and/or through remote access to documents, information and automation systems using information and communication technologies within the period determined by the persons authorized by the National Bank of Ukraine, but not longer than the period of such inspection.

{Paragraph of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

Persons authorized by the National Bank of Ukraine have the right, during the inspection of providers of financial and/or supporting services, to be present at meetings of collegial management bodies, defined by the charter and internal documents, committees or commissions, which are authorized to make decisions on issues related to the activities of providers of financial and/or supporting services.

{Paragraph of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

Heads of providers of financial and/or supporting services are obliged, during the inspection by the National Bank of Ukraine, to inform in advance the persons authorized by the National Bank of Ukraine about the holding of meetings of collegial management bodies, determined by the charter and internal documents, committees or commissions, which are authorized to make decisions on the activities of providers of financial and/or supporting services, to provide information on the issues planned for consideration, and to ensure the possibility of participation of persons authorized by the National Bank of Ukraine in such meetings during the inspection.

{Paragraph of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

In the event of a technical failure or in connection with the occurrence of other unavoidable circumstances that objectively made it impossible to comply with the requirements of this part, persons covered by the supervisory activities of the National Bank of Ukraine, including financial groups and their participants, are obliged, in accordance with the procedure established by the National Bank of Ukraine, to notify the National Bank of Ukraine of the fact of a technical failure or the occurrence of other unavoidable circumstances and to provide confirmation of such circumstances. The National Bank of Ukraine may take measures to verify the existence of the reported circumstances and, based on the results of the measures taken, shall make a decision on the possibility of further conducting an inspection. The establishment of the presence of a technical failure or other unavoidable circumstances shall exempt a person covered by the supervisory activities of the National Bank of Ukraine from the application of a measure of influence to it for preventing authorized persons from conducting an inspection.

{Paragraph of part five of Article 23 as amended by Law No. 3994-IX of 08.10.2024 }

Inspections can be scheduled and unscheduled.

The frequency of scheduled inspections by persons authorized by the Regulator (hereinafter referred to as authorized persons) is determined taking into account the criteria established by the regulatory legal acts of the Regulator, based on a risk-based approach, and is taken into account when approving the inspection plan.

A scheduled inspection is carried out no more than once a year. The regulator approves the inspection plan for the next calendar year no later than December 25 of the current year and publishes it on the page of its Official Internet Representation (official website) within 10 days after approval.

Unless otherwise established by a special law, the period for conducting a scheduled inspection may not exceed 30 working days. If there are justified grounds, this period may be extended by no more than 15 working days.

6. Supervision is carried out by the Regulator using a risk-based approach and based on the principle of proportionality, taking into account the specifics of the type of activity in the provision of financial services, the nature and volume of services provided, the systemic importance/significance of providers of financial and/or ancillary services that carry out such activities, and the risks inherent in such activities, including the risks to which the provider of financial and/or ancillary services is exposed as a result of participation in a financial group.

The Regulator has the right to approve the criteria by which the risk profile of providers of financial and ancillary services is determined, their social importance/significance, on the basis of which the Supervisory Actions of the Regulator are determined.

7. The Regulator's supervisory activities cover:

1) all participants in the financial services market (except for clients, associations of participants in the financial services market other than self-regulatory organizations, and associations defined in part two of Article 19 of this Law) and their separate divisions;

2) owners of significant interests and key participants in the ownership structure, affiliated and related persons of financial service providers;

3) financial groups, participants of financial groups in Ukraine and abroad;

4) foreign participants in the financial services market who provide financial and/or supporting services in Ukraine;

5) persons who, in accordance with the procedure established by this Law and special laws, provide outsourcing services to participants in the financial services market.

8. When exercising supervision within the scope of its powers, the regulator shall cooperate with other state bodies and with relevant regulatory and/or supervisory bodies for financial institutions of foreign countries, including when exercising supervision on a consolidated basis and over persons operating in the financial markets of foreign countries. Such cooperation shall be carried out in accordance with the legislation of Ukraine on the basis of concluded agreements, memoranda or other documents.

9. When exercising supervision within the scope of its powers, the regulator shall receive free of charge from providers of financial and ancillary services whose activities are being inspected, as well as other persons specified in part seven of this article, information, documents and their copies (in paper or electronic form), written explanations on issues of activity characterizing the financial and/or ancillary services provided by this person, and/or on their compliance with the legislation of Ukraine.

10. The regulator, within the limits of its powers, has the right to receive from state authorities, local self-government bodies and other persons information, including information with limited access, which it needs to implement state regulation and supervision of activities related to the provision of financial services.

State authorities, local governments, legal entities of all forms of ownership, individuals, individual entrepreneurs, persons engaged in independent professional activities are obliged, in accordance with the procedure established by law, to provide the Regulator with information, including information with limited access, necessary for state regulation and supervision, within 10 business days from the date of receipt of the relevant request, unless a longer period is established by the request itself.

11. When supervising a provider of financial or ancillary services, the regulator has the right, in accordance with the procedure established by its regulatory legal acts, to use information, including information constituting financial service secrecy and/or banking secrecy, obtained by it in the process of supervising other providers of financial or ancillary services.

12. When exercising state supervision over the provision of financial and/or ancillary services, the regulator may use the services of other legal entities and individuals, including foreign ones, on the basis of separate agreements, provided that they ensure the protection and preservation of information on the provision of financial services, including information constituting a secret of a financial service, in accordance with this Law.

The regulator does not have the right to use the services of:

1) foreign legal entities that are directly or indirectly controlled by residents of a foreign state recognized by law as an occupying state and/or an aggressor state in relation to Ukraine;

2) foreign legal entities whose ultimate beneficial owner is a resident of a foreign state recognized by law as an occupying state and/or an aggressor state in relation to Ukraine;

3) foreign legal entities, the participant (shareholder) of which is a resident of a foreign state recognized by law as an occupying state and/or an aggressor state in relation to Ukraine;

4) persons acting in the interests of foreign legal entities specified in paragraphs 1-3 of this part.

13. Within the framework of supervision of the provision of financial and ancillary services, the day of commencement of administrative proceedings at the initiative of the Regulator is the day of drawing up by him a document in which the circumstances are recorded that may be the basis for the adoption by the Regulator of an individual act in relation to a person covered by his supervisory activities. The documents in which such circumstances will be recorded are determined by the regulatory legal acts of the Regulator.

{Article 23 is supplemented by part thirteen in accordance with Law No. 4017-IX of 10.10.2024 }

Article 24. Prudential supervision↑

1. Prudential supervision is carried out by the Regulator in order to ensure the financial stability (ensure the fulfillment of obligations) of an individual financial service provider and the stability of the financial system of Ukraine as a whole, as well as to protect the legitimate interests of clients of financial service providers in accordance with this Law, special laws and regulatory legal acts of the Regulator.

2. Prudential supervision is carried out within the limits established by law, by:

1) assessment and control of the level, nature and specifics of the risks of the activities of a person covered by the supervisory activities of the Regulator in accordance with part seven of Article 23 of this Law (hereinafter referred to in this Article as the object of supervision), including those risks that such an object of supervision creates for financial stability;

2) assessment and control of individual types of activities (operations) of the supervised entity, including determining the level of security and stability of operations, identifying shortcomings and negative trends in its activities;

3) assessing the quality of the corporate governance system and internal control system of the supervised entity, taking into account the nature of its activities;

4) assessment and control of the financial condition of the supervised entity, its compliance with prudential standards and other prudential requirements;

5) verification of the reliability of the reporting of the supervised entity submitted to the Regulator in accordance with the requirements of the legislation of Ukraine;

6) identifying facts of risky activities, the characteristics of which are defined by special laws and regulatory legal acts of the Regulator, which pose a threat to the fulfillment of obligations by the supervised entity, and preventing the implementation of such activities;

7) control and ensure compliance by the supervised entity with the requirements of the legislation of Ukraine, including the regulatory legal acts of the Regulator, as well as requirements and/or restrictions on its activities established by the Regulator in order to ensure the stability of an individual financial service provider and the stability of the financial system as a whole;

8) application of corrective measures, early intervention measures, influence measures to financial service providers and/or application of administrative penalties to officials of a legal entity, individual entrepreneurs providing financial services, and other persons.

Article 25. Supervision of market conduct↑

1. Supervision of market conduct is carried out by the Regulator in order to protect the rights and legitimate interests of clients (including consumers), providers of financial and ancillary services, ensure the efficiency of the financial services market, transparency and openness of its functioning, as well as ensure the functioning of an appropriate competitive environment in the financial services market and increase trust in it.

Within the framework of market conduct supervision, the day of commencement of administrative proceedings at the initiative of the Regulator is the day of drawing up a document by him, which records the circumstances that may be the basis for the Regulator to adopt an individual act in relation to a person covered by its supervisory activities. The documents in which such circumstances will be recorded are determined by the regulatory legal acts of the Regulator.

{Part one of Article 25 is supplemented with a paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

2. Market conduct supervision shall be carried out in relation to:

1) rules and standards for the provision of financial and/or supporting services, including ensuring the accessibility of such services for persons with disabilities and other low-mobility groups of the population, and/or conduct in the financial services market, established by law and/or regulatory legal acts of the Regulator;

{Clause 1 of Part Two of Article 25 as amended by Law No. 3994-IX of 08.10.2024 }

2) protection of customer rights;

3) dissemination of information about financial and related services, advertising of financial and intermediary services, information materials and methods of offering, selling financial and related services, involvement of intermediaries in the provision of financial services, outsourcing;

4) disclosure of information provided to clients before, during and after the provision of financial services;

5) transparency of activities in the financial services market, including disclosure of ownership structure and information disclosed in accordance with the law;

6) business reputation of owners of significant participation in financial institutions and managers of providers of financial and supporting services, as well as other qualification requirements established for managers and employees of providers of financial and supporting services;

7) activities of self-regulatory organizations;

8) preventing abuse in the financial services market, including manipulation and use of insider information, preventing conflicts of interest in the activities of providers of financial and supporting services.

3. The Regulator shall supervise compliance with the requirements of the legislation on consumer protection as a component of supervision of market behavior, ensure the implementation of state policy on consumer protection within the limits of its competence, determined by law, and in accordance with the procedure established by the regulatory legal acts of the Regulator, in particular:

1) considers applications and appeals of consumers and puts forward requirements to financial service providers to eliminate identified shortcomings and/or prevent their recurrence in the future. The procedure for considering consumer appeals by financial service providers and conducting personal receptions of consumers is determined by regulatory legal acts of the Regulator;

{Clause 1 of Part Three of Article 25 as amended by Law No. 4017-IX of 10.10.2024 }

2) monitors compliance with advertising legislation (in terms of advertising of financial services) and the dissemination of information about financial and related services;

3) applies measures of influence, corrective measures, early intervention measures to providers of financial and supporting services and/or applies administrative penalties to officials of a legal entity or individual entrepreneurs who provide financial or supporting services in the event of violations of the requirements of the legislation of Ukraine being identified as a result of the consideration of cases of violation of consumer rights;

4) verifies compliance by providers of financial and ancillary services with the rules for the provision of financial services and consumer protection legislation;

5) summarizes the practice of applying legislation on consumer protection, based on such generalization, publishes on the page of its Official Internet Representation (official website) reviews of typical violations of the rights and legitimate interests of consumers, and also provides recommendations on the protection of such rights and legitimate interests, including on issues of increasing financial awareness of clients regarding the terms of financial and/or accompanying services;

{Clause 5 of Part Three of Article 25 as amended by Law No. 4465-IX of 03.06.2025 }

6) ensures the implementation of explanatory work on the protection of consumer rights.

Article 26. Supervision on a consolidated basis↑

1. The National Bank of Ukraine shall exercise supervision on a consolidated basis over financial groups whose predominant activities are carried out by financial institutions, the state regulation and supervision of whose activities is exercised by the National Bank of Ukraine.

2. The National Securities and Stock Market Commission shall exercise supervision on a consolidated basis over financial groups whose predominant activities are carried out by financial institutions, the state regulation and supervision of whose activities is exercised by the National Securities and Stock Market Commission.

3. Activities in a financial group are considered predominant if, over the last four reporting quarters, the arithmetic average value of assets of financial institutions, the state regulation and supervision of which is carried out by the relevant Regulator, is 50 percent or more of the total arithmetic average value of assets of all financial institutions included in this group for this period.

4. For the purposes of consolidated supervision, the financial groups referred to in part one of this Article shall be divided into banking groups and non-banking financial groups.

The predominant activity in a financial group is carried out by financial institutions other than a bank if the arithmetic average value of assets for the last four reporting quarters of such financial institutions is 50 percent or more of the total arithmetic average value of assets of all financial institutions included in this group for this period.

The calculation of the predominant activity of a non-banking financial group is carried out by the Regulator in accordance with the procedure determined by its regulatory legal acts.

5. For the purpose of supervision on a consolidated basis, the regulator has the right to identify subgroups within a financial group consisting of at least two financial institutions and supervise them on a sub-consolidated basis.

6. Taking into account the specifics of the activities of the group members and the group itself, the nature and volume of services they provide, their systemic importance and the risks inherent in their activities, the Regulators, in accordance with the division of powers provided for in parts one and two of this article, for the purpose of exercising supervision on a consolidated basis, have the right, taking into account the requirements of this Law and other laws of Ukraine, to establish requirements for the financial group and its subgroups in their regulatory legal acts, in particular regarding:

1) corporate governance systems;

2) internal control systems;

3) accounting procedures, information systems necessary to ensure compliance with requirements on a consolidated basis;

4) preparation and procedure for submitting consolidated and subconsolidated reporting and other reporting (except financial reporting and consolidated financial reporting) or information;

5) compliance with prudential standards and other prudential requirements established by the legislation of Ukraine;

6) limits and restrictions on certain types of activities, including activities on the territory of foreign states;

7) definition and establishment of requirements for the responsible person of the financial group, the procedure for its approval;

8) ownership structure of the financial group and disclosure of information about it;

9) information submitted to the Regulator, as well as its scope, procedure for disclosure and submission;

10) the need to conduct a mandatory audit of the financial statements of the participants of the financial group and the consolidated statements of the financial group.

Financial groups and their members are required to comply with the requirements established by law.

7. Financial institutions supervised on an individual basis by the National Bank of Ukraine and which are members of a financial group supervised by the National Securities and Stock Market Commission in accordance with the provisions of part two of this Article shall be subject to supervision by the National Securities and Stock Market Commission within the framework of consolidated supervision in accordance with the law.

Financial institutions supervised on an individual basis by the National Securities and Stock Market Commission and which are members of a financial group supervised by the National Bank of Ukraine in accordance with the provisions of part one of this article shall be subject to supervision by the National Bank of Ukraine within the framework of consolidated supervision in accordance with the law.

8. The financial group is obliged to identify among the participants of the financial group a responsible person of the financial group - a financial institution that is able to ensure compliance with the requirements established by the Regulator for the financial group, and to agree on it with the Regulator.

The requirements for the responsible person of the financial group and the procedure for its approval by the Regulator are determined by the regulatory legal acts of the Regulator.

9. Until the Regulator approves the responsible person of the financial group or if, according to the conclusion of the Regulator, the responsible person determined by the financial group is unable to ensure the performance of the functions of the responsible person, the responsible person is the financial institution - a member of the group with the largest value of assets for the last reporting period (quarter).

10. A person who intends to become a controller of a financial group is obliged to notify the Regulator thereof through an authorized person designated by it and provide it with information about such financial group, including its ownership structure and types of activities of its participants, in accordance with the procedure established by the regulatory legal acts of the Regulator.

11. In the event of the detection of a financial group that is not identified by the financial group controller or is not identified in its entirety, the Regulator, in accordance with the procedure determined by it, identifies such a financial group and makes a decision on the recognition of the financial group or on the recognition of a change in the ownership structure of the financial group.

12. The financial group and its participants are obliged to provide the Regulator with information, documents and written explanations on their activities free of charge, and in case of detection of violations of the legislation, including regulatory legal acts of the Regulator, also copies of documents, in accordance with the procedure established by the Regulator.

13. The specifics of supervision on a consolidated basis may be determined by special laws.

Article 27. Credit Register of the National Bank of Ukraine↑

1. The National Bank of Ukraine, within the framework of implementing the state policy on national security of Ukraine in the economic sphere and promoting the implementation of state programs in the field of providing financial services, shall maintain a Credit Register in accordance with the procedure specified by this Law and regulatory legal acts of the National Bank of Ukraine in order to promote financial stability, supervise financial institutions engaged in the provision of financial services provided for in part two of this article, and manage credit risk of such financial institutions.

2. Information on transactions by types of financial services specified in paragraphs 2 , 4 - 6 of part one of Article 4 of this Law (hereinafter in this Article - credit transactions) shall be submitted to the Credit Register by financial service providers engaged in the provision of such financial services, except for pawnshops under issued pawnshop loans (hereinafter in this Article - lender). Information on credit transactions of banks in respect of which the National Bank of Ukraine has made a decision to classify them as insolvent or to revoke a banking license and liquidate them shall be submitted to the Credit Register by the Deposit Guarantee Fund for Individuals directly or by an authorized person of the Fund in the event of delegation of powers to it (hereinafter in this Article - the Deposit Guarantee Fund for Individuals).

3. The lender, the Deposit Guarantee Fund for Individuals shall submit to the Credit Registry information about:

1) debtors, their membership in groups of persons under common control, groups of related persons;

2) persons related to the debtor;

3) sureties, guarantors, and pledgers;

4) financial obligations granted, credit transactions carried out by the debtor, their terms and conditions and fulfillment of obligations under them;

5) ensuring the fulfillment of obligations under a credit transaction, including a guarantee;

6) debt management tools used;

7) credit risk assessment;

8) default events.

4. The information submitted by the lender to the Deposit Guarantee Fund of Individuals to the Credit Registry includes:

1) information identifying the debtor, namely:

a) for resident individuals - surname, first name and patronymic (if available), date of birth, registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority about this and have a mark in their passport);

b) for resident legal entities - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, location of the legal entity;

c) for non-resident individuals - surname and first name (additionally indicated by patronymic if the non-resident individual has one), date of birth, identification number that they have in the country of permanent residence, if this is provided for by the legislation of this country, or series and number of the passport or other document replacing it;

d) for non-resident legal entities - full name, identification code or registration number in accordance with the requirements of the legislation of the place of registration of the legal entity, location of the legal entity;

2) information about the terms of the credit transaction and the fulfillment of obligations under the credit transaction:

a) type of loan/financial obligation granted;

b) credit agreement number;

c) date of conclusion of the credit agreement;

d) total amount of the loan/amount of the financial obligation provided in accordance with the agreement;

e) debt under a credit transaction;

e) type of currency of the obligation;

e) the final date of repayment of the loan/termination of the financial obligation provided in accordance with the agreement;

h) the amount of overdue debt;

g) number of days overdue;

h) class of debtor;

i) information about loan write-offs;

3) information about the debtor's affiliation with persons related to the creditor;

4) information on securing the fulfillment of obligations under a credit transaction, including a surety (date of conclusion of the agreement on securing the fulfillment of obligations, type of security);

5) other information about the debtor - legal entity, namely:

a) the type of economic activity of the debtor, the period for which the type of economic activity is determined;

b) the debtor's membership in a group of legal entities under common control (determined in accordance with the legislation);

c) a list of legal entities that are part of a group of legal entities under common control, which the lender analyzes to determine the amount of credit risk;

d) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of legal entities under common control;

e) the status of the debtor's participation in the group (parent company or participant);

e) group class determined on the basis of consolidated/combined financial statements;

f) the debtor's membership in a group of related counterparties that bear a common economic risk (defined in accordance with the legislation);

g) a list of legal entities included in the group of related counterparties that bear a common economic risk;

g) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of related counterparties that bear a common economic risk;

h) information identifying owners who own 10 percent or more of the authorized capital of a legal entity:

for individuals - owners - last name, first name and patronymic (if available), registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority and have a mark in their passport), place of registration;

for legal entities - owners - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations;

i) the fact of conducting an audit of the debtor's financial statements or the consolidated/combined financial statements of the group to which the debtor belongs.

The scope and procedure for submitting information submitted to the Credit Registry by the lender and the Deposit Guarantee Fund of Individuals to fulfill the requirements of this part are determined by special laws and regulatory legal acts of the National Bank of Ukraine.

5. The lender, the Deposit Guarantee Fund for Individuals are obliged to submit to the Credit Register information provided for by this Law, special laws and regulatory legal acts of the National Bank of Ukraine once a month and update such information as of the first day of the month following the reporting month.

6. The lender is obliged to obtain the consent of the debtor - an individual to submit information to the Credit Registry when carrying out a credit transaction and concluding a relevant agreement. The absence of such consent of the debtor - an individual shall result in the lender's refusal to conclude an agreement and carry out a credit transaction. Lenders shall submit information to the Credit Registry without the need to obtain the consent of the debtor - a legal entity, while notifying such person in writing. Information about other persons related to the debtor, information about which the lender submits to the Credit Registry in accordance with this Article, shall be submitted without the need to obtain the consent of such persons, while the debtor shall notify such persons of the transfer of data concerning them to the Credit Registry.

The debtor has the right to receive free of charge from the lender information about what information regarding other persons related to this debtor has been submitted by the lender to the Credit Registry.

7. The debtor and other persons, information about whom is contained in the Credit Register (hereinafter referred to in this Article as the applicant), have the right to access data about themselves and information about requests for obtaining such data regarding them in accordance with the procedure established by the legislation on personal data protection and regulatory legal acts of the National Bank of Ukraine. The National Bank of Ukraine is obliged, within five working days from the date of receipt of the applicant's application, to provide him with information from the Credit Register free of charge or to notify him of the absence of information about him in the Credit Register in accordance with the procedure established by the regulatory legal acts of the National Bank of Ukraine.

In case of disagreement with the information contained in the Credit Register concerning him, the applicant has the right to apply to the National Bank of Ukraine with an application to correct or delete such information from the Credit Register. In case of receipt of an application from the applicant to correct or delete information concerning him from the Credit Register, the National Bank of Ukraine shall mark the information on the debtor's credit transaction with the appropriate mark for the period of verification of such information and within five working days from the date of receipt of the application shall contact the lender that provided the information to the Credit Register for its clarification or the Deposit Guarantee Fund for Individuals, if the information was provided by a bank in respect of which the National Bank of Ukraine has made a decision to classify it as insolvent or to revoke the banking license and liquidate it.

The lender or the Deposit Guarantee Fund for Individuals is obliged to submit clarified information to the Credit Register or provide a reasoned refusal to make changes to the Credit Register within 15 business days from the date of the National Bank of Ukraine's request. The National Bank of Ukraine leaves the information unchanged and removes the mark from it if the lender or the Deposit Guarantee Fund for Individuals confirms the disputed information.

The National Bank of Ukraine shall, no later than 21 business days from the date of receipt of the application, notify the applicant of any changes to the information concerning him in the Credit Register and provide an extract from the Credit Register confirming the changes to such information. The notification shall be provided to the applicant in writing, unless another form of notification is provided for in the applicant's application.

In the event of a motivated refusal of a lender that has provided information to the Credit Register or the Deposit Guarantee Fund of Individuals to make changes to the Credit Register regarding the applicant, the National Bank of Ukraine shall send the applicant a copy of such motivated refusal (an extract from the letter of the lender or the Deposit Guarantee Fund of Individuals, if such letter contains information with restricted access). In such a case, the applicant, in accordance with the procedure established by the National Bank of Ukraine, has the right to provide a comment on the information about himself that is disputed. The volume of such a comment may not exceed 100 words. The National Bank of Ukraine shall be obliged to attach the applicant's comment to the information about him contained in the Credit Register.

In the event that the lender that submitted information to the Credit Register or the Deposit Guarantee Fund for Individuals fails to provide a response within the time limit established by this Part, the National Bank of Ukraine shall exclude or amend the information disputed by the applicant and inform the applicant of the failure to provide a response. The applicant shall have the right to challenge the action or inaction of the lender, the Deposit Guarantee Fund for Individuals or the National Bank of Ukraine in court.

8. The National Bank of Ukraine, in accordance with the procedure established by it, provides the lender or the Deposit Guarantee Fund of individuals with access to information from the Credit Register as of the date of the application regarding the credit transactions of the debtor (and/or its related parties), whose total debt, lending obligations, under guarantees and/or letters of credit equal to or exceed the threshold value, the method of establishing which is determined by the National Bank of Ukraine, but not less than 10 times the minimum monthly wage (or the equivalent of this amount in foreign currency at the official exchange rate of the National Bank of Ukraine, established on the first business day of the month following the reporting month). Such information is provided to the lender only in relation to debtors (and/or their related parties) who are debtors (and/or their related parties) of this lender, or in the presence of a documented application by a person regarding the intention to carry out a credit transaction with this lender and includes:

1) information identifying the debtor, namely:

a) for resident individuals - surname, first name and patronymic (if available), date of birth, registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority about this and have a mark in their passport);

b) for resident legal entities - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, location of the legal entity;

c) for non-resident individuals - surname and first name (additionally indicated by patronymic if the non-resident individual has one), date of birth, identification number that they have in the country of permanent residence, if this is provided for by the legislation of this country, or series and number of the passport or other document replacing it;

d) for non-resident legal entities - full name, identification code or registration number in accordance with the requirements of the legislation of the place of registration of the legal entity, location of the legal entity;

2) information about the terms of the credit transaction and the fulfillment of obligations under the credit transaction:

a) type of loan/financial obligation granted;

b) credit agreement number;

c) date of conclusion of the credit agreement;

d) total amount of the loan/amount of the financial obligation provided in accordance with the agreement;

e) debt on a credit transaction/balance of a financial obligation;

e) type of currency of the obligation;

e) the final date of repayment of the loan/termination of the financial obligation provided in accordance with the agreement;

h) the amount of overdue debt;

g) number of days overdue;

h) class and adjusted class of the debtor;

i) factors that a financial service provider must take into account when adjusting the debtor's class in accordance with the regulations of the National Bank of Ukraine;

i) information about the write-off of a loan from the balance sheet of a financial institution;

j) information on the submission of information about a credit transaction by the Deposit Guarantee Fund for Individuals or an authorized person of the Fund in the event of delegation of powers to it;

j) the debtor's comment on the information placed about him in the Credit Register with which he disagrees (if any);

3) information about the debtor's affiliation with persons related to the financial services provider;

4) information on securing the performance of obligations under a credit transaction, including a surety (date of conclusion of the agreement on securing the performance of obligations, type and amount of security);

5) other information about the debtor - legal entity, namely:

a) the type of economic activity of the debtor, the period for which the type of economic activity is determined;

b) the debtor's membership in a group of legal entities under common control (determined in accordance with the legislation);

c) a list of legal entities that are part of a group of legal entities under common control, which the financial services provider analyzes to determine the amount of credit risk;

d) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of legal entities under common control;

e) the status of the debtor's participation in the group (parent company or participant);

e) group class determined on the basis of consolidated/combined financial statements;

f) the debtor's membership in a group of related counterparties that bear a common economic risk (defined in accordance with the legislation);

g) a list of legal entities included in the group of related counterparties that bear a common economic risk;

g) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of related counterparties that bear a common economic risk;

h) information identifying owners who own 10 percent or more of the authorized capital of a legal entity:

for individuals - owners - surname, first name and patronymic (if available), date of birth, registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority about this and have a mark in their passport);

for legal entities - owners - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations;

i) the fact of conducting an audit of the debtor's financial statements or the consolidated/combined financial statements of the group to which the debtor belongs;

i) availability of the status of a special purpose company in accordance with the regulatory legal acts of the National Bank of Ukraine.

The National Bank of Ukraine provides financial service providers participating in the implementation of state lending support programs, upon their request, with information from the Credit Registry on loans to debtors and their related parties provided within the framework of such programs.

A special law may establish a different list of information provided to the lender from the Credit Registry.

9. The National Bank of Ukraine, in accordance with the procedure established by it, shall provide the lender with access to information from the Credit Register on any credit transactions of the debtor, necessary for the lender to fulfill the requirements of the National Bank of Ukraine regarding credit risk management. Such information shall be provided to the lender only in respect of debtors (and/or their related persons) who are debtors (and/or their related persons) of this lender, and shall include information on:

1) the lowest adjusted debtor class and factors in accordance with the regulations of the National Bank of Ukraine, which were used by lenders in determining it, without taking into account information from the Credit Registry;

2) the debtor's entry into a group of related counterparties or a group of counterparties under common control, changes in the composition of these groups;

3) the relationship of the debtor to the lender;

4) the debtor's total debt under all credit transactions;

5) total indebtedness of a group of related counterparties or a group of counterparties under common control for all credit transactions;

6) the presence of a delay in the fulfillment of obligations under at least one credit transaction;

7) the maximum number of days of delay;

8) signs of high credit risk and default events.

10. The National Bank of Ukraine uses information from the Credit Register for the purpose specified in part one of this article, in the manner specified by its regulatory legal acts, in particular, in compliance with the requirement to limit the use of information containing data identifying the debtor or another person.

11. The lender, the Deposit Guarantee Fund for Individuals, receives information from the Credit Register without the right to transfer it to third parties. The National Bank of Ukraine does not have the right to transfer information from the Credit Register to third parties, except in cases specified by law.

The use of information from the Credit Registry by the lender, the Deposit Guarantee Fund for Individuals, and the National Bank of Ukraine for purposes other than those provided for by law is prohibited.

The lender is obliged to use information obtained from the Credit Registry for the purpose of credit risk management.

12. Information in the Credit Register is stored indefinitely. Information on credit transactions, obligations for which have been fulfilled by debtors in full or obligations for which have been terminated, is not provided to lenders after receiving information on loan repayment or termination of the obligation.

13. The National Bank of Ukraine provides lenders with access to the Credit Registry in real time free of charge.

Article 28. Liability for violation of consumer rights↑

1. Failure to provide or untimely provide the consumer with information specified by law on the terms of provision of financial services, provision of inaccurate information about a financial service, or violation of the requirements established by law for interaction with consumers when settling overdue debts (requirements for ethical behavior), violation of consumer rights when providing services in the payment market shall entail liability established by law.

{Part one of Article 28 as amended by Law No. 3994-IX of 08.10.2024 }

2. The regulator applies enforcement measures to providers of financial and/or ancillary services in the form of imposing fines for the following violations of consumer rights:

1) failure to provide or incomplete provision to the consumer, before concluding a contract for the provision of financial services, of information specified by law on the terms of the provision of financial services to the extent provided for by law, or provision of inaccurate information about such a service - in the amount of from 300 to 600 non-taxable minimum incomes of citizens for each case of such failure to provide, incomplete provision, or provision of inaccurate information;

2) failure to provide, upon the consumer's written request, a draft agreement on the provision of a financial service, if such an obligation is provided for by law - in the amount of 300 non-taxable minimum incomes of citizens for each case of such failure to provide;

3) failure to provide the consumer, in accordance with the procedure provided for in Part Four of Article 9 of this Law, with a copy of the agreement on the provision of financial services and annexes thereto (if any) - in the amount of 400 non-taxable minimum incomes of citizens for each such case;

4) failure to assess the consumer's creditworthiness (if the obligation to conduct such an assessment is established by law) - in the amount of from 3 thousand to 7 thousand non-taxable minimum incomes of citizens for each such case;

{Clause 4 of Part Two of Article 28 as amended by Law No. 3498-IX of 11/22/2023 }

5) conclusion of a contract for the provision of a financial service not in writing (if the conclusion of a contract in writing is provided for by law) - in the amount of 500 non-taxable minimum incomes of citizens for each such case;

6) unilateral increase in the fixed interest rate, unilateral change in the mechanism for calculating the variable interest rate, or failure to notify the consumer within the time limit and in the manner established by law about the change in the variable interest rate - in the amount of from 500 to 800 non-taxable minimum incomes of citizens for each such case;

7) assignment of the right of claim to a person who is not permitted to do so by law, or failure by the financial service provider to notify the consumer of the assignment of the right of claim under the contract for the provision of a financial service, if such notification is mandatory by law, - in the amount of from 300 to 600 non-taxable minimum incomes for each such case;

{Clause 7 of Part Two of Article 28 as amended by Law No. 4466-IX of 03.06.2025 }

8) failure to comply with the requirements established by law regarding interaction with consumers when settling overdue debts (requirements regarding ethical behavior) - in the amount of from 3 thousand to 6 thousand non-taxable minimum incomes of citizens;

9) involvement in the settlement of overdue debts of a legal entity not included in the register of collection companies - in the amount of from 5 thousand to 8 thousand non-taxable minimum incomes of citizens;

10) failure to comply with the requirements established by law for a consumer credit agreement - in the amount of from 5 thousand to 10 thousand non-taxable minimum incomes of citizens;

{Clause 10 of Part Two of Article 28 as amended by Law No. 3498-IX of 11/22/2023 }

11) failure to comply with the requirements established by law regarding the obligation and deadlines for submitting information about a consumer loan to a credit history bureau included in the Unified Register of Credit History Bureaus - in the amount of from 3 thousand to 7 thousand non-taxable minimum incomes of citizens;

{Part two of Article 28 is supplemented by paragraph 11 in accordance with Law No. 3498-IX of 22.11.2023 }

12) failure to comply with the requirements of the law regarding the maximum daily interest rate - in the amount of from 5 thousand to 10 thousand non-taxable minimum incomes of citizens for each such case;

{Part two of Article 28 is supplemented by paragraph 12 in accordance with Law No. 3498-IX of 22.11.2023 }

13) failure to calculate the daily interest rate under a consumer loan agreement in accordance with the requirements of the law - in the amount of from 7 thousand to 10 thousand non-taxable minimum incomes of citizens for each such case;

{Part two of Article 28 is supplemented by paragraph 13 in accordance with Law No. 3498-IX of 22.11.2023 }

14) a demand for payment of payments not specified in the consumer credit agreement and/or not taken into account in the calculation of the daily interest rate specified in the consumer credit agreement - in the amount of from 5 thousand to 8 thousand non-taxable minimum incomes of citizens for each such case;

{Part two of Article 28 is supplemented by paragraph 14 in accordance with Law No. 3498-IX of 22.11.2023 }

15) violation of the requirements established by law for advertising in financial services markets - in the amount of from 5 thousand to 10 thousand non-taxable minimum incomes of citizens;

{Part two of Article 28 is supplemented by paragraph 15 in accordance with Law No. 3498-IX of 22.11.2023 }

16) failure to comply with the requirements established by law for ensuring the accessibility of financial and supporting services for persons with disabilities and other low-mobility population groups - in the amount of five thousand to ten thousand non-taxable minimum incomes of citizens.

{Part two of Article 28 is supplemented by paragraph 16 in accordance with Law No. 3994-IX of 08.10.2024 }

Penalties provided for in paragraphs 4 and 11 of this part shall not apply if the violation of the relevant legislative requirements occurred as a result of a technical failure or due to the occurrence of other unavoidable circumstances that objectively made their implementation impossible, provided that the persons specified in the first paragraph of this part, in accordance with the procedure established by the Regulator, warned him of the fact of a technical failure or the occurrence of other unavoidable circumstances.

{Part two of Article 28 is supplemented with a new paragraph in accordance with Law No. 3498-IX of 22.11.2023 }

The maximum amount of the penalty provided for in this part, applied to a credit union on the basis of a decision to apply the relevant measure of influence, shall be established in accordance with paragraph 7 of part two of Article 46 of the Law of Ukraine "On Credit Unions".

{Part two of Article 28 is supplemented with a new paragraph in accordance with Law No. 3498-IX of 22.11.2023 }

3. The procedure for applying enforcement measures to providers of financial or ancillary services in the form of imposing penalties for violating consumer rights established by this article shall be determined by the regulatory legal acts of the Regulator in force at the time of the Regulator's decision to apply the relevant enforcement measures.

The Regulator's decision to apply a measure of influence in the form of a fine to providers of financial or ancillary services shall enter into force on the date of its notification to the provider of financial or ancillary services in accordance with the procedure determined by the Regulator, and shall be recognized as an executive document in accordance with Part Seventeen of Article 48 of this Law.

{Paragraph two of part three of Article 28 as amended by Law No. 3498-IX of 11/22/2023 ; as amended by Law No. 4017-IX of 10/10/2024 }

4. Measures of influence in the form of imposing a fine for violation of consumer rights, provided for in paragraphs 4 , 6-15 of part two of this article, shall also apply to a legal entity whose license to provide financial services has been revoked and which has been excluded from the Register, until the completion of the performance of all contracts with consumers.

{Part Four of Article 28 as amended by Law No. 3498-IX of 11/22/2023 }

Section VI. ACTIVITIES OF FINANCIAL COMPANIES AND PAWN SHOPS. STATE REGULATION AND SUPERVISION OF THE ACTIVITIES OF FINANCIAL COMPANIES AND PAWN SHOPS↑

Article 29. Activities of a financial company↑

1. A financial company is a financial institution that, on the basis of an appropriate license, has the right to carry out activities to provide one or more of the following types of financial services:

1) provision of funds and bank metals on credit;

2) provision of guarantees;

3) factoring;

4) financial leasing;

5) trading in currency values;

6) financial payment services for transferring funds without opening an account and/or for acquiring payment instruments.

2. A financial company has the right to provide a financial payment service for transferring funds without opening an account and/or acquiring payment instruments on the basis of a license for the activity of a financial company only on condition that such a financial service is combined with other types of financial services provided for in paragraphs 1-5 of part one of this article, and on condition that information about such a financial company as a financial institution entitled to provide payment services is entered into the Register of Payment Infrastructure in accordance with the procedure established by law and regulatory legal acts of the National Bank of Ukraine.

{Part two of Article 29 as amended by Law No. 3994-IX of 08.10.2024 }

3. If a legal entity intends to provide only financial payment services provided for in paragraph 6 of part one of this article and/or other financial payment services provided for in the Law of Ukraine "On Payment Services", such legal entity must obtain a license to provide financial payment services in accordance with the procedure provided for in the Law of Ukraine "On Payment Services", and the provisions of this section shall not apply to it.

4. A financial company shall provide financial services provided for in paragraphs 1-4 , 6 of part one of this article, on the basis of a license for the activities of a financial company.

The financial company provides a financial service for trading in foreign exchange and/or other financial services, if they are foreign exchange transactions, on the basis of a license from the National Bank of Ukraine for conducting foreign exchange transactions in accordance with the requirements established by the Law of Ukraine "On Currency and Foreign Exchange Transactions".

5. A financial company has the right to also carry out other economic activities, taking into account the restrictions established by the regulatory legal acts of the Regulator, except for activities in the field of material production and trade.

The restrictions referred to in the first paragraph of this part do not apply to the sale by financial companies that have the right to provide financial leasing services of property that meets the requirements specified in Part One of Article 6 of the Law of Ukraine "On Financial Leasing", as well as to the performance by such companies of other activities in the field of trade, taking into account the restrictions established by the Regulator.

{Paragraph two of part five of Article 29 as amended by Law No. 3498-IX of 11/22/2023 }

The restrictions referred to in the first paragraph of this part do not apply to the sale by financial companies of property acquired by them as a result of foreclosure on the subject of a pledge (mortgage).

{Paragraph of part five of Article 29 as amended by Law No. 3498-IX of 11/22/2023 }

The regulatory legal acts of the Regulator do not limit the activities of a financial company regarding:

1) maintenance and management of property acquired by a financial company as a result of foreclosure on collateral (mortgage), provided that such property is alienated or transferred to the trust owner for management no later than two years from the date of acquisition;

2) leasing (subleasing) property owned by a financial company under the right of ownership and/or use and not used for carrying out activities;

3) purchase by financial companies entitled to provide financial leasing services of property that meets the criteria of fixed assets in accordance with the legislation, as well as property used to ensure the commissioning, maintenance and repair of such fixed assets, provided that the free circulation of such property is not prohibited by law.

{Part five of Article 29 is supplemented by paragraph seven in accordance with Law No. 3498-IX of 22.11.2023 }

6. A financial company has the right to acquire (purchase) rights of claim under contracts for the sale of products (goods, works, services), including under contracts for the provision of financial services, taking into account the features specified in Article 9 - 1 of this Law, as well as to manage debt under such contracts.

{Part Six of Article 29 as amended by Law No. 4466-IX of 03.06.2025 }

7. A financial company may combine the provision of factoring services with other types of financial services specified in paragraphs 1 , 2 and 4 of part one of this article only on the condition that such services are provided to clients who are not consumers.

{Article 29 is supplemented with a new part in accordance with Law No. 4466-IX of 03.06.2025 }

8. A financial company has the right to enter into transactions necessary for its provision of financial services and other activities specified in this article.

9. A financial company is obliged to have its own website (web page) and post on it information specified by law and regulatory legal acts of the Regulator.

Article 30. Pawnshop activities↑

1. A pawnshop is a financial institution that, on the basis of a pawnshop license, has the right to provide individuals with financial services for the provision of funds and bank metals on credit in the form of pawnshop loans.

2. The pawnshop has the right to provide individuals with the following financial services:

1) financial payment services for transferring funds without opening an account and/or for acquiring payment instruments;

2) trading in currency values in cash.

A pawnshop has the right to provide individuals with a financial payment service for transferring funds without opening an account and/or acquiring payment instruments on the basis of a pawnshop license only on condition that such a financial service is combined with the main activity of the pawnshop, provided for in part one of this article, and on condition that information about such a pawnshop as a financial institution entitled to provide payment services is entered into the Register of Payment Infrastructure in accordance with the procedure established by law and regulatory legal acts of the National Bank of Ukraine.

{Paragraph four of part two of Article 30 as amended by Law No. 3994-IX of 08.10.2024 }

3. A pawnshop has the right to provide financial services for trading in currency values in cash and financial payment services provided for in paragraph 1 of part two of this article, if they are currency transactions, provided that it obtains a license from the National Bank of Ukraine to conduct currency transactions in accordance with the requirements established by the Law of Ukraine "On Currency and Currency Transactions".

4. To include a financial service in a pawnshop license, such a pawnshop must meet the requirements established by law and regulatory legal acts of the Regulator for the activity of providing the relevant financial service.

5. The borrower's obligations under a Lombard loan when foreclosing on the collateral are limited to the value of the collateral specified in the agreement on the provision of such a loan.

6. The subject of collateral (pledge) under a Lombard loan may be any movable property that has individual characteristics and belongs to the borrower by right of ownership, except for the property specified in Part Eight of this Article. The subject of collateral (pledge) shall be transferred by its owner (co-owner) into possession and/or for safekeeping to the creditor. The transfer of collateral (pledge) items by mail (express mail) is prohibited.

7. Within the framework of the agreement on the provision of a pawn loan:

1) the pawnshop is obliged to identify an individual who wishes to become a borrower, in accordance with the legislation;

2) the borrower's collateral (pledge) may be sold or transferred into the possession of a third party without the borrower's consent only after the expiration of the term established by the agreement, taking into account the requirements of this Law.

8. The following may not be subject to collateral within the framework of a Lombard loan agreement:

1) real estate (including land), financial instruments, corporate rights, as well as the borrower's related property rights;

2) funds in national or foreign currencies (except for cash banknotes and coins that have numismatic value and have been withdrawn from circulation in Ukraine);

3) electronic money, virtual assets;

4) objects specified in part four of Article 576 of the Civil Code of Ukraine.

9. The subject of pledge (pawn) transferred for safekeeping to a pawnshop must be stored in a place specially designated for this purpose. Such place must be a separate room, a separate territory, another place with limited access, located at the location of the pawnshop or its separate subdivision or at another address specified in the pledge (pawn) agreement.

10. Requirements for the premises of a pawnshop, separate subdivisions of a pawnshop, places for storing items of collateral (pawn), as well as requirements for the accounting and registration system of a pawnshop are established by this Law and regulatory legal acts of the Regulator.

11. The pawnshop is prohibited from using and disposing of the subject of collateral (pledge), except in cases specified by law.

12. The procedure for foreclosure on the subject of pledge (pawn) is determined by law and the terms of the pledge (pawn) agreement.

13. In addition to providing financial services, a pawnshop has the right to:

1) pay, on behalf of their clients, the cost of goods, works and services within the limits of the loans granted to them, if this is provided for by the loan agreement;

2) carry out intermediary activities in the insurance of the collateral securing the obligations under the credit agreement;

3) manage the subject of the pledge in the period before its realization in the order of foreclosure;

4) sell the collateral on which the pawnshop has levied a foreclosure;

5) carry out pre-sale preparation, repair, and processing of property that was the subject of collateral under a credit agreement and on which a pawnshop has levied a foreclosure;

6) provide property storage services;

7) provide services for the assessment of property transferred as collateral solely for the purpose of granting a loan, taking into account the requirements established by the legislation of Ukraine for the assessment of certain types of property;

8) carry out activities related to the leasing (subleasing) of property that belongs to the pawnshop on the right of ownership and/or use and is not used for the pawnshop's activities;

9) invest your own funds.

14. A pawnshop has the right to enter into transactions necessary for the provision of financial services and the performance of other activities specified in this article.

15. The pawnshop is obliged to have its own website (web page) and post on it information specified by law and regulatory legal acts of the Regulator.

Article 31. Creation of separate divisions by financial companies and pawnshops↑

1. A financial company and a pawnshop have the right to create separate divisions in accordance with the procedure established by the legislation of Ukraine.

2. A financial company and a pawnshop are obliged to ensure that the activities of their separate divisions comply with the requirements of the legislation of Ukraine.

3. Information on separate divisions of financial companies and pawnshops shall be included in the Register maintained by the Regulator and containing information on financial companies and pawnshops. A financial company and pawnshop may carry out activities through a separate division only after including information on such separate division in the Register.

4. A financial company and a pawnshop are obliged to notify the Regulator of the opening, changes in the activities or location (location) or termination of the activities of a separate unit in accordance with the procedure and within the time limits established by the regulatory legal acts of the Regulator.

5. The activities of a pawnshop (its separate subdivision) shall be carried out exclusively at its location (its separate subdivision) in premises that must meet the following requirements:

1) the premises must be non-residential and belong to the pawnshop on the right of ownership or use;

2) the premises must be equipped to provide pawnshop services, including a place specifically designated for storing pledged property;

3) the premises must be located in a capital building;

4) the area of the premises cannot be less than the size established by the Regulator;

5) it is prohibited to locate the premises in small architectural forms, temporary or non-capital structures;

6) the premises must be equipped with security and fire alarm systems, video surveillance and meet other requirements specified by the Regulator.

Article 32. Procedure for opening financial companies and pawnshops - branches of foreign institutions on the territory of Ukraine↑

1. Foreign financial institutions or legal entities that, in accordance with the legislation of the country of registration, have the right to provide financial services (hereinafter referred to as foreign institutions), have the right to open their branches and carry out the activities of a financial company or pawnshop through them on the territory of Ukraine.

2. A branch of a foreign institution has the right to provide all or some of the financial services provided for in Part One of Article 29 of this Law for a financial company, or in Part Two of Article 30 of this Law for a pawnshop, except for the financial payment service of transferring funds without opening an account and/or acquiring payment instruments, subject to accreditation in accordance with the procedure specified in this Law and regulatory legal acts of the Regulator.

{Part two of Article 32 as amended by Law No. 3994-IX of 08.10.2024 }

3. A foreign institution has the right to open its branches in Ukraine under the following conditions:

1) the state in which the foreign institution is registered is not classified as a state (jurisdiction) that does not comply or improperly complies with the recommendations of international, intergovernmental organizations involved in combating the legalization (laundering) of proceeds from crime, or the financing of terrorism or the financing of the proliferation of weapons of mass destruction;

2) in the state in which the foreign institution is registered, state regulation and supervision of the activities of providing financial services are carried out, which are equivalent to the state regulation and supervision of the activities of financial companies and pawnshops by the Regulator in Ukraine;

3) the presence of a written commitment from a foreign institution to unconditionally fulfill its obligations arising from the activities of its branch in Ukraine;

4) the minimum amount of the authorized capital of the branch at the time of its accreditation is not less than the amount of the minimum authorized capital for the provision of relevant types of financial services, established by Article 33 of this Law.

4. A foreign institution does not have the right to open its branch in Ukraine if the state in which the foreign institution is registered is recognized by Ukraine as an aggressor state or an occupying state and the participants (founders, members, shareholders) or ultimate beneficial owners of such a foreign institution are citizens of a state recognized by Ukraine as an aggressor state or an occupying state.

5. The Regulator shall accredit branches of foreign institutions on the territory of Ukraine in accordance with the procedure and under the conditions specified by this Law and regulatory legal acts of the Regulator.

6. Accreditation of a branch of a foreign institution is carried out by issuing a license for the activities of a financial company or a license for the activities of a pawnshop in accordance with this Law.

7. A branch of a foreign institution shall carry out its activities in accordance with the requirements established by this Law and the regulatory legal acts of the Regulator for financial companies or pawnshops.

8. The regulator has the right to revoke the license of a branch of a foreign institution on the grounds and in accordance with the procedure established by Article 50 of this Law, and to initiate the procedure for liquidation of a branch of a foreign institution in accordance with the procedure provided for by the legislation of Ukraine.

Article 33. Capital requirements for a financial company and a pawnshop↑

1. The authorized (compounded) capital (hereinafter in this section - authorized capital) of a legal entity that intends to carry out the activities of a financial company or pawnshop (hereinafter - the applicant), on the date of submission to the Regulator of an application for the issuance of a license for the activities of a financial company or a license for the activities of a pawnshop, must be formed and paid in the amount established by this Law.

The authorized capital of the applicant, financial company, or pawnshop must be formed and increased from confirmed sources.

Requirements regarding the sources of formation and increase of the authorized capital of an applicant, financial company, pawnshop and the procedure for their confirmation (verification) are established by this Law and regulatory legal acts of the Regulator.

2. The formation and increase of the authorized capital of the applicant, financial company, pawnshop shall be carried out in cash, and the funds shall be placed in bank accounts, unless otherwise provided for by this Law.

Residents of Ukraine make monetary contributions to form and increase the authorized capital in hryvnias, and non-residents - in foreign currency or in hryvnias.

The authorized (compounded) capital of a financial company may be increased at the expense of government bonds exchanged for shares of such a financial company, in cases provided for by the Law on the State Budget of Ukraine for the relevant year.

{Part two of Article 33 as amended by the Law No. 4143-IX dated 17.12.2024 }

3. The minimum amount of the authorized capital of the applicant cannot be less than:

1 million hryvnia - if the applicant intends to operate a pawnshop and provide exclusively a financial service of providing funds and bank metals on credit in accordance with part one of Article 30 of this Law;

5 million hryvnias - if the applicant intends to operate a pawnshop and provide all or any of the financial services provided for in part two of Article 30 of this Law;

3 million hryvnias - if the applicant intends to carry out the activities of a financial company and provide only one of the financial services provided for in paragraphs 1 , 3-5 of part one of Article 29 of this Law;

5 million hryvnias - if the applicant intends to carry out the activities of a financial company and provide two or more financial services provided for in paragraphs 1 , 3-6 of part one of Article 29 of this Law;

10 million hryvnias - if the applicant intends to carry out the activities of a financial company and provide a financial service provided for in paragraph 2 of part one of Article 29 of this Law.

4. If the law establishes a requirement for the minimum size of the authorized capital of a legal entity established in a certain organizational and legal form, the minimum size of the authorized capital of the applicant person at the time of its state registration must be no less than the size established by law for a legal entity established in such organizational and legal form.

5. The applicant, on the date of submission of the application for the issuance of a license, during the period of consideration of such application by the Regulator, and the financial company, pawnshop - during the entire term of validity of such license, are obliged to maintain the amount of equity capital in an amount not less than the amount of authorized capital established by parts three and four of this Law.

Article 34. Procedure for establishing and naming requirements for financial companies and pawnshops↑

1. Financial companies and pawnshops may be established in any organizational and legal form, unless otherwise established by law.

2. The name of a financial company, pawnshop consists of the organizational and legal form and the name of the financial company, pawnshop. A financial company, pawnshop has a full name in Ukrainian, and may also have a full/abbreviated name in a foreign language and/or an abbreviated name in Ukrainian.

3. The name of a financial company may contain words and phrases that indicate the financial services provided by such a financial company, including synonymous names or derivatives thereof. The use of these words in indirect cases in the names of legal entities founded by financial companies is permitted.

4. The name of a pawnshop must contain the word "pawnshop". The word "pawnshop" may be used in indirect cases in the names of legal entities founded by pawnshops.

5. The use of the words "Ukraine", "national" and derivatives thereof in the name of a financial company or pawnshop is possible only with the consent of the Regulator. It is prohibited for a financial company or pawnshop to add the word "state" to its name, or to use the image of the State Emblem of Ukraine or the State Flag of Ukraine, if the owner of such an institution is not the state.

6. It is prohibited to use for the name of a financial company or pawnshop a name that repeats an existing name of another financial institution, is identical to the name of another financial institution, or may be misleading as to the types of activities carried out by the financial company or pawnshop.

7. Financial companies and pawnshops are prohibited from:

1) use trademarks, commercial names of other financial institutions, protected in accordance with the procedure established by law;

2) imitate, copy or otherwise reproduce trademarks, names (full, abbreviated, commercial), identical to existing trademarks, names of other financial institutions, registered in accordance with the procedure established by law, as well as derivatives of names, trademarks, designations or word combinations, figurative elements and color combinations that are their constituent parts, owned and/or used (and/or owned and/or used during the previous 12 months) by other financial institutions and/or persons who had a license from the Regulator, if such use may lead to confusion with the activities of such other financial institution and/or mislead consumers of financial services or other persons or may create the impression that there is a connection between the trademark, name of such financial company, pawnshop and existing trademarks, names of other financial institutions.

The prohibitions provided for in this paragraph do not apply to cases where such financial company or pawnshop are successors to the persons specified in this paragraph.

8. Persons who are not financial companies, pawnshops and do not intend to carry out the activities of a financial company, pawnshop, are prohibited from using the words "financial company" and/or "pawnshop" and/or derivatives thereof in their name, trademark and/or commercial name, and are also prohibited from using a name, trademark and/or commercial name that is misleading regarding the financial services activities carried out by such a person.

9. In case of violation of the requirements of this Article, the Regulator has the right to require the financial company or pawnshop to bring the name into compliance with the requirements of this Law or to cease the unlawful use of a trademark (sign for goods and services), commercial (firm) name, as well as designations that are identical or similar to such an extent that they can be confused with trademarks, commercial (firm) names of other financial institutions, within the period specified by the Regulator.

Article 35. Licensing of financial company and pawnshop activities↑

1. A legal entity that intends to carry out the activities of a financial company or pawnshop shall acquire the status of a financial institution and the right to carry out activities to provide certain financial services after obtaining a license provided for in Article 29 or 30 of this Law.

2. The license shall specify all financial services that a financial company or pawnshop is permitted to provide on the basis of such a license, except for cases established by law.

3. The license may not be assigned or transferred to another person in any way, except in cases provided for in Article 49 of this Law. The transfer of functions and/or processes under an outsourcing agreement in accordance with this Law shall not constitute a transfer of a license.

Article 36. Documents for issuing a license for the activities of a financial company or pawnshop↑

1. A legal entity that intends to obtain a license for the activities of a financial company or a license for the activities of a pawnshop (hereinafter referred to as the applicant) shall submit to the Regulator in accordance with the requirements, in the manner and in the form established by the regulatory legal acts of the Regulator:

1) application for the issuance of a license;

2) documents containing a general description of the applicant's vision for starting, organizing, and further developing their business;

3) documents necessary for identification and assessment of compliance of the founders and/or participants (for a founder or participant - a legal entity - also members of its executive body and/or supervisory board) of the applicant with the requirements established by this Law and regulatory legal acts of the Regulator;

4) documents necessary for identification and assessment of compliance of the owners of a significant stake (for the owner of a significant stake - a legal entity - also the members of its executive body and/or supervisory board) and all persons who indirectly own a significant stake in the applicant with the requirements established by this Law and regulatory legal acts of the Regulator;

5) documents necessary to verify the sources of origin of funds for the formation of the applicant's authorized capital;

6) documents necessary for identifying and assessing the compliance of the applicant's managers (and in the case of outsourcing the accounting and/or risk management functions, if the Regulator has established requirements for the risk management system, also the persons who will be responsible for performing the relevant function) with the qualification requirements established by this Law and regulatory legal acts of the Regulator, as well as documents confirming the applicant's verification of the compliance of its managers with the qualification requirements;

7) documents containing information about the applicant's ownership structure;

8) documents containing information about the applicant's management system, including the corporate governance system, internal control system, and organizational structure of the applicant;

9) documents confirming the existence of approved policies and internal regulations of the applicant, as defined by law and regulatory legal acts of the Regulator, or copies of such policies and regulations;

10) conclusion (preliminary conclusion) of the Antimonopoly Committee of Ukraine regarding the concentration and/or permission of the Antimonopoly Committee of Ukraine for the concentration in cases provided for by the legislation of Ukraine;

11) copies of the report on the results of the private placement of shares and the certificate of registration of the share issue registered by the National Securities and Stock Market Commission (if the applicant is a joint-stock company);

12) documents confirming the applicant's compliance with the conditions for carrying out the relevant type of activity for the provision of financial services established by this Law and regulatory legal acts of the Regulator;

13) documents containing information about the commercial (brand) name, trademark (trademark for goods and services), website(s) (if available);

14) a copy of the registered charter or other constituent document (hereinafter referred to in this section as the charter) of the applicant and information on the date and number of state registration of the charter, except in the case of the availability of such charter in full and up-to-date form in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations. An applicant established and/or operating on the basis of a model charter approved by the Cabinet of Ministers of Ukraine shall submit a copy of the decision on its establishment or on the implementation of activities on the basis of a model charter signed by all founders;

15) a document confirming the applicant's payment of a fee for reviewing the package of documents, the amount of which is established by the Regulator.

2. To obtain a license, the applicant is obliged to submit to the Regulator all documents and information specified in this article.

3. The regulator, during the period of consideration of documents, specified in part one of Article 37 of this Law, has the right to require the applicant to:

1) providing additional information, documents and/or explanations necessary to clarify or verify the information submitted in accordance with the requirements of this article and/or regulatory legal acts of the Regulator; and/or

2) correction of deficiencies in the submitted documents.

The applicant is obliged to provide the Regulator, upon its request and within the time limit established by it, with such information, documents and/or explanations and/or correct deficiencies in the submitted documents.

If the applicant has not corrected the deficiencies and/or provided additional information, documents and/or explanations within the time limit set by the Regulator, the documents submitted for the issuance of a license are considered to contain incomplete information.

Article 37. Procedure for considering a package of documents, issuing a license and grounds for refusing to issue a license to a financial company and a pawnshop↑

1. The Regulator shall make a decision on the issuance of a license for the activities of a financial company, a license for the activities of a pawnshop or on the refusal to issue it on the basis of the relevant application and the documents attached thereto, specified in Part One of Article 36 of this Law. The term for the Regulator to make a relevant decision shall be 60 working days from the date of receipt of the application for the issuance of a license. The Regulator shall have the right to extend such term, but not more than for 30 working days, if it is necessary to verify the authenticity of the submitted documents/information and/or obtain additional documents/information necessary for making such a decision. The Regulator shall notify the applicant of such extension of the term no less than three working days before the end of the deadline for making a decision, provided for in this Part.

{Part one of Article 37 as amended by Law No. 4017-IX of 10.10.2024 }

2. The Regulator shall leave the application for the issuance of a license for the activities of a financial company, a license for the activities of a pawnshop without action, if the applicant has submitted an incomplete package of documents required for the issuance of a license, or such an application is submitted in violation of the requirements established by law. In such a case, the Regulator shall, within 15 business days from the date of receipt of such an application, send the applicant a written notification (paper or electronic) about leaving the application for the issuance of a license without action, indicating the identified deficiencies with reference to the violated requirements of the law, the procedure and time limit for eliminating the deficiencies, as well as the procedure and time limit for appealing the decision to leave the application without action.

If the applicant eliminates the identified deficiencies within the period established by the Regulator, the application is considered submitted on the day of its initial submission, and the period for considering the application is extended for the period during which such application was left without action.

It is not allowed to repeatedly leave an application without action, in which the identified deficiencies indicated in the notification of leaving the application without action have been eliminated.

{Part two of Article 37 as amended by Law No. 4017-IX of 10.10.2024 }

3. In the event that the Regulator makes a requirement provided for in part three of Article 36 of this Law, the period for consideration of the package of documents for issuing a license, determined by part one of this Article, shall be suspended until the date of receipt of additional information, documents and/or explanations and/or correction of deficiencies from the applicant, but not more than two months in total for all such requirements of the Regulator.

{Part four of Article 37 was excluded on the basis of Law No. 4017-IX of 10.10.2024 }

5. The regulator shall, no later than three days from the date of making the decision to issue a license to the applicant, enter information about the applicant and the financial services that it is permitted to provide on the basis of such license into the Register.

6. The regulator shall, within three working days from the date of making a decision to issue a license or to refuse to issue it, notify the applicant of the decision made and send the applicant a copy of it in writing (in paper form or in the form of an electronic document created in accordance with the requirements specified by the Law of Ukraine "On Electronic Documents and Electronic Document Management").

The decision to refuse to issue a license shall state the grounds for such refusal, as well as the information provided for in Part Five of Article 56 of the Law of Ukraine "On the National Bank of Ukraine".

{Paragraph two of part six of Article 37 as amended by Law No. 4017-IX of 10.10.2024 }

The regulator, together with the notification of the decision to issue a license, sends the applicant an extract from the Register.

7. The regulator has the right to refuse to issue a license on the following grounds:

1) failure to eliminate within the time period established by the Regulator the deficiencies that were the basis for leaving the application for a license without action, and/or the presence in the documents submitted for the issuance of a license of incomplete and/or inaccurate information and/or their non-compliance with the requirements of the laws of Ukraine and/or regulatory legal acts of the Regulator;

{Clause 1 of Part Seven of Article 37 as amended by Law No. 4017-IX of 10.10.2024 }

2) managers and/or other persons of the applicant for whom qualification requirements are established do not meet the qualification requirements established by law and/or regulatory legal acts of the Regulator;

3) the applicant does not meet the requirements of the law and regulatory legal acts of the Regulator for conducting activities related to the provision of financial services;

4) the applicant does not have policies and/or internal regulations required by the legislation of Ukraine, or such documents do not meet the requirements of the legislation of Ukraine;

5) the founder and/or participant of the applicant (for the founder or participant - a legal entity - also the members of its executive body and/or supervisory board) and/or at least one person who indirectly owns a significant stake in the applicant does not meet (does not meet) the requirements established by the regulatory legal acts of the Regulator;

6) the applicant's ownership structure does not meet the requirements established by this Law and regulatory legal acts of the Regulator;

7) the registered authorized capital of the applicant does not meet the requirements for the minimum authorized capital established by Article 33 of this Law;

8) the source of origin of the funds used to form the applicant's authorized capital has not been confirmed;

9) there is no permission from the Antimonopoly Committee of Ukraine for the concentration in cases where such permission is required in accordance with the law.

8. In the event that the Regulator makes a decision to refuse to issue a license on the grounds provided for in paragraph 1 of part seven of this article, the applicant has the right to resubmit to the Regulator a new package of documents for obtaining a license no earlier than three months from the date of the Regulator's decision to refuse to issue a license, provided that the reasons that were the basis for refusing to issue a license are eliminated.

9. In the event that the Regulator makes a decision to refuse to issue a license for reasons other than those provided for in paragraph 1 of part seven of this article, the applicant has the right to resubmit to the Regulator a new package of documents for obtaining a license, provided that the reasons that were the basis for refusing to issue a license are eliminated.

Article 38. Change in the scope of a finance company and pawnshop license↑

1. A financial company, a pawnshop, taking into account the restrictions established by this Law, has the right to apply to the Regulator with a request for:

1) inclusion of additional types of financial services in the license (expansion of the scope of the license);

2) exclusion of certain types of financial services from the license (narrowing the scope of the license).

2. A financial company or pawnshop that intends to expand the scope of its license shall submit an application to the Regulator in the form established by the regulatory legal acts of the Regulator, as well as:

1) an updated general description of the applicant's vision for starting, organizing, and further developing their business, taking into account new types of financial services;

2) other documents confirming the compliance of such a financial company or pawnshop with the requirements established by this Law and regulatory legal acts of the Regulator for the provision of such a type of financial service.

3. To include additional financial services in the license, a financial company or pawnshop must meet the requirements established by law and regulatory legal acts of the Regulator for each type of such financial services.

4. The procedure for narrowing the scope of the license is determined by the regulatory legal acts of the Regulator.

A financial company may apply for exclusion from the license of all financial services exclusively in the procedure for revoking the license for the activities of a financial company in accordance with Article 50 of this Law.

A pawnshop may apply for exclusion from the license for the provision of financial services for the provision of funds and bank metals on credit exclusively in the procedure for revoking the license for the operation of a pawnshop in accordance with Article 50 of this Law.

5. The decision to grant approval or refuse to grant approval for a change in the scope of the license shall be made in accordance with the procedure specified by the regulatory legal acts of the Regulator on the basis of the application and the documents attached to it, specified by the regulatory legal act of the Regulator. The term for the Regulator to make a decision shall be 30 working days from the date of submission of the relevant application.

The Regulator has the right to extend this period, but not more than for 30 business days, if it is necessary to verify the authenticity of the submitted documents/information and/or obtain additional documents/information necessary for making such a decision. The Regulator shall notify the applicant of such an extension of the period no less than three business days before the end of the deadline for making a decision provided for in this Part.

The Regulator shall leave the application for changing the scope of the license without action if the applicant has submitted an incomplete package of documents required for approval and changing the scope of the license, or such an application is submitted in violation of the requirements established by law. In such a case, the Regulator shall, within 15 business days from the date of receipt of such an application, send the applicant a written notification (paper or electronic) about leaving the application for changing the scope of the license without action, indicating the identified shortcomings with reference to the violated requirements of the law, the procedure and time frame for eliminating such shortcomings, as well as the procedure and time frame for appealing the decision to leave the application without action.

If the applicant eliminates the identified deficiencies within the period established by the Regulator, the application is considered submitted on the day of its initial submission, and the period for considering the application is extended for the period during which such application was left without action.

{Part five of Article 38 as amended by Law No. 4017-IX of 10.10.2024 }

6. The regulator shall make an entry in the Register on the expansion of the scope of the license within three working days from the date of making the relevant decision.

{Part six of Article 38 as amended by Law No. 4017-IX of 10.10.2024 }

7. The regulator shall refuse to approve the extension of the scope of the license in the following cases:

1) non-compliance of the financial company or pawnshop with the requirements for the provision of a type of financial services established by law and/or regulatory legal acts of the Regulator;

2) failure to eliminate, within the time period established by the Regulator, the deficiencies that were the basis for leaving the application for expansion of the scope of the license without action, and/or the presence of incomplete and/or inaccurate information in the submitted documents and/or their non-compliance with the requirements of the law and regulatory legal acts of the Regulator.

In the event that the Regulator makes a decision to refuse to approve the extension of the license scope on the grounds provided for in paragraph 2 of this part (regarding the failure to eliminate the deficiencies within the time period established by the Regulator that were the basis for leaving the application for the extension of the license scope without action), the applicant has the right to submit a new application for the extension of the license scope no later than three months from the date of the Regulator's decision to refuse to approve the extension of the license scope, provided that the reasons that were the basis for making such a decision are eliminated.

{Part seven of Article 38 as amended by Law No. 4017-IX of 10.10.2024 }

8. A notification of the decision to grant approval or refuse to approve a change in the scope of the license shall be sent to the financial company, pawnshop in writing (in paper form or in the form of an electronic document created in accordance with the requirements specified by the Law of Ukraine "On Electronic Documents and Electronic Document Management") within three business days from the date of the relevant decision. The decision to refuse to approve a change in the scope of the license shall indicate the grounds for such refusal, as well as the information provided for in Part Five of Article 56 of the Law of Ukraine "On the National Bank of Ukraine".

{Part Eight of Article 38 as amended by Law No. 4017-IX of 10.10.2024 }

9. The regulator has the right to exclude a particular type of financial service from a license on the grounds and in accordance with the procedure provided for in Article 50 of this Law, provided that such grounds relate exclusively to the relevant type of financial service.

10. From the date specified in the Regulator's decision to narrow the scope of the license, but not earlier than the next business day after the adoption of such a decision, such a financial company, pawnshop shall not have the right to carry out activities to provide a type of financial service excluded from the license (including to conclude new contracts for the provision of the relevant type of financial services and/or extend the term of validity of concluded contracts for the provision of such financial services, and/or increase the amount of obligations under concluded contracts for the provision of such financial services). Obligations under previously concluded contracts for the provision of such financial services shall be fulfilled by the parties in full until the moment of performance of the contract.

Article 39. Requirements for financial companies and pawnshops↑

1. Requirements for financial companies and pawnshops are determined by this Law and regulatory legal acts of the Regulator.

The regulator has the right to determine additional requirements for legal entities that, prior to applying for a license to operate a financial company or a license to operate a pawnshop, were engaged in other economic activities.

2. The regulator has the right:

1) establish criteria and requirements for the activities of a financial company and pawnshop in accordance with Article 21 of this Law;

2) require the financial company, pawnshop, and their managers to take measures aimed at bringing the activities of the financial company, pawnshop into compliance with the requirements of the legislation of Ukraine;

3) establish restrictions and prohibitions in cases provided for by this Law.

3. The regulator has the right to establish requirements (including prudential requirements and requirements for compliance with market conduct) for the activities of a financial company, pawnshop in providing financial services. The regulator has the right, in particular, to establish requirements for capital adequacy, liquidity, credit risk, lending limits to related parties, as well as additional requirements for the equity of financial companies, pawnshops.

The regulator has the right to establish prudential requirements for financial companies and pawnshops in order to ensure:

1) financial stability and solvency of financial companies, pawnshops that provide certain types of financial services or are members of a financial group;

2) protection of the rights of clients of financial companies and pawnshops;

3) financial stability and minimization of systemic risks.

The regulator establishes prudential requirements for financial companies and pawnshops, taking into account the size, complexity, volumes, types, nature of operations carried out by financial companies and pawnshops, the organizational structure and risks inherent in the activities of financial companies and pawnshops.

4. A financial company, a pawnshop, throughout its entire period of activity must comply with the requirements established by this Law and regulatory legal acts of the Regulator, including the prudential requirements specified in part three of this article.

5. Managers of a financial company, pawnshop and owners of a significant stake in a financial company, pawnshop are obliged, throughout the entire time during which they retain their status or have a significant stake in a financial company, pawnshop, to comply with the requirements established by this Law and regulatory legal acts of the Regulator.

Article 40. Requirements for the ownership structure, owners of significant participation and notification of changes in owners of significant participation in a financial company and pawnshop↑

1. The ownership structure of a financial company or pawnshop must comply with the transparency requirements, as well as other requirements established by this Law, other laws of Ukraine, and regulatory legal acts of the Regulator.

2. A financial company and a pawnshop are obliged to submit information about their ownership structure to the Regulator every year, as well as to report all changes in their ownership structure in the manner, scope and time frame established by the regulatory legal acts of the Regulator.

A financial company and a pawnshop are obliged to publish information about the structure of their ownership and all changes to it in the scope and in the manner established by the regulatory legal acts of the Regulator.

3. The regulator shall publish information on the ownership structure of a financial company or pawnshop on the page of its Official Internet Representation (official website). The regulator shall have the right to take measures to establish compliance of the ownership structure of a financial company or pawnshop with the requirements of the legislation of Ukraine, including requesting information and documents from the financial company or pawnshop, their key participants and owners of significant participation, as well as to demand relevant explanations.

4. A financial company or pawnshop shall have the right to appoint an employee responsible for fulfilling the requirements specified in this Article. The legal status, powers, accountability and subordination of such employee, as well as the requirements for him, shall be determined by the regulatory legal acts of the Regulator.

5. The procedure for the Regulator to monitor compliance with the requirements regarding the ownership structure of a financial company or pawnshop is determined by the Regulator's regulatory legal acts.

6. Owners of a significant stake in a financial company or pawnshop must have an impeccable business reputation and meet other requirements established by the regulatory legal acts of the Regulator.

7. A financial company, a pawnshop are obliged, together with the notification of the Regulator about a change in the ownership structure, if the changes in the ownership structure relate to the acquisition or increase of a significant stake in a financial company, a pawnshop in such a way that a legal entity or an individual began to own or control 10, 25 or 50 percent or more of the authorized capital of the financial company, a pawnshop or the voting rights for shares (shares) in the authorized capital of the financial company, a pawnshop and/or regardless of formal ownership, to exercise significant influence or exercise control over the management or activities of the financial company, a pawnshop, in order to verify the compliance of the owner of a significant stake with the requirements of the legislation, to provide information and documents established by the regulatory legal acts of the Regulator.

A person who intends to transfer a significant stake in a financial company or pawnshop to any other person or to reduce such stake to such an extent that its share in the authorized capital of the financial company or pawnshop or voting rights will be lower than the levels specified in the first paragraph of this part, or to transfer control over the financial company or pawnshop to another person, is obliged to notify the Regulator thereof in accordance with the procedure established by the regulatory legal acts of the Regulator.

Owners of significant participation and key participants of a financial company or pawnshop are obliged to provide the financial company or pawnshop with information and documents necessary to form information about the ownership structure of the financial company or pawnshop and to send to the Regulator the notification provided for in this article, in the manner, scope and terms established by the regulatory legal acts of the Regulator.

8. The Regulator has the right to determine the presence of significant influence and/or control over the management or activities of a financial company, pawnshop and to recognize a person as the owner of a significant stake in a financial company, pawnshop. Signs of the presence of significant influence and/or control over the management or activities of a financial company, pawnshop are determined by the regulatory legal acts of the Regulator.

In the event of non-compliance of the owner of a significant stake in a financial company or pawnshop with the requirements of this Law or regulatory legal acts of the Regulator, the Regulator shall recognize the ownership structure of the financial company or pawnshop as not meeting the requirements of the legislation of Ukraine, require the elimination of the violation and temporarily, until the elimination of the violation, prohibit the owner of a significant stake in the financial company or pawnshop from using voting rights and apply the consequences of the non-compliance of the ownership structure with the requirements of the legislation of Ukraine.

Article 41. Organization of corporate governance and internal control systems of a financial company and a pawnshop↑

1. A financial company, a pawnshop shall organize and ensure the functioning of corporate governance and internal control systems, taking into account the specifics of their type of activity, the nature and list of services they provide, the risks inherent in such activity, the features established by laws on the regulation of the activities of business companies and legal entities of other organizational and legal forms, in accordance with the organizational and legal form in which they are established, as well as regulatory legal acts of the Regulator.

2. A financial company or pawnshop has the right to create separate internal audit, risk management, and compliance control units within its structure or to assign the performance of relevant functions to responsible employees.

Article 42. Requirements for managers of a financial company and a pawnshop↑

1. Managers of a financial company or pawnshop must, throughout the entire period of holding the relevant positions, meet the qualification requirements for impeccable business reputation and professional suitability, as determined by the regulatory legal acts of the Regulator.

Independent members of the supervisory board (hereinafter referred to as independent directors), if appointed, must meet the independence requirements established by laws regulating the activities of business companies.

2. A financial company and a pawnshop are obliged to regularly check managers for compliance with qualification requirements, and independent directors (if any) for compliance with independence requirements, including before appointing such persons to management positions, and to ensure control over such compliance.

The financial company, pawnshop is responsible for fulfilling the obligation to verify the head of the financial company, pawnshop for compliance with qualification requirements and independence requirements (if necessary).

3. The heads of a financial company or pawnshop shall take office on the date of their appointment (election).

4. A financial company, a pawnshop, in accordance with the procedure established by the regulatory legal acts of the Regulator, are obliged to notify the Regulator of the appointment of a person to the position of manager and provide documents confirming the verification of compliance of such a person with the qualification requirements and independence requirements (if necessary).

5. A financial company and a pawnshop are obliged to notify the Regulator, in accordance with the procedure established by its regulatory legal acts, of any change in their managers, including dismissal or appointment (election, assumption of powers or termination of powers), within five business days from the date of such change.

6. If a financial company, pawnshop or the Regulator discovers that a manager (candidate for the position of manager) does not meet the qualification requirements, the manager (candidate for the position of manager) may apply to the Regulator in accordance with the procedure established by its regulatory legal acts with a request not to apply the identified sign of impeccable business reputation to him and/or provide additional documents/explanations on his compliance with the requirements for professional suitability.

The Regulator shall consider a petition for the non-application of the signs of an impeccable business reputation to a manager (candidate for the position of manager) and shall make a corresponding decision within 30 working days from the date of receipt of the relevant petition. The Regulator shall have the right to extend this period, but not more than for 30 working days, if it is necessary to verify the authenticity of the submitted documents/information and/or obtain additional documents/information necessary for making such a decision. The Regulator shall notify the financial company, pawnshop of such an extension of the period no less than three working days before the end of the deadline for making a decision provided for in this paragraph.

{Paragraph two of part six of Article 42 as amended by Law No. 4017-IX of 10.10.2024 }

The Regulator has the right to invite the manager (candidate for the position of manager) to consider the issue of his compliance with the qualification requirements in order to provide explanations. The failure of the manager (candidate for the position of manager) to appear does not prevent the Regulator from considering such an issue and making a decision on the merits.

{Paragraph of part six of Article 42 as amended by Law No. 4017-IX of 10.10.2024 }

If, based on the results of the assessment of the business reputation and professional suitability of the head of a financial company or pawnshop, the Regulator adopts a decision to recognize the head's business reputation as not impeccable and/or a decision on the non-compliance of the head of a financial company or pawnshop with the requirements for professional suitability, the Regulator has the right to demand the replacement of such head.

The regulator requires the termination of the powers of the head of a financial company or pawnshop if, as a result of supervision, it is found that such a head:

1) does not meet the qualification requirements; and/or

2) fails to ensure proper performance of his/her official duties, which resulted in a violation of the requirements of the legislation of Ukraine.

The financial company, pawnshop are obliged, at the request of the Regulator, to take measures to terminate the powers of such a manager, as well as to elect/appoint another person to the relevant position, if this is required by the legislation of Ukraine.

7. The head of a financial company or pawnshop, in respect of which the Regulator has made a demand for termination of powers, is obliged to refrain from taking actions, making decisions and to cease performing his/her official duties from the day following the day of receipt of such a demand from the Regulator.

8. The law may establish restrictions on the holding of positions in other legal entities by managers of a financial company or pawnshop or the provision of services (performance of work) by them to other legal entities on the basis of a civil law contract.

9. Managers of financial companies and pawnshops are obliged to refrain from taking actions and/or making decisions if this may lead to a conflict of interest and/or prevent such persons from properly performing their official duties in the interests of the financial company and pawnshop.

Article 43. Reporting and obligations to inform the Regulator by financial companies, pawnshops and financial groups↑

1. Financial companies, pawnshops, authorized persons of the financial group are obliged to submit to the Regulator:

1) financial statements, management report (consolidated financial statements, consolidated management report - if the financial company or pawnshop is the parent company);

2) consolidated and sub-consolidated financial group reporting (if the financial company or pawnshop is the responsible person of the financial group);

3) regulatory reporting;

4) other information about the activities of a financial company, pawnshop, which is necessary for the purposes of supervision of the activities of a financial company, pawnshop, as well as inspection of a financial company, pawnshop for compliance with the requirements of the legislation regulating relations in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction.

2. The regulatory legal acts of the Regulator establish:

1) list of regulatory reporting indicators, requirements for the structure of explanatory notes to reporting;

2) the procedure and terms for compiling, submitting and publishing regulatory reporting and information on the activities of a financial company, pawnshop, specified in paragraph 4 of part one of this article;

3) a list of indicators of the management report (consolidated management report) of a financial company, pawnshop in agreement with the central executive body that ensures the formation and implementation of state policy in the field of accounting and auditing.

3. The financial company and pawnshop are obliged, within three business days from the date of the occurrence of the relevant event, to inform the Regulator in accordance with the procedure established by it about:

1) any significant changes in the information and/or documents submitted to the Regulator for the purpose of obtaining a license, with the signs and criteria for significant changes being determined by the regulatory legal acts of the Regulator;

2) making a decision to terminate the activities of a financial company or pawnshop or to initiate bankruptcy proceedings against a financial company or pawnshop;

3) serving a notice of suspicion of committing a criminal offense to the head of a financial company, pawnshop or an individual - the owner of a significant stake;

4) facts have been discovered regarding the managers of the financial company or pawnshop, which indicate their non-compliance with the qualification requirements, as well as the presence of information that may indicate/indicates a possible negative impact on ensuring the performance of their functions by such persons, as well as a conflict of interest in the financial company or pawnshop;

5) facts have been discovered regarding the owner of a significant stake that indicate his non-compliance with the requirements regarding business reputation;

6) outsourcing of the accounting function (if the financial company, pawnshop is not an enterprise of public interest), and if, in accordance with this Law, the Regulator has established requirements for the risk management system of financial companies, pawnshops - also on outsourcing of the risk management function.

4. In the event of detection of inaccurate financial statements, the financial company, pawnshop, independently or at the request of the Regulator, shall, within one month from the date of detection or from the date of receipt of such a request from the Regulator, be obliged to refute the published inaccurate financial statements in the same manner in which they were published, as well as publish corrected financial statements.

5. In the event of submission to the Regulator and/or publication of inaccurate (incomplete) financial reporting, as well as failure to comply with the procedure for refuting such reporting, the head of the executive body (sole executive body) and the chief accountant of the financial company or pawnshop shall bear the responsibility established by the legislation of Ukraine.

Article 44. Outsourcing in financial companies and pawnshops↑

1. A financial company, a pawnshop, in accordance with Article 18 of this Law, has the right to outsource its functions and individual processes within the framework of such functions, taking into account the features defined by this Article.

The person providing outsourcing services assumes the responsibilities of the person responsible for the function of the financial company, pawnshop, which is fully or partially outsourced.

The requirements of this Law and regulatory legal acts of the Regulator shall apply to the individual entrepreneur who will be responsible for the performance of the function, and if outsourcing services are provided by a legal entity - to an employee of such a legal entity, to the person responsible for the relevant function (if any).

2. A financial company, a pawnshop that is not an enterprise of public interest shall have the right, in accordance with the procedure established by the regulatory legal acts of the Regulator, to outsource the function of accounting, internal audit, risk management and/or compliance control and/or individual tasks or processes within such functions. Such a financial company, a pawnshop may outsource other functions or processes within such functions in accordance with the procedure established by them on the basis of concluded agreements.

3. A financial company, a pawnshop shall be fully responsible for compliance with the requirements of this Law, other laws of Ukraine and regulatory legal acts of the Regulator when outsourcing any functions or individual processes within the framework of such functions.

4. A financial company, pawnshop shall appoint from among its employees a person(s) responsible for outsourcing, if such a financial company, pawnshop outsources the accounting function or the risk management function (except for outsourcing the performance of individual tasks and processes within the framework of performing such a function), if, in accordance with Part One of Article 41 of this Law, the Regulator has established requirements for the risk management system of a financial company, pawnshop.

The qualification requirements for such a person and the procedure for their interaction with the Regulator are established by the regulatory legal acts of the Regulator.

5. The Regulator has the right to evaluate the work of persons who, under outsourcing conditions, perform the accounting function, as well as if, in accordance with Part One of Article 41 of this Law, the Regulator has established requirements for the risk management system of a financial company or pawnshop - the risk management function (except for outsourcing the performance of individual tasks and processes within the framework of performing such functions).

Based on the results of the assessment and identification of violations in the work of such persons, the regulator has the right to:

1) demand early termination of outsourcing agreements with the person(s) who perform such functions under outsourcing terms;

2) require the replacement of the person(s) responsible for outsourcing such functions;

3) provide instructions on eliminating shortcomings in the performance of the function, individual tasks and processes within such a function that have been outsourced.

Financial companies, pawnshops, as well as persons providing services on an outsourced basis, are obliged to comply with the requirements of the Regulator stipulated in paragraph two of this part.

Article 45. Use of the Credit Register by financial companies↑

1. Financial companies that have the right to provide at least one of the financial services provided for in paragraphs 1-4 of part one of Article 29 of this Law shall submit and receive information from the Credit Register in accordance with Article 27 of this Law and in accordance with the procedure established by the regulatory legal acts of the National Bank of Ukraine.

2. The list of information submitted by a financial company to the Credit Registry is determined by part three of Article 27 of this Law.

The volume of information submitted by a financial company to the Credit Registry is determined by the regulatory legal acts of the National Bank of Ukraine.

3. The National Bank of Ukraine, in accordance with Article 27 of this Law and its regulatory legal acts, provides financial companies with access to information from the Credit Register on credit transactions specified in paragraph one of part eight of Article 27 of this Law. Such information is provided to a financial company only in respect of debtors (and/or their related persons) who are debtors (and/or their related persons) of this financial company, or in the presence of a documented application by a person regarding the intention to carry out a credit transaction with this financial company and includes:

1) information identifying the debtor, namely:

a) for resident individuals - surname, first name and patronymic, date of birth, registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept a taxpayer registration number, have notified the relevant regulatory authority and have a mark in their passport);

b) for resident legal entities - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, location of the legal entity;

c) for non-resident individuals - surname and first name (additionally indicated by patronymic if the non-resident individual has one), date of birth, identification number that they have in the country of permanent residence, if this is provided for by the legislation of this country, or series and number of the passport or other document replacing it;

d) for non-resident legal entities - full name, identification code or registration number in accordance with the requirements of the legislation - place of registration of the legal entity, location of the legal entity;

2) information about the terms of the credit transaction and the fulfillment of obligations under the credit transaction:

a) type of loan/financial obligation granted;

b) credit agreement number;

c) date of conclusion of the credit agreement;

d) total amount of the loan/amount of the financial obligation provided in accordance with the agreement;

e) debt on a credit transaction/balance of a financial obligation;

e) type of currency of the obligation/financial obligation provided;

e) the final date of repayment of the loan/termination of the financial obligation provided in accordance with the agreement;

h) the amount of overdue debt;

g) number of days overdue;

h) information about the write-off of a loan from the balance sheet of a financial institution;

i) the debtor's comment on the information placed about him in the Credit Register with which he disagrees (if any);

3) information about the debtor's affiliation with persons related to the creditor;

4) information on securing the performance of obligations under a credit transaction, including a surety (date of conclusion of the agreement on securing the performance of obligations, type and amount of security).

4. The National Bank of Ukraine, in accordance with the procedure established by it, provides financial companies with access to information from the Credit Register on any credit transactions of the debtor, necessary for the lender to fulfill the requirements of the National Bank of Ukraine regarding credit risk management. Such information is provided to the lender only in relation to debtors (and/or their related persons) who are debtors (and/or their related persons) of this lender and includes information on:

1) the total amount of the debtor's debt under all his credit transactions;

2) the presence of a delay in the fulfillment of obligations under at least one credit transaction, the maximum period of such delay and the event of default.

5. Financial companies are required to use information obtained from the Credit Registry for the purpose of credit risk management.

Article 46. Procedure for supervising the activities of financial companies and pawnshops↑

1. The Regulator shall supervise the activities of financial companies and pawnshops using a risk-based approach and the principle of proportionality in accordance with this Law, other laws of Ukraine and regulatory legal acts of the Regulator.

2. Within the framework of supervision, the Regulator has the right to:

1) apply corrective measures;

2) apply measures of influence;

3) request in writing from the financial company, pawnshop information and copies of documents, as well as written explanations on issues of their activities;

4) conduct inspections.

3. A financial company, a pawnshop, and their managers (manager) are obliged (obliged) to provide, upon the written request of the Regulator, information and copies of documents provided for in paragraph 3 of part two of this article.

4. Within the framework of supervision of the activities of financial companies and pawnshops, the day of commencement of administrative proceedings at the initiative of the Regulator is the day of drawing up a document by him, which records the circumstances that may be the basis for the adoption by the Regulator of an individual act in relation to a financial company or pawnshop. The documents in which such circumstances will be recorded are determined by the regulatory legal acts of the Regulator.

{Article 46 is supplemented by part four in accordance with Law No. 4017-IX of 10.10.2024 }

Article 47. Inspection of financial companies and pawnshops↑

1. The Regulator shall carry out inspections of financial companies and pawnshops in accordance with the procedure and requirements established by Article 23 of this Law, taking into account the features established by this Article and the regulatory legal acts of the Regulator.

2. Inspections are carried out to determine the level of security and stability of the activities of a financial company, pawnshop, the reliability of the reporting submitted by them and their compliance with the requirements of the legislation of Ukraine in the field of financial services, including regulatory legal acts of the Regulator.

3. The regulator is obliged to notify the financial company, pawnshop about conducting a scheduled inspection no later than ten calendar days before the start of its conduct.

4. The grounds for conducting an unscheduled inspection of a financial company or pawnshop are:

1) identification in documents submitted to the Regulator in accordance with the legislation of Ukraine of information indicating non-compliance by the financial company, pawnshop/financial group with the requirements of the legislation of Ukraine, and/or provision of inaccurate information by the financial company, pawnshop;

2) verification of compliance by a financial company or pawnshop with the requirement to eliminate violations of Ukrainian legislation, put forward by the Regulator based on the results of supervision;

3) failure by a financial company or pawnshop to submit, within the time period established by law, reports, other documents and information, the submission of which is required in accordance with the legislation of Ukraine, and/or in the cases established by this Law - at the request of the Regulator;

4) results of the analysis of the consideration of consumer applications and appeals regarding violations of the legislation on the protection of the rights of consumers of financial services committed by a financial company or pawnshop that caused harm to their rights and legitimate interests, with attached documents or copies thereof confirming such violations;

{Clause 4 of Part Four of Article 47 as amended by Law No. 4017-IX of 10.10.2024 }

5) the presence of facts indicating a deterioration in the financial condition of the financial company, pawnshop and/or an increase in the degree of risk from the activities of the financial company, pawnshop or the provision of financial services without a license;

6) the need to verify the compliance of the financial company and pawnshop with the requirements and restrictions established by the Regulator.

Unscheduled inspections may be conducted for other justified reasons specified in the regulatory legal acts of the Regulator.

The decision to conduct an unscheduled inspection is signed by the head of the Regulator or an official authorized by him.

5. The Regulator shall notify the financial company or pawnshop of the conduct of an unscheduled inspection no later than the day of its commencement.

6. The financial company and pawnshop are obliged to provide authorized persons with conditions for conducting inspections and free access during working hours to all premises of the financial company and pawnshop.

The managers of a financial company or pawnshop are obliged to ensure that authorized persons are provided with free access in viewing mode to all information systems of the financial company or pawnshop necessary for conducting an inspection, sampling and downloading the necessary information for its further analysis, consulting support on the functioning of such systems, as well as information, documents and written explanations on the activities of the financial company or pawnshop.

Managers and/or employees of a financial company or pawnshop are obliged to provide authorized persons free of charge with information and copies of documents, including those stored in the information systems of such a financial company or pawnshop, in accordance with the procedure established by the Regulator.

7. Authorized persons have the right to receive from a financial company, pawnshop information, documents and their copies, written explanations on the activities of the financial company, pawnshop, oral explanations of managers and/or employees, to withdraw (take out of the financial company, pawnshop) written explanations, as well as to make and withdraw (take out of the financial company, pawnshop) copies of documents on the activities of the financial company, pawnshop, including copies of documents indicating a violation of the legislation of Ukraine.

Requests from a financial company, pawnshop for information, documents and copies thereof, written explanations on the activities of the financial company, pawnshop, invitations of managers and/or employees of the financial company, pawnshop to provide oral explanations, initiation of meetings, and taking other actions necessary for conducting an inspection are carried out on the basis of requests from persons authorized by the Regulator, drawn up in accordance with the requirements of the regulatory legal acts of the Regulator. Such a request shall indicate the deadline for the financial company, pawnshop to take the relevant actions, which shall be determined taking into account the term of the inspection specified in the Regulator's decision to conduct it, as well as other requirements for fulfilling the request.

{Part seven of Article 47 is supplemented with a new paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

The Regulator and/or authorized persons shall not be allowed to provide inspection materials to third parties if the inspection materials do not contain data on the facts of violation of the legislation of Ukraine, except for cases specified in Article 12 of this Law.

8. During the inspection of a financial company, pawnshop, persons authorized by the Regulator have the right to inspect any reporting of an affiliated person and a related person of a financial company, pawnshop regarding relations with the financial company, pawnshop in order to determine the impact of relations with this person on the state of the financial company, pawnshop. For the purposes of such inspection, the provisions of parts six and seven of this article shall apply to affiliated and related persons of a financial company, pawnshop.

Article 48. Corrective measures and enforcement measures applicable to financial companies and pawnshops↑

1. The regulator has the right to apply corrective measures or enforcement measures to a financial company or pawnshop.

2. In the event of identification of potential risks in the activities of a financial company or pawnshop that may lead to a violation of the requirements of the legislation of Ukraine, and/or in the event of identification of circumstances and risks that negatively affect or may negatively affect the financial condition of a financial company or pawnshop, shortcomings in their activities, including the quality of corporate governance, risk management systems and internal control, the Regulator has the right to apply corrective measures to the financial company or pawnshop.

Corrective measures consist of the Regulator providing recommendations on taking action or the need to refrain from taking action in order to avoid risks in the activities of financial companies and pawnshops.

3. The Regulator has the right to decide on the application of corrective measures to an unlimited number of financial companies and pawnshops in the event that similar deficiencies in the activities of financial companies and pawnshops or violations of the requirements of the legislation of Ukraine are identified during supervision. The Regulator shall publish such a decision by posting it on the page of the Official Internet Representation of the Regulator in accordance with the procedure established by it.

4. The Regulator shall, in accordance with the committed violation and/or the level of threat, apply one or more measures of influence in the event of violation by financial companies, pawnshops, their officials, managers, owners of significant participation of the requirements of this Law and/or other laws and/or regulatory legal acts, requirements, decisions and/or orders of the Regulator; and/or the implementation of risky activities that threaten the interests of clients or creditors of a financial company, pawnshop and/or the application by foreign states or intergovernmental associations or international organizations of sanctions against a financial company, pawnshop or owner of a significant participation in them that pose a threat to the interests of clients and creditors of a financial company, pawnshop and/or the stability of the financial system, which include:

1) a requirement for the financial company, pawnshop, and their managers to take measures aimed at eliminating (correcting) violations identified during supervision and bringing the activities of the financial company, pawnshop into compliance with the requirements of the law;

2) a written warning about a violation committed by a financial company, pawnshop or the identification of shortcomings in the activities of a financial company, pawnshop or their officials, managers, or owners of a significant stake;

3) convening a meeting of the management bodies of a financial company or pawnshop;

4) establishment of additional prudential requirements for a financial company and pawnshop;

5) restriction, suspension or termination of certain types of financial, supporting or other services or operations provided or carried out by a financial company, pawnshop and/or their separate divisions, or restriction of the circle of persons to whom such services or operations may be provided;

6) suspension of payment of dividends or distribution of capital in any other form to a financial company, pawnshop, the activities of which are subject to prudential requirements or in the case of a temporary prohibition of voting rights in accordance with part eleven of this article;

7) imposing fines on:

a) a financial company, a pawnshop, but in the amount of no more than 0.1 percent of the amount of assets as of the last reporting date preceding the decision to apply the relevant measure of influence, except for the fines provided for in Article 28 of this Law and subparagraph "c" of this paragraph;

{Subparagraph "a" of paragraph 7 of part four of Article 48 as amended by Law No. 4466-IX of 03.06.2025 }

b) officials of a financial company, pawnshop in accordance with the Code of Ukraine on Administrative Offenses in the manner prescribed by the regulatory legal acts of the Regulator.

The Regulator's decision to apply a measure of influence in the form of a fine may be applied simultaneously with the application of a measure of influence in the form of a written warning about the commission of a violation or the identification of shortcomings in activities;

c) a financial company for violating the requirements of Article 29 of this Law regarding the combination of activities related to the provision of financial services to consumers specified in paragraphs 1 , 2 and 4 of part one of Article 29 of this Law with activities related to the provision of factoring services, but in the amount of no more than 500 minimum wages and no less than 5 minimum wages as of January 1 of the calendar year in which the decision to apply the relevant measure of influence is made;

{Clause 7 of part four of Article 48 is supplemented by subparagraph "c" in accordance with Law No. 4466-IX of 03.06.2025 }

8) imposition of fines in accordance with Article 28 of this Law;

9) temporary, until the violation is eliminated, prohibition on the use of voting rights by the owner of a significant stake in a financial company or pawnshop (temporary prohibition of voting rights);

10) temporary, until the violation is eliminated, suspension of an official of a financial company or pawnshop from his position;

11) a requirement to terminate the powers of the head of a financial company or pawnshop;

12) restrictions, termination of advertising of financial services;

13) revocation of the license of a financial company or pawnshop.

The regulator applies enforcement measures for violation by a financial company or pawnshop of the requirements of the legislation in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction in accordance with the Law of Ukraine "On Prevention and Counteraction to the Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction".

5. The selection of adequate measures of influence applied to a financial company, pawnshop, their officials, managers, and owners of significant participation should be carried out taking into account:

1) the nature of the violations committed, their repetition and/or systematic nature;

2) the reasons that led to the occurrence of the identified violations;

3) specifics of the type of activity in the financial services market, the nature and volume of services provided;

4) the general financial condition of the financial company, pawnshop, their officials, managers, and owners of significant interests;

5) the degree of responsibility of the financial company, pawnshop, the level of cooperation with the Regulator, the presence or absence of cases of the financial company, pawnshop being held liable for committing a violation of the legislation of Ukraine, as well as the measures taken by the financial company, pawnshop to prevent a repeat of the violation;

6) assessment of possible negative consequences for clients and creditors of the financial company, pawnshop or for financial stability.

6. The Regulator shall not apply enforcement measures if the violation and its consequences are eliminated by the violator independently before the Regulator makes a decision to apply enforcement measures, except for cases of application of enforcement measures in the form of penalties for violations provided for in Article 28 of this Law.

7. The decision to apply a measure of influence may be appealed in court in accordance with the law.

8. The Regulator's decision to apply a measure of influence must necessarily contain:

1) information about the established circumstances (facts);

2) quantitative and qualitative assessments, conclusions of the Regulator, including justification of the adequacy of the application of the relevant impact measure based on the established circumstances (facts);

3) information on the results of consideration of explanations/objections of a financial company, pawnshop, their officials or another person who has become the object of the Regulator's inspection, regarding which a decision has been made (if any);

4) information provided for in Part Five of Article 56 of the Law of Ukraine "On the National Bank of Ukraine".

{Part eight of Article 48 is supplemented by paragraph 4 in accordance with Law No. 4017-IX of 10.10.2024 }

9. When considering issues of applying impact measures or corrective measures to a financial company or pawnshop, the Regulator shall invite an authorized person (authorized persons) of this financial company or pawnshop or another person who has become the subject of the Regulator's inspection and in respect of whom such a decision is to be made to provide explanations, except in the case of the Regulator's decision to apply corrective measures to an unlimited range of financial companies or pawnshops.

In such a case, the Regulator shall send an invitation to the financial company, pawnshop in the manner and manner determined by it, no less than two business days before the date of consideration of the issue of applying impact measures or corrective measures. The failure to appear of an authorized person of the financial company, pawnshop, or the owner of a significant stake in the financial company, pawnshop shall not prevent the Regulator from considering such an issue and making a decision on the merits.

{Part nine of Article 48 as amended by Law No. 4017-IX of 10.10.2024 }

10. A warning about a violation by a financial company or pawnshop may be in writing and sent directly to the financial company or pawnshop, or public and made public by posting it on the page of the Official Internet Representation of the Regulator in accordance with the procedure established by the regulatory legal acts of the Regulator.

11. A temporary prohibition of voting rights is applied by prohibiting the exercise of voting rights:

1) the owner of a direct significant participation in a financial company, pawnshop - in relation to the shares (units, shares) of the financial company, pawnshop owned by him;

2) the owner of an indirect significant participation in a financial company, pawnshop - in relation to shares (units, shares) owned by a shareholder (participant) of a financial company, pawnshop, through which such person owns an indirect significant participation in the financial company, pawnshop.

A temporary ban on voting rights provides for a ban on a shareholder (participant) of a financial company, pawnshop to vote at the general meeting of shareholders (participants) of the financial company, pawnshop and in any way to participate in the management of the financial company, pawnshop, as well as a ban on the payment of dividends or distribution of capital in any other form to such a shareholder (participant). In the event of a temporary ban on voting rights, the Regulator determines the number of shares (units, shares) for which the rights are restricted.

A temporary ban on the right to vote may be applied in addition to other measures of influence provided for in Part Four of this Article.

In the event that the general meeting of shareholders (participants)/sole shareholder (participant) of a financial company, pawnshop adopts a decision with the use of voting rights by a person (persons) whom the Regulator has temporarily prohibited from exercising voting rights at the general meeting of shareholders (participants) of a financial company, pawnshop, such decision is null and void.

In the event of a temporary ban on voting rights, the Regulator shall determine the method and terms for eliminating the violation. If the violation is not eliminated within the specified terms, the Regulator shall have the right to revoke the license in accordance with Article 50 of this Law.

In the event of a temporary prohibition on voting rights, the person is prohibited from increasing his or her participation in this financial company or this pawnshop.

In the event of a temporary ban on voting rights, the right to vote on shares (units, shares) of a financial company, pawnshop, as well as the right to participate in the management of the financial company, pawnshop, shall be transferred to a trustee selected by the Regulator from among the persons proposed by the financial company, pawnshop, and appointed by the Regulator.

The trustee is obliged, at the time of appointment by the Regulator and throughout the entire period during which he retains his status, to comply with the requirements established by the regulatory legal acts of the Regulator, including the requirements for impeccable business reputation.

The trustee, when voting at the general meeting of shareholders (participants) or as part of other participation in the management of a financial company or pawnshop, is obliged to act in the interests of qualified and balanced management of the financial company or pawnshop, guided by the principle of ensuring and protecting the rights and interests of the financial company or pawnshop, their creditors and clients, and to notify the Regulator of the decisions made/actions taken on the day of their adoption/completion.

If a financial company or pawnshop is established in the form of a joint-stock company, the Regulator shall send a copy of the decision on the temporary ban/restoration of voting rights to the depository institution servicing the securities account of the relevant shareholder no later than the next business day from the date of adoption of such a decision.

12. A person who, on the basis of an order of the Regulator, has been removed from office (execution of powers) or whose right to vote has been temporarily prohibited may be reinstated in office (execution of powers restored) or have the right to vote restored only on the basis of a decision of the Regulator or by court decision.

13. In the event of a non-bank financial group, a responsible person of a non-bank financial group, other participants of a non-bank financial group, which includes a financial company, a pawnshop, violating the requirements of this Law, other laws of Ukraine, regulatory legal acts of the Regulator, or the existence of a financial group structure that makes it impossible to exercise supervision on a consolidated basis, the Regulator has the right to apply appropriate measures of influence to the committed violation, provided for in part four of this article, and/or additional measures of influence, which include:

1) establishing limits and restrictions for such a financial group regarding the implementation of certain types of transactions and/or activities;

2) prohibition of transactions between a financial company, a pawnshop and other members of such a financial group;

3) a requirement for a financial company or pawnshop to alienate shares in the authorized capital or shares of subsidiaries, associated companies that are members of a financial group, or to terminate agreements on the basis of which, in the absence of formal ownership, a decisive influence is exercised on the management and/or activities of these persons.

14. The Regulator has the right to apply a measure of influence in the form of a temporary ban or a requirement to terminate the activities of a separate unit of a financial company, a pawnshop, if the activities of such a separate unit do not comply with the requirements of the law and/or regulatory legal acts of the Regulator.

15. The procedure for applying corrective measures and measures of influence established by this article to financial companies and pawnshops is determined by the regulatory legal acts of the Regulator in force at the time of the Regulator's decision to apply the relevant corrective measures and measures of influence.

16. The measures of influence established by this article may be applied by the Regulator to a financial company or pawnshop within six months from the date of detection of the violation, but no later than three years from the date of its commission.

The date of detection of a violation is the date of preparation by the Regulator of a document that records the circumstances that may be grounds for the Regulator to apply a measure of influence to a financial company or pawnshop. The date of preparation by the Regulator of such a document is the date of commencement of administrative proceedings in the relevant administrative case.

{Part sixteen of Article 48 is supplemented by a paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

17. The Regulator's decision to apply a measure of influence in the form of imposing a fine to a financial company or pawnshop shall enter into force on the date of its notification to the financial company or pawnshop in accordance with the procedure established by the Regulator. If the Regulator's decision to apply a measure of influence in the form of imposing a fine to a financial company or pawnshop within one month from the date of its entry into force has not been implemented or has not been appealed in court, such a decision shall be recognized as an executive document, shall be formalized by the Regulator in accordance with the requirements of the Law of Ukraine "On Enforcement Proceedings" and shall be transferred to the state enforcement service bodies or a private enforcement agent for compulsory execution in accordance with the law.

The Regulator's decision to apply a measure of influence in the form of a fine to a financial company or pawnshop may be appealed in court in accordance with the law. If the specified decision was appealed in court within a month from the date of its entry into force and an administrative court opened proceedings in a case to appeal the specified decision, such a decision shall be recognized as an executive document from the date of entry into force of the court decision confirming the legality of the Regulator's decision, shall be processed by the Regulator in accordance with the requirements of the Law of Ukraine "On Enforcement Proceedings" and shall be transferred to the state enforcement service bodies or a private enforcement agent for compulsory execution in accordance with the law.

{Paragraph two of part seventeen of Article 48 as amended by Law No. 3994-IX of 08.10.2024 }

{Part Seventeen of Article 48 as amended by Law No. 4017-IX of 10.10.2024 }

18. Information on the measures of influence applied by the Regulator to financial companies and pawnshops for violation of the requirements of the legislation in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction is made public by posting on the page of the Official Internet Representation of the Regulator in the manner established by law and regulatory legal acts of the Regulator.

Article 49. Reorganization and separation of financial companies and pawnshops↑

1. A financial company or pawnshop may be reorganized by decision of the owners of the financial company or pawnshop in accordance with the procedure established by the legislation of Ukraine.

2. A financial company, a pawnshop, established as a result of reorganization (merger or division), or which does not cease to be a legal entity as a result of the merger of another legal entity with it, or established by separation from another financial company, a pawnshop, must comply with the requirements for the relevant type of activity for the provision of financial services specified in this Law and regulatory legal acts of the Regulator or bring its activities into compliance with such requirements within six months from the date of completion of the reorganization or separation.

3. If a financial company or pawnshop is terminated as a result of a merger and their legal successor intends to carry out a type of activity for the provision of financial services for which the financial company or pawnshop had a license, such legal successor shall have the right to carry out, for a period not exceeding six months, such type of activity for the provision of financial services on the basis of the license of the terminated financial company or pawnshop. After the expiration of this period, the legal successor shall be obliged to obtain a new license, and the previously issued license shall be subject to revocation.

4. If a financial company or pawnshop is terminated as a result of division, only one legal successor, with the consent of the other legal successors, shall have the right to carry out the type of activity for the provision of financial services for which the financial company or pawnshop was licensed. Such legal successor shall have the right to carry out, for a period not exceeding six months, such type of activity for the provision of financial services on the basis of the license of the terminated financial company or pawnshop. After the expiration of this period, the legal successor shall be obliged to obtain a new license, and the previously issued license shall be subject to revocation.

5. The entry in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of a record on the state registration of the termination of a legal entity that is a financial company, a pawnshop, is carried out on the basis of the relevant decision of the Regulator in the form established by the regulatory legal acts of the Regulator, and other documents, the list of which is established by law for the state registration of legal entities.

6. Changing the name of a financial company, pawnshop (joint-stock company) in connection with a change in the type of joint-stock company or in connection with the transformation of a financial company, pawnshop from one form of business company to another form of business company is not a basis for reissuing a license. In such a case, the financial company, pawnshop has the right to continue to carry out activities for the provision of financial services on the basis of the license previously issued to such financial company, pawnshop.

Article 50. Revocation of a license and exclusion from the license of a particular type of financial services↑

1. The regulator shall decide to revoke a license for the activities of a financial company or a license for the activities of a pawnshop on the following grounds:

1) upon a written application from a financial company or pawnshop to revoke the license;

2) the availability in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of information on the state registration of the termination of a financial company, pawnshop as a legal entity;

3) detection of inaccurate information in documents submitted by a financial company or pawnshop for the issuance of a license;

4) declaring a financial company or pawnshop bankrupt;

5) failure by a financial company or pawnshop to comply with the Regulator's requirement to eliminate identified violations or requirements established by this Law and regulatory legal acts of the Regulator regulating the conditions for licensing activities for the provision of financial services;

6) repeated violation by a financial company or pawnshop of the requirements established by the regulatory legal acts of the Regulator governing the conditions for licensing activities for the provision of financial services. A repeated violation is a violation committed within one year from the date of the Regulator's decision to apply a measure of influence regarding the violation by a financial company or pawnshop of the requirements in connection with the violation of which such a measure of influence was applied;

7) the financial company or pawnshop has not commenced activities to provide financial services within six months from the date of obtaining the license;

8) a financial company or pawnshop has not been engaged in the provision of financial services for six consecutive months;

9) non-compliance of the ownership structure of the financial company or pawnshop with the requirements established by the legislation of Ukraine;

10) non-compliance of the activities of a financial company or pawnshop with the requirements for the provision of financial services established by this Law and regulatory legal acts of the Regulator;

11) establishment (detection) of a violation by a financial company or pawnshop of legislation in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction after the Regulator has applied at least two measures of influence to the financial company or pawnshop for violation of legislation in this area for two consecutive years;

12) non-compliance of the owners of a significant stake in a financial company or pawnshop with the requirements established by this Law and regulatory legal acts of the Regulator, provided that such non-compliance cannot be eliminated within six months from the date of its discovery;

13) refusal of a financial company or pawnshop to conduct an inspection by the Regulator, in particular, preventing authorized persons of the Regulator from conducting an inspection, failure to provide documents and information regarding the subject of the inspection, refusal of access to information systems and/or premises and facilities used in the provision of financial services, or the absence during the first day of the inspection of a person authorized to represent the interests of the financial company or pawnshop for the duration of the inspection;

{Clause 13 of Part One of Article 50 as amended by Law No. 3994-IX of 08.10.2024 }

14) detection of two or more violations of the requirements of the Regulator's regulatory legal acts regarding ensuring the implementation and monitoring of the effectiveness of special economic and other restrictive measures (sanctions) applied by the National Security and Defense Council of Ukraine in accordance with the Law of Ukraine "On Sanctions";

15) establishing by inspection the fact of the absence of a financial company, pawnshop at the location indicated in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations.

The regulator shall leave the application of a financial company or pawnshop for the revocation of a license without action if an incomplete package of documents required for the revocation of a financial company or pawnshop license has been submitted, or such an application has been submitted in violation of the requirements established by law. In such a case, the regulator shall, within 15 business days from the date of receipt of such an application, send the financial company or pawnshop a written notice (paper or electronic) about leaving the application for the revocation of a license without action, indicating the identified deficiencies with reference to the violated requirements of the law, the procedure and time frame for eliminating such deficiencies, as well as the procedure and time frame for appealing the decision to leave the application without action.

{Part one of Article 50 is supplemented with a paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

If the financial company or pawnshop eliminates the identified deficiencies within the period established by the Regulator, the application is considered submitted on the day of its initial submission, and the period for considering the application is extended for the period during which such application was left without action.

{Part one of Article 50 is supplemented with a paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

The Regulator shall make a decision to revoke a license for the activities of a financial company, a license for the activities of a pawnshop or a decision to exclude a separate financial service from the license of a financial company, a pawnshop on the basis of an application and the documents attached thereto, specified by a regulatory legal act of the Regulator. The term for the Regulator to make such a decision shall be 30 business days from the date of receipt of the relevant application from the financial company, a pawnshop. The Regulator shall have the right to extend this term, but not more than for 30 business days, if it is necessary to verify the authenticity of the submitted documents/information and/or obtain additional documents/information necessary for making such a decision. The Regulator shall notify the financial company, a pawnshop of such an extension of the term no less than three business days before the end of the deadline for making a decision provided for in this paragraph.

{Part one of Article 50 is supplemented with a paragraph in accordance with Law No. 4017-IX of 10.10.2024 }

2. The regulator has the right, in accordance with the procedure established by Article 38 of this Law, to exclude a particular type of financial services from the license of a financial company or pawnshop on the following grounds:

1) detection of inaccurate information in the documents submitted by a financial company or pawnshop to expand the scope of the license;

2) failure by a financial company or pawnshop to comply with the Regulator's requirement to eliminate identified violations or requirements established by this Law and regulatory legal acts of the Regulator regulating the conditions for licensing activities for the provision of financial services;

3) the financial company, pawnshop has not started activities to provide a separate financial service within six months from the date of extension of the license for such service;

4) a financial company or pawnshop does not provide a separate financial service for six consecutive months;

5) non-compliance of the activities of a financial company or pawnshop with the requirements for carrying out activities to provide a separate financial service established by this Law and regulatory legal acts of the Regulator.

3. The procedure for revoking a license or excluding a separate financial service from a license is determined by the regulatory legal acts of the Regulator.

A copy of the decision to revoke a license or to exclude a specific financial service from the license in writing (in paper form or in the form of an electronic document created in accordance with the requirements specified by the Law of Ukraine "On Electronic Documents and Electronic Document Management") is sent to the financial company or pawnshop within three business days from the date of the relevant decision.

4. From the date specified in the Regulator's decision to revoke a license or exclude a separate financial service from the license, but not earlier than the next business day after the day of adoption of such a decision, a financial company or pawnshop shall not have the right to carry out activities related to the provision of financial services or the type of financial service excluded from the license (including concluding new contracts for the provision of the relevant type of financial services and/or extending the term of validity of concluded contracts for the provision of such financial services, and/or increasing the amount of obligations under concluded contracts for the provision of such financial services). Obligations under previously concluded contracts for the provision of such financial services shall be fulfilled by the parties in full until the contract is executed.

5. A legal entity whose license has been revoked in accordance with this Article shall, within ten business days from the date of receipt of the decision to revoke the license from the Regulator, apply to the state registrar for state registration of changes to the information about such entity contained in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, and changes to its constituent documents regarding the change of name and the exclusion from it of words that indicate or may indicate that the legal entity has the status of a financial institution or a license to provide financial services, change the types of economic activity and exclude from them those related to the activities of a financial company or pawnshop.

6. In the event of failure by a legal entity whose license has been revoked in accordance with this Article to comply with the requirements of Part Five of this Article, the Regulator shall have the right to file a lawsuit for the liquidation of such entity in accordance with the procedure established by law.

Chapter VII. FINAL AND TRANSITIONAL PROVISIONS↑

1. This Law shall enter into force on the day following the day of its publication and shall be effective from January 1, 2024, except for:

Articles 27 and 45 of this Law, subparagraphs "d" and "e" of subparagraph 7 of paragraph 3 of this section, which shall enter into force on July 1, 2024;

{Paragraph 1 of Section VII is supplemented with a new paragraph in accordance with Law No. 3498-IX of 11/22/2023 }

subparagraph 2 ; paragraph of the second subparagraph "a" of subparagraph 3; paragraph of the second subparagraph "a" of subparagraph 4; subparagraph 6 ; subparagraph "a" of subparagraph 16; subparagraph "a" , paragraphs of the first - fourth subparagraph "b", subparagraphs "c" , "d" , "e" , paragraphs of the first , fourth and fifth subparagraph "e", subparagraphs "i" , "j" of subparagraph 27 of subparagraph 3; subparagraphs 8 , 9 , 11 , 14 , 17 , 28 , 29 , subparagraph 1 of subparagraph 30 and subparagraph 33 of this section, which shall enter into force and be put into effect on the day following the date of publication of this Law;

subparagraph 8 of paragraph 3 of this section, which shall enter into force on January 1, 2022;

subparagraph "c" of subparagraph 3; paragraphs ten and eleven of subparagraph "b" of subparagraph 4; subparagraph "b" of subparagraph 9; subparagraph "a" of subparagraph 28 of paragraph 3, which shall enter into force on August 1, 2022;

clause 9 - 1 of this section, which is put into effect simultaneously with the entry into force of the Law of Ukraine "On Amendments to Certain Laws of Ukraine Regarding Improvement of State Regulation of Financial Services Markets".

{Paragraph 1 of Section VII is supplemented by paragraph six in accordance with Law No. 3498-IX of 11/22/2023 }

the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" (Vidomosti Verkhovnoi Rada of Ukraine, 2002, No. 1, Art. 1 with subsequent amendments) to be invalid from the date of entry into force of this Law.

3. To amend the following legislative acts of Ukraine:

1) Part three of Article 95 of the Civil Code of Ukraine (Vidomosti Verkhovnoi Rada of Ukraine, 2003, Nos. 40-44, p. 356) shall be supplemented with a second paragraph of the following content:

"The law may establish requirements for the establishment of a branch of a foreign legal entity in Ukraine";

2) Part two of Article 4 of the Law of Ukraine "On Entrepreneurship" (Vedomosti Verkhovnoi Rada of the Ukrainian SSR, 1991, No. 14, Art. 168; Vedomosti Verkhovnoi Rada of Ukraine, 2000, No. 36, Art. 299; 2005, No. 9, Art. 183; 2006, No. 2-3, Art. 37; 2019, No. 46, Art. 300) shall be worded as follows:

"Activities related to the protection of certain particularly important objects of state property, the list of which is determined in accordance with the procedure established by the Cabinet of Ministers of Ukraine, as well as activities related to conducting forensic, forensic medical, forensic psychiatric examinations, may be carried out exclusively by state enterprises and organizations";

3) in the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets" (Vidomosti Verkhovnoi Rada of Ukraine, 1996, No. 51, p. 292 with the following amendments):

a) in Article 1 :

parts two and three shall be considered parts two to five, respectively;

Part four should be worded as follows:

"The term "consumer of financial services" is used in this Law in the meaning given in the Law of Ukraine "On Financial Services and Financial Companies";

b) paragraph 4 of part one of Article 7 shall be worded as follows:

"4) protection of the rights of investors in financial instruments (including consumers of financial services within the competence defined by the Law of Ukraine "On Financial Services and Financial Companies") and participants in capital markets and organized commodity markets by applying measures to prevent and terminate violations of the legislation on capital markets and organized commodity markets, including the system of funded pension provision, and applying sanctions for violations of the legislation within the limits of its powers";

in) Article 8 shall be supplemented with paragraph 20 - 1 with the following content:

"20 - 1 ) determine the procedure for using electronic signatures by participants in capital markets and professional participants in organized commodity markets";

4) in the Law of Ukraine "On the National Bank of Ukraine" (Vidomosti Verkhovnoi Rada of Ukraine, 1999, No. 29, p. 238 with the following amendments):

a) in Article 1 :

paragraphs thirty-nine - forty-two shall be considered parts two - five, respectively;

Part two should be worded as follows:

"The terms "associated entity" , "banking group" , "significant participation" are used in this Law in the meanings given in the Law of Ukraine "On Banks and Banking Activities";

to be supplemented with part six of the following content:

"The terms "authorization", "Credit Register of the National Bank of Ukraine", "financial service", "financial institution", "ancillary services" are used in this Law in the meanings given in the Law of Ukraine "On Financial Services and Financial Companies";

b) in part one of Article 7:

Paragraph 8 - 1 should be worded as follows:

" 8-1 ) carries out state regulation and supervision on an individual and consolidated basis in the markets of non-banking financial services over the activities of non-banking financial institutions, other persons that are not financial institutions, but have the right to provide certain financial services, and persons that provide ancillary services, within the limits determined by the Law of Ukraine "On Financial Services and Financial Companies" and other laws of Ukraine";

to supplement with paragraph 8 - 2 as follows:

" 8-2 ) carries out state regulation and supervision in accordance with the laws of Ukraine over legal entities of public law that provide financial and/or supporting services within the framework of state programs or programs of local self-government bodies to a certain group of persons and provide for separate conditions for the provision of financial and supporting services, determined by such programs";

paragraphs 9 - 1 , 17 and 22 shall be worded as follows:

" 9-1 ) maintains the State Register of Financial Institutions, the State Register of Insurance and Reinsurance Brokers, and in cases specified by law - other registers of persons whose activities are regulated and supervised by the National Bank";

"17) organizes and carries out transportation of currency and other valuables, issues licenses to legal entities to carry out cash transactions, suspends, renews and revokes such licenses, in accordance with the procedure determined by the National Bank";

"22) establishes requirements and provides methodological support for the processing, storage, protection, use, transfer, disclosure and destruction of information constituting financial service secrecy and banking secrecy";

to supplement with paragraph 26 - 2 as follows:

"26 - 2 ) determines the procedure for using an electronic signature by banks, non-bank financial institutions and persons that are not financial institutions, but have the right to provide certain financial services, the state regulation and supervision of which is carried out by the National Bank, payment system operators and/or payment system participants, technological operators of payment services";

Paragraphs 29 and 33 should be worded as follows:

"29) carries out, in accordance with the procedure established by it, oversight of the payment infrastructure and entities that perform the functions of a central depository, central counterparty, trade repository and securities settlement system (hereinafter referred to as financial market infrastructure), determines the importance of financial market infrastructures";

"33) ensures the formation and maintenance of a list of critical infrastructure facilities, as well as a register of critical information infrastructure facilities in the banking system of Ukraine and in the non-banking financial services markets, the state regulation and supervision of which is carried out by the National Bank, payment system operators and/or payment system participants, technological payment service operators, determines the criteria and procedure for classifying facilities in the banking system of Ukraine and in the non-banking financial services markets, the state regulation and supervision of which is carried out by the National Bank, payment system operators and/or payment system participants, technological payment service operators to critical infrastructure facilities and critical information infrastructure facilities, establishes requirements for conducting an information security audit in the banking system of Ukraine and in the non-banking financial services markets, the state regulation and supervision of which is carried out by the National Bank, payment system operators and/or payment system participants, technological payment service operators payment service operators";

{Paragraph fourteen of subparagraph "b" of subparagraph 4 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

to add paragraph 40 with the following content:

{Paragraph fifteen of subparagraph "b" of subparagraph 4 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

"40) provides recommendations on the activities of participants in the financial services market, as well as on the activities of credit bureaus";

{Paragraph sixteen of subparagraph "b" of subparagraph 4 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

c) Part one of Article 7 - 1 shall be worded as follows:

"The National Bank, in the presence of signs of an unstable financial condition of the banking system, the emergence of circumstances that threaten the stability of the banking and/or financial system of Ukraine, has the right to determine temporary features of regulation and supervision of banks or other persons that may be the object of inspection by the National Bank, including features of maintaining bank liquidity, application of prudential standards, introduce restrictions on the activities of banks, including limiting or prohibiting the issuance of funds from current and deposit accounts of individuals and legal entities, as well as limiting or temporarily prohibiting the conduct of currency transactions on the territory of Ukraine, in particular operations for the export, transfer and shipment of currency values outside Ukraine";

d) in part one of Article 15:

in paragraph 1:

Paragraphs five and eighteen shall be worded as follows:

"on state regulation and supervision of activities in non-banking financial services markets (except for professional activities in capital markets)";

"on establishing prudential standards for banks and other financial institutions, the state regulation and supervision of which is carried out by the National Bank";

after paragraph eighteen, add a new paragraph with the following content:

"on establishing prudential requirements for non-bank financial institutions, non-bank financial groups and their subgroups, the state regulation and supervision of which is carried out by the National Bank".

In this regard, paragraphs nineteen to thirty-four shall be considered paragraphs twenty to thirty-five, respectively;

Paragraph twenty-one should be worded as follows:

"on the application of measures of influence (sanctions) to banks, other persons operating in the financial services markets, the state regulation and supervision of whose activities is carried out by the National Bank, as well as persons whose activities are inspected by the National Bank in accordance with the laws of Ukraine "On Banks and Banking Activities" , "On Financial Services and Financial Companies", "On Payment Services" and other laws of Ukraine";

after paragraph twenty-six, add three new paragraphs with the following content:

"on classifying an insurer, credit union as insolvent;

on the appointment of a temporary administration in an insurer or credit union;

on the cancellation of the license of a financial company, a pawnshop".

In this regard, paragraphs twenty-seven to thirty-fifth shall be considered paragraphs thirty to thirty-eighth, respectively;

to supplement with paragraph 6 - 1 as follows:

"6 - 1 ) establishes the procedure for authorizing the activities of persons who intend to carry out activities in the provision of financial and supporting services (except for professional activities and the provision of supporting services in the capital markets), defined in the Law of Ukraine "On Financial Services and Financial Companies";

{Sub-paragraph "g" of subparagraph 4 of paragraph 3 of section VII was excluded on the basis of Law No. 3498-IX of 22.11.2023 }

e) in part one of Article 33:

Paragraphs 5 and 6 should be worded as follows:

"5) establishing rules for the issuance, processing, storage, withdrawal from circulation and destruction of cash, collection of funds, transportation of currency and other valuables, the list of which is determined by the National Bank, as well as monitoring the implementation of the rules";

"6) determining the procedure for conducting cash transactions for banks, non-bank financial institutions and other business entities";

to supplement with paragraph 6 - 1 as follows:

"6 - 1 ) control over cash transactions by banks and legal entities that have received a license to conduct cash transactions";

Paragraph 7 should be worded as follows:

"7) determining the requirements for the technical condition and organization of security of the premises of banks, their separate divisions, as well as non-bank financial institutions and postal operators that have received a license from the National Bank to conduct currency transactions and/or a license to provide financial payment services, and legal entities that have received a license to conduct cash transactions and carry out cash processing and storage activities";

{Paragraph eight of subparagraph "d" of subparagraph 4 of clause 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

f) to supplement Article 33 - 1 with the following content:

" Article 33 - 1. Carrying out cash transactions

Legal entities, based on a license from the National Bank for cash transactions, carry out the following types of activities:

1) collection of funds, transportation of currency and other valuables;

2) cash processing and storage.

The National Bank's license for cash transactions specifies the types of activities that a legal entity is permitted to carry out on the basis of such a license.

The National Bank, in accordance with the procedure determined by it, maintains a register of legal entities that have been issued a license to conduct cash transactions, and posts information about the issued licenses on the page of the official online representative office of the National Bank";

h) the text of Article 41 shall be amended as follows:

"The National Bank establishes mandatory rules for banks for maintaining accounting records and preparing financial statements that meet the requirements of the laws of Ukraine and international financial reporting standards.

The National Bank establishes for non-bank financial institutions and persons that are not financial institutions but have the right to provide certain financial services, the state regulation and supervision of whose activities is carried out by the National Bank, the procedure for maintaining accounting records of certain business transactions related to the provision of financial services that are not defined by international financial reporting standards, in agreement with the central executive body that ensures the formation and implementation of state policy in the field of accounting and auditing.

The National Bank has the right:

1) provide methodological recommendations on accounting policies for non-bank financial institutions and persons that are not financial institutions but have the right to provide certain financial services, the state regulation and supervision of whose activities is carried out by the National Bank;

2) determine the list of information to be disclosed in the notes to the financial statements of non-bank financial institutions and persons that are not financial institutions but have the right to provide certain financial services, the state regulation and supervision of whose activities is carried out by the National Bank";

g) the title of Section X shall be amended as follows:

" Section X. BANKING REGULATION AND BANKING SUPERVISION. STATE REGULATION AND SUPERVISION OF NON-BANKING FINANCIAL SERVICES MARKETS ";

h) the first sentence of part three of Article 55 shall be worded as follows:

"The National Bank shall carry out constant supervision over compliance by banks, their divisions, affiliated and related persons of banks in Ukraine and abroad, banking groups, representative offices and branches of foreign banks in Ukraine, as well as other legal entities and individuals with banking legislation and regulatory legal acts of the National Bank";

i) the title , parts one and two of Article 55-1 shall be worded as follows:

" Article 55 - 1. The purpose of state regulation and supervision in the markets of non-banking financial services

The main goal of state regulation and supervision of non-banking financial services markets, carried out by the National Bank, is the security and financial stability of the financial system, the protection of the interests of depositors and creditors and other consumers of non-banking financial services, and the prevention of crisis phenomena.

The National Bank performs the functions of state regulation and supervision of activities in the markets of non-banking financial services (except for professional activities and the provision of supporting services in the capital markets) on an individual and consolidated basis within the limits and in the manner established by law";

i) Part one of Article 57 shall be amended as follows:

"To perform its functions, the National Bank has the right to receive free of charge from financial institutions, participants in financial groups and legal entities that are authorized by the National Bank or are financial market infrastructures, as well as from persons over whom the National Bank exercises state regulation and supervision in accordance with the laws of Ukraine "On Banks and Banking Activities" , "On Financial Services and Financial Companies" and other laws of Ukraine, information on their activities and explanations regarding the information received and transactions performed";

j) in Article 58 :

The title and the first part should be worded as follows:

" Article 58. Prudential standards and capital buffers

In order to protect the interests of depositors and creditors, ensure the financial reliability of banks, the National Bank, in accordance with the procedure determined by it, establishes mandatory prudential standards for banks, banking groups, subgroups of banking groups, and branches of foreign banks, in particular regarding capital (capital adequacy ratios and leverage ratio), liquidity, credit risk, investment, and capital buffers";

after part one, add a new part with the following content:

"In order to ensure that the activities of non-bank financial institutions comply with the requirements of the law to identify potential risks in their activities, as well as to minimize such risks, the National Bank, in accordance with the procedure determined by it, establishes prudential requirements for such persons, including prudential standards."

In this regard, part two should be considered part three;

j) Article 61 shall be amended as follows:

" Article 61. Powers to exercise regulatory functions

The National Bank carries out state regulation of the activities of:

banks - in the forms specified by the Law of Ukraine "On Banks and Banking Activities", directly or through the Committee for Supervision and Regulation of Banking Activities, Payment Infrastructure Oversight established by it;

{Paragraph four of subparagraph "y" of subparagraph 4 of clause 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

credit unions - in the forms specified by the Law of Ukraine "On Credit Unions";

insurers - in the forms specified by the Law of Ukraine "On Insurance";

other persons engaged in the provision of financial and supporting services - in the forms and manner specified by the Law of Ukraine "On Financial Services and Financial Companies";

j) Article 63 , after the word "banks", shall be supplemented with the words "non-bank financial institutions and other persons that are not financial institutions, but have the right to provide certain financial services, the state regulation and supervision of whose activities is carried out by the National Bank";

l) paragraph 2 of part one of Article 67 shall be worded as follows:

"2) for all economic entities (residents and non-residents) - for compiling statistics on the balance of payments, international investment position, external debt, currency supervision and oversight of financial market infrastructures";

m) in Article 68 :

Part five shall be supplemented with paragraph 4 as follows:

"4) ownership structures and managers of non-bank financial institutions, the state regulation and supervision of which is carried out by the National Bank, the composition of financial groups subject to consolidated supervision by the National Bank in accordance with the Law of Ukraine "On Financial Services and Financial Companies", as well as managers and owners of significant participation in non-bank financial institutions, the licenses of which were revoked not at the initiative of their owners";

in paragraphs one through four of part six and in paragraph three of part seven, the word "legal" in all cases and numbers shall be excluded;

5) in the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" (Vidomosti Verkhovnoi Rada of Ukraine, 1999, No. 40, p. 365 with the following amendments):

a) Part three of Article 6 shall be amended as follows:

"3. The procedure for maintaining accounting records and preparing financial statements in the National Bank of Ukraine and banks shall be established by the National Bank of Ukraine in accordance with this Law and international financial reporting standards.

The procedure for maintaining accounting records of individual business transactions related to the provision of financial services that are not defined by international financial reporting standards for non-bank financial institutions and persons that are not financial institutions but have the right to provide individual financial services, the state regulation and/or supervision of which is carried out by the National Bank of Ukraine, is established by the National Bank of Ukraine in agreement with the central executive body that ensures the formation and implementation of state policy in the field of accounting and auditing";

b) part five of Article 12-1 shall be supplemented with a sentence of the following content: "The National Bank of Ukraine shall prepare the annual financial statements of the National Bank of Ukraine in accordance with the procedure specified by the Law of Ukraine "On the National Bank of Ukraine";

c) Part three of Article 14 shall be supplemented with a paragraph of the following content:

"The National Bank of Ukraine shall publish the annual financial statements of the National Bank of Ukraine, the annual management report of the National Bank of Ukraine, as well as the financial statements of the National Bank of Ukraine for the first quarter, first half of the year, and nine months, approved by the Council of the National Bank of Ukraine, in the manner and within the time limits specified by the Law of Ukraine "On the National Bank of Ukraine";

{Subparagraph "c" of subparagraph 5, paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

{Subparagraph 6 of paragraph 2 of section VII has become invalid pursuant to Law No. 2524-IX of 08/16/2022 }

7) in the Law of Ukraine "On Banks and Banking Activities" (Vidomosti Verkhovnoi Rada of Ukraine, 2001, No. 5-6, p. 30 with the following amendments):

a) in Article 2 :

in part one of the definition, the term "credit register of the National Bank of Ukraine" shall be excluded;

in part two, after the words "associated company", add the words "attraction of funds and bank metals subject to return", "Credit Register of the National Bank of Ukraine", replace the words "financial services" with the words "financial service", and the words "On financial services and state regulation of financial services markets" with the words "On financial services and financial companies";

{Paragraph three of subparagraph "a" of subparagraph 7 of paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

b) in Article 47 :

in part one, the words "(except for insurance services)" shall be replaced by the words "(except for insurance)";

Paragraphs 1 and 3 of part three shall be worded as follows:

{Paragraph three of subparagraph "b" of subparagraph 7 of paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

1) raising funds and bank metals subject to return from an unlimited number of persons";

{Paragraph four of subparagraph "b" of subparagraph 7 of clause 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

3) providing funds and bank metals on credit at the expense of funds and bank metals attracted in deposits, including current accounts, in one's own name, on one's own terms and at one's own risk."

{Paragraph five of subparagraph "b" of subparagraph 7 of clause 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

after part four, add a new part with the following content:

"The bank has the right to also provide the following financial services:

1) financial leasing;

2) factoring;

3) provision of guarantees;

4) trading in currency values;

5) financial services provided within the framework of professional activities in the capital markets, provided for in part two of Article 41 of the Law of Ukraine "On Capital Markets and Organized Commodity Markets";

6) financial payment services".

In this regard, parts five to fifteen shall be considered parts six to sixteen, respectively;

in part nine:

points 1 and 2 should be deleted;

Paragraph 5 should be worded as follows:

"5) cash transactions, collection of funds and transportation of currency values";

{Paragraph eighteen of subparagraph "b" of subparagraph 7 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

Part thirteen shall be supplemented with the words "if such are provided for";

Part fourteen shall be amended as follows:

"The bank is obliged to notify the National Bank of Ukraine about the start of a new type of activity or the provision of a new type of financial services (except banking) in cases, in accordance with the requirements and in accordance with the procedure established by the National Bank of Ukraine";

c) in part one of Article 49:

in paragraph 2, the word "guarantees" shall be replaced by the word "guarantee";

Paragraph 3 should be worded as follows:

"3) factoring";

d ) Part four of Article 62-2 shall be worded as follows:

"The National Bank of Ukraine has the right to provide banks with access to information from the Credit Register that constitutes banking secrecy, to the extent specified in Article 67-1 of this Law. The National Bank of Ukraine has the right to provide other lenders specified in Article 27 of the Law of Ukraine "On Financial Services and Financial Companies" with access to information from the Credit Register that constitutes banking secrecy";

e ) Article 67 - 1 to be worded as follows:

" Article 67 - 1. Credit register

The Bank submits and receives information to/from the Credit Register of the National Bank of Ukraine (hereinafter referred to as the Credit Register) in accordance with this Law and the Law of Ukraine "On Financial Services and Financial Companies" in the manner established by the regulatory legal acts of the National Bank of Ukraine.

The National Bank of Ukraine, in accordance with the procedure established by it, provides banks with access to information from the Credit Register as of the date of the application on the credit operations of the debtor (and/or his related persons), total debt, credit obligations under guarantees and/or letters of credit which are equal to or exceed the threshold value, the methodology for determining which is established by the National Bank of Ukraine, but not less than 10 times the minimum monthly wage (or the equivalent of this amount in foreign currency at the official exchange rate of the National Bank of Ukraine, established on the first business day of the month following the reporting month). Such information is provided to the bank only in respect of debtors (and/or their related persons) who are debtors (and/or their related persons) of this bank, or in the presence of a documented application by a person regarding the intention to carry out a credit operation with this bank and includes:

1) information identifying the debtor, namely:

a) for resident individuals - surname, first name and patronymic (if available), date of birth, registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority about this and have a mark in their passport);

b) for resident legal entities - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, location of the legal entity;

c) for non-resident individuals - surname and first name (additionally indicated by patronymic if the non-resident individual has one), date of birth, identification number that they have in the country of permanent residence, if this is provided for by the legislation of this country, or series and number of the passport or other document replacing it;

d) for non-resident legal entities - full name, identification code or registration number in accordance with the requirements of the law, place of registration of the legal entity, location of the legal entity;

2) information about the terms of the credit transaction and the fulfillment of obligations under the credit transaction:

a) type of loan/financial obligation granted;

b) credit agreement number;

c) date of conclusion of the credit agreement;

d) total amount of the loan/amount of the financial obligation provided in accordance with the agreement;

e) debt on a credit transaction/balance of a financial obligation;

e) type of currency of the obligation;

e) the final date of repayment of the loan/termination of the financial obligation provided in accordance with the agreement;

h) the amount of overdue debt;

g) number of days overdue;

h) class and adjusted class of the debtor;

i) factors that the bank must take into account when adjusting the debtor's class in accordance with the regulatory legal acts of the National Bank of Ukraine;

i) information about the write-off of the loan from the bank's balance sheet;

j) information on the submission of information about a credit transaction by the Deposit Guarantee Fund for Individuals or an authorized person of the Fund in the event of delegation of powers to it;

j) the debtor's comment on the information placed about him in the Credit Register with which he disagrees (if any);

3) information about the debtor's affiliation with persons related to the bank;

4) information on securing the performance of obligations under a credit transaction, including a surety (date of conclusion of the agreement on securing the performance of obligations, type and amount of security);

5) other information about the debtor - legal entity, namely:

a) the type of economic activity of the debtor, the period for which the type of economic activity is determined;

b) the debtor's membership in a group of legal entities under common control is determined in accordance with the legislation;

c) a list of legal entities that are part of a group of legal entities under common control, which the bank analyzes to determine the amount of credit risk;

d) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of legal entities under common control, the status of the debtor's participation in the group (parent company or participant);

e) group class determined on the basis of consolidated/combined financial statements; the debtor's membership in a group of related counterparties that bear a common economic risk (determined in accordance with the legislation);

e) a list of legal entities that are part of a group of related counterparties that bear a common economic risk;

e) identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations of each legal entity that is part of a group of related counterparties that bear a common economic risk;

h) information identifying owners who own 10 percent or more of the authorized capital of a legal entity:

for individuals - owners - last name, first name and patronymic (if available), registration number of the taxpayer's registration card or series and number of the passport/passport number in card form (for individuals who, due to their religious beliefs, refuse to accept the registration number of the taxpayer's registration card, have notified the relevant regulatory authority and have a mark in their passport), place of registration;

for legal entities - owners - full name, identification code in the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations;

g) the fact of an audit of the debtor's financial statements or the consolidated/combined financial statements of the group to which the debtor belongs;

h) availability of the status of a special purpose company in accordance with the regulatory legal acts of the National Bank of Ukraine.

The National Bank of Ukraine provides banks participating in the implementation of state lending support programs, upon their request, with information from the Credit Registry on loans to debtors and their related parties provided within the framework of such programs.

The National Bank of Ukraine, in accordance with the procedure established by it, provides banks with access to information from the Credit Register on any credit transactions of a debtor necessary for their fulfillment of the requirements of the National Bank of Ukraine regarding credit risk management by banks. Such information is provided to the bank only in respect of debtors (and/or their related parties) who are debtors (and/or their related parties) of this bank and includes information on:

1) the lowest adjusted debtor class and factors in accordance with the regulations of the National Bank of Ukraine, used by the bank in determining it, without taking into account information from the Credit Register;

2) the debtor's entry into a group of related counterparties or a group of counterparties under common control, changes in the composition of these groups;

3) the debtor's relationship with the bank;

4) the debtor's total debt under all credit transactions;

5) total indebtedness of a group of related counterparties or a group of counterparties under common control for all credit transactions;

6) the presence of a delay in the fulfillment of obligations under at least one credit transaction;

7) the maximum number of days of delay;

8) signs of high credit risk and default events.

The National Bank of Ukraine provides banks with access to the Credit Registry in real time free of charge.

The Bank is obliged to use information obtained from the Credit Register for the purpose of credit risk management";

e) in part twenty-one of Article 73, the words "state bodies supervising such persons" shall be replaced by the words "National Securities and Stock Market Commission, which supervises such persons";

f) in the text of the Law, the words "economic standards" in all cases shall be replaced by the words "prudential standards" in the corresponding case;

8) in the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" (Vidomosti Verkhovnoi Rada of Ukraine, 2002, No. 1, Art. 1 with the following amendments):

a) Part one of Article 1 shall be supplemented with paragraph 33 as follows:

"33) significant influence on the management or activities of a legal entity - direct and/or indirect ownership by one person, independently or jointly with other persons, of voting shares, a share in the authorized (compounded) capital or the right to vote on shares, a share in the authorized (compounded, share) capital of a legal entity in the amount of 10 to 50 percent and/or the possibility of exercising equivalent influence on the management or activities of a legal entity, independent of formal ownership";

b) Article 9 shall be amended as follows:

" Article 9. Capital, ownership structure, significant participation in a financial institution

1. The minimum amount of capital of a financial institution required for its establishment and the general requirements for capital required for its operation are determined by the laws of Ukraine on the regulation of individual financial services markets and by regulatory legal acts of bodies carrying out state regulation of financial services markets.

2. When establishing a financial institution or in the event of an increase in the amount of the registered authorized (paid-up) capital, the authorized (paid-up) capital must be paid in cash and placed in bank accounts, unless otherwise provided for by this Law or the laws of Ukraine on the regulation of individual financial services markets.

The authorized (compounded) capital of a financial institution may be formed and/or increased at the expense of government bonds exchanged for shares of such a financial institution in cases provided for by the Law on the State Budget of Ukraine for the relevant year.

3. Sale and purchase of shares in the authorized (shared) capital are carried out on the terms established by the legislation of Ukraine.

4. Requirements regarding the sources of origin of funds from which the authorized (compounded) capital of a financial institution is formed are established by the laws of Ukraine on the regulation of individual financial services markets and by regulatory legal acts of bodies that carry out state regulation of financial services markets.

5. The ownership structure of financial institutions and persons that are not financial institutions but have the right to provide certain financial services must comply with the transparency requirements, as well as other requirements established by the laws of Ukraine and regulatory legal acts of bodies that carry out state regulation of financial services markets.

6. Financial institutions and persons that are not financial institutions but have the right to provide certain financial services are obliged to annually submit to the bodies that carry out state regulation of financial services markets information on their ownership structure, as well as to report all changes in their ownership structure in the manner, scope and terms established by the regulatory legal acts of such bodies.

Financial institutions and persons that are not financial institutions but have the right to provide certain financial services are required to disclose information about their ownership structure and all changes in their ownership structure to the extent and in the manner established by regulatory legal acts of the bodies that carry out state regulation of financial services markets.

7. The National Bank of Ukraine publishes information on the ownership structure of financial institutions and persons that are not financial institutions but have the right to provide certain financial services supervised by the National Bank of Ukraine on the page of the official Internet representative office of the National Bank of Ukraine.

8. Bodies carrying out state regulation of financial services markets have the right to take measures to establish compliance of the ownership structure of financial institutions and persons that are not financial institutions but have the right to provide certain financial services with the requirements of the legislation of Ukraine, including requesting information and documents from financial institutions and persons that are not financial institutions but have the right to provide certain financial services, their key participants and owners of significant participation, as well as requiring the provision of relevant explanations.

9. Owners of significant participation and key participants of a financial institution and a person that is not a financial institution but has the right to provide certain financial services are obliged to provide the financial institution or a person that is not a financial institution but has the right to provide certain financial services with information and documents necessary for the formation of information on the ownership structure and for notification to the body that carries out state regulation of financial services markets, provided for by this Article, in the manner, scope and terms established by regulatory legal acts of the bodies that carry out state regulation of financial services markets.

10. Financial institutions and persons who are not financial institutions but have the right to provide certain financial services shall have the right to appoint an employee responsible for fulfilling the requirements specified in this Article. The legal status, powers, accountability and subordination of such an employee, as well as the requirements for him, shall be determined by the regulatory legal acts of the bodies exercising state regulation of financial services markets.

11. The procedure for the bodies exercising state regulation of financial services markets to monitor compliance with requirements regarding the ownership structure of financial institutions and persons who are not financial institutions but have the right to provide certain financial services is determined by the regulatory legal acts of the bodies exercising state regulation of financial services markets.

The bodies carrying out state regulation of financial services markets have the right to determine the presence of significant influence and/or control over the management or activities of a financial institution or a person who is not a financial institution but has the right to provide certain financial services, and to recognize a person as the owner of a significant stake in a financial institution or a person who is not a financial institution but has the right to provide certain financial services. The signs of the presence of significant influence and/or control over the management or activities of a financial institution or a person who is not a financial institution but has the right to provide certain financial services are determined by the regulatory legal acts of the bodies carrying out state regulation of financial services markets.

12. Owners of a significant stake in a financial institution or a person that is not a financial institution but has the right to provide certain financial services must have an impeccable business reputation and meet other requirements established by regulatory legal acts of bodies that carry out state regulation of financial services markets.

13. Financial institutions (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 9-10, 14 of part one of Article 4 of this Law) are obliged, if changes in the ownership structure relate to the acquisition or increase of a significant participation in such a financial institution in such a way that a legal entity or individual began to own or control 10, 25 or 50 percent or more of the authorized capital of the financial institution or the right to vote on shares (shares) in the authorized capital of the financial institution and/or regardless of formal ownership, to exercise significant influence or exercise control over the management or activities of the financial institution, together with the notification of the Regulator about the change in the ownership structure in order to verify the compliance of the owner of a significant participation with the requirements of the legislation, to provide information and documents established by regulatory legal acts of the National Bank of Ukraine.

A person who intends to transfer a significant participation in a financial institution (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 9-10, 14 of part one of Article 4 of this Law) to any other person or to reduce such participation to such an extent that its share in the authorized capital of the financial institution or voting rights will be lower than the levels defined in paragraph one of this part, or to transfer control over the financial institution to another person, is obliged to notify the National Bank of Ukraine thereof in accordance with the procedure established by the regulatory legal acts of the National Bank of Ukraine.

14. A legal entity or individual intending to acquire a significant stake in a financial institution (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 3-8, 11, 14 of part one of Article 4 of this Law) or increase it in such a way that the specified person will directly or indirectly own or control 10, 25, 50 and 75 percent of the authorized (compounded) capital of such a financial institution or the voting rights of the acquired shares (shares) in the bodies of the financial institution, is obliged to obtain written consent from the body that carries out state regulation of financial services markets, unless otherwise provided by laws on the regulation of individual financial services markets.

To obtain such approval, the relevant legal entity or individual (applicant) shall submit to the body responsible for state regulation of financial services markets information provided for by the regulatory legal acts of the said body, in particular on its own financial condition and business reputation, as well as on the ownership structure (for a legal entity). The applicant's financial condition is a set of indicators reflecting its real and potential financial capabilities, including the level of liquidity, solvency and financial stability, provision of its own working capital (equity) and the efficiency of their use, as well as an assessment of the applicant's ability to provide additional financial support to a financial institution in the future, if necessary.

15. The body carrying out state regulation of financial services markets shall refuse to issue written approval for the acquisition or increase of a significant participation in a financial institution (except for a corporate investment fund and financial institutions providing financial services specified in paragraphs 3-8, 11, 14 of part one of Article 4 of this Law) if:

1) the applicant has submitted an incomplete package of documents specified by the regulatory legal acts of such body, or such documents contain inaccurate information or the submitted documents do not meet the requirements of this Law or the specified acts;

2) the applicant has a criminal record that has not been cleared or removed in accordance with the procedure established by law. If the applicant is a legal entity, the specified requirement applies to members of the executive body and supervisory board of such legal entity, as well as to owners of a significant stake in a financial institution who are individuals;

3) the business reputation, ownership structure or financial condition of the applicant does not meet the requirements established by law or regulatory legal acts of the body that carries out state regulation of financial services markets;

4) the applicant does not have the own funds in the amount necessary to acquire or increase a significant stake, and/or the applicant has not confirmed the source of origin of the funds contributed to the authorized (shared) capital;

5) the applicant, according to the submitted documents, does not meet the requirements of this Law or regulatory legal acts of the body that carries out state regulation of financial services markets;

6) the bodies of the Antimonopoly Committee of Ukraine have prohibited concentration as such, which leads to monopolization or significant restriction of competition in the entire market or in a significant part of it;

7) the applicant's acquisition or increase in a significant stake in a financial institution would threaten the interests of depositors and/or other creditors of such financial institution, the development of a competitive environment;

8) as a result of the applicant's acquisition or increase in a significant stake, the ownership structure of the financial institution will not meet the transparency requirements or other requirements established by the laws of Ukraine or regulatory legal acts of the bodies that carry out state regulation of financial services markets.

16. The specified body shall notify the applicant (his authorized person) of the submission of an incomplete package of documents and/or non-compliance with the requirements of this Law and regulatory legal acts of the body that carries out state regulation of financial services markets within one month from the date of submission of the package of documents.

17. The body carrying out state regulation of financial services markets shall make a decision on approval or refusal to issue a written approval for the acquisition or increase of a significant participation in a financial institution (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 3-8, 11, 14 of part one of Article 4 of this Law) within one month from the date of submission of a package of documents defined by the regulatory legal acts of the specified body.

18. If a person acquires a significant participation in a financial institution (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 3-8, 11, 14 of part one of Article 4 of this Law) or increases his significant participation to the level defined in part five of this Article, without obtaining the written consent of the body carrying out state regulation of financial services markets, such person shall not have the right to directly or indirectly, in full or in part, exercise the voting rights of the acquired shares (parts) and in any way participate in the management of such financial institution.

19. In the event that the body carrying out state regulation of financial services markets discovers the fact that a person has acquired a significant stake in a financial institution (except for a corporate investment fund and financial institutions providing financial services defined in paragraphs 3-8, 11, 14 of part one of Article 4 of this Law) or that a person has increased his or her significant stake to the level defined in part five of this Article, without obtaining the written consent of the body carrying out state regulation of financial services markets, the said body shall appoint, within two weeks from the date of receipt of proposals for candidacies from the financial institution, a proxy to whom the right to participate in voting shall be transferred.

The trustee shall be appointed from among the persons proposed by the financial institution for the period until the violation of the requirement specified in part five of this article is eliminated, but not more than one year.

The trustee must meet the requirements for business reputation, as well as other requirements specified by regulatory legal acts of the bodies that carry out state regulation of financial services markets.

The trustee, when voting, is obliged to act in the interests of the qualified and prudent management of the financial institution.

20. Decisions of the general meeting of participants adopted in violation of the requirements specified in parts eighteen and nineteen of this article shall have no legal force.

21. Bodies carrying out state regulation of financial services markets shall have the right to send requests to state bodies, local self-government bodies, legal entities and individuals in order to obtain from them the information necessary to confirm the sources of origin of funds used to form the authorized (share) capital of a financial institution or to acquire or increase a significant stake in it, the financial condition and business reputation of the owners of a significant stake (persons claiming a significant stake) in a financial institution. The specified information shall be submitted to the body carrying out state regulation of financial services markets within 10 working days after receipt of its request.

22. Bodies carrying out state regulation of financial services markets, in case of non-compliance of the owner of a significant participation in a financial institution with the requirements of this Law or regulatory legal acts of bodies carrying out state regulation of financial services markets, have the right to recognize the ownership structure of the financial institution as not meeting the requirements of the legislation of Ukraine, demand the elimination of the violation and temporarily, until the elimination of the violation, prohibit the owner of a significant participation in a financial institution from exercising voting rights and apply the consequences of the non-compliance of the ownership structure with the requirements of the legislation of Ukraine.

23. Acquisition by non-residents of a significant participation in a financial institution or its increase in such a way that the non-resident will directly or indirectly own or control 10, 25, 50 and 75 percent of the authorized (shared) capital of such financial institution shall be carried out in accordance with the requirements established by this Article.

24. The requirements of parts thirteen to twenty-three of this article do not apply to the procedure for acquiring a significant stake in payment institutions, electronic money institutions or postal operators, which is acquired in accordance with the Law of Ukraine "On Payment Services".

25. The requirements of parts fourteen - twenty and twenty-three of this article do not apply to the procedure for acquiring a significant stake in professional participants of capital markets and organized commodity markets, which is acquired in accordance with the Law of Ukraine "On Capital Markets and Organized Commodity Markets";

c) Section III shall be supplemented with Article 18 - 1 with the following content:

" Article 18 - 1. Regulatory platform for testing services, technologies and instruments in financial services markets based on innovative technologies

1. The body carrying out state regulation of financial services markets (hereinafter referred to in this article as the Regulator) has the right to create a regulatory platform for testing innovative services, technologies and/or instruments in financial services markets based on innovative technologies (hereinafter referred to as the regulatory platform).

The procedure for creating and operating a regulatory platform in financial services markets is determined by this Law and regulatory legal acts of the Regulator.

2. To participate in the regulatory platform, legal entities and individual entrepreneurs submit an application to the Regulator in the form established by the regulatory legal acts of the Regulator.

The application for participation in the regulatory platform is accompanied by documents, the list and requirements for the content of which are established by the regulatory legal acts of the Regulator.

Persons applying to the Regulator for participation in the regulatory platform, as well as services, technologies and/or tools used on such a platform, must meet the requirements and criteria established by the Regulator. The Regulator, guided by professional judgment, taking into account the assessment of the situation in the financial services markets, the efficiency and risks of providing financial services using innovative technologies and tools, makes a decision on the appropriateness of the participation of a person in the regulatory platform and determines the procedure for such participation.

The Regulator has the right to refuse a person participation in the regulatory platform if such person does not meet the requirements and criteria established by the Regulator.

3. The regulator has the right to determine a simplified procedure for authorizing the activities of persons intending to become participants in the regulatory platform, and the specifics of the activities of such persons in the financial services markets during their participation in the regulatory platform.

The special regime for the activities of participants in the regulatory platform may provide for the simplification or non-application of certain requirements established by law, including regulatory legal acts of the Regulator, for conducting activities in the financial services markets, as well as the non-application of measures of influence or exemption from liability for violation of such requirements.

A special regime for the activities of the regulatory platform participants is introduced for a period of no more than two years.

4. A person participating in the regulatory platform is obliged to comply with the requirements and decisions of the Regulator throughout the entire period of participation in the regulatory platform. Failure to comply with such requirements and/or decisions of the Regulator shall result in the Regulator making a decision to terminate such person's participation in the regulatory platform.

Participation in the regulatory platform is terminated from the date of adoption of the relevant decision by the Regulator in accordance with the procedure established by the regulatory legal acts of the Regulator.

At the request of the Regulator, a participant in the regulatory platform is obliged to cease providing or using services, technologies and tools that were tested in the regulatory platform.

After the end of the testing period, the participant of the regulatory platform has the right to continue providing or using services, technologies and instruments in financial services markets based on innovative technologies, subject to completing the authorization procedure and complying with the requirements and restrictions established by the regulatory legal acts of the Regulator.

5. The regulator has the right to conclude agreements with financial market regulators of foreign countries for testing international innovative financial services, technologies and instruments";

d) Article 41 - 1 shall be supplemented with a third part with the following content:

"3. Penalties for violation of consumer rights, provided for in paragraphs 6-10 of part two of this article, shall also apply to a legal entity whose license to provide financial services has been revoked and which has been removed from the register until the completion of all contracts with consumers";

{Subparagraph 9 of paragraph 3 of Section VII was excluded on the basis of Law No. 3498-IX of 22.11.2023 }

10) in part two of Article 1 of the Law of Ukraine "On Non-State Pension Provision" (Vidomosti Verkhovna Rada of Ukraine, 2003, No. 47-48, p. 372; 2017, No. 40-41, p. 383) the words "On financial services and state regulation of financial services markets" shall be replaced by the words "On financial services and financial companies";

11) in paragraph forty-six of Article 1 of the Law of Ukraine "On Compulsory State Pension Insurance" (Vidomosti Verkhovnoi Rada of Ukraine, 2003, No. 49-51, p. 376 with subsequent amendments), the words "On financial services and state regulation of financial services markets" shall be replaced by the words "On financial services and financial companies";

{Subparagraph 11 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

12) paragraph six of part one of Article 26 of the Law of Ukraine "On Advertising" (Vidomosti Verkhovnoi Rada of Ukraine, 2004, No. 8, Art. 62 with subsequent amendments) after the word "regarding" add the words "advertising on the payment market and";

{Subparagraph 12 of paragraph 3 of Section VII as amended by Law No. 3498-IX of 11/22/2023 }

13) in the Law of Ukraine "On Capital Markets and Organized Commodity Markets" dated June 19, 2020 No. 738-IX, as amended by the Law of Ukraine dated June 30, 2021 No. 1587-IX:

a) in Article 2 :

in part one:

in subparagraph "b" of paragraph 24 of part one, the words "on capital markets and organized commodity markets" shall be deleted;

to supplement with paragraph 24 - 1 with the following content:

"24 - 1 ) credit institution - a financial institution that, in accordance with the law on the activities of the relevant financial institution, has the right to simultaneously provide a service for providing funds and bank metals on credit and a service for attracting funds and bank metals subject to return from an unlimited number of persons";

in paragraph two of part two, the words "credit institution" shall be deleted, and the words "On financial services and state regulation of financial services markets" shall be replaced with the words "On financial services and financial companies";

b) in paragraph one of part three of Article 127, the words "On financial services and state regulation of the financial services market" shall be replaced with the words "On financial services and financial companies";

c) Section X shall be supplemented with Article 142 - 1 with the following content:

" Article 142 - 1. Oversight of entities performing the functions of a central securities depository, central counterparty, trade repository and securities settlement system

1. The National Bank of Ukraine, within the powers defined by law, shall oversee entities that perform the functions of a central securities depository, a central counterparty, a trade repository and a securities settlement system (hereinafter referred to as the objects of oversight) in order to ensure their continuous, reliable and effective functioning.

2. The oversight activities of the National Bank of Ukraine include:

1) monitoring of oversight objects for the purpose of their assessment in accordance with paragraph 2 of this part;

2) assessment of oversight objects for compliance with the requirements of international oversight standards for financial market infrastructure adopted by the Bank for International Settlements and the International Organization of Securities Commissions, which includes interviewing officials of oversight objects;

3) providing recommendations for improving the activities of oversight facilities.

When assessing oversight objects, the National Bank of Ukraine has the right to involve the National Securities and Stock Market Commission.

The report of the National Bank of Ukraine on the results of the assessment conducted during the oversight process is provided to the oversight entities and the National Securities and Stock Market Commission.

3. The procedure for conducting oversight is determined by the regulatory legal acts of the National Bank of Ukraine.

4. The National Bank of Ukraine has the right to receive free of charge from the oversight entities information on their activities and implementation of recommendations provided by the National Bank of Ukraine.

5. In the event of failure by the objects of oversight to comply with the recommendations provided by the National Bank of Ukraine, the National Bank of Ukraine has the right to apply to the National Securities and Stock Market Commission for the application of measures to such objects of oversight in accordance with the legislation.

6. To carry out oversight, the National Bank of Ukraine cooperates with the National Securities and Stock Market Commission, other state authorities of Ukraine and international organizations";

14) in part eleven of Article 11 of the Law of Ukraine "On State Registration of Civil Status Acts" (Vidomosti Verkhovnoi Rada of Ukraine, 2010, No. 38, Art. 509; 2018, No. 46, Art. 368) the words "has a license to provide funds on loan, including on the terms of a financial loan, in accordance with the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" shall be replaced with the words "on the basis of the relevant license, carries out activities to provide funds and bank metals on loan in accordance with the Law of Ukraine "On Financial Services and Financial Companies";

{Subparagraph 14 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

15) in part six of Article 4 of the Law of Ukraine "On Collective Investment Institutions" (Vidomosti Verkhovnoi Rada of Ukraine, 2013, No. 29, p. 337), the words "On financial services and state regulation of financial services markets" shall be replaced by the words "On financial services and financial companies";

16) in the Law of Ukraine "On the Depository System of Ukraine" (Vidomosti Verkhovnoi Rada of Ukraine, 2013, No. 39, p. 517 with the following amendments):

a) in Article 1 :

paragraph twenty-eight shall be considered part two;

in part two, the word "Terms" shall be replaced by the number and the word "2. Terms";

b) part two of Article 28 shall be supplemented with the following paragraph eleven:

"makes decisions on taking measures to ensure compliance by the oversight objects defined by the Law of Ukraine "On Capital Markets and Organized Commodity Markets" with the recommendations of the National Bank of Ukraine";

17) in the Law of Ukraine "On Licensing of Types of Economic Activities" (Vidomosti Verkhovnoi Rada of Ukraine, 2015, No. 23, p. 158 with the following amendments):

{Paragraph one of subparagraph 17 of paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

in part three of Article 2, the words "activities for providing collection services to banks" shall be replaced with the words "activities for carrying out cash transactions";

{Paragraph of subparagraph 17 of paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

Paragraph 1 of Part One of Article 7 shall be worded as follows:

{Paragraph of subparagraph 17 of paragraph 3 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

"1) banking activities, activities for the provision of financial services - in cases established by law, and activities for the implementation of cash transactions, including the collection of funds, transportation of currency and other valuables, processing and storage of cash";

18) in parts one and two of Article 2 of the Law of Ukraine "On Electronic Commerce" (Vidomosti Verkhovnoi Rada of Ukraine, 2015, No. 45, p. 410; as amended by the Law of Ukraine dated June 30, 2021 No. 1591-IX), the words "On financial services and state regulation of financial services markets" shall be replaced by the words "On financial services and financial companies";

19) in Article 1 of the Law of Ukraine "On Financial Restructuring" (Vidomosti Verkhovnoi Rada of Ukraine, 2016, No. 32, p. 555):

in paragraph 26 of part one, the words "On financial services and state regulation of financial services markets" shall be replaced with the words "On financial services and financial companies";

Part two should be worded as follows:

"2. For the purposes of this Law, the term "substantial participation" is used in the meaning given in the Law of Ukraine "On Financial Services and Financial Companies", the term "ultimate beneficial owner (controller)" is used in the meaning given in the Law of Ukraine "On Prevention and Counteraction to the Legalization (Laundering) of Proceeds of Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction". Other terms used in this Law are given in the meaning established by law";

20) in the Law of Ukraine "On Consumer Lending" (Vidomosti Verkhovna Rada of Ukraine, 2017, No. 1, Art. 2 with the following amendments):

a) in part two of Article 13, the words and figure "taking into account the requirements and in accordance with the procedure provided for in Article 6 of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" shall be replaced with the words "in accordance with the requirements established by the Law of Ukraine "On Financial Services and Financial Companies";

b) in paragraph 2 of part one of Article 28, the words "On financial services and state regulation of financial services markets" shall be replaced with the words "On financial services and financial companies";

c) in the text of the Law , the words "accompanying services" in all cases and numbers shall be replaced by the words "additional and/or accompanying services" in the corresponding case and number;

21) Part two of Article 9 of the Law of Ukraine "On Financial Mechanisms for Stimulating Export Activity" (Vidomosti Verkhovnoi Rada of Ukraine, 2017, No. 4, Art. 43; as amended by the Law of Ukraine dated March 24, 2022 No. 2154-IX) shall be worded as follows:

{Paragraph one of subparagraph 21 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

"2. The provisions of the laws of Ukraine "On Insurance" and "On Financial Services and Financial Companies" shall apply to the activities of ECA, taking into account the features established by this Law";

22) in part two of Article 1 of the Law of Ukraine "On Energy Efficiency of Buildings" (Vidomosti Verkhovnoi Rada of Ukraine, 2017, No. 33, p. 359), the words "On financial services and state regulation of financial services markets" shall be replaced by the words "On financial services and financial companies";

23) in the Law of Ukraine "On the Basic Principles of Ensuring Cybersecurity of Ukraine" (Vidomosti Verkhovna Rada of Ukraine, 2017, No. 45, p. 403):

a) paragraph two of part three of Article 4 after the words "the banking system of Ukraine" shall be supplemented with the words "and on the markets of non-banking financial services, the activities of which are regulated and supervised by the National Bank of Ukraine, payment system operators and/or payment system participants, technological operators of payment services";

b) add to part three of Article 5 after the words "the banking system of Ukraine" the words "and on the markets of non-banking financial services, the state regulation and supervision of which is carried out by the National Bank, payment system operators and/or payment system participants, technological operators of payment services";

24) in the Law of Ukraine "On Audit of Financial Statements and Auditing Activities" (Vidomosti Verkhovna Rada of Ukraine, 2018, No. 9, Art. 50 with the following amendments):

{Subparagraph "a" of subparagraph 24 of paragraph 3 of section VII was excluded on the basis of Law No. 2597-IX of 20.09.2022 }

b) Part three of Article 3 shall be amended as follows:

"3. Features of conducting an audit of the financial statements of the National Bank of Ukraine, banks and other participants in the financial services markets, the state regulation of which is carried out by the National Bank of Ukraine, are established by this Law and other laws of Ukraine";

{Subparagraph "c" of subparagraph 24 of paragraph 3 of section VII was excluded on the basis of Law No. 2597-IX of 20.09.2022 }

{Subparagraph "d" of subparagraph 24 of paragraph 3 of section VII was excluded on the basis of Law No. 2597-IX of 20.09.2022 }

{Subparagraph "g" of subparagraph 24 of paragraph 3 of section VII was excluded on the basis of Law No. 2597-IX of 20.09.2022 }

e) in Article 43 :

parts one and two shall be worded as follows:

"1. The liability of an audit entity to the customer of audit services and third parties is limited exclusively to actual losses that arose as a result of the unlawful action or inaction of the audit entity in the case of the provision of statutory audit or review of financial statements services, or other audit services, the provision of which is required by law. Lost, lost profits, additional costs that may be incurred by the customer of audit services and/or third parties are not compensated.

The liability of the audit entity to the client of audit services that is not a statutory audit or review of financial statements, or an audit service for the audit of regulatory reporting, financial and non-financial information of the client of audit services, as defined by law, is established by a contract between the client and the audit entity.

2. An audit entity that conducts a statutory audit of financial statements is required to have an insurance contract for the liability of the audit entity to third parties, concluded in accordance with the procedure and on the terms established by the National Bank of Ukraine, in agreement with the Public Oversight Body for Auditing Activities.

The minimum amount of the insured amount under such an insurance contract concluded by an audit entity that conducts a mandatory audit of the financial statements of public interest entities shall be 10 percent of the amount of remuneration received under contracts for the provision of audit services for the mandatory audit of public interest entities (excluding value added tax) during the past year, but not less than 10 million hryvnias, unless otherwise provided by law";

in parts three and four, the words "current" and "civil law" shall be deleted;

{Subparagraph "e" of subparagraph 24 of paragraph 3 of section VII was excluded on the basis of Law No. 2597-IX of 20.09.2022 }

25) in paragraph three of part two of Article 1 of the Law of Ukraine "On Currency and Currency Operations" (Vidomosti Verkhovnoi Rada of Ukraine, 2018, No. 30, Art. 239; as amended by the Law of Ukraine dated June 30, 2021 No. 1591-IX), the words "financial services" shall be replaced by the words "financial service", and the words "On Financial Services and State Regulation of Financial Services Markets" shall be replaced by "On Financial Services and Financial Companies";

26) in the Law of Ukraine "On Prevention and Counteraction to the Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" (Vidomosti Verkhovnoi Rada of Ukraine, 2020, No. 25, p. 171; as amended by the Law of Ukraine dated June 30, 2021 No. 1591-IX):

a) in paragraph two of part two of Article 1, the words "Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" shall be replaced by the words "Law of Ukraine "On Financial Services and Financial Companies";

b) in Article 11 :

in the second paragraph of part four, the word "species" shall be replaced by the word "classes";

{Paragraph two of subparagraph "b" of subparagraph 26 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

in paragraph four of part sixteen, the words "carrying out insurance compensation or insurance payment" shall be replaced with the words "making insurance payment (compensation)";

{Paragraph three of subparagraph "b" of subparagraph 26 of paragraph 3 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

27) in the Law of Ukraine "On Financial Leasing" dated February 4, 2021 No. 1201-IX:

and) The preamble should be worded as follows:

"This Law defines the general legal and organizational principles of financial leasing in Ukraine in accordance with international standards in this area";

b) in Article 1 :

Paragraphs five and six of part one shall be worded as follows:

"seller (supplier) - an individual, an individual entrepreneur or a legal entity from which the lessor acquires ownership of property on the basis of a purchase and sale agreement or a supply agreement for subsequent transfer to the lessee on the basis of a financial leasing agreement;

financial leasing - a type of legal relationship under which the lessor undertakes, in accordance with the financial leasing agreement, for a period and for a fee determined by such agreement, to transfer to the lessee for possession and use as an object of financial leasing property owned by the lessor and acquired by it without prior agreement with the lessee, or property specially purchased by the lessor from the seller (supplier) in accordance with the specifications and conditions established by the lessee, and which also provide for compliance with at least one of the features (conditions) of financial leasing provided for in paragraphs 1-4 of part one of Article 5 of this Law";

Part two should be worded as follows:

"2. Other terms in this Law are used in the meanings given in the Civil Code of Ukraine , the Commercial Code of Ukraine , the Law of Ukraine "On Financial Services and Financial Companies", the Law of Ukraine "On Consumer Rights Protection", the Law of Ukraine "On Electronic Commerce";

in) Part one of Article 2 shall be worded as follows:

"1. The purpose of this Law is to ensure the protection of the rights and legitimate interests of lessees and lessors, to create an appropriate competitive environment in the field of financial leasing, to harmonize the legislation of Ukraine with the legislation of the European Union and international standards in this area, and to ensure favorable conditions for the development of the economy of Ukraine";

d) Part one of Article 3 shall be worded as follows:

"1. Relations between the lessor and the lessee arising on the basis of a financial leasing agreement are regulated by the provisions of the Civil Code of Ukraine , the Commercial Code of Ukraine , this Law, taking into account the features established by the Law of Ukraine "On Financial Services and Financial Companies", as well as by acts of the National Bank of Ukraine adopted in accordance with the law";

e) Part one of Article 4 shall be worded as follows:

"1. State regulation and supervision of the financial leasing market is carried out by the National Bank of Ukraine in accordance with the Law of Ukraine "On Financial Services and Financial Companies", this Law and other legislative acts of Ukraine";

e) Paragraph one of part two of Article 7 shall be worded as follows:

"2. The lessee has the right to acquire ownership of the financial leasing object, provided that the lessee properly fulfills its obligations under the financial leasing agreement, including the payment of leasing and other payments, as well as (in the event of) a penalty (fine, penalty), unless otherwise provided for by such agreement";

f) parts one , two and five of Article 8 shall be worded as follows:

"1. During the term of the financial leasing agreement, the lessee shall be provided with protection of the rights belonging to him in accordance with the law and/or the financial leasing agreement regarding the financial leasing object, while observing the protection of the lessor's rights established by law and/or the financial leasing agreement.

2. During the term of the financial leasing agreement, the lessee has the right to demand from persons who violate his rights as a lessee, including from the lessor, the elimination of any violations of his rights to the financial leasing object";

"5. Repair and maintenance of the financial leasing object shall be carried out by the seller (supplier) or another person specified in the purchase and sale agreement (supply agreement) under which the lessor acquired ownership of the financial leasing object, on the basis of such an agreement or on the basis of a separate agreement concluded between the lessee and the seller (supplier)";

g) in Article 9 :

Paragraph two of part two shall be worded as follows:

"For the purposes of this part, the term "related person" is used in the meaning given in the Law of Ukraine "On Financial Services and Financial Companies";

Part three should be worded as follows:

"3. The lessor is obliged to notify the lessee - the consumer of financial leasing services - of the assignment of the right of claim under the financial leasing agreement in the manner specified by such agreement, in accordance with the internal rules for the provision of financial leasing services of such lessor, approved in accordance with the legislation";

g) Article 11 should be deleted;

h) paragraph 3 of part three of Article 13 shall be worded as follows:

"3) the amount and terms of payment of payments for accompanying and/or other services provided by the lessor and/or other persons and which are mandatory for the conclusion of a financial leasing agreement or may be provided during the term of the financial leasing agreement, if such payments are not included in the payments provided for in paragraphs 1 and 2 of this part";

i) Part one of Article 14 shall be worded as follows:

"1. A financial leasing agreement must comply with the requirements of Article 9 of the Law of Ukraine "On Financial Services and Financial Companies", Article 18 of the Law of Ukraine "On Consumer Rights Protection" and this Law";

i) in Article 17 :

Paragraph four of part four shall be worded as follows:

"The return of the subject of a financial leasing agreement by a notary's executive inscription is carried out in accordance with the procedure established by the Law of Ukraine "On Enforcement Proceedings". The execution of an executive inscription on the recovery of the subject of a financial leasing agreement is carried out by a notary in accordance with the requirements and in accordance with the procedure established by Chapter 14 of the Law of Ukraine "On Notaries";

Part seven should be worded as follows:

"7. Lease payments paid by the lessee under a financial leasing agreement before the date of the lessor's unilateral refusal from the financial leasing agreement or its termination shall not be refunded to the lessee, except in cases where the unilateral refusal from the financial leasing agreement or its termination is made before the transfer of the financial leasing object to the lessee. The lessor has the right to collect from the lessee the debt for the payment of leasing payments as of the date of termination of the agreement, a penalty (fine, penalty), documented expenses, including for payment of repairs, reimbursement of expenses for repairs of the financial leasing object and/or payment of other payments directly related to the performance of the financial leasing agreement, in accordance with the terms of such agreement and legislation, including expenses incurred by the lessor in connection with the execution of an executive inscription notary";

(j) Paragraph 8 of Part One of Article 20 shall be worded as follows:

"8) in the event of the lessor's refusal to accept the financial leasing agreement and the lessee's failure to return the financial leasing object at the lessor's request within the time limits stipulated in the financial leasing agreement, demand early payment of all future leasing payments in respect of the payment of the cost of the financial leasing object, unless otherwise provided for by the financial leasing agreement and/or legislation";

28) in the Law of Ukraine "On Payment Services" dated June 30, 2021 No. 1591-IX:

a) in paragraph 3 of Section VIII "Final and Transitional Provisions":

Paragraph twenty-nine of subparagraph 5 shall be worded as follows:

"paragraphs eight, nine and twentieth shall be worded as follows";

in subparagraph 7:

Paragraph seventeen should be worded as follows:

"paragraph one of part one of Article 73 after the words "currency legislation" shall be supplemented with the words "legislation regulating activities in the payment market";

paragraph eighteen shall be deleted;

b) in the text of the Law, the words "On Financial Services and State Regulation of Financial Services Markets" shall be replaced with the words "On Financial Services and Financial Companies".

4. From July 1, 2024, only financial institutions are allowed to provide services for issuing financial guarantees in accordance with the procedure and under the conditions specified by the Customs Code of Ukraine .

An independent financial intermediary who intends to carry out activities related to the provision of financial guarantee services in accordance with the procedure and under the conditions specified by the Customs Code of Ukraine , after the entry into force of this Law, shall apply to the National Bank of Ukraine for a financial company license, which includes the right to carry out guarantee activities, and to acquire the status of a financial institution.

An independent financial intermediary acquires the status of a financial institution and the right to carry out activities related to the provision of guarantees after obtaining a license provided for in Article 29 of this Law.

This Law shall apply to independent financial intermediaries providing services for issuing financial guarantees in accordance with the procedure and on the terms and conditions specified in the Customs Code of Ukraine , from July 1, 2024.

5. The provisions of paragraphs 9 , 12-23 and 26 of this section apply only to persons whose regulation and supervision are within the competence of the National Bank of Ukraine, except for banks.

6. To establish that the provisions of paragraphs 13 , 24-27 of this section do not apply to financial service providers whose location, according to information from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations, is the territory of active hostilities or the territories of Ukraine temporarily occupied by the Russian Federation, which are included in the List of territories in which hostilities are (were) conducted or temporarily occupied by the Russian Federation , which is determined in accordance with the procedure established by the Cabinet of Ministers of Ukraine.

{Clause 6 of Section VII as amended by Law No. 3050-IX of 11.04.2023 }

7. To establish that the requirements of Article 34 of this Law do not apply to financial service providers established before July 1, 2020.

8. To establish that from the date of entry into force of this Law, the National Bank of Ukraine shall, in accordance with the procedure established by it, exclude trust companies and information about them from the State Register of Financial Institutions.

9. To establish that the National Bank of Ukraine shall leave without consideration the applicant's package of documents submitted for obtaining a license if:

the location of such applicant, according to information from the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Organizations (hereinafter in this clause and clause 9 - 1 - the Unified State Register) as of the date of submission of the application for a license is the territory in which hostilities are being conducted, or the territory of Ukraine temporarily occupied by the Russian Federation, included in the List of Territories in which hostilities are (were) being conducted or temporarily occupied by the Russian Federation , which is determined in accordance with the legislation (hereinafter in this clause and clause 9 - 1 - the List of Territories);

during the period of consideration of documents submitted for the issuance of a license, the location of such an applicant, according to information from the Unified State Register, was the territory in which hostilities are taking place, or the territory of Ukraine temporarily occupied by the Russian Federation, included in the List of Territories .

{Clause 9 of Section VII as amended by Laws No. 3050-IX of 04/11/2023 , No. 3498-IX of 11/22/2023 }

9 - 1. From the date of entry into force of the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving State Regulation of Financial Services Markets", licenses for the provision of financial services issued by the State Commission for Regulation of Financial Services Markets of Ukraine/the National Commission for State Regulation of Financial Services Markets/the National Bank of Ukraine (hereinafter referred to in this paragraph, paragraphs 20 , 28 - 1 and 30 as the license) to financial service providers whose location, according to information from the Unified State Register as of the date of entry into force of the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving State Regulation of Financial Services Markets", is the territory of Ukraine temporarily occupied by the Russian Federation, included in the List of Territories , shall be considered temporarily suspended . The dates of the beginning and end of the temporary occupation shall be determined in accordance with the information specified in the List of Territories.

To establish that if, after the entry into force of the Law of Ukraine "On Amendments to Certain Laws of Ukraine Regarding Improvement of State Regulation of Financial Services Markets", the territory of the location of a financial services provider, according to information from the Unified State Register, has become the territory of Ukraine temporarily occupied by the Russian Federation, the license of such a financial services provider is considered temporarily suspended from the date of entry into the List of Territories of information determining the date of the beginning of the temporary occupation of the territory of its location.

The National Bank of Ukraine publishes on the page of the Official Internet Representation of the National Bank of Ukraine a list of financial service providers whose licenses have been temporarily suspended in accordance with this paragraph.

Temporary suspension of the license implies that the financial services provider is prohibited from carrying out activities related to the provision of financial services until the National Bank of Ukraine makes a decision to renew the license.

A financial services provider whose license is temporarily suspended in accordance with this paragraph is exempted from submitting financial statements and other reporting data to the National Bank of Ukraine until the National Bank of Ukraine makes a decision to renew the license.

A license temporarily suspended in accordance with this paragraph may be renewed by the National Bank of Ukraine upon application by the financial services provider, provided that it complies with the requirements of the regulatory legal act of the National Bank of Ukraine, which determines the conditions for conducting activities related to the provision of financial services.

A financial services provider has the right to apply for renewal of a license temporarily suspended in accordance with this paragraph within 90 calendar days from the date of entry into the List of Territories of information determining the date of completion of the temporary occupation of the territory of its location. If a financial services provider has not applied to the National Bank of Ukraine with an application for renewal of the license within the period specified in this paragraph, the license of such financial services provider temporarily suspended in accordance with this paragraph shall be deemed revoked from the ninety-first calendar day from the date of entry into the List of Territories of information determining the date of completion of the temporary occupation of the territory of its location.

The financial services provider, together with an application for renewal of a license temporarily suspended in accordance with this paragraph, is obliged to submit to the National Bank of Ukraine documents according to the list and in the manner specified by the regulatory legal act of the National Bank of Ukraine.

The National Bank of Ukraine has the right to demand, and the financial service provider is obliged to provide the National Bank of Ukraine with additional information, documents and explanations necessary to clarify/verify the documents submitted by the financial service provider to confirm its compliance with the requirements of the regulatory legal act of the National Bank of Ukraine, which determines the conditions for conducting activities for the provision of financial services.

The National Bank of Ukraine, in accordance with the procedure established by it, shall make a decision on the renewal of a license or on the refusal to renew a license temporarily suspended in accordance with this paragraph, within 30 working days from the date of receipt of the complete package of documents specified by the regulatory legal act of the National Bank of Ukraine.

The National Bank of Ukraine has the right to extend the period for consideration of a package of documents submitted for license renewal, but not more than for 30 business days, if it is necessary to verify the authenticity of the submitted documents/information and/or obtain additional documents/information for making a decision. The National Bank of Ukraine shall notify the applicant in writing (in the form of a paper or electronic document in compliance with the requirements of the legislation) of the period for which the consideration of the package of documents has been extended.

The National Bank of Ukraine has the right to refuse to renew a license temporarily suspended in accordance with this paragraph on the following grounds:

1) submission of an incomplete package of documents or the presence of inaccurate information in the submitted documents;

2) the applicant's non-compliance with the conditions for conducting activities related to the provision of financial services;

3) failure by the applicant to comply with the requirements specified in this paragraph.

A license temporarily suspended in accordance with this paragraph shall be renewed from the date of entry into force of the decision of the National Bank of Ukraine on its renewal. A license whose renewal has been denied shall be deemed revoked from the date of entry into force of the decision of the National Bank of Ukraine on the refusal to renew the license.

Revocation of a financial services provider's license in the cases specified in this paragraph shall not constitute grounds for believing that the business reputation of such a financial services provider, its key participants, owners of a significant stake, managers, chief accountant, and key individuals does not meet the requirements of the law and regulatory legal acts of the National Bank of Ukraine.

The temporary suspension of licenses of financial services providers provided for in this paragraph is not a measure of influence.

{Chapter VII supplemented by paragraph 9 - 1 in accordance with Law No. 3498-IX of 22.11.2023 }

10. Licenses for the provision of collection services to banks and approvals of the National Bank of Ukraine for the implementation of cash transactions by a legal entity shall be valid and shall continue to be valid after the date of entry into force of this Law until their re-issuance by the National Bank of Ukraine. After the entry into force of this Law, the National Bank of Ukraine shall, in accordance with the procedure established by it, re-issue licenses for the provision of collection services to banks and approvals for the implementation of cash transactions by a legal entity for the licenses of the National Bank of Ukraine for the implementation of cash transactions.

11. To establish that before the date of entry into force of this Law, a change in the name of a financial company or pawnshop in connection with the transformation of such a legal entity from one form of a business partnership into another form of a business partnership shall not be a basis for reissuing a license that was in effect on the date of entry into force of this Law. In such a case, the financial company or pawnshop shall have the right to continue to carry out activities for the provision of financial services on the basis of a license previously issued to such a financial company or pawnshop, which is subject to reissuance in accordance with paragraph 24 of this section.

12. To establish that the procedures for the termination of financial service providers initiated before the date of entry into force of this Law shall be completed in accordance with the provisions of the legislation in force before the date of entry into force of this Law.

13. Documents for obtaining the status of a financial institution by a legal entity and/or obtaining a license to provide financial services, which were received by the National Bank of Ukraine from legal entities before the date of entry into force of this Law and in respect of which the National Bank of Ukraine has not made a decision to grant the relevant license/inclusion in the State Register of Financial Institutions or to refuse to grant such a license/inclusion in the State Register of Financial Institutions as of the date of entry into force of this Law, shall remain without consideration. Such legal entities, from the date of entry into force of this Law, have the right to submit documents for obtaining a license to provide financial services in accordance with the requirements of this Law.

14. The absence of a valid license for the provision of financial services by a financial service provider as of the date of entry into force of this Law shall be grounds for the National Bank of Ukraine to exclude such financial service provider and information about it from the relevant register as of the date of entry into force of this Law, in accordance with the procedure established by it. This requirement shall not apply to financial service providers included by the National Bank of Ukraine in the relevant register during the last 12 months prior to the date of entry into force of this Law.

The absence of a financial service provider included in the State Register of Financial Institutions during the last 12 months prior to the date of entry into force of this Law or in the period between the date of entry into force of this Law and the date of entry into force of this Law, of a valid license to conduct financial services activities as of the day preceding the date of entry into force of this Law shall be grounds for the National Bank of Ukraine to exclude such a financial service provider and information about it from the State Register of Financial Institutions as of the date of entry into force of this Law, in accordance with the procedure established by it. This requirement shall not apply to financial service providers from whom the documents for acquiring the status of a financial institution and/or obtaining a license to conduct financial services activities were received by the National Bank of Ukraine prior to the date of entry into force of this Law and in respect of whom the National Bank of Ukraine has not made a decision to grant the relevant license or to refuse to grant such a license as of the date of entry into force of this Law.

The requirement to provide an extract on the exclusion of a financial services provider, provided for in Part Two of Article 13 of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets", does not apply to financial services providers defined in the first paragraph of this paragraph.

15. Financial service providers are obliged, at the request of the National Bank of Ukraine and within the time limit established by it, to provide it with information and documents necessary to establish the completeness and accuracy of the information contained about them in the relevant register, and (if necessary) to correct the relevant information in such register.

16. Financial institutions, other than banks and credit unions, that have a license to attract financial assets with an obligation to subsequently return them, are prohibited from providing financial services for attracting funds and bank metals subject to return from an unlimited number of persons from the date of entry into force of this Law.

Financial institutions specified in paragraph one of this paragraph shall, within six months from the date of entry into force of this Law, be obliged to fulfill their obligations to creditors (investors) ahead of schedule by returning to them all attracted financial assets or in another manner not prohibited by the legislation of Ukraine, and submit to the National Bank of Ukraine information on the fulfillment of obligations or an extract from the Unified Register of Enterprises in respect of which bankruptcy proceedings have been initiated, on the initiation of bankruptcy proceedings in respect of them. After the expiration of the six-month period, the licenses of such financial institutions shall be deemed revoked, which shall be the basis for the exclusion by the National Bank of Ukraine, in accordance with the procedure established by it, of such financial institutions and information about them from the State Register of Financial Institutions.

In the event of the absence of the creditor (investor) of the financial institution specified in the first paragraph of this paragraph at the place of performance of the obligation or its evasion from accepting the performance of the obligation, such financial institution shall be obliged to transfer the amount of the obligation payable to the creditor (investor) to the deposit of a notary or notary office in accordance with the legislation of Ukraine.

17. The National Bank of Ukraine has the right to revoke licenses and exclude from the relevant register financial service providers who, based on the results of one reporting period after the date of entry into force of this Law, have not submitted reports to the National Bank of Ukraine in accordance with the requirements established by the laws of Ukraine and regulatory legal acts of the National Bank of Ukraine.

18. Providers of financial services who, before the date of entry into force of this Law, violated the requirements of the legislation on the regulation of activities in the provision of financial services shall bear liability provided for by the legislation of Ukraine in force on the date of such violations.

The decision to apply measures of influence to such persons is made by the National Bank of Ukraine in accordance with the procedure established by the legislation in force on the day the relevant decision was made.

19. The measures of influence applied by the National Bank of Ukraine to financial service providers before the date of entry into force of this Law shall be applied in accordance with the legislation of Ukraine in force on the date of the decision to apply them.

20. Financial service providers (except for financial service providers whose licenses are temporarily suspended in accordance with clause 9 - 1 of this section) are obliged, within six months from the date of entry into force of this Law:

{Paragraph one of clause 20 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

1) bring its activities into compliance with the requirements of this Law and special laws, unless other deadlines are established by special laws (except for the requirements specified in part three of Article 33 of this Law, the deadline for the implementation of which is not established for financial companies and pawnshops that had the relevant licenses before the entry into force of this Law);

2) carry out an independent verification of the compliance of their managers with the qualification requirements regarding business reputation and professional suitability.

If the financial services provider discovers signs of a manager's less than impeccable business reputation and/or his non-compliance with the requirements for professional suitability, the financial institution or its manager has the right to submit to the National Bank of Ukraine, in accordance with the procedure established by it, a request for non-application to the manager of the identified signs of less than impeccable business reputation and/or justification for the manager's compliance with the requirements for professional suitability, as well as other information provided for by the relevant regulatory legal act of the National Bank of Ukraine.

When considering a request from a financial services provider or its manager for the non-application of the identified signs of an impeccable business reputation to the manager and/or justification for the manager's compliance with the requirements for professional suitability, the National Bank of Ukraine comprehensively analyzes the submitted documents and information, including information obtained in the process of state regulation and supervision from other state bodies, as well as from open sources.

The National Bank of Ukraine, based on the results of assessing the business reputation and/or professional suitability of the head of the financial services provider, shall take one of the following decisions:

a) on recognition of the business reputation of the head of the financial services provider as not impeccable and/or on the non-compliance of the head of the financial services provider with the requirements for professional suitability (if no explanation and/or documents specified in the regulatory legal act of the National Bank of Ukraine are provided, or if the petition, in the professional judgment of the National Bank of Ukraine, is unfounded);

b) on the non-application of the sign of impeccable business reputation to the head of the financial services provider and/or on the compliance of the head of the financial services provider with the requirements for professional suitability (if the submitted application, in the professional judgment of the National Bank of Ukraine, is justified).

If the National Bank of Ukraine, based on the results of the assessment of the business reputation and/or professional suitability of the head of a financial services provider, adopts a decision to recognize the business reputation of the head as not impeccable and/or a decision that the head of a financial services provider does not meet the requirements for professional suitability, the National Bank of Ukraine has the right to demand the replacement of such head;

3) independently verify the compliance of the owners of significant participation (if any) with the requirements regarding business reputation.

If a financial services provider detects signs of a less than impeccable business reputation of the owner of a significant stake, the financial services provider or the owner of a significant stake has the right to submit to the National Bank of Ukraine, in accordance with the procedure established by it, a petition for non-application of the detected signs of a less than impeccable business reputation to the owner of a significant stake.

When considering a request from a financial services provider or a significant shareholder to disapply the identified signs of a less than impeccable business reputation to the significant shareholder, the National Bank of Ukraine comprehensively analyzes the submitted documents and information, including information obtained in the process of state regulation and supervision from other state bodies, as well as from open sources.

The National Bank of Ukraine, based on the results of assessing the business reputation of the owner of a significant stake in a financial services provider, shall take one of the following decisions:

a) on recognition of the business reputation of the owner of a significant participation in the financial services provider as not impeccable (if explanations and/or documents specified in the regulatory legal act of the National Bank of Ukraine are not provided, or if the petition, in the professional judgment of the National Bank of Ukraine, is unfounded);

b) on the non-application of the criterion of impeccable business reputation to the owner of a significant stake in a financial services provider (if the submitted request, in the professional judgment of the National Bank of Ukraine, is justified).

The National Bank of Ukraine may decide to recognize the ownership structure of a financial services provider as not meeting the requirements of the legislation of Ukraine if, based on the results of the assessment of the business reputation of the owner of a significant stake, the National Bank of Ukraine has made a decision to recognize his business reputation as not impeccable.

21. Managers of financial institutions and legal entities that are not financial institutions but had the right to provide financial leasing services (hereinafter referred to as legal entities - lessors), who were appointed to the position before the date of entry into force of this Law, are considered not to require approval by the National Bank of Ukraine and/or are not subject to notification to the National Bank of Ukraine of the appointment of such a person to the position of manager.

22. Owners of a significant stake in a financial institution that were approved by the National Commission for State Regulation of Financial Services Markets before July 1, 2020 or by the National Bank of Ukraine before the date of entry into force of this Law, and persons who, on the date of entry into force of this Law, are owners of a significant stake in a legal entity - lessor, are considered not to require new or additional approval by the National Bank of Ukraine after the entry into force of this Law.

23. Persons who have certificates for the right to carry out temporary administration of the relevant type of financial institutions, issued by the National Commission for State Regulation of Financial Services Markets before July 1, 2020, and intend to carry out temporary administration of a financial institution after the entry into force of this Law, have the right, within three months from the date of entry into force of this Law, to undergo certification in accordance with the procedure and on the terms established by the regulatory legal act of the National Bank of Ukraine.

To establish that the certificates of persons specified in the first paragraph of this paragraph who have not passed or have not applied for certification within three months from the date of entry into force of this Law shall be deemed revoked three months from the date of entry into force of this Law.

24. Establish that:

1) licenses of financial companies and pawnshops valid on the date of entry into force of this Law shall be reissued by the National Bank of Ukraine in accordance with the procedure established by it into a license for the activities of a financial company or a license for the activities of a pawnshop, taking into account the features specified in this section;

2) licenses for trading in foreign exchange securities of financial companies and pawnshops, valid on the day of entry into force of this Law, shall be reissued by the National Bank of Ukraine in accordance with the procedure established by it into a license for conducting foreign exchange transactions.

Financial service providers (except postal operators) that, as of the date of entry into force of this Law, have a license exclusively for trading in foreign exchange securities shall acquire the status of a financial company from the date of entry into force of this Law. The National Bank of Ukraine shall include such a financial company and information about it in the State Register of Financial Institutions.

{Clause 24 of Section VII as amended by Law No. 3498-IX of 11/22/2023 }

25. For legal entities - lessors, which on the date of entry into force of this Law had licenses to conduct financial leasing activities and did not apply to the National Bank of Ukraine for revocation of the license and exclusion from the register of persons who are not financial institutions, but have the right to provide certain financial services, licenses to conduct financial leasing activities within six months from the date of entry into force of this Law shall be reissued by the National Bank of Ukraine into licenses for the activities of a financial company with the inclusion in such license of the right to provide financial leasing services and entry of relevant information into the relevant register.

{Paragraph one of clause 25 of section VII as amended by Law No. 4017-IX of 10.10.2024 }

Along with the re-issuance of the license specified in the first paragraph of this paragraph, legal entities - lessors acquire the status of a financial institution.

26. Licenses issued to legal entities under public law, as well as legal entities under private law, the sole participant of which is the state, and their separate subdivisions (if any), if such persons provide financial services exclusively within the framework of state programs or programs of local governments and such programs determine separate conditions for the provision of financial services, shall be deemed revoked from the date of entry into force of this Law, and information about such persons shall be excluded by the National Bank of Ukraine in accordance with the procedure established by it from the relevant register (except for persons who have been issued a license to conduct currency transactions).

The specified legal entities of public law, legal entities of private law, the sole participant of which is the state, continue to carry out their activities without a license (except for licenses for professional activities on the stock market in property management for financing construction projects and/or carrying out real estate transactions in accordance with the Law of Ukraine "On Financial and Credit Mechanisms and Property Management in Housing Construction and Real Estate Transactions").

The legal entities specified in this paragraph, which, after the end of the relevant state program or program of local governments, intend to carry out activities related to the provision of financial services, are required to obtain an appropriate license provided for by this Law or special laws.

The provisions of the first paragraph of this paragraph do not apply to legal entities under public law, legal entities under private law, the sole participant of which is the state, for which a special law provides for the need to obtain a license from the Regulator and for the Regulator to supervise their activities.

{Clause 26 of Section VII as amended by Law No. 3498-IX of 11/22/2023 }

27. Licenses issued by the National Bank of Ukraine or the National Securities and Stock Market Commission in accordance with the Law of Ukraine "On Banks and Banking Activities" or the Law of Ukraine "On Capital Markets and Organized Commodity Markets" prior to the entry into force of this Law are valid and do not require replacement.

28. To establish that funds declared during a one-time (special) voluntary declaration in accordance with subsection 9 - 4 "Features of the application of a one-time (special) voluntary declaration of assets of individuals" of section XX "Transitional provisions" of the Tax Code of Ukraine and from which the one-time (special) voluntary declaration fee has been fully paid, are recognized by the National Bank of Ukraine and/or the National Securities and Stock Market Commission as having a confirmed source of origin, including for the purposes of forming the authorized and/or additional capital of business entities. The receipt by the declarant of assets in violation of tax and/or currency legislation, for which a one-time (special) voluntary declaration was made with full payment of the one-time (special) voluntary declaration fee, is not a basis for the National Bank of Ukraine and/or the National Securities and Stock Market Commission to recognize the applicant's reputation as not impeccable.

28 - 1. To establish that the provisions of paragraphs 24 , 25 and 30 of this section shall apply to financial service providers whose licenses have been temporarily suspended in accordance with paragraph 9 - 1 of this section, from the date of entry into force of the decision of the National Bank of Ukraine on the renewal of the license.

The National Bank of Ukraine shall reissue licenses that, as of the date of entry into force of this Law, have been temporarily suspended due to the application of a measure of influence in the form of a temporary suspension of the license to the financial services provider, within six months from the date of entry into force of the decision of the National Bank of Ukraine on the renewal of the license.

{Chapter VII supplemented by paragraph 28 - 1 in accordance with Law No. 3498-IX of 22.11.2023 }

28 - 2. The effect of paragraphs 7 and 8 of part one of Article 50 of this Law shall not apply to financial companies, pawnshops that have not started providing financial services within six months from the date of obtaining a license or have not been providing financial services for six consecutive months due to the fact that the location of such persons is the territory in which hostilities are being conducted, or the territory of Ukraine temporarily occupied by the Russian Federation, included in the List of territories in which hostilities are being conducted (were conducted) or temporarily occupied by the Russian Federation , which is determined in accordance with the legislation.

{Chapter VII supplemented by paragraph 28 - 2 in accordance with Law No. 3498-IX of 22.11.2023 }

28 - 3. Banks, the Deposit Guarantee Fund for Individuals, credit unions and financial companies shall, by June 30, 2024, take measures to ensure the submission to the Credit Register of the National Bank of Ukraine of information provided for by the Law of Ukraine "On Financial Services and Financial Companies" in the manner and within the time limits determined by the National Bank of Ukraine.

{Chapter VII supplemented by paragraph 28 - 3 in accordance with Law No. 3498-IX of 22.11.2023 }

28 - 4. Credit unions and financial companies, within six months from the date of entry into force of the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving State Regulation of Financial Services Markets", shall notify debtors (in writing and/or by posting information on the website of the financial services provider and posting information notices in the institutions of the financial services provider) of submitting information about them to the Credit Register of the National Bank of Ukraine.

{Chapter VII supplemented by paragraph 28 - 4 in accordance with Law No. 3498-IX of 22.11.2023 }

{Clause 28 - 5 of Section VII was excluded on the basis of Law No. 4622-IX of 08.10.2025 }

29. The Cabinet of Ministers of Ukraine, until the date of entry into force of this Law:

bring its regulatory legal acts into compliance with this Law;

to ensure that ministries and other central executive bodies bring their regulatory legal acts into compliance with this Law.

30. Recommend to the National Bank of Ukraine:

1) by the date of entry into force of this Law, bring its regulatory legal acts into compliance with this Law and ensure the adoption of regulatory legal acts necessary for its implementation;

2) within six months from the date of entry into force of this Law, reissue licenses by including in the license for the activity of a financial company or a license for the activity of a pawnshop and making an entry in the relevant register about the right to provide certain financial services, taking into account the following:

{Paragraph one of subparagraph 2 of clause 30 of section VII as amended by Law No. 3498-IX of 22.11.2023 }

for pawnshops that, on the date of entry into force of this Law, had licenses to provide funds on loan, including on financial credit terms, - an entry shall be made in the relevant register regarding the possibility of providing financial services for providing funds and bank metals on loan on the terms of a pawnshop loan;

for financial companies, pawnshops, which before the date of entry into force of this Law had licenses provided for in paragraphs 4-7 , 11 of part one of Article 4 of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets", together with a license to provide financial payment services for acquiring payment instruments and/or transferring funds without opening an account, - an entry about the financial company, pawnshop shall be made in:

{Paragraph three of subparagraph 2 of clause 30 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

State Register of Financial Institutions regarding the possibility of providing such financial services, along with the right to provide financial payment services for acquiring payment instruments and/or transferring funds without opening an account;

{Paragraph four of subparagraph 2 of clause 30 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

Register of payment infrastructure regarding the right to provide financial payment services for acquiring payment instruments and/or transferring funds without opening an account.

{Paragraph five of subparagraph 2 of clause 30 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

The license of a financial company or pawnshop to provide financial payment services for acquiring payment instruments and/or transferring funds without opening an account is considered revoked from the date of entry in the Payment Infrastructure Register.

{Paragraph of subparagraph 2 of paragraph 30 of section VII as amended by Law No. 3498-IX of 11/22/2023 }

31. The National Bank of Ukraine shall send a financial company or pawnshop a notice of license renewal in writing (on paper or in the form of an electronic document created in accordance with the requirements specified by the Law of Ukraine "On Electronic Documents and Electronic Document Management") and an extract from the relevant register within three business days from the date of entry in such register.

32. Until the date of entry by the National Bank of Ukraine into the relevant register, a financial company or pawnshop shall carry out the activities of a financial company or pawnshop, taking into account the requirements of this Law, in accordance with the license valid on the date of entry into force of this Law.

If, before the date of entry in the relevant register by the National Bank of Ukraine, a financial company or pawnshop intends to include additional types of financial services in the license, the license shall be reissued simultaneously with the consideration of a package of documents for expanding the scope of the license, which the financial company or pawnshop must submit in accordance with the requirements of this Law.

From the date of entry by the National Bank of Ukraine of a record of license reissuance in the relevant register, licenses that were in effect on the date of entry into force of this Law shall be deemed revoked, and financial companies and pawnshops shall carry out their activities, respectively, on the basis of a license for the activity of a financial company or a license for the activity of a pawnshop, as provided for by this Law, for the provision of those financial services, information about which is contained in the relevant register.

33. The National Securities and Stock Market Commission shall, by the date of entry into force of this Law, bring its regulatory legal acts into compliance with this Law and ensure the adoption and promulgation of regulatory legal acts necessary for its implementation.

On Financial Services and Financial Companies Law of Ukraine dated 14.12.2021 No. 1953-IX Edition dated 30.07.2026 , basis — 4466-IX Permanent address: https://zakon.rada.gov.ua/go/1953-20

The legislation of Ukraine as of 09/25/2026 is in force

Document publications

Voice of Ukraine from 10.02.2022 — No. 26

Government Courier dated 02/14/2022 — No. 30

Official Gazette of Ukraine dated 18.02.2022 — 2022, No. 14, p. 11, article 738, act code 110012/2022

Bulletin of the Verkhovna Rada of Ukraine dated 09.11.2023 — 2023, / No. 3-4 /, p. 2, article 10