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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of April 23, 2019 No. 63

About approval of the Regulations on order of interaction of National Bank with the innovative companies and projects

1. Approve Regulations on order of interaction of National Bank with the innovative companies and projects which are applied.

2. To impose control over the implementation of this resolution on the vice-chairman of the National Bank of Ukraine Sergey Holod.

3. The resolution becomes effective from the date of, its official publication following behind day.

Chairman

Ya. Smoly

Approved by the Resolution of Board of the National Bank of Ukraine of April 23, 2019 No. 63

Regulations on order of interaction of National Bank with the innovative companies and projects

I. General provisions

1. This Provision determines order of interaction of the National Bank of Ukraine (further - National Bank) with the innovative companies and projects.

2. In this Provision terms are used in such value:

1) innovative financial products and/or services - new financial services, payment instruments, technological frameworks, sales channels or their set which have no corresponding analogs in the financial market of Ukraine or in comparison with other similar products and services presented at the market have significantly higher technical and economic rates;

2) the company initiator of implementation of innovative financial products and/or services (further - the company initiator) - the company which intends to implement innovative financial product and/or service.

3. Subjects of managing (residents or nonresidents) which developed can be the company initiator and/or plan to implement innovative financial products and/or services in the financial market of Ukraine.

4. Can be the company initiator as person providing certain financial/banking, technological services based on the relevant allowing documents and person who plans rendering the corresponding services and receipt of necessary allowing documents after realization of the consecutive interconnected actions directed to implementation of innovative financial product and/or service.

II. Interaction of National Bank with the companies initiators

5. The company initiator submits to National Bank the application in Ukrainian or English in form according to appendix to this Provision and presentation materials.

6. The National Bank considers the application and performs check of compliance of the project to the requirements determined in Item 10 of the Section III of this provision within 30 working days from the date of receipt of the statement from the company initiator.

7. The National Bank by results of consideration of the application notifies the company initiator on discrepancy of the statement to the requirements determined in Item 10 of the Section III of this provision or in case of its compliance about date of discussion of the statement.

8. The National Bank determines need of obtaining from the company initiator of the additional information or refining of the data provided in the documents submitted to National Bank what notifies the company initiator on.

The company initiator shall submit necessary information within the term determined by National Bank.

9. The National Bank has the right to recruit in consideration of innovative financial products and/or services in coordination:

1) representatives of the National commission on securities and stock market;

2) representatives of the National commission performing state regulation in the sphere of the markets of financial services;

3) representatives of the Ministry of Economic Development and Trade of Ukraine;

4) representatives of the Ministry of Finance of Ukraine;

5) representatives of the Public fiscal service of Ukraine;

6) representatives of professional associations in the financial market;

7) experts of the financial and/or technological markets;

8) Representative of the Verkhovna Rada of Ukraine for human rights.

III. Procedure for consideration by National Bank of the documents filed by the companies initiators

10. Innovative financial products and/or services which are offered shall meet the following requirements:

1) there are no similar products or services in the financial market or the offered products or services will significantly improve characteristics of available;

2) as a result of their implementation the bases for violation of the law of Ukraine about protection of the economic competition will not be created;

3) directly or indirectly improve servicing of users, simplify provision of services and promote development of the financial market of Ukraine in general;

4) in the legislation of Ukraine there are no regulations forbidding implementation of the corresponding innovative financial product and/or service;

5) there is actions plan / the road map of the actions necessary for implementation of the corresponding innovative financial product and/or service;

6) there are documents which confirm lack of risks or determine risk management system which can arise in usage time of innovative financial products and/or services, and also provide effective system of measures for their prevention or minimization.

11. The National Bank provides recommendations to the companies initiators concerning possibility of implementation of innovative financial products and/or services within requirements of the legislation of Ukraine and regulatory legal acts of National Bank.

12. The National Bank in case of need prepares offers for the Cabinet of Ministers of Ukraine concerning feasibility of introduction of amendments to the legislation of Ukraine for the purpose of implementation of innovative financial products and/or services.

13. The National Bank does not provide the help with preparation of the documents necessary for receipt of the relevant allowing documents.

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