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LAW OF UKRAINE

of July 12, 2001 No. 2664-III

About financial services and state regulation of the markets of financial services

(The last edition from 21-06-2018)

This Law establishes the general legal beginnings in the sphere of rendering financial services, implementation of regulating and supervising functions behind activities for rendering financial services.

The purpose of this Law is creation of the legal basis for protection of consumer interests of financial services, legal support of activities and development of the competitive market of financial services in Ukraine, legal support of single state policy in the financial sector of Ukraine.

Section I General provisions

Article 1. Determination of terms

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

1) financial institution - the legal entity who according to the law provides one or several financial services and also other services (transactions) connected with provision of financial services in the cases which are directly determined by the law and is entered in the corresponding register in the procedure established by the law. Banks, credit unions, pawnshops, leasing companies, confidential societies, insurance companies, organizations of accumulative provision of pensions, investment funds and the companies and other legal entities whose exclusive type of activity is provision of financial services, and in the cases which are directly determined by the law - other services (transactions) connected with provision of financial services treat financial institutions. The independent financial intermediaries providing services in issue of financial guarantees according to the procedure and on the conditions determined by the Customs code of Ukraine are not financial institutions (have no status of financial institution);

2) credit institute - financial institution which according to the law on activities of the relevant financial institution has the right at the expense of the raised funds to grant financial loans on own risk;

3) financial loan - means which are provided as a loan to legal entity or physical person for certain term and under percent;

4) financial assets - the means, securities, debt obligations and right to claim of debt which are not carried to securities;

5) financial service - the transactions with financial assets performed for the benefit of the third parties on own account or at the expense of these persons, and in cases, stipulated by the legislation, - and at the expense of the financial assets attracted from other persons, for the purpose of profit earning or preserving actual cost of financial assets;

6) the markets of financial services - field of activity of participants of the markets of financial services for the purpose of provision and consumption of certain financial services. Professional services in the markets of banking services, insurance services, investment services, transactions with securities and other types of the markets which provide the address of financial assets belong to the markets of financial services;

7) participants of the market of financial services - persons who according to the law have the right to provide financial services in the territory of Ukraine; persons performing activities for provision of intermediary services in the markets of financial services; merging of financial institutions, included in the register of the self-regulating organizations which is kept by the bodies performing state regulation of the markets of financial services; consumers of financial services. By the laws concerning regulation of the separate markets of financial services other participants of the markets of financial services can be determined;

8) essential participation - direct and mediate, independent or together with other persons ownership of 10 and more percent of the authorized (share) capital or voting power of the acquired shares (shares) of the legal entity or possibility of considerable influence, independent of formal ownership, on management or activities of the legal entity;

9) self-regulatory organization - the non-profitable merging of financial institutions created for the purpose of protection of interests of the members and other participants of the markets of financial services and to which are delegated by the relevant state bodies performing regulation of the markets of financial services, powers on development and deployment of rules of conduct in the markets of financial services and/or certification of specialists of the market of financial services. By the laws of Ukraine concerning regulation of the markets of financial services additional powers which can be delegated to self-regulatory organizations can be provided;

10) state regulation of the markets of financial services implementation by the state of package of measures for regulation and supervision of the markets of financial services for the purpose of protection of consumer interests of financial services and the prevention of the crisis phenomena;

11)  No. 1170-VII is excluded according to the Law of Ukraine of 27.03.2014

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