RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of March 16, 1999 No. 122

About approval of the Instruction about procedure for issue of individual licenses on implementation of investments abroad

For the purpose of settlement of the capital transactions connected with investment by residents of currency means abroad, Board

DECIDES:

1. Approve the Instruction about procedure for issue of individual licenses on implementation of investments abroad it (is applied).

2. Send the Instruction and appendices to it Crimean republican, regional and across Kiev and Kiev region to managements of the National Bank of Ukraine and commercial banks for execution.

3. ceased to be valid according to the Resolution of the National Bank of Ukraine of 31.08.2001 No. 375

4. Consider invalid letters and telegrams of the National Bank of Ukraine from:

- 24.12.93 No. 19019/3027;

- 05.01.94 No. 19019/44;

- 12.01.94 No. 101;

- 01.02.94 No. 273;

- 01.07.94 No. 153;

- 23.09.94 No. 19019/2302;

- 27.10.94 No. 19019/2542;

- 02.11.94 No. 19019/2589;

- 05.12.94 No. 19019/2976;

- 10.12.94 No. 19019/3136;

- 27.06.95 No. 16013/2365;

- 21.11.96 No. 13-211/3382.

5. This resolution becomes effective in ten days after state registration in the Ministry of Justice of Ukraine.

6. To impose control of execution of this resolution on the First Deputy Chairman of the board V. S. Stelmakh.

Approved by the Resolution of Board of the National Bank of Ukraine of March 16, 1999 No. 122

The instruction about procedure for issue of individual licenses on implementation of investments abroad

For the purpose of settlement of the capital transactions connected with investment by residents of means abroad the National Bank of Ukraine establishes such procedure for issue to residents of individual licenses on implementation of investments abroad.

1. General provisions

1.1. Investment abroad (further - investment) - currency transaction which provides investment subjects of investments of currency values into investees abroad for the purpose of profit earning or achievement of social effect taking into account regulations of this Instruction.

Investments can be performed in the form of creation of legal entities abroad, acquisitions of rights of corporate laws and securities of foreign issuers, the property rights to the real estate located outside Ukraine and in other forms which are not forbidden by the laws of Ukraine.

Payment of membership (introductory) fees in the foreign (international) organizations and organizations, opening of foreign bank accounts, creation and functioning of diplomatic, consular, trade and other official representations abroad which use immunity and diplomatic privileges are not investments of transaction of residents on money transfer for content of own representations (branches) abroad (except for acquisitions abroad of real estate). The procedure of above-mentioned transactions is determined by other regulatory legal acts of the National Bank of Ukraine.

Carrying out between subjects of investments of payments in the territory of Ukraine in hryvnias for the purpose of acquisition of property right to investees abroad does not require receipt of the individual license of the National Bank of Ukraine.

Carrying out by the physical persons who are not entrepreneurs, settlings with nonresidents abroad for the purpose of implementation of investments does not require receipt of the individual license of the National Bank of Ukraine (except money transfer case for this purpose from Ukraine abroad).

Implementation by authorized bank which has the general license for implementation of currency transactions regarding attraction and placement of foreign currency in the international markets, investments in does not require receipt of the individual license of the National Bank of Ukraine:

1) the debt securities issued abroad for the purpose of the credit financing provided by the nonresident to this authorized bank;

2) other debt securities in case of simultaneous observance of the following conditions:

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