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It is registered

in the Ministry of Justice of Ukraine

June 25, 2005.

for No. 691/10971

THE ORDER OF STATE COMMISSION ON REGULATION OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of May 27, 2005 No. 4084

About approval of the Regulations on issue to non-bank financial institutions of permission to implementation of issue of hypothecation certificates

(as amended on 27-11-2012)

According to requirements of the Laws of Ukraine "About mortgage lending, transactions with the consolidated mortgage debt and hypothecation certificates", "About financial services and state regulation of the markets of financial services" and the Regulations on State commission on regulation of the markets of financial services of Ukraine approved by the Presidential decree of Ukraine of April 4, 2003 N 292, and also for the purpose of enhancement of state regulation of activities for provision of financial services by financial institutions State commission on regulation of the markets of financial services of Ukraine by POSTANOVILA:

1. Approve Regulations on issue by non-bank financial institutions of permission to implementation of issue of hypothecation certificates it (is applied).

2. To legal management (Tkachenko D. V.) together with Department of supervision of finance companies (Otchenash K. G.) provide submission of this order to the Ministry of Justice of Ukraine for state registration.

3. To management of organizational and analytical ensuring work of the head (Shevchenko T. M.) provide publication of this order in mass media after its state registration.

4. Control over the implementation of the order to assign to the member of the commission - the director of the department of supervision of finance companies Otchenash K. G.

 

Commission chairman V. Suslov

Approved by the Order of State commission on regulation of the markets of financial services of Ukraine on May 27, 2005 No. 4084

Regulations on issue to non-bank financial institutions of permission to implementation of issue of hypothecation certificates

1. General provisions

1.1. This provision is developed according to requirements of article 46 of the Law of Ukraine "About mortgage lending, transactions with the consolidated mortgage debt and hypothecation certificates", the Law of Ukraine "About financial services and state regulation of the markets of financial services" and other legal acts regulating activities of non-bank financial institutions which have the right to carry out transactions on mortgage lending can be issuers of hypothecation certificates and subjects of management of mortgage assets.

1.2. The provision determines procedure and conditions of issue to the applicant of permission to implementation of issue of hypothecation certificates and establishes the requirements obligatory for accomplishment by issuers of hypothecation certificates during permission effective period.

1.3. The stated below concepts of this Provision are used in the following value:

the applicant - non-bank financial institution which according to the legislation can issue hypothecation certificates according to the chosen model of transformation of the payments arriving on mortgage assets in payments according to certificates;

permission to implementation of issue of hypothecation certificates (further - permission) - the document of the established sample (appendix 1), certifying acquisition of right by financial institution of the right to implementation of issue of hypothecation certificates;

issue of hypothecation certificates (further - issue) - set of actions of the issuer for ensuring release of hypothecation certificates, their placements, the address, payments of the income for them and their repayment.

Other terms and concepts are used in this Provision according to determinations of the Laws of Ukraine "About mortgage lending, transactions with the consolidated mortgage debt and hypothecation certificates", "About financial services and state regulation of the markets of financial services" and other regulatory legal acts concerning provision of financial services.

1.4. Permission is issued by the National commission performing state regulation in the sphere of the markets of financial services.

1.5. Issue of hypothecation certificates without the corresponding permission of Natskomfinuslug is not allowed.

1.6. Permission is not subject to transfer for use to the third parties.

2. Conditions which observance grants to the applicant the right to get permission

2.1. Natskomfinuslug issues to the applicant permission in case of observance of the following compulsory provisions by it:

2.1.1. Availability at the applicant of the registration certificate of the financial institution received according to requirements of the current legislation.

2.1.2. Observance of standard rates by it concerning equity, liquidity, solvency and quality of the assets of the applicant established by the legislation of Ukraine for non-bank financial institutions.

2.1.3. Non-use of corrective actions within the year preceding submission of the statement by it. At the same time application of corrective actions in the form of pronouncement of decisions by Gosfinuslug or Natskomfinuslug about taking measures for elimination of violations of the laws and other regulatory legal acts regulating activities for provision of financial services in case of their elimination in the terms determined by these decisions is not considered.

2.1.4. Developments and approvals by the applicant in accordance with the established procedure:

- procedure for maintaining the register of providing certificates which provides maintaining such register in electronic and paper type;

- regulations on internal control behind implementation of activities for issue of hypothecation certificates.

3. The documents submitted by the applicant for receipt of permission

3.1. For receipt of permission the applicant submits the following documents to Gosfinuslug:

3.1.1. Statement for issue of permission (appendix 2).

3.1.2. The copies of constituent documents with all amendments and changes to them certified in accordance with the established procedure (if they were not represented by the applicant to Natskomfinuslug in the procedure determined by the legislation).

3.1.3. The accounting records for the last accounting year confirmed with audit opinion.

3.1.4. Accounting records on the last reporting date before filing of application on receipt of permission.

3.1.5. Procedure for maintaining register of providing certificates.

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