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Ministry of Justice of Ukraine

August 29, 2002

No. 712/7000

RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of August 9, 2002 No. 297

About approval of the Regulations on procedure for issue to non-bank financial institutions, operators of mail service of licenses for implementation of currency transactions

(as amended on 26-03-2021)

According to Articles 7, of 15, of 44, 56 Laws of Ukraine "About the National Bank of Ukraine", the Law of Ukraine "About currency and currency transaction" and for the purpose of issue streamlining, renewal, suspension, renewal, withdrawal (cancellation) of licenses for implementation of currency transactions the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on procedure for issue to non-bank financial institutions, to operators of mail service of licenses for implementation of currency transactions it (is applied).

2. Ceased to be valid.

3. Ceased to be valid according to the Resolution of Board of the National Bank of Ukraine of 08.09.2011 No. 306

4. Ceased to be valid.

5. To financial department (O. M. Kandybk) together with Department of currency exchange control and licensing (S. O. Bragin) to prepare corresponding changes for the List and rates for service for provision of licenses (permissions) to banking operations, transactions with currency values and other services which are provided by organizations and territorial administrations of the National Bank of Ukraine, the approved resolution of Board of the National Bank of Ukraine of 08.08.2000 to No. 311 and registered in the Ministry of Justice of Ukraine 14.09.2000 for No. 608/4829.

6. The resolution becomes effective in 10 days after state registration in the Ministry of Justice of Ukraine.

7. To impose control of execution of this resolution on Department of currency exchange control and licensing (S. O. Bragin).

Acting Chairman

A. V. Shapovalov

Approved by the Resolution of Board of the National Bank of Ukraine of August 9, 2002 No. 297

Regulations on procedure for issue to non-bank financial institutions, operators of mail service of licenses for implementation of currency transactions

I. General provisions

1. This Provision is drafted according to Articles 7, of 15, of 44, 56 Laws of Ukraine "About the National Bank of Ukraine", article 7 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" (further - the Law on financial services), the Law of Ukraine "About currency and currency transactions" (further - the Law on currency) for the purpose of determination of procedure for issue, suspension, renewal, withdrawal (cancellation) of the license (except licenses for trade in currency values in cash form) to non-bank organizations.

1-1. The procedure for issue, suspension, renewal, withdrawal (cancellation) of licenses for implementation of trade in currency values in cash form is determined by the separate regulatory legal act of National Bank by issue of licenses for trade in currency values.

2. In this Provision the following basic concepts are used:

1)  No. 9 Is excluded according to the Resolution of Board of the National Bank of Ukraine of 02.01.2019;

2)  No. 9 Is excluded according to the Resolution of Board of the National Bank of Ukraine of 02.01.2019;

3) date of response (cancellation), suspension, renewal of the license, refusal in licensing - date of board decision of the National Bank of Ukraine (further - National Bank) or collegiate organ which is formed according to part six of Article 17 of the Section III of the Law of Ukraine "About the National Bank of Ukraine" and to which the Board of National Bank delegates separate powers on regulation and supervision (further - Committee), about withdrawal (cancellation), suspension, renewal of the license, refusal in licensing;

3-1) No. 25 is excluded according to the Resolution of Board of the National Bank of Ukraine of 26.03.2021

4) the date of receipt of complete document package - registration date in National Bank of the complete document package provided by the Section III of this provision which contains all information provided by this Provision conforms to requirements of the legislation;;

5) sources of origin of means for forming own (authorized, additional) the capital of non-bank organization, payment of share in the authorized (compound) capital (block of shares) of non-bank organization - documented [based on official documents, properly certified their copies or other sources if such information is public (open)] the data allowing to draw valid conclusion on availability of sufficient financial opportunities at members of non-bank organizations and/or any other person in chain of ownership of corporate laws of non-bank organization for forming own (authorized and/or additional, and/or compound) the capital of non-bank organization;

5-1) electronic register - the electronic register of licenses and persons which grants licenses which is conducted by National Bank by means of the corresponding complex of organizational technical means;

6) essential participation - direct and mediated, 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. Person is recognized the owner of the mediated essential participation irrespective of, person exercises it control of the direct owner of participation in the legal entity or control of any other person in chain of ownership of corporate laws of such legal entity;

7) qualified stock exchange - the exchange created according to the legislation of the member state of the European Union or cumulative market capitalization of the companies which shares are included (are admitted) to trading at such exchange, exceeds equivalent of 100 billion US dollars as of the last month the year preceding year in which the exchange is recognized qualified for the purposes of this provision;

8) qualified bureau of credit histories - bureau of credit histories (other subject which functions treat collection processing, storage and use of information constituting credit history), most of all by quantity of the credit stories which are available in the respective country which extends the activities to the country in which person constantly lives;

8-1) head on licensing - the head of the structural unit of National Bank to which main objectives ensuring realization of functions of National Bank in the sphere of issue of licenses to non-bank organizations belongs (further - Department);

8-2) head concerning licensing of non-bank organizations - the chief of the department as a part of Department to which main objectives ensuring realization of functions of National Bank in the field of issue of licenses to non-bank organizations belongs;

9) heads of non-bank organization - sole executive body or members of collegiate executive body and members of council of non-bank organization (observant, supervising) - in the presence;

10) the key member of the legal entity - any physical person which owns corporate laws of such legal entity, the legal entity who owns two and more percent of corporate laws of such legal entity, in particular, if:

the legal entity has more than 20 participants - physical persons, key participants are 20 participants - physical persons which shares are the largest;

packets of corporate laws of the legal entity, identical by the size, belong to more than 20 participants - physical persons, key participants are all physical persons having two and more percent of corporate laws of such legal entity;

it is considered that the public company has no key participants;

11) the controller - physical person or legal entity concerning which there are no controllers - physical persons and which has opportunity to perform decisive influence on management or activities of the legal entity by immediate and/or indirect possession independently or together with other persons of shares in the legal entity that corresponds to equivalent of 50 or more percent of the authorized (share) capital and/or voices of the legal entity, or irrespective of formal ownership to perform such influence based on the agreement or any other image;

12) control - opportunity to perform decisive influence on management and/or activities of the legal entity by the direct and/or mediated ownership of one person independently or together with other persons of shares in the legal entity that corresponds to equivalent of 50 or more percent of the authorized (share) capital and/or voices of the legal entity, or irrespective of formal ownership opportunity to perform such influence on the basis of the agreement or any other image;

13) chain of ownership of corporate laws of the legal entity - information on the list of key members of the legal entity, including information on key participants of the first and each subsequent level of proficiency in corporate laws of the legal entity;

13-1) license - the license of National Bank for implementation of currency transactions or the license for implementation of currency transactions which did not void after enforcement of the Law on currency;

13-2) non-bank organization - the non-bank organization which is financial institution, or the operator of mail service;

14) non-bank organization which is financial institution - the legal entity who according to the legislation of Ukraine is not bank, provides one or several financial services and is entered in the State register of financial institutions (further - the Register of financial institutions) according to the procedure, established by the legislation of Ukraine;

15) final key participants are key participants - physical persons, and also key participants - legal entities who do not incorporate key participants. Final key participants also is the state (on behalf of relevant organ of the government), territorial community (on behalf of relevant organ of local self-government), international financial institution, and also the public company;

16) the room - the part of unobstructed capacity of the non-residential real estate unit limited to construction elements and/or the protecting building constructions, with possibility of entrance and exit, used by non-bank organization for implementation of currency transactions;

17) the public company - the foreign legal entity created in the form of public joint stock company which shares are included in stock exchange lists (underwent the procedure of listing) and are admitted to trading in regulated segment of qualified stock exchange;

18) level of proficiency in corporate laws of the legal entity - the relation on ownership of corporate laws of the legal entity between such legal entity and his participants. If all members of the legal entity are physical persons, then such legal entity has only one level of proficiency in corporate laws;

19) the term of activities of non-bank organization - the term estimated from start date of the actual provision to residents of certain financial services in currency of Ukraine;

20) structural divisions - branches and other isolated structural divisions, not isolated structural divisions, exchange bureaus of foreign currency, cash desk, objects of mail service of non-bank organization in which provision of financial services is performed;

21) No. 25 Is excluded according to the Resolution of Board of the National Bank of Ukraine of 26.03.2021

22) No. 9 Is excluded according to the Resolution of Board of the National Bank of Ukraine of 02.01.2019;

23) fundamental breach of financial liabilities - non-execution or improper execution of the obligation of financial nature, the amount of failure to carry out / improper execution of which exceeds 300 thousand hryvnias (or equivalent of this foreign currency amount), and the term of delay of obligation fulfillment of financial nature exceeds 90 days;

23-1) authorized person of National Bank - the board member of National Bank which according to functional obligations performs the common directorship of Department;

24) the member of the legal entity - person who owns corporate laws of this legal entity.

Other terms in this Provision are used according to the determinations specified in the Law of Ukraine "About banks and banking activity" (further - the Law on banks), the Law on financial services, the Law on currency, the Law of Ukraine "About mail service", other legal acts of Ukraine concerning activities of non-bank organizations and regulatory legal acts of National Bank.

3. 3. The non-bank organization which is financial institution performs the currency transactions provided in Items 2 - 4 parts two of article 9 of the Law on currency, and also other currency transactions which are rendering the financial services provided in items 4 - 11 parts one of article 4 of the Law on financial services (except the transactions provided in paragraphs the second - pole of Item 3 of the Section I of this provision) based on the license which provides to non-bank organization which is financial institution, the right to implementation of such currency transactions.

The non-bank organization which is financial institution with observance of requirements of article 5 of the Law on currency performs currency transactions which are without license:

1) rendering services of professional activity in the security market;

2) the insurance provision of services which is not relating to implementation 3 parts two of article 9 of the Law on settlement currency specified in Item in foreign currency in the territory of Ukraine according to life insurance contracts;

3) factoring provision of services which do not belong to implementation specified in item 4 of part two of article 9 of the Law on currency to payments in the territory of Ukraine in foreign currency between factors and clients on transactions of the international factoring on concession of the right of monetary claim to the nonresident debtor;

4) transactions on transition of right to claim and the obligations connected with it which subject are currency values, between residents, nonresidents, and also residents and nonresidents.

The National Depositary of Ukraine public joint stock company performs without license currency transactions which are rendering services in ensuring payment under transactions concerning securities with observance of requirements of article 5 of the Law on currency.

The operator of mail service provides financial services in money transfer if they are currency transactions, provided in part three of article 9 of the Law on currency, based on the license.

4. No. 25 is excluded according to the Resolution of Board of the National Bank of Ukraine of 26.03.2021

5. No. 25 is excluded according to the Resolution of Board of the National Bank of Ukraine of 26.03.2021

6. Non-bank organizations which obtained the license shall provide to National Bank information on currency transactions according to content, form, frequency, the terms, method and procedure for provision determined by National Bank.

7. Non-bank organizations shall perform currency transactions by rules and according to the procedure which are determined by the legislation of Ukraine, including regulatory legal acts of National Bank and domestic situations of non-bank organization developed according to them, and also with observance of conditions of the granted license.

The non-bank organization which when implementing currency transactions intends to use the commercial (corporate) name, trademark (sign for goods and services) does not contain the name of non-bank organization, at least in 15 working days prior to use in writing shall notify National Bank on their use and provide information about such to trademark (sign for goods and services), the commercial (corporate) name.

8. Structural divisions of non-bank organization perform currency transactions according to the provisions regulating carrying out currency transactions and within the powers conferred by non-bank organization - the legal entity.

9. The owner of the license cannot give her to the third parties.

10. Non-bank organizations bring service fee on consideration of document package about licensing in the amount of, provided by regulatory legal acts of National Bank concerning approval of rates for services (transactions) of National Bank.

Non-bank organizations shall provide the copy of the payment document confirming implementation of payment for service of consideration of document package about licensing along with representation of the corresponding document package to National Bank. Non-presentation of the copy of the relevant payment document is the basis for return by National Bank of documents for completion.

Repeated submission by non-bank organization to National Bank of the document package returned on completion according to this Provision does not require implementation by non-bank organization of repeated payment for service of consideration of document package about licensing if repeated representation of document package is performed within three months from the date of return by National Bank to non-bank organization to completion of the previous document package about licensing.

The National Bank returns to non-bank organization the money paid to them for service in consideration of document package about licensing if non-bank organization within three months from the date of return by National Bank of documents for completion it was not repeatedly given to National Bank of documents on licensing or in case of receipt from non-bank organization of the petition for return of the means paid by non-bank organization for service in consideration of document package about licensing (if the service was not rendered).

The service in consideration of document package about licensing provided by National Bank based on this provision is rendered, and the payment for such service is not subject to return if on the corresponding document package the National Bank made the decision on issue/refusal in licensing.

11. The non-bank organization from the date of its exception of the Register of financial institutions or the unified state register of operators of mail service which is kept by the National commission performing state regulation in the sphere of communication and informatization (further - the Register of operators) shall stop implementation of currency transactions and no later than the next working day in writing to notify on it National Bank.

12. Non-bank organization in case of decision making about the termination of provision of financial services which are currency transactions shall within five days from the date of adoption of such decision to file in National Bank petition in any form of withdrawal (cancellation) of the license.

13. No. 9 is excluded according to the Resolution of Board of the National Bank of Ukraine of 02.01.2019.

14. No. 9 is excluded according to the Resolution of Board of the National Bank of Ukraine of 02.01.2019.

II. Conditions under which the non-bank organization has the right to obtain the license and to perform currency transactions

15. The National Bank grants to non-bank organization the license for implementation of currency transactions, stipulated in Item 3 Sections I of this provision, on condition of observance of the following requirements:

1) the term of activities is at least:

one year - for non-bank organization which is financial institution in the sphere of provision to residents of the same financial services in currency of Ukraine;

three years - for the operator of mail service in the sphere of provision of services on money transfer in currency of Ukraine;

2) compliance of financial condition of non-bank organization to requirements of the Section IV of this provision (including about availability of equity of non-bank organization in the amount of, not smaller, than it is stipulated in Item the 27th Section IV of this provision);

3) compliance of non-bank organization, his heads, owners of essential participation in it to requirements to goodwill and the professional suitability determined in the Section V of this provision;

4) compliance of structure of property of non-bank organization to requirements of the Section VI of this provision;

5) availability at the operator of mail service at least 50 structural divisions which premises are located in the territory of at least than 50% of the areas of Ukraine (except the territory, acknowledged temporarily occupied according to the legislation, and the territory in which public authorities of Ukraine temporarily do not perform the powers);

5-1) availability at the operator of mail service at least than 50% of the income for the previous accounting year on the last reporting date received from activities in the sphere of provision of services of mail service that is confirmed by the audit report of the subject of auditor activities with information on structure of this income;

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