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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of February 1, 2021 No. 12

About approval of the Regulations on application of corrective actions by the National Bank of Ukraine in the sphere of state regulation of activities in the markets of non-bank financial services

According to Articles 7, 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", to Articles 21, 22, 28, 29, 38-1 - 42 Laws of Ukraine "About financial services and state regulation of the markets of financial services", to Articles 2, 37 Laws of Ukraine "About insurance", to Articles 26, 27 Laws of Ukraine "About credit unions", article 26 of the Law of Ukraine "About advertizing", for the purpose of settlement of procedure and conditions of application of corrective actions (sanctions) in the sphere of state regulation of activities in the markets of the non-bank financial services Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on application of corrective actions by the National Bank of Ukraine in the sphere of state regulation of activities in the markets of non-bank financial services (further - the Provision) which is applied.

2. No. 87 "About ensuring implementation of powers and accomplishment of functions on state regulation and supervision in the sphere of the markets of financial services in questions of application of corrective actions" to exclude item 4 of appendix to the resolution of Board of the National Bank of Ukraine of June 25, 2020.

3. Recognize invalid regulatory legal acts of State commission on regulation of the markets of financial services of Ukraine and the National commission performing state regulation in the sphere of the markets of financial services according to the list which is attached.

4. The resolution becomes effective from the date of, its official publication following behind day, except the paragraph of the third subitem 3 of Item 9 of the Section III of Provisions which becomes effective on March 1, 2021.

Chairman

K. Shevchenko

Approved by the Resolution of Board of the National Bank of Ukraine of February 1, 2021 No. 12

Regulations on application of corrective actions by the National Bank of Ukraine in the sphere of state regulation of activities in the markets of non-bank financial services

I. General provisions

1. This Provision is developed according to the Laws of Ukraine "About the National Bank of Ukraine", "About financial services and state regulation of the markets of financial services" (further - the Financial services act), "About insurance", "About credit unions", "About advertizing", other legal acts of Ukraine and regulatory legal acts of the National Bank of Ukraine.

2. This Provision determines procedure and conditions of application by the National Bank of Ukraine (further - National Bank) corrective actions (sanctions) in the sphere of state regulation of activities in the markets of non-bank financial services (further - corrective actions) for violation of the laws and other regulatory legal acts regulating activities for provision of non-bank financial services including the legislation of Ukraine on consumer protection of financial services and advertizing in the sphere of financial services (concerning advertizing which is considered unfair advertizing) (further - the laws and other regulatory legal acts regulating activities for provision of non-bank financial services), committed:

1) participants of the market of non-bank financial services, supervision of which activities is exercised by National Bank (further - participants of the market of non-bank financial services):

non-bank financial institutions;

legal entities who are not financial institutions, but have the right to provide separate financial services (further - faces which are not financial institutions);

persons rendering intermediary services in the markets of financial services;

physical persons entrepreneurs who provide financial services;

permanent missions in form of branches of foreign insurance companies which obtained in accordance with the established procedure the license for implementation of insurance activity (further - branches of nonresident insurers);

2) non-bank financial groups, supervision on the consolidated basis of which is exercised by National Bank.

3. Requirements of this provision are not applied to the legal relationship connected with:

1) application of corrective actions by National Bank for violation by participants of the market of non-bank financial services of the foreign exchange legislation, legislation on payment systems and money transfer, and also legislations in the sphere of prevention and counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction;

2) production on cases on administrative offenses and imposing of administrative punishments on officials of non-bank financial institutions, officials of branches of nonresident insurers, officials and legal entities which are not financial institutions, the officials and legal entities rendering intermediary services in the markets of financial services, physical persons entrepreneurs which provide financial and intermediary services in the markets of non-bank financial services.

4. Features of application by National Bank of corrective action in the form of discharge of management from management of financial institution and appointment of temporary administration are regulated by the Financial services act and the regulatory legal act of National Bank.

5. The terms used in this Provision are used in such values:

1) the document in which violations or the specified signs of implementation of risk activities are fixed - the document constituted by results of inspection check, permanent supervision / hearing of cases about violation of the rights of consumers of financial services and supervision of compliance with law of Ukraine about consumer protection of financial services and control of compliance with law of Ukraine about advertizing of financial services (further - the document in which violations are fixed);

2) the license - the license for activities on provision of financial services granted by National Bank (except the banking license, the license for implementation of currency transactions and the license for money transfer in national currency without opening of accounts), or the license for implementation of economic activity on provision of financial services (except professional activity in the security market) granted by State commission on regulation of the markets of financial services of Ukraine or the National commission which performs state regulation in the sphere of the markets of financial services, till July 01, 2020;

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