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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of February 9, 2021 No. 15

About approval of the Regulations on implementation by National Bank of supervision of observance of the consumer protection law of financial services by banks

According to Articles 7, 15 and 56 Laws of Ukraine "About the National Bank of Ukraine", to Articles 4, 54 - 56, 66, 67 Laws of Ukraine "About banks and banking activity", to Articles 11, of 12, 19 - 21 Laws of Ukraine "About financial services and state regulation of the markets of financial services", for the purpose of implementation of supervision of observance by banks of Ukraine of requirements of the consumer protection law of financial services and control of compliance with law about advertizing in the sphere of financial services, except the stock market, the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on implementation by National Bank of supervision of observance of the consumer protection law of financial services by banks which are applied.

2. To management of consumer protection of financial services (Olga Lobaychuk) after official publication to inform banks information on adoption of this resolution.

3. To impose control over the implementation of this resolution on the Chairman of National Bank Kirill Shevchenko.

4. The resolution becomes effective from the date of, its official publication following behind day.

Chairman

K. Shevchenko

Approved by the Resolution of Board of the National Bank of Ukraine of February 9, 2021 No. 15

Regulations on implementation by National Bank of supervision of observance of the consumer protection law of financial services by banks

I. General provisions

1. This Provision is developed according to the Laws of Ukraine "About the National Bank of Ukraine", "About banks and banking activity" (further - the Law on banks), "About financial services and state regulation of the market of financial services" (further - the Law on financial services), "About consumer crediting", "About advertizing", "About consumer protection", "About payment systems and money transfer in Ukraine", the regulatory legal acts of the National Bank of Ukraine (further - National Bank) containing the regulations regulating consumer protection of financial services, establishing for banks of the requirement and condition on provision to consumers of banking and other financial services and/or establishing requirements to advertizing of such services (except advertizing in the stock market), other legal acts of Ukraine (further - the consumer protection law of financial services), for the purpose of implementation by National Bank of supervision of observance by banks of requirements of the consumer protection law of financial services and control of observance by banks of the legislation on advertizing in the sphere of financial services, except the stock market (further - supervision of compliance with law about consumer protection of financial services).

2. This Provision determines the bases and procedure National Bank of supervision of observance by bank of the consumer protection law of financial services and registration of results of supervision.

3. In this Provision terms are used in such value:

1) permanent supervision - form of implementation by National Bank of supervision of observance of the consumer protection law of financial services by bank;

2) the certificate of results of implementation of permanent supervision of compliance with law of consumer protection of financial services (further - the Reference) - the document constituted by results of permanent supervision in case of identification in activities of bank of violations of the law about consumer protection of financial services. In the Reference results of permanent supervision, the revealed violations of the law about consumer protection of financial services, including regulatory legal acts of National Bank on consumer protection of financial services are fixed;

3) supervision of compliance with law about consumer protection of financial services - system of measures of National Bank behind observance by bank of the consumer protection law of financial services, identifications of the facts of violation of the law about consumer protection of financial services, timely reaction on them and risk minimization of violation of the rights of consumers of financial services;

4) division of supervision of compliance with law about consumer protection of financial services (further - division of supervision) - division of National Bank to which functions implementation of supervision of observance of the consumer protection law of financial services by bank and ensuring realization of state policy concerning consumer protection of financial services within the competence belongs;

5) risk of violation of the rights of consumers of financial services - probability of approach of event as a result of activities or divergence which can lead to violation by object of supervision of the consumer protection law of financial services.

Other terms used in this Provision are used in the values given in the Law on banks and other laws of Ukraine, and also regulatory legal acts of National Bank concerning consumer protection of financial services.

4. Object of supervision of National Bank of compliance with law about consumer protection of financial services according to this Provision are banks of Ukraine.

5. The National Bank exercises supervision of observance of the consumer protection law of financial services by bank in the following forms:

1) permanent supervision;

2) inspection check.

6. Supervision of compliance with law about consumer protection of financial services by conducting inspection check is exercised according to the regulatory legal act of National Bank regulating the organization and conducting inspection checks by National Bank.

7. Permanent supervision of bank is exercised not more often than once a month. The procedure of risk assessment of violation of the rights of consumers of financial services of bank is determined by administrative acts of National Bank.

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