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

of December 30, 2011 No. 821

About approval of Rules of implementation of deposit transactions for credit unions and about modification of some regulatory legal acts

1. Approve Rules of implementation of deposit transactions for credit unions which are attached.

2. Actually ceased to be valid according to the Order of the National commission performing state regulation in the sphere of the markets of financial services of 19.09.2019 No. 1840.

3. Ceased to be valid according to the Resolution of Board of the National Bank of Ukraine of 25.11.2021 No. 123

4. To provide to department of standards of regulation and supervision of financial institutions and department of legal providing submission of this order to the Ministry of Justice of Ukraine for state registration.

5. To department of communications with state bodies, the public and the protocol of department organizational and analytical, documentary and staffing to provide publication of this order on the official site of State commission on regulation of the markets of financial services of Ukraine on the Internet after it to state registration.

6. Control over the implementation of this order to assign to the vice-chairman according to distribution of obligations.

7. The order becomes effective from the date of its official publication.

8. To credit unions, information on which is entered in the State register of financial institutions, to bring the domestic situations into accord with this order within three months from the date of the introduction it in action.

Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of December 30, 2011 No. 821

Rules of implementation of deposit transactions for credit unions

I. General provisions

1. These rules are developed according to subitem 14.1.44 of Item 14.1 of Article 14 of the Section I of the Tax code of Ukraine, article 28 of the Law of Ukraine "About financial services and state regulation of the markets of financial services", the Laws of Ukraine "About consumer protection", "About credit unions" and other regulatory legal acts regulating activities of credit unions.

These Rules regulate general procedure by credit unions of transactions on fees (deposits) of credit union members into deposit accounts.

2. In these rules terms are used in the following values:

fee (contribution) into the deposit account - the money deposited in credit union by his members on contractual conditions for certain term or on demand and under percent on the terms of issue on the first demand of or return after the term established by the agreement;

fee (contribution) on the on-demand deposit account - the money deposited in credit union by his member on contractual conditions for certain term and under percent with the obligation of their return on the first demand of and/or the right to part of contribution during validity;

transactions of credit union on fees (deposits) of credit union members into deposit accounts - the transactions performed on fees (deposits) into deposit accounts also include the attraction and payment of money, charge and interest payment on such fees (deposits) which are subject to obligatory fixing in complex information system of credit union;

term deposit (contribution) into the deposit account - the money deposited in credit union by his member on contractual conditions for certain term and under percent with the obligation of their return after the term established by the agreement.

Other concepts which are used in these Rules are applied in values according to the legislation of Ukraine regulating activities of credit unions.

3. The fee (contribution) into the deposit account, and also the payment (percent) added on such fee (contribution) is property of the credit union member and belongs to its obligations.

The contract on attraction of fee (contribution) of the credit union member for the deposit account is signed on the terms of issue of fee (contribution) into the deposit account on the first demand of (fee (contribution) on demand) or on terms of return of fee (contribution) into the deposit account after the term (urgent fee (contribution)) established by the agreement taking into account licensed conditions of implementation of economic activity on provision of financial services (except professional activity in the security market).

The amount of fee (contribution) into the deposit account, durations of the agreement of attraction of fee (contribution) of the credit union member into the deposit account, conditions of attraction and return of fee (contribution) into the deposit account, and also the percent (payment) added on such fees (deposits) into the deposit account are determined between credit union and the credit union member on contractual conditions.

The credit union shall record fees (deposits) into deposit accounts taking into account terms, the interest payments determined in contracts on attraction of fees (deposits) of credit union members for deposit accounts on the following agreement types about attraction of fee (contribution) of the credit union member into the deposit account:

contract on attraction of urgent fee (contribution) of credit union members for the deposit account;

contract on attraction of fee (contribution) of the credit union member for the on-demand deposit account.

4. The supervisory board of credit union in regulations on financial management and financial services which shall conform to the requirements established by the List of domestic situations and procedures of credit union approved by the order of State commission on regulation of the markets of financial services of Ukraine of November 11, 2003 No. 116, by the credit union of activities for attraction of fees (deposits) of credit union members registered in the Ministry of Justice of Ukraine on November 25, 2003 for No. 1078/8399, in case of implementation into deposit accounts shall establish in addition features of implementation of transactions by credit union on fees (deposits) of credit union members into deposit accounts, having determined respectively:

1) in regulations on financial services:

types of fees (deposits) into deposit accounts which the credit union can attract;

procedure for charge of percent and attraction of fees (deposits) into deposit accounts;

the minimum and maximum sizes of deposits by separate types of fees (deposits) into the deposit account;

the minimum and maximum effective period of contracts by separate types of urgent fees (deposits) into deposit accounts;

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