RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of August 16, 2001 No. 344

About approval of the Regulations on licensing procedure on implementation of separate banking activities to non-bank organizations

In pursuance of requirements of article 47 of the Law of Ukraine "About banks and banking activity" and for the purpose of enhancement of regulatory framework concerning licensing of the National Bank of Ukraine for implementation of separate banking activities to legal entities - the non-bank Board of the National Bank of Ukraine organizations

DECIDES:

1. Approve Regulations on licensing procedure on implementation of separate banking activities to non-bank organizations it (is applied).

2. Oblige division managers of central office and territorial administrations of the National Bank of Ukraine to take for management in work this resolution and to strictly observe the requirements approved by it.

3. The resolution becomes effective from 1.01.2002 after state registration in the Ministry of Justice of Ukraine.

4. To impose control of execution of this resolution on the vice-chairman V. L. Krotyuk, General department of banking supervision (P.V.Andrushchenko), Department of currency exchange control and licensing (S. O. Bragin), Legal department (V. V. Pasichnik).

The Resolution of Board of the National Bank of Ukraine is approved on August 16, 2001 No. 344

Regulations on licensing procedure on implementation of separate banking activities non-bank financial to organizations

1. General provisions

1.1. This Provision is developed according to the Laws of Ukraine "About banks and banking activity", "About the National Bank of Ukraine", other legal acts of Ukraine and regulatory legal acts of the National Bank of Ukraine (further - National Bank).

1.2. This Provision determines the general principles, procedure and conditions of licensing of National Bank for implementation of separate banking activities to non-bank financial institutions and conditions on which the National Bank can refuse provision of the license.

1.3. In this Provision the term "non-bank financial institution" is used in value of the financial institution providing exclusively financial services.

1.4. Implementation of separate banking activities by non-bank financial institutions is carried out according to requirements of regulatory legal acts of National Bank.

Non-bank financial institutions shall provide forming and provision of the operational and financial reporting by carrying out separate banking activities according to the procedure, established by National Bank.

1.5. Non-bank financial institutions can carry out the separate banking activities specified in Item 2.1 of this Provision only after receipt of the license of National Bank for implementation of separate banking activities.

1.6. Without license of National Bank the non-bank financial institution bears responsibility according to the current legislation of Ukraine for implementation of separate banking activities.

1.7. The license for implementation of separate banking activities cannot be transferred to the third parties.

2. The transactions which are subject to licensing

2.1. The National Bank grants to non-bank financial institutions licenses for implementation of such banking activities in national and foreign currencies:

opening and maintaining current accounts of clients, including money transfer from these accounts by means of payment instruments and transfer of funds for them through bank institutions;

placement of the raised funds on its own behalf, on own conditions and on own risk.

2.2. Non-bank financial institutions perform the separate banking activities specified in Item 2.1 of this Provision for customer service (residents), placement of available funds on the accounts through bank institutions on its own behalf, on own conditions and on own risk.

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