The essence of the resolution is to amend two NBU regulations concerning the regulation of financial and payment service providers. The main changes relate to authorization, licensing, and supervision procedures for such institutions.
Changes structure:
1. Amendments to the Regulation on Authorization of Financial Payment Service Providers:
– Clarification of NBU committee powers
– Update of document requirements
– Changes in decision-making timelines
– Clarification of accreditation procedures
2. Amendments to the Regulation on Authorization of Financial Service Providers:
– Detailing of NBU body powers
– New requirements for business reputation
– Clarification of notification procedures for changes
– Update of document requirements
Key provisions for implementation:
1. Clearly delineated powers of NBU committees for decision-making regarding different types of financial institutions
2. New requirements established for business reputation verification, particularly concerning connections with the aggressor state
3. Updated communication procedures with the NBU and document review timelines
4. Detailed requirements for reporting and notifications about institutional changes
– as the changes concern regulation of the financial sector and payment services.
