On 13 June 2017, the Board of the National Bank of Ukraine issued Resolution No. 52 On Approval of Amendments to the Regulation on the Procedure Governing the Issuance of Licenses to Legal Entities for the Provision of Cash Collection Services  (hereinafter – Resolution No.52).

This resolution was prompted by the regulator’s transformation and the centralization of licensing at the NBU.

Resolution 52 specifies the rules governing the issuance of licenses to legal entities for the provision of cash collection services to banks. In particular, Resolution No 52 has:

Required legal entities to submit documents on paper and copies of these documents  in electronic form as files containing scanned copies of paper documents;

Specified the timing of the review process for documents submitted by a legal entity to the NBU by providing for the possibility to extend the review process upon a well-founded request of the applicant and establish a timeframe for applicants to eliminate the shortcomings of the submitted documents; and

Imposed a requirement for a legal entity to submit questionnaire information, including information on the financial liability and financial position, business reputation of the managers that are qualifying shareholders in a legal entity.

Resolution No. 52 is intended to ensure a unified approach and is aimed at the centralization of licensing at the NBU.