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Residents of russia Prohibited to Manage Nonbank Institutions

Residents of russia Prohibited to Manage Nonbank Institutions

The National Bank of Ukraine (NBU) continues to take measures to eradicate possible impact of the aggressor on operation of participants of the nonbank financial market and provide such participants with required assistances.

Eliminating the aggressor's impact

The regulator prohibited russia’s citizens, as well as persons permanently residing in russia, that are qualifying holders (10% and more) in insurance, leasing, financial, factoring companies, and other nonbank financial service providers, to exercise directly or indirectly the voting right and take part in managing the company until the martial law in Ukraine is lifted or expires.

Financial service providers with qualifying holders based in russia can refer to the NBU for appointing an authorized person that can be assigned the voting rights of such holders.

For that purpose, the proposal for at least two candidates needs to be submitted along with ID documents and business reputation evaluation of such individuals. The authorized persons cannot be russian citizens or persons permanently residing in russia.

The decision on appointing an authorized person will be approved by the NBU within 30 business days in case of submitting a complete set of documents and compliance with the regulator’s requirements to the authorized person.

Bringing operation in line with the regulation On Licensing and Registration of Providers of Nonbank Financial Services

For supporting nonbank financial service providers, the deadline for harmonizing operations with requirements of the Regulation On Licensing and Registration of Financial Services Providers and Requirements for Providing Financial Services approved by NBU Board Resolution No. 153 dated 24 December 2022 was prolonged.  The prolongation is six months as of lifting or cancelling martial law in Ukraine.

Such changes were approved by NBU Board Resolution No. 93 On Amending NBU Board Resolution No. 153 dated 24 December 2021 and Resolving  Certain Issues regarding Operation of Financial Services Providers dated 4 May 2022.

The Resolution comes into effect on 5 May 2022.

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