The National Bank announced the beginning of discussion of changes to the procedure for registration of payment market participants
The National Bank of Ukraine starts public discussion of changes to the procedure for registration of payment market participants. The proposed updates concern the procedure for inclusion and exclusion of information about payment systems, their participants, technological operators of payment services and commercial agents from the Register of Payment Infrastructure.
The regulator plans to optimize the submission of documents to the National Bank by identifying cases when operators of payment systems, their participants or technology operators will be able not to submit updated materials, such as information certificates or questionnaires. It is also envisaged to clarify the requirements for the description of financial payment services in the documentation, in particular regarding compliance with currency legislation and information protection systems.
The updated registration procedure will provide for an expansion of the list of documents that legal entities must submit for entry into the Register. They will, in particular, add an activity plan and financial reporting. In addition, the National Bank will have the right to refuse registration or cancel it in case of discovery of certain facts regarding the owners or managers of payment system operators or technology operators.
It is also proposed to improve the administrative procedures of the National Bank and clarify the procedure for notification of the start of use of websites, termination of contractual relations with settlement banks, and updating of information about commercial agents. The types of electronic signatures and seals to be used when creating or submitting electronic documents will be determined separately.
Corresponding changes are proposed to be made to the Regulation on registration of payment systems, participants of payment systems and technological operators of payment services, as well as to the Regulation on engaging commercial agents to provide financial payment services. The draft resolution of the Board of the National Bank of Ukraine “On Approval of Amendments to Certain Regulatory Acts of the National Bank of Ukraine” submitted for public discussion. Comments and proposals to it are accepted until October 13, 2025 inclusive.
