The National Bank has defined criteria for establishing facts of failure to provide financial services
National Bank of Ukraine determined criteria for establishing facts of failure to carry out activities in the field of financial services. Corresponding changes have been made to the Regulations on the authorization of financial service providers and the conditions for their performance of financial services activities.
The changes provide clarification of the signs by which it can be assumed that a financial company or a pawnshop:
- did not start providing financial services within six months from the date of obtaining the license;
- did not carry out financial services activities for six consecutive months;
- did not start providing a specific financial service within six months after the extension of the license;
- did not conduct activities for the provision of a separate service for six consecutive months.
The document also defines the moment from which the NBU begins to take into account the indicators received in the reports of financial companies and pawnshops.
According to the Law of Ukraine “On Financial Services and Financial Companies”, the reason for revoking a license is, among other things, the absence of activity in the provision of financial services for six months from the moment of obtaining the permit or for six consecutive months. Similar provisions apply in the case of a separate service provided under a license.
The National Bank will use the newly defined criteria to officially establish the facts of failure to carry out activities in the field of financial services in general or certain types thereof. These changes are fixed by the resolution of the Board of the National Bank of Ukraine dated May 23, 2025 No. 56, which will enter into force on May 27, 2025.
