The Verkhovna Rada adopted in the second reading draft law No. 12306, which improves the regulation of factoring services in Ukraine and brings them closer to international standards. About this reported Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev.
The draft law provides for a comprehensive update of the regulatory framework in the field of factoring, as well as changes certain provisions of the current laws of Ukraine, which regulate the provision of relevant financial services. The main provisions of the document are aimed at implementing the Model Law of the International Institute for the Unification of Private Law on factoring, which will allow Ukrainian legislation to be brought into line with leading global practices.
Among the key innovations is the introduction of state registration of the assignment of the right of claim, which should reduce the risks of fraud during factoring operations and increase market transparency. The law also defines the subject and content of the factoring contract, establishes the order of priority for the assignment of monetary claims, and also delimits the regulation of commercial factoring and operations related to financial debt.
According to the new regulations, companies that assign the right of claim under consumer credit agreements will work exclusively on the basis of a license of a financial company. Such a license provides the right to credit, but is incompatible with the provision of services in the field of trade factoring. It is expected that the annual volume of the factoring market in public procurement may reach 10-20 billion hryvnias, and the same amount in the field of private procurement.
