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Regulations on rules of disclosing information by nonbank financial institutions enters into force on November 10 – NBU
KYIV. Nov 10 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has established requirements for the volume and procedure for disclosing information by nonbank financial institutions on their websites and in places where services are provided both before concluding an agreement with a client and while using a financial service.
These requirements are enshrined in the regulation on the procedure for disclosing information by nonbank financial institutions, which came into force on November 10, 2021.
According to it, market participants are required to publish: information on the name of a nonbank financial institution, its location and working hours, state registration in the unified public register, as well as on inclusion in the public register of financial institutions.
In addition, it is necessary to publish information on the ownership structure of a nonbank financial institution, a list of separate subdivisions (if any), a list of financial services, in particular information on the conditions and procedure for their provision, as well as trade marks (signs for goods and services) used by such an institution. for the provision of financial services, a list of persons providing intermediary services (if financial services are provided with the participation of intermediaries), information on the initiation of bankruptcy proceedings, the application of the procedure for reorganizing a nonbank financial institution and information on the beginning of the liquidation procedure of a financial institution.
This provision obliges nonbank financial institutions to disclose annual financial and consolidated financial statements on their websites. At the same time, the NBU requirements for disclosure of reporting data will be differentiated depending on the type of nonbank financial institution. So, there will be separate requirements for insurers, credit unions, pawnshops, institutions providing financial leasing services, financial companies that provide loans, financial companies that provide factoring services, guarantors, etc.
After the entry into force of the regulation, nonbank financial institutions will have three months to coordinate their activities with its requirements.
