The purpose of this update is to align this order with the current legal requirements, specifically:
- The Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine Regarding the Improvement of the National Bank of Ukraine's Functions for State Regulation of Financial Services Markets";
- The Laws of Ukraine "On Administrative Procedure" and "On Amendments to Certain Legislative Acts of Ukraine in Connection with the Adoption of the Law of Ukraine 'On Administrative Procedure'."
In particular, taking into account the requirements of the Law, the National Bank:
- clarified the list of oversight objects by excluding certain payment service providers and electronic money issuers (as they have moved under the exclusive oversight authority);
- increased the amount of the fine that can be imposed on an oversight object in the event of violations of Ukraine's legislation on payment services;
- refined the term "material errors" regarding the statistical reporting submitted by oversight objects to the National Bank.