Banking & Financial Services Committee Meeting with Representatives of the National Commission for Regulation of Financial Services Markets in Ukraine
On March 23, the Chamber Banking & Financial Services Committee meeting took place with the agenda focused on the following issues:
- Presentation of the Financial & Collection Factoring Strategy and supporting Action Plan, by Mr. Sergiy Nykyforov, Executive Director of Association of Collection Businesses of Ukraine.
Special guest: Mr. Oleksander Zaletov, Member of the National Commission for Regulation of Financial Services Markets in Ukraine.
Action: As decided by the Commission representative and the Committee Leadership, all developed by the Chamber documents will be submitted to the Commission and other authorities in the form of official letter.
- Draft Law #2275 “On Ban of Collection Services Provision to Implement Monetary Obligations of Individuals” and Draft Law #2323 “On Amendments to Certain Legislative Acts of Ukraine on Civil Liability of the Borrower to the Lender within the Collateral (Mortgage) and Prevent Double Collection of the Debt from the Same Person” submitted to the Verkhovna Rada of Ukraine on March 5, by Ms. Julia Kurylo, Partner at SKG Attorneys.
Please click here to view the review of Draft Law #2275 and Draft Law #2323 (in Ukrainian).
Action: The Committee Leadership decided to address the Regulator with the Chamber position against these Draft Laws and explaining the danger of their provisions for the protection of creditors’ right and potential mass abuses by the banks’ borrowers.
- Operation of financial pledge under the EU Directive 2002/47, by Mr. Oleh Zahnitko, Advocate, Gide Loyrette Nouel.
Please click here to view comparison of the financial pledges norms under EU Directives and Ukrainian legislation.
Action: Committee Leadership recognized the importance of the proposed changes for development of financial instruments in Ukraine, therefore concrete amendments to the Ukrainian legislation will be developed gradually starting with the changes to allow deposit contract and certificates to serve as the pledge for the other financial operations, as well as to improve the mechanism for fulfillment of the obligations through alienation of the pledged securities.