OREANDA-NEWS. The National Bank of Ukraine has requested 9 non-bank financial institutions (NFIs) that submitted documents to obtain a license for foreign exchange operations before 31 December 2015 to review and finalize their documents to bring them into line with new regulatory requirements. The NBU has served NFIs with letters to this effect.

On 29 December 2015, the NBU issued a series of resolutions, which, inter alia, have set new capital requirements for non-bank financial institutions and obliged them to disclose information on the ownership structure.  The NFIs that were granted general licenses before the resolutions came into force are allowed a transition period until 1 July 2016 to comply with new capital and security requirements.

At the time of the entry into force of these resolutions, the documents submitted by 9 non-bank financial institutions seeking to obtain a license for foreign exchange operations were under consideration by the NBU.  The documents submitted by the NFIs fail to meet the new requirements. However, the NBU has decided not to reject their applications for licenses and grant them extra time until 1 March 2016 to finalize their documents.

Additionally, the letters were sent to the NFIs that have submitted the documents required to apply for a general license for foreign exchange operations allowing them to engage in professional activities in the securities market that are subject to licensing (trading in securities).

Presently, 17 NFIs hold general licenses for foreign exchange operations.  As of 1 January 2016, they had 1,988 structural subdivisions, which was 70% than a year earlier.