MainPublications of our law firmLegislation news The procedure of revocation licenses for financial services can be changed significantly

The procedure of revocation licenses for financial services can be changed significantly

Просмотров: 393

The state regulator (the National Committee of Financial Services) had proposed to refuse from a practice of revocation of licenses for financial services according to drafted act for repeated infringements of the Licensing regulations which were committed by a finance institution.

The National Committee of Financial Services, as the state body which regulates a procedure of providing service in a financial sphere, had proposed to examine the procedure in details. We need to admit that this proposition isn’t related to the activity at a stock market.

The project defines opportunity to change some clauses of the law which regulates the procedure of licensing (the Article 16). In order to the new provisions current practice of licenses’ revocation won’t be used to owners of financial licenses which activity is controlled by the National Committee of Financial Services.

The current provisions of abovementioned law define that in a case of fixation of repeated infringements of the Licensing regulations, it must draft an act on repeated offence by the state regulator and it is obliged to put a decree on license’s (permission document) revocation. Except these actions, the National Committee of Financial Services doesn’t have other levers of influence for an offender.

The authors of the project note that at the moment the National Committee of Financial Services isn’t provide with the right to take into account such conditions as execution all requirements by a licensee for stopping offence while it puts a decree about license’s revocation. Except it, if these infringements don’t lead to impossibility of execution of their obligations according to current agreements, the Commission doesn’t have an opportunity to react softly.

In mind of the state regulator, these changes give opportunity to provide more effective work of the market of financial services and prevent appearance of crisis situations at this market and also let to provide defeat of consumer rights.

Abovementioned project is brought to a public discussion at the moment by the National Committee of Financial Services.


Просмотров: 393
SIDEBAR MENU
RELEVANT EXPERIENCE RELEVANT PUBLICATIONS