Entering the Register of Financial Institutions in Ukraine: our practical experience

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Registration of a financial institution
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The market of financial services is so broad that at the present time there are about 10 types of different licenses and a number of regulations, which provide their own particularities and requirements, have been adopted for each of them.

What does it mean? This means that when processing and submitting documents to obtain any license, you must comply with the requirements of several regulations at the same time.

We understand that without profound knowledge in the field of financial law, it is difficult and inexpedient to understand a heap of legislative norms. In this case, you need a reliable partner who has deep legal expertise and exceptional knowledge of the financial services industry. This is especially true of the licensing phase and entering the register of financial institutions, where we can help you avoid any possible problems in the future.

Our service: Кegistration of a financial institution

Who should be included in the register of financial institutions?

Without exception, all financial companies must first go through the stage of inclusion in the Register of financial institutions, and only then receive a license for their type of service.

Those who want to become a participant in the financial services market with a minimum number of issues and comments from the National Financial Services Commission should consider getting at least qualified advice to avoid further problems.

Frequent issues arising when registering financial institutions and obtaining licenses

Working a lot with financial institutions, we have come up with a list of issues that arise during  the entire process of registering a financial institution, entering them into the register of financial institutions and obtaining a license for them.

  • The issue of compliance of the management team with legal standards. The procedure for obtaining financial licenses implies a number of requirements for the management team of the enterprise (which in reality does not always correspond to them), especially with regard to the length of service and reputation of such employees.

Specific requirements are applicable to the head of the institution and the chief accountant. One of the prerequisites for admission to the position is for a candidate to undergo an advanced training and pass the exam. Moreover, so far there are only a few institutions that have the right to conduct appropriate training.

Related article: Requirements for the management of financial institution in Ukraine

  • The issue of financial institution website readiness. To enter an institution in the registry and obtain a license, it must have a website that fully meets the requirements of the licensing authority. The site should contain all the necessary information about the financial institution, including a valid address, work schedule and a list of services provided by the company. We have encountered situations when an unfinished site became the reason for facing fines and license revocation.

Related article:Requirements of the National Commission for the State Regulation of Financial Services Markets to a financial company's website during obtainment of a license

Our experience with management and external advisers of financial companies

We understand that any law firm has its own directions of activity and specialization. Practicing lawyers and defence lawyers are always professionals in their field. However, the specifics of the financial services sector requires narrow-field knowledge in practice and norms’ regulation of the licensing authority.

Obtaining a license, reporting, or conducting the day-to-day activities of a financial company is not the only cornerstone the company staff or the outside lawyers can face. Making changes to existing licenses is usually no less complicated and time-consuming procedure than getting a new one.

In practice, our services, as specialists in financial practice, are often needed in:

  • Obtaining all necessary permits;
  • Cooperation with audit companies, which will allow getting listed in the register and taking the necessary actions as quickly and simply as possible;
  • Filing reports and conducting activities in general, after obtaining a license.

We are used to and able to work both directly with the management and legal (compliance) departments of financial companies, and with their outside advisers (lawyers, law firms and lawyer associations).

To a large extent, our advantage is not only knowledge in this field, but also a clear understanding of the whole procedure and options for expediting it.

Features of the provision of services in this area to traders selling financial companies

In today's world and Ukrainian practice, the creation of "off-the-shelf" companies for further sale is a popular trend, and we have repeatedly faced such needs of our Clients.

When it comes to the creation of financial companies, due to the complexity of their registration, approval of a change of ownership or the process of entering financial institutions into the register, their legal support should be carried out extremely carefully and with taking into account licensing requirements.

Our experience and understanding of the process allows the sellers of such "off-the-shelf" companies to renew their acquired business with minimum stress and as soon as practicable .

You can get any information regarding our services from our company’s specialists. If you want to come to grips with the process of entering a legal entity in the register of financial institutions through your own effort, you can use our checklist of documents to be submitted for such an entry.

Publication date: 25/07/2019

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