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Payment Networks Face New Rules in Ukraine

21/ 07/ 2020

In anticipation of the adoption of the new Law on Payment Services that will implement the requirements of PSD2 and E-Money Directives in Ukraine, the National Bank of Ukraine (the “NBU”) continues to change1 the existing rules for payment networks, the participants of payment networks, and operators servicing the payment infrastructure.

What has changed?

The NBU has updated several requirements for the registration of payment systems, participants of payment systems, and for the operators of payment infrastructure services, including the following:

  • payment systems and payment organisations incorporated in Ukraine are no longer required to reflect the financial monitoring and payment systems oversight provisions in their rules. Starting from 11 July 2020, such provisions must be incorporated into the internal regulations of the payment organisation of the local payment system. Internal regulations must be developed within three months on registration of such payment system in the NBU’s register, however before the first money transfer operation;
  • for registration with the NBU, payment system participants and payment infrastructure services operators will need to submit information certificates in the form of a questionnaire;
  • the NBU has introduced more comprehensive requirements for the registration of an indirect participant of a payment system, the payment organisation of which is a resident;
  • the NBU has adjusted the requirements of the documents for the registration of an international payment system that has a non-resident payment organisation;
  • documents with the qualified electronic signature of an authorised person may now be submitted to the NBU in electronic form;
  • in the event of a loss or damage to the certificate of confirmation of rules/changes to the rules of a resident payment system, or a registration certificate certifying the registration of the agreement/changes to the agreement on participation in the international non-resident payment system, it is now possible obtain a duplicate of those documents.

The changes should simplify and facilitate the procedure of the payment market participants filing with the NBU. The documents approved by the NBU before the Resolution entered into force will not be subject to compliance with the newly introduced changes. However, payment market participants will have to consider the new requirements when making amendments to their documents.

Contacts

Ihor Olekhov

Partner, Head of Banking and Finance, CMS Cameron McKenna Nabarro Olswang

Glib Bukharin

Associate, Banking and Finance, CMS Cameron McKenna Nabarro Olswang

1 NBU Resolution No. 92 “On Amendments to Certain Legislative Acts of the National Bank of Ukraine”, dated 1 July 2020 (the “Resolution”).

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