27 April 2021, 17:09
The draft Law No. 5065 “On Financial Services and Financial Companies” establishes:
- the volumes of data to be received by financial companies and pawnshops and provided by them to the Credit Register of the NBU, the jurisdiction of which will be extended to other financial institutions;
- the grounds and the procedure for complete or partial revocation of a license for the activities of a financial company or a pawnshop;
- the provisions on external audit of financial institutions and the procedure for the National Bank’s interaction with auditing companies;
- the requirements regarding the structure of ownership and licensing of financial institutions and pawnshops;
- prohibition on unilateral changes in interest rates and any other payments or the imposition of new payments; introduces the concept “financial service secrecy” as a simplified analogue of bank secrecy;
- obliges a financial service provider to provide information on the full range of financial services being provided, doing so in an easy-to-understand form, without trying to artificially complicate such information;
- provides for tools to protect the public from false and/or manipulative information.