OREANDA-NEWS. The National Bank of Ukraine points to the unwillingness of parliament to implement a fully-fledged financial sector. In particular, today Parliament fell short of the votes required to pass Drafty Law No. 5361-D On Amendments to Some Legal Acts of Ukraine Regulating Money Transfer. Only 205 MPs voted in favor of this bill. Therefore, the bill was rejected by parliament.

The draft law is the result of joint efforts by MPs , the NBU and payment market participants. However, the NBU has repeatedly underlines the importance of legislative changes governing the payment systems regulation. The legislative changes are prompted by the need to implement the principles of the European Law and rapid development of payment market, both in Ukraine and globally.

The NBU expects that the law governing money transfers will be overhauled based on clear and fair rules, ensuring a level playing field. Both financial services consumers and Ukraine’s financial market will benefit from the overhaul of the law.

If passed, Draft Law No.5361-D would:

• enable banks of Ukraine to open accounts for non-resident legal entities;

• allow residents of Ukraine to use e-money issued by non-residents for transfers and settlements (works, services) via internet;

• establish a level-playing field for payment systems participants (both residents and non-residents) intending to operate in Ukraine and establish conditions necessary for international online payment providers to access the Ukrainian payment market;

• streamline the activities of non-banking financial institutions in the payment services market, authorize them to issue e-money and have commercial agents; and

• improve the regulation of payment systems and procedure for payment infrastructure oversight.