Ukraine's NCFSMR sets net worth minimum requirements for financial companies

Ukraine's NCFSMR sets net worth minimum requirements for financial companiesThe National Commission for Financial Service Markets Regulation sets requirements to the minimum amount of net worth of financial companies: companies seeking to provide one type of financial services are to have at least UAH 3 million net worth and companies seeking to provide two and more types of financial services – at least UAH 5 million.

The regulator said on its website that the requirements are outlined in the provisions on the public register of financial institutions approved by commission resolution No. 41 of August 28, 2003 and registered in the Justice Ministry on September 11, 2003.

The commission said that the provisions oblige financial institutions to observe net worth requirements during the entire period when information about companies is included in the public register.

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If the requirements are violated, the regulator applies measures in the form of ordering to remove the infringements in the period of 15 working days.

Financial companies can ask to extend this term and submit the plan on reaching the required level of net worth and arguments explaining the request to prolong the term.

According to the regulator, the public register of financial institutions as of March 31, 2016 included information about 609 financial companies (153 more year-over-year). Net worth of financial companies totaled UAH 22.029 billion (51.6% up year-over-year).
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