License on financial services

As provided with the law of Ukraine, financial services are operations with financial assets which are carried out for the benefit of any third parties at own or third parties’ expense – and in cases stipulated by law – at the expense of financial assets raised from other persons, aiming to gain profit or to preserve actual value of the financial assets.

Pursuant to the law of Ukraine, financial institutions include: 

• banks;
• credit unions;
• pawn broker's shops;
• leasing companies;
• trust companies;
• insurance companies;
• institutions of funded retirement benefits;
• investment funds and companies;
• other legal entities, the only activity of which relates to financial services, and in cases expressly stipulated by law – to other transactions connected with provision of financial services.

Companies intending to provide financial services must be included to the state register of financial institutions maintained by the National Financial Service Commission, and in cases stipulated by law, such companies must obtain a license for provision of financial services. Such license is also granted by the National Financial Service Commission.

Currently, the following financial services are subject to licensing:

• insurance activity;
• services of funded retirement benefits;
• provision of financial loans at the expenses of raised funds;
• activity related to any financial services implying direct or indirect raising of financial assets from individuals.

Specialists of ‘KD CONSULTING’ legal & consulting firm have a long practical experience in helping entities engaged in operation on financial service markets and provide a full range of services related to inclusion of legal entities to the state financial intuitions register and obtainment of licenses for all kinds of financial services which are subject to licensing.