Overseen Payment Infrastructure Entities
Overseen Payment Infrastructure Entities in line with the Law of Ukraine On Payment Services are as follows:
- payment system operators, settlement banks, technical service providers, participants in payment systems overseen for their compliance with the laws that regulate the operation of payment systems, and provision of services by technical service providers
- payment services providers overseen in terms of their use of payment instruments, payment transaction schemes, electronic and digital money, interaction with the other participants of the payment market
- e-money issuers, in terms of the issuing and using e-money.
Payment system oversight is the NBU’s activities on ensuring the uninterrupted, reliable, and efficient functioning of the payment infrastructure that includes:
- payment infrastructure monitoring
- assessing the payment infrastructure for its compliance with Ukrainian law and international oversight standards
- setting requirements and restrictions for the payment infrastructure operations
- providing recommendations to improve the payment infrastructure operation and/or applying corrective measures.
Other Financial Market Infrastructures
On 14 December 2021 the Verkhovna Rada amended the Law of Ukraine On the National Bank of Ukraine and the Law of Ukraine On Capital Markets and Organized Commodity Markets that defines that entities subject to NBU oversight perform the following functions:
- central securities depositories
- securities settlement systems
- central counterparties
- trade repositories (hereinafter referred to as “the capital market infrastructure entities”).
As part of oversight of capital markets infrastructures, the NBU shall perform the following:
- monitoring overseen entities
- assessing overseen entities and their compliance with Ukrainian law and international oversight standards
- providing recommendations to improve performance of overseen entities
Legal amendments on extending oversight functions of the NBU shall enter into effect on 1 January 2024.