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Укр An important step for the development of Ukraine's financial market: the President signed the Law “On Factoring”
On July 27, the President of Ukraine signed Law No. 4466-IX “On Factoring.” The document provides for a comprehensive update of the legal regulation of factoring activities and the harmonization of Ukrainian legislation with international standards.
The Association of Ukrainian Banks actively participated in the work on the draft law, in particular through the expert committee on the development of documentary operations.
Andriy Dubas President of the Association of Ukrainian Banks”
"We believe that the development of factoring in Ukraine is one of the important tools for reviving the economy in the financial sector. I would like to thank all members of the AUB Committee, as well as the Chairman of the AUB Committee on the Development of Documentary Operations, Igor Tykhonov, and his deputies, Andriy Koval, Oleksandr Kamaraly, and Dmytro Tsvik", - commented Andriy Dubas, President of the Association of Ukrainian Banks.
Key provisions of the new Law:
- Definition and official registration of the transfer of monetary claims;
- Establishment of clear rules for concluding factoring agreements;
- Legislative consolidation of the mechanism for transferring claims;
- Distinction between classic trade factoring and working with problem debt;
- Updating the requirements for licensing companies that provide factoring services or consumer loans.
The law was developed taking into account the provisions of the UNIDROIT Model Law, which ensures compliance with best international practices and creates a favorable environment for the development of a civilized factoring market in Ukraine. The adoption of the document opens up new opportunities for businesses, investors, and banking institutions.
The Association of Ukrainian Banks sincerely thanks all experts who joined this initiative and congratulates the banking community on the adoption of this strategically important document. It will continue to actively participate in the formation of an effective regulatory framework for the financial sector of Ukraine.
For more details, follow the link: https://aub.org.ua/104/novyny-aub/15259-verkhovna-rada-ukhvalyla-zakon-pro-faktorynh-aub-sered-kliuchovykh-uchasnykiv-pidhotovky
