Financial sector news

The National Bank of Ukraine has developed proposals to update the procedure for overseeing the payment infrastructure. The relevant draft document has been published on the regulator's website.

In particular, the NBU proposes to exclude from the current procedure the rules governing the oversight of payment service providers, including issuers of electronic money who are not participants in payment systems.
Other initiatives include expanding the list of organizational and technical measures to ensure business continuity for all oversight entities, as well as strengthening third-party risk management requirements. In particular, it is proposed to prohibit payment service technology operators from transferring their functions to other technology operators.
In addition, the regulator plans to update approaches to determining the importance of payment systems and technology operators, improve the methodology for assessing payment infrastructure, and bring terminology into line with current requirements of legislation in the field of information protection and electronic communications.

As noted in the announcement, the changes involve updating the Regulations on the Procedure for Oversight of Payment Infrastructure, approved by Resolution of the NBU Board No. 187 dated August 24, 2022.
The National Bank is currently accepting comments and suggestions on the draft resolution.

The regulator reminds that oversight of financial market infrastructures is carried out to ensure their stable, reliable, and effective operation. This activity is aimed at identifying and preventing risks that may threaten the interests of users.