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Banking & Financial Services

Policy Progress: Draft Law #4364 “On Payment Services” was Passed in the First Reading

Policy Progress: Draft Law #4364 “On Payment Services” was Passed in the First Reading

On February 19, 2021, the Verkhovna Rada of Ukraine passed in the first reading Draft Law #4364 “On Payment Services” dated November 12, 2020 (Draft Law).

This Draft Law aims at promoting the implementation of innovative solutions in the field of cashless payments, modernizing the Ukrainian payments market and increasing its competitiveness, harmonizing national legislation with EU standards as well as changing the architecture of the financial sector by expanding the market participants.

The American Chamber of Commerce in Ukraine welcomes passing Draft Law #4364 in the first reading and supports its further adoption if proposals from the business community are taken into account. We have submitted our comments and proposals to the Draft Law's version before the second reading. They are aimed at a fuller reflection of the norms of the European legislation, correcting a number of shortcomings in terms of definitions as well as proposals regarding irrevocable powers of attorney and the accounts required for the implementation of the Law #738-IX (Derivatives Law).