Legislative updates: key changes for businesses and authorities in mid-November.

Key regulatory updates from last week

https://mind.ua/news/20281435-novini-zakonodavstva-shcho-zminilosya-dlya-biznesu-ta-vladi-v-seredini-listopada2024-11-14 07:20:54

How Legislation Changed from 05.11.2024 to 11.11.2024

1. LEGISLATIVE ACTS THAT CAME INTO FORCE

Document: Laws 4025-IX and 4024-IX dated 29.10.2024 (came into effect on 10.11.2024) regarding the extension of martial law and mobilization in Ukraine.

Summary of Changes: According to the laws, the duration of martial law and general mobilization is extended for another 90 days – from November 10, 2024, to February 7, 2025.

Document: Law 3994-IX dated 08.10.2024 concerning the enhancement of NBU functions in state regulation of financial services markets.

Summary of Changes: The law specifically provides for the following:

allow financial companies, pawnshops, and credit unions to offer payment services based on their primary license without needing a separate license;
set requirements for the regulatory capital of non-bank payment service providers. The specific parameters for capital adequacy and the procedure for its calculation will be determined by the NBU. Currently, for payment market participants, there is only one condition: to maintain their own capital at a level no lower than the statutory capital;
increase the amount of fines for payment service providers (including banks) which will be proportional to their income. The amount of such a fine may reach 5% of the sum of transactions conducted with violations. Currently, the maximum fine is 170,000 UAH.

Document: Law 3993-IX dated 08.10.2024 (came into effect on 08.11.2024) regarding the protection of landowners' interests.

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