License for the deposit

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The license for deposits./h2>

The COLARES Law Company offers services of licensing the financial activities of the credit union and obtaining the license for deposits.

The specialists of COLARES Law Company will help in the preparation of the necessary documents to obtain a license for deposits, representing the client in the State Commission on Regulation of Financial Services.

The credit union may carry out activities to attract deposits of the participants of the credit union to deposit accounts, and the use of such funds to provide credits provided that there is a license for attraction of contributions (deposits) of the participants of the credit union to deposit accounts (license for deposits).

The competent authority to issue a license for deposits is the State Commission for Regulation of Financial Services.

The credit union must meet the following requirements:

  • A credit union must comply with the legislation of Ukraine;
  • A credit union is to have internal regulations of the credit union in accordance with the regulations of the current legislation of Ukraine: The regulation on the supervisory board of the credit union, Regulations on the Audit Committee of the credit union, the Regulation on the Credit Committee of the credit union, the Regulation on the management of the credit union; Regulations on the other bodies of the credit Union;
  • A credit union must form the capital, reserves, funds and determine the way of payment of damages in accordance with the requirements established by the Financial Services Commission;
  • A credit union must meet the standards and requirements of the legislation of Ukraine and the State Commission on Regulation of Financial Services;
  • It should have special software and technical equipment, which is connected with the implementation of financial services, as well as meet the requirements of regulatory authorities;
  • It should have a separate, special room with restricted access, and a strongbox to store the documents and money, eliminating their stealing or damage;
  • It is to attract the credits of the united credit unions, banks, other establishments only to the members of their credit union on a contractual basis, which must meet the standards and requirements of the current legislation;
  • A credit union shall register the contracts that should be kept for at least 5 years after the fulfillment of mutual obligations;
  • A credit union shall submit the financial statements and other accounting documentation, information duly, within the time set by the State Commission;
  • A credit union must fulfill its obligations to the members in the manner and within the time limits in accordance with existing agreements;
  • A credit union must fulfill the legally guaranteed rights of members of the credit union on the management of the credit union and to provide information on the activities of the credit union;
  • A credit union membership must keep to the regulations of membership determined by the charter;
  • Individuals who are recognized by the court as incapable or partially capable, serving a sentence of imprisonment, as well as having outstanding conviction for acquisitive crimes are not eligible to be members of the credit union;
  • A director and chief accountant must meet the qualification requirements set by the State Commission for Regulation of Financial Services.

 

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