Business news from Ukraine

Business news from Ukraine

NBU fines 15 financial service providers for late reporting

The National Bank of Ukraine has imposed fines on eight pawnshops, three lessors, and four financial companies for late submission of reports to the regulator for the fourth quarter of 2022 and the first quarter of 2023.

According to the regulator’s announcement on its website on Wednesday, in particular, Orion-T Lombard Bezborodov & Menaker PA (USREOU 19314356), Credit Center Lombard Tomchuk & Company, Oscar Lombard (Oscar Dry Cleaning, Gluttony Fast Food), UMKV & Company Lombard, 9999 Lombard, and Lombard. Sirenka Y. S. and Company, Lombard Parus LLC, Global Franchising LLC and Company, Lombard Kopiyka LLC, Ukr.Concept-Car LLC and PE ID, and Lombard Shvydka Dopomoga Linichenko and Company.

Among the leasing companies, fines were imposed on Advance Leasing LLC, AVG Leasing and City Leasing.

Finally, among the financial companies that fell under the National Bank’s influence were Wellfin LLC, Money 247, Cardservice and Credo Solutions.

The NBU clarified that the decision to impose enforcement measures was made based on the results of on-site supervision of the non-banking financial services market on August 2, and they will come into force on August 3. Financial service providers have to pay the fines, the amount of which is not specified, within seven business days from the date of receipt of the relevant decision of the regulator.

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UKRAINE HEADS WORLD TRADE ORGANIZATION PROGRAM FOR COLLECTION AND REPORTING OF STATISTICAL DATA

Ukraine has headed the Work Program on Collection and Reporting of Statistical Data of the World Trade Organization (WTO), the Ministry of Economic Development and Trade has reported.
“On February 25-27, 2019, for the first time in the history of its membership in the organization, Ukraine was elected the head of the Work Program on Collection and Reporting of Statistical Data within the framework of a meeting of the committee on the WTO Government Procurement Agreement,” the ministry said.
Prior to this, the program was headed by the United States, it said.
Among the main directions of the program, which were voiced by the Ukrainian delegation, is the development of a unified methodology for collecting and reporting public procurement data of the member countries of the Government Procurement Agreement, and further expanding the use of the Open Contracting Data Standard (OCDS) in the public procurement sector of the Organization for International Economic Cooperation.
Ukraine joined the WTO Government Procurement Agreement in 2016, as a result, Ukrainian companies received the right to participate in public procurement of 47 GPA member countries.
The total volume of the WTO government procurement market is estimated at $1.7 trillion annually.

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