Parliament adopts law on factoring
The Verkhovna Rada on Tuesday adopted a law (No. 12306) on factoring, which improves the regulation of this type of financial activity in Ukraine and updates the provisions of other laws related to the provision of factoring services.
As reported by the correspondent of the Interfax-Ukraine agency, 265 MPs voted for the adoption of the law with the required minimum of 226 votes.
The provisions of the document are aimed at implementing into Ukrainian legislation the provisions of the Model Law on Factoring of the International Institute for the Unification of Private Law, introducing state registration of the assignment of the right of claim, determining the priority of the assignment of the right of monetary claim, the subject and content of the factoring agreement.
According to the head of the relevant parliamentary committee, Danylo Hetmantsev, the document also distinguishes between the regulation of trade factoring and transactions with financial debt.
At the same time, the activities of companies that provide services for the assignment of claims under consumer credit agreements will be carried out within the framework of a license for the activity of a financial company. Such a license provides for the right to provide funds on credit and will be incompatible with the provision of trade factoring services.
According to Hetmantsev, the adoption of the law will bring Ukrainian factoring closer to best international practices and will allow reducing the risk of fraud during factoring activities.
