CMS has helped the PrimoCollect Group secure the approval of the National Bank of Ukraine for its acquisition of a substantial interest in the Kredyt-Kapital LLC financial institution.
According to CMS, “the NBU has taken on this new regulatory role following the introduction of the 'On Amendments to Some Legislative Acts Regarding the Improvement of the Functions of State Regulation of Financial Services' law (also known as the ‘Split Law’), which came into force on July 1, 2020. The Split Law reduced the number of regulators in the non-banking financial sector by liquidating the National Commission for State Regulation of Financial Services Markets, which had previously acted as the regulator of non-banking financial institutions. Its financial markets regulation duties were then split between the NBU and the National Securities and Stock Market Commission. The NBU started to supervise non-banking financial institutions, such as insurance companies, credit institutions, financial companies, leasing companies and other non-banking financial institutions.”
The PrimoCollect Group is a debt recovery agency operating in Ukraine and Russia. According to CMS, the company “provides its customers with effective solutions in the field of debt collection, offering extensive operational capabilities in debt acquisition, outsourced debt collection and related scoring and risk management consulting.”
CMS’s team included Partner Ihor Olekhov and Lawyers Ivan Pshyk and Iryna Kravchenko.