NBU in its letter No. 29-213/13304 dated 27.12.2012, (hereinafter – the Letter) clarified certain provisions of the Regulation on obtaining credits, foreign currency loans by residents from non-residents and granting foreign currency loans by residents to non-residents (hereinafter – the Regulation No. 270).

According to the Letter a territorial department of the NBU cancels registration of a contract in case of non-reporting on operations under the contract for three reporting periods in a row.

Given the frequency and timing of statistical reports on form No. 503, since the entry into force of amendments to the Regulation No. 270, the failure to submit three consecutive monthly reports for September - November of the current year and subsequent reporting periods is also considered by NBU as grounds for cancelation.

Given the previous version of the Regulation No. 270 with respect to cases of statistical reporting failure during two quarters, the NBU considers that the failure to submit six consecutive monthly reports for the reporting period May - October of the current year is also a ground for cancellation in accordance with the amended provisions of Regulation No. 270.