The document provides for the adaptation of the banking legislation of Ukraine to the legal norms of the EU.
The law prescribes a new capital structure for the bank / photo president.gov.ua
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President Volodymyr Zelensky signed the law on amendments to some laws in order to improve the organization of corporate governance in banks and other issues of the functioning of the banking system of Ukraine.
As reported Press Service of the Office of the President, the Verkhovna Rada adopted this document on June 30.
It should help improve the quality of banks in Ukraine, contribute to the stability of the banking sector, and strengthen the protection of the rights of depositors and other creditors.
In addition, the purpose of the law is to adapt the banking legislation of Ukraine to the legal norms of the European Union.
Read alsoDollar exchange rate has changed in Ukrainian exchangers after the weekend“In particular, it strengthens corporate governance in banks by increasing the responsibility of the board and the board of a financial institution for decisions. It also expands the list of issues related to the exclusive competence of the bank’s board. At the same time, it sets requirements for members of the bank’s board and council regarding their collective suitability,” – the message says.
In addition, it is noted that the document introduces a three-tier system of internal control of the bank, which should be integrated into the corporate governance system. This should contribute to improving the quality of bank management, including risk management.
The law, among other things, prescribes a new structure of the bank’s capital, in particular – the requirements for the formation of capital buffers. Requirements are established for the adequacy of the internal capital and liquidity of the bank, taking into account possible risks.
In addition, the powers of the National Bank in the field of supervision are expanding.
It should be noted that this law is necessary for cooperation with the International Monetary Fund.
Ukraine in the IMF
Recall that at the end of July, Vladimir Zelensky held a telephone conversation with the Managing Director of the International Monetary Fund Kristalina Georgieva.
They discussed progress in the implementation of the current IMF stand-by program. In particular, we are talking about two key bills aimed at strengthening corporate governance in banks, as well as laws on the High Council of Justice, the High Qualification Commission of Judges.
Tamara Otovskaya
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