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The National Bank of Ukraine Develops the Rules Governing Opening, Usage and Closing of Escrow Accounts

1 September  2017

 

 

In view of the legislative changes, the National Bank of Ukraine has developed a draft resolution of the NBU Board On Amendments to Some Regulations of the National Bank of Ukraine  (hereinafter – Draft Resolution).

 

The draft resolution has been developed taking into account the Law of Ukraine On Amendments to Some Legal Acts On Improving Corporate Governance in Joint-Stock Companies. The draft resolution,  inter alia, has:

- Introduced a new type of an account – an escrow account or an impound account;

- determined transactions that can be performed through an impound (escrow) account;

- provided for the foreclosure on collateral (mortgaged property) property rights on cash held in a bank account through forced debiting as per the payment request by the lien holder.

 

This document is intended to:

- set out the rules governing opening, usage and closing of escrow accounts;

- provided for the foreclosure on collateral (mortgaged property) property rights on cash held in a bank account through forced debiting as per the payment request by the lien holder.

 

The draft resolution is designed to amend:

Instruction on the procedure of opening, usage and closing of accounts in domestic and foreign currencies approved by NBU Board Resolution No. 492 of 12 November 2003;

The Instruction on cashless national currency payments in Ukraine approved by NBU Resolution No. 22 of 21 January 2004.

 

The Draft resolution has been posted on the NBU’s  official website for public consultation as in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation in order to  receive   comments and proposals from legal entities, individuals and  their associations..

 

 

 

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Last modification   01.09.2017