On January 14, 2015, the National Bank of Ukraine Board approved Resolution No. 10 On Amendments to the Regulation on the Rules Governing Registration and Licensing of Banks and the Establishment of their Separate Subdivisions and the Regulation on the Rules Governing Submission of Information about the Ownership Structure.

The Regulations have been amended to meet the requirements of the following Laws of Ukraine: On Amendments to the Law of Ukraine On Banks and Banking with regard to the peculiarities of corporate governance in banks, On Prevention and Counteraction to Legalization (Laundering) of the Proceeds of Crime or Terrorist Financing, as well as the Financing of Proliferation of Weapons of Mass Destruction, On Amendments to Some Laws of Ukraine Aimed at Prevention of Adverse Impact on Banking System Stability, On Measures Aimed at Facilitating the Capitalization and  Restructuring of Banks.

The amended Regulations:

• introduce a simplified procedure for seeking approval for changes of the bank by-laws, the acquisition and/or increase of the qualifying holding in a bank;
• determine documents to be submitted to the National Bank of Ukraine that confirm the origin of the funds to be used to acquire and/or increase the qualifying holding in a bank;
• tighten requirements pertaining to professional skills and business reputation of bank senior managers;
• streamline the rules governing submission of information about the bank ownership structure.

The Resolution enters into force on the day following its official publication.