To harmonize its regulations with legislative changes concerning bank’s related persons, on 12 May 2015 the Board of the National Bank of Ukraine has passed Resolution 315 On the Approval of the Regulation on Definition of Bank’s Related Persons (Resolution 315).

This resolution sets out the form of the list of related persons and the deadline for banks to file the list with the National Bank.

In addition, Resolution 315 provides the list of features which the National Bank may use in the course of banking supervision to determine bank’s related natural or legal persons.

The extensive list of these features is divided into two main groups:

• based on the nature of relationship with bank, for example: exclusiveness of bank’s operations with a person, a person’s economic dependence on a bank or its related persons, availability in a person of common infrastructure with a bank or its related persons, insufficient transparency of a person’s ownership structure;
• based on the nature of transactions, for example: purpose of transaction and use of funds not conformant with a person’s main area of business, nonconformity of documentation with the actual use of funds, amount of financing not conformant with a person’s actual business activity, untypical (nonmarket) terms and procedure of transactions, insufficient quality of transaction control by the bank.

Resolution 315 enters into force on the day following its official publication date.