The National Bank of Ukraine is currently undergoing the process of transformation of its organizational structure. In particular, from now on, all the functions pertaining to the issuance of individual licenses for foreign exchange transactions have been devolved to the Registration and Licensing Department, whereas all the control functions ensuring residents’ compliance with the terms of licences have been transferred to the Financial Monitoring Department. These functions used to be performed by the Foreign Exchange Operations Control, Methodology and Licensing Department and regional offices of the National Bank of Ukraine.

In view of the above, on July 24, 2015, the Board of the National Bank of Ukraine adopted Resolution No 478 On Amendments to Some Regulations of the National Bank of Ukraine  (hereinafter – Resolution No 478).

Resolution No 478 has also introduced other changes prompted by the need to streamline the licensing procedure carried out by the National Bank of Ukraine in respect of foreign exchange transactions, inter alia, the application forms for obtaining licenses, forms of licenses have been amended, and the requirements to the execution of some documents have been revised. 

The following regulations of the National Bank of Ukraine have been amended: 

• the Instruction on the Rules Governing the Issuance of Individual Licenses on Foreign Investment Abroad;
• the Rules  for Bringing out of/into Ukraine the Domestic and Foreign Currency, Investment Metals and Cheque Blanks by the Authorized Banks;
• the Regulation for Granting Individual Licenses for Transferring Foreign Exchange Abroad to Pay for Bank Metals and Perform Foreign Exchange Transactions;
• the Regulation for Granting by the National Bank of Ukraine of Individual Licenses for the Use of Foreign Currency in Ukraine as a Means of Payment;
• the Instruction on Transporting Cash and Banking Metals across Ukraine’s Customs Border;
• the Regulation on Transporting Securities across Ukraine’s  Customs Border;
• the Regulation on the Rules Governing the Issuance by the National Bank of Ukraine of Individual Licenses Allowing the Residents (legal and natural persons) to Deposit fx valuables on Accounts abroad.