On September 1, 2015, the Board of the National Bank of Ukraine issued Resolution No. 571 On Amendments to the Instruction on the procedure of opening, usage and closing of accounts in domestic and foreign currencies (hereinafter – Resolution No. 571). The passage of this resolution  has been prompted by the  need to bring the regulatory framework  of the National Bank of Ukraine   into conformity with the requirements  set out in  the Law of Ukraine on Local Elections (hereinafter –  the Law).

As specified by the Law, the National Bank of Ukraine, subject to the approval of the Central Election Commission, shall establish the procedure of opening and closing of accounts of the electoral funds of local party organizations and candidates no later than 50 days prior to the polling day. Resolution No. 571 establishes the aforementioned procedure.

Resolution No. 571,  inter alia, provides for the possibility for local party organizations whose  candidates for local council deputies are registered in multi-mandate constituencies to  open an accumulating account or current accounts of the electoral funds in a bank selected at their discretion. It also envisages the possibility for candidates in a single-member constituency and candidates for the position of village, settlement, city mayors and village chiefs to open a current account of their own electoral funds in a bank selected at their discretion.

The National Bank of Ukraine has met the requirements set out in the Law, which will facilitate the proper conduct of elections in October 2015.

For reference

The new Law of Ukraine on Local Elections entered into force in August 2015.

The next elections of deputies for local councils and village, settlement and city mayors are scheduled for October 25, 2015 (Verkhovna  Rada Resolution No. 645-VIІІ of July 17, 2015).