On September 24, 2015, the Board of the National Bank of Ukraine issued Resolution No.629 On Amendments to the Regulation on Identifying Bank's Related Parties  (hereinafter – Resolution No.629).

These amendments have been made to specify actions of the National Bank and banks when identifying bank's related parties.

Thus, for instance, it has been specified that Ukrainian public authorities, Ukraine’s state-owned entities shall not be deemed as bank's related parties.

It has been specified that a person shall be deemed as bank-related from the moment when the grounds arise to identify such a person as bank-related pursuant to the requirements set out in Article 52 of the Law of Ukraine On Banks and Banking.

In addition, it is established that the National Bank of Ukraine shall identify a legal entity or an individual as the bank’s related partiy whenever the National Bank reveals the grounds for this.

At that, the National Bank  is authorized to demand that banks submit information and copies of documents required by the National Bank to identify individuals and legal entities as the bank’s related parties.

Resolution No. 629 enters into force from the day following its official publication.