On September 29, 2015, the Board of the National Bank of Ukraine issued Resolution No 637 On Amendments to the Regulation on the Application by the National Bank of Ukraine of Corrective Measures for Violation of the Banking Legislation.

The Resolution has defined the powers of the Committee on Banking Supervision, Regulation, Payment System Monitoring (Oversight) to adopt decisions  on the application of corrective measures for violation of banking laws in cases other than those specified in paragraphs 11-13 of part 1 of Artlcle 73 of the Law of Ukraine On Banks and Banking (termination of the general license to perform foreign exchange operations, declaring the bank problem or insolvent, revocation of the banking license and liquidation of the bank).

The Committee on Banking Supervision, Regulation, Payment System Monitoring (Oversight) was established by the Board of the National Bank of Ukraine on July 24, 2015, in accordance with a new version of Article 17 of the Law of Ukraine On the National Bank of Ukraine .

Resolution No. 637 enters into force from the day following its official publication.