The National Bank of Ukraine (NBU) intends to update own regulations in line with the current national legislation, particularly, the Law of Ukraine On Amendments to Some Legal Acts On Improving Corporate Governance in Joint-Stock Companies.

The NBU draft Resolution On Amendments to Some NBU Regulations (hereinafter the Draft) has been posted for public consultation, as pursuant to the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Field of Economical Activities this regulation shall be subject to promulgation to receive comments and proposals from legal entities, individuals and their associations.

In particular, the Draft provides for the following issues to be regulated:

• Initiating transfers in foreign currency from escrow accounts
• Fulfilling by a designated bank of a written notice of an encumbrancer regarding the grounds for foreclosure.

The Draft envisages the following amendments to:

• Regulation On the Procedure for Carrying Out Operations with Foreign Currency Cheques in Ukraine approved by NBU Board Resolution No. 520 dated 29 December 2000
• Regulation On Settlement Chambers for Submitting Bills of Exchange for Payment, approved by NBU Board Resolution No. 403 dated 25 September 2001
• Regulation On the Procedure for Conducting National Currency Bills of Exchange Transactions in Ukraine approved by NBU Board Resolution No.508 dated 16 December 2002
• Regulation On the Procedure for Executing Remittance Orders by Banks, Purchases and Sales of Foreign Currency and Investment Metals During the Special Period approved by NBU Board Resolution No. 436 dated 15 September 2004
• Regulation On the Procedure Governing the Execution of Remittance Orders by Banks, Mandating Writing-off and Seizure of Funds in Foreign Currencies and Investment Metals approved by NBU Board Resolution No. 216 dated 28 July 2008
• Regulation On E-Money in Ukraine approved by NBU Board Resolution No.481 dated 4 November 2010.