Purpose. Supporting the NBU in its efforts to bring the principles of confidentiality and professional secrecy in line with the relevant EU standards by addressing existing inconsistencies/identified gaps and through technical assistance. The positive decision of the European Commission on the compliance of Ukrainian legislation with EU standards will allow the NBU to strengthen its capacity to supervise and withdraw banks from the market by providing access to and sharing prudential information with EU supervisory bodies, as well as to participate in collegial bodies on supervision or other issues (if necessary)..
The assistance consists of providing the NBU with expertise related to all four directives (CRD, PSD2, BRRD, and AMLD) across the four relevant principles of the Equivalence Assessment (definition of confidential information; existence of professional secrecy obligations; use of confidential information; and restrictions on the disclosure/transfer of confidential information) in order to advance the implementation of a confidentiality /professional secrecy regime in Ukraine, which is in line with EU standards. In addition, technical assistance will include support for the NBU in its cooperation with the European Banking Authority (EBA) as part of the formal equivalence assessment process.
The assistance will include expert support to the NBU under all four directives (CRD, PSD2, BRRD, and AMLD) on the four relevant principles of the compliance assessment (definition of confidential information, existence of professional secrecy obligations, use of confidential information, and restrictions on disclosure/transfer of confidential information) to facilitate the implementation of a confidentiality/professional secrecy regime in Ukraine that is in line with EU standards. In addition, the technical assistance will include support to the NBU in cooperation with the EBA as part of the formal compliance assessment process.
Products implemented for the NBU, and key events:
- NBU self-assessment and comprehensive assessment was supported, in particular, through carrying out a legal review of Ukrainian laws and regulations for self-assessment in accordance with the updated EBA guidelines dated 3 May 2022. The final results of the assessment were presented
- legal support, consulting services on banking supervision and regulation, including an analysis of gaps identified in Ukrainian legislation in comparison with EU standards on confidentiality and professional secrecy, and a proposed Action Plan to address them – by developing amendments to Ukrainian legislation and amendments or additions to the NBU’s regulations – were provided.