Purpose. Supporting the NBU’s efforts to bring its confidentiality and professional secrecy frameworks into line with applicable EU standards by providing technical assistance in addressing existing disparities/identified loopholes. A positive decision by the European Commission regarding equivalence with EU standards will enable the NBU to strengthen its supervisory and resolution capacity, by allowing it to access and share prudential information with EU supervisory bodies and participate in supervisory and other collegial bodies (if required).
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.
Products implemented for the NBU and key events:
- supporting the NBU’s self-assessment and due diligence, in particular, in conducting a legal examination of Ukrainian laws and regulations for the purposes of self-assessment in accordance with the updated EBA guidelines, dated 3 May 2022. The final results of the assessment have been presented.
- providing legal support and consultations on banking supervision and regulation, including an analysis of identified gaps, as compared to EU confidentiality and professional secrecy standards, and proposing an action plan to address the gaps through amending Ukrainian legislation and amending or supplementing NBU regulations.