To enhance the legal expertise and develop the relevant competencies of its employees, the National Bank of Ukraine (NBU) signed an agreement with the National Academy of Legal Sciences of Ukraine (hereinafter – the Academy) on 1 March 2019.
Under the agreement, the NBU and Academy will cooperate in research, theory, practice, and methodology as they fulfill their objectives, functions, and mandates in line with their goals and areas of cooperation.
“The NBU and Academy will cooperate in implementing monetary policy, regulating the rules for banking transactions, accounting and reporting, information security, bank funds and property, regulating the operation of payment and settlement systems in Ukraine, the conduct of banking supervision, and the licensing of banking and banking transactions,” said Oleh Zamorskyi, Director of the NBU Legal Department.
“The Academy and its affiliated institutions directly participate in the design and implementation of a whole series of top-priority nationwide programs intended to create the legal framework for innovation-driven development, investment activities, legal education development, and harmonization of Ukrainian laws with EU legislation. With that in mind, cooperation between the Academy and the NBU will contribute to the effectiveness of the NBU’s regulatory activity and improve the administration of regulations,” said Anatolii Kostruba, Doctor of Law and Head of the Department of Organizational, Research, and Methodological Support at the Academy.
The agreement envisages the following lines of cooperation:
- preparation of research insights into the interpretation and application of Ukrainian law
- legal analysis and generalization of the practical application of Ukrainian laws governing the NBU’s mandate
- participation in the preparation of draft laws, regulations, analyses, proposals, guidelines, and other documents within the purview of the NBU
- participation in the expert examination of draft laws and regulations of Ukraine that govern banking
- sharing the outcomes of studies and implementing joint research and development projects, including those financed out of grants, competition awards, and other forms of research investment
- conduct of joint events in the framework of implementing new laws of Ukraine, as well as hosting of research, practical, and methodological conferences, roundtables, symposia, congresses, seminars, and other research-themed events, including international events.
To implement the agreement and identify specific cooperation milestones, the NBU and Academy intend to create joint working groups that will include representatives of either party. On top of that, the agreement provides for engaging other researchers and experts to join such working groups.