On 26 January 2018, the National Bank of Ukraine (NBU) imposed penalty on a foreign company that acquired a qualified holding in a Ukrainian bank without receiving the NBU approval. The penalty amounted to UAH 730,059.07. While deciding on the penalty amount the NBU took note that the change concerned neither ultimate beneficial owners (UBOs) of the qualifying holding in the bank nor the size of their holding, as well as the personal notification from the bank on the changes in its structure.
The NBU stresses that acquiring a qualifying holding in a bank without the regulator’s approval is against the law. Both direct and indirect acquisition or increase in a qualifying holding exceeding the thresholds of 10%, 25%, 50% and 75% are subject to approval. Cases, when a qualifying holding is acquired by new companies controlled by the holder with no change to the UBOs, are no exception.
If an acquisition or an increase in a qualifying holding in a bank was not approved, the NBU is entitled to impose corrective measures such as a penalty in the amount of 10 per cent of the par value of the acquired shares of the bank and/or a suspension of the voting right.
Since 2015, the NBU has fined five times for the violation in question the amounts from UAH 272,940.12 to UAH 3,299,730.00. Besides, since 2011 the NBU temporarily suspended the voting right of 13 persons.