The National Bank of Ukraine (NBU) has improved the legal regulation of the procedure for making a decision to declare a bank’s ownership structure non-transparent. In particular, the NBU has resolved as follows:
- that decisions to declare a bank’s ownership structure non-transparent shall be made by the NBU Committee on Banking Supervision and Regulation and Oversight of Payment Systems
- that in case a bank brings in line with the regulator’s requirements its ownership structure that has been declared non-transparent and submits a relevant request and supporting documents to the NBU, the NBU shall make a decision to declare the bank’s ownership structure transparent
- that a bank’s ownership structure could be declared non-transparent again if the grounds arise as set out in the Regulation on the Procedure for Submitting Information on Bank Ownership Structure.
The above amendments were approved by NBU Board Resolution on Amendments to Regulation No. 110 On the Procedure for Submitting Information on Bank Ownership Structure dated 17 October 2018, which comes into effect on 19 October 2018.