News (#11 November 2018)

LAW DIGEST

Changes in procedure for recognizing bank ownership structure non-transparent

The National Bank of Ukraine has introduced changes to the Regulations
On the Procedure for Provision of Information on Bank Ownership Structure. The related Resolution came into force on 19 October 2018.

From now on, the decision on recognizing the bank ownership structure non-transparent is taken by the Committee on Supervision and Regulation of Bank Activities, supervision (oversight) of the National Bank’s payment systems.

In the event of bringing a bank’s ownership structure, which was recognized as non-transparent, into line with the requirements of the regulator and submitting a corresponding application and supporting documents to the National Bank, the NBU adopts a decision on wherher to recognize the bank ownership structure as transparent.

Also, the bank ownership structure may be recognized non-transparent repeatedly if there are relevant grounds defined by the specified document.

 

Disclosure of information in extraction business

The Law No. 2545-VIII On Securing Transparency in Extractive Industries comes into force on 16 November 2018. All economic entities operating in extraction industries will have to disclose information on payments and production volumes.

The law establishes organizational and legal basis for the disclosure of information, sets specific obligations for its disclosure, methods for disclosing such information and responsibility of entities for violating legislation on ensuring transparency in extraction industries. Non-disclosure of information or violation of terms of its disclosure by extraction companies entail imposition of a fine of UAH 85,000, and disclosure of the report containing incomplete information about the entity’s activities entails imposition of a fine of UAH 34,000. The first mandatory reporting period is 2018.

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