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Укр NBU's rulemaking in January: focus on updating documents and implementing European standards
In January 2024, the National Bank of Ukraine (NBU) adopted important regulatory documents aimed at improving the regulation of banking activities, interaction with legal entities engaged in processing and storing cash, as well as expanding enforcement measures for violations of legislation. The NBU's attention was mainly focused on bringing documents into line with changes in the legislation of Ukraine and on the implementation of the regulatory framework of the NBU to the requirements of EU legislation.
During January 2024, the National Bank of Ukraine made significant changes to its regulatory framework, reflecting updates in the field of financial regulation and supervision. These changes cover several key aspects of the financial sector, including clarification of regulations for companies engaged in the processing and storage of cash, adaptation of regulatory requirements to international standards of liquidity and stable funding for banking groups, as well as expansion of sanctions for violations in the field of financial services .
One of the significant steps was the updating of the Regulation on the procedure for the interaction of legal entities carrying out cash processing and storage operations, which provides for the clarification of the terminology and the list of operations subject to the regulation of the NBU.
The improvement of the instructions for banks and banking groups regarding the calculation of liquidity ratios and stable financing, with the aim of ensuring their stability and reliability in the long term, was also an important direction of changes. The changes, aimed at compliance with international standards, will come into force from April 2024, which will require banking groups to conduct tests and adapt internal procedures.
In addition, the National Bank of Ukraine has expanded measures of influence for violations of legislation in the field of financial services, including advertising and protection of consumer rights, which indicates the strengthening of control over the activities of market participants.
These NBU measures demonstrate a consistent policy in the direction of strengthening the financial system of Ukraine, increasing its transparency and protecting the interests of consumers. The adopted changes are aimed at creating a stable and efficient financial environment capable of adapting to the challenges of the modern economic landscape.
The list of regulatory documents approved during December and their brief description is given in the table below.
The review of the NBU's innovations for January 2024 was prepared by the AUB Analytical Group under the leadership of Dilyara Mustafaeva.
| Title of Resolution/document | No. | Date adopted | Essence | Purpose/impact on BSU | ||
| 1 | 01.01.2024 | The changes concern the clarifications of company names: word combinations "collection companies" in the text of the document have been replaced by to "collection company/cash handling company" | Clarification list operations respectively to requirements ZU | |||
| About the approval of Amendments to some normative legal acts of the National Bank of Ukraine | 2 | 05.01.2024 | Changes were made to : Instructions on the procedure for regulating the activities of banks in Ukraine, approved by the resolution of the NBU Board No. 368 dated 28.08. 2001. Provisions on the procedure for regulating the activities of banking groups, approved by NBU Board Resolution #254 from 20.06. 2012 The changes concern the calculation by banking groups of the foreign currency liquidity coverage ratio (LCRIVk) and the net stable funding ratio (NSFRk). The document enters into force from 01.04.2024 To On October 1, 2024, banking groups are required to develop internal group documents for calculating the above indicators. Starting from October 1, 2024, banking groups must conduct their calculations in test mode, and starting from 01.04.2025 - approve all necessary internal documents, introduce full-fledged calculations of standards and provide them compliance | Further implementation of the provisions of the Regulation of the European Parliament and of the Council (EU) | ||
| 3 | 05.01.2024 | The list of areas of legislation, as a result of violation of which measures of influence may be applied, has been expanded - the list has been supplemented with the following points
The amounts of fines for violations of the legislation on the protection of the rights of consumers of financial services were also adjusted and additions were made to the clauses relating to written warnings from the NBU </ p> | Improving the procedure for the NBU to apply influence measures to banks for violating Ukrainian legislation | |||
| On amending the Regulation on the organization of internal audit in banks of Ukraine | 4 | 01/05/2024 | In the requirements for the head of the internal audit department, the wording regarding his experience "at least three years in banks" was replaced by "at least three years in the banking system" | Improvement of the normative legal act on conducting audits | ||
| About the approval of Amendments to some executive acts of the National Bank of Ukraine | 4-rsh | 01/05/2024 | Changes were made to the methodology for calculating the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) | Further implementation of the provisions of the Regulation of the European Parliament and of the Council (EU) | ||
| On the approval of the Regulation on the definition of persons related to the credit union | 5 | 11.01.2024 | The National Bank of Ukraine regulated the procedure for identifying persons related to a credit union and established signs on the basis of which a person can be identified as related. According to the Regulation, a credit union is obliged to find out the connection of a person to the establishment of contractual relations, carrying out operations taking into account the nature of the relationship, the presence of other connections with the credit union or signs established by the Regulation. | Compliance with the requirements of the Law "On credit unions" | ||
| About the approval of Amendments to some normative legal acts of the National Bank of Ukraine | 6 | 15.01.2024 | The regulator made changes to the Rules for the organization of statistical reporting submitted to the NBU (Rules No. 120) and Rules for the organization of statistical reporting submitted to the NBU under conditions of a special period (Rules No. 140) . The amendments to Rules No. 120 and Rules No. 140 provide:
| Bringing it into line with changes in the legislation of Ukraine, as well as ensuring that the NBU receives complete information for regulation and supervision | ||
| 7 | 15.01.2024 | Changes include replacement in list of information subject to mandatory publication by banks of Ukraine" phrase "economic standards" to "prudential standards". | Bringing the regulatory act of the NBU into compliance with the requirements of the legislation of Ukraine | |||
| 8 | 18.01.2024 | The rules determine the general requirements for the formation by the Deposit Guarantee Fund of information on credit operations, the procedure for signing and providing it to the Credit Register of the National Bank. The document enters into force on July 1, 2024 | Establishing the procedure for forming and providing the Deposit Guarantee Fund of individuals with information to the NBU Credit Register | |||
| On approval of the Rules for submitting reports on active transactions | 9 | 18.01.2024 | The rules define the general requirements for the formation of reporting on active operations, the procedure for its signing and submission to the National Bank. Reporting on active operations is submitted to the National Bank by the following respondents:
The report on active operations contains information on operations by types of financial services defined in clauses 2, 4-6 of the first part of Article 4 of the Law on Financial Services, operations with securities, receivables, derivative financial instruments (derivatives) and transactions for placement of funds on correspondent accounts in other banks, which are accounted for by active balance or off-balance accounts of the respondent, as well as information about the debtor and persons related to the debtor and the active transaction. The respondent submits a report on active transactions to the National Bank, if the total amount of obligations (total amount of debt) of the debtor is equal to or exceeds 50 thousand hryvnias (or the equivalent of this amount in foreign currency at the official rate of the National Bank established on the first working day of the month following the reporting month), and in the future until the obligations of this debtor are completely terminated. Banks of Ukraine, financial companies, credit unions submit reports on active operations to the National Bank in the following terms: 1. Starting from the reporting date of July 1, 2024, - information on transactions by types of financial services defined in clauses 2, 4–6 of the first part of Article 4 of the Law on Financial Services, as well as information on debtors and persons related to debtors and such operations; 2. Starting from the reporting date of October 01, 2024 - information in full. | The NBU receives reports from financial market participants who conduct active operations, in order to supervise their activities and assess the effectiveness of credit risk management. | ||
| On amendments to some regulatory acts of the National Bank of Ukraine on licensing of legal entities | 10 | 18.01.2024 | The regulator has updated the procedure for licensing legal entities that intend to carry out activities related to collection of funds, transportation of currency and other valuables, processing and storage of cash. From now on, based on the license of the National Bank for cash transactions, companies have the right to carry out the following activities: 1) collection of funds, transportation of currency and other valuables; 2) handling and storage of cash. The company has the right to carry out any of the specified types of activities or both at the same time in accordance with the submitted documents. Also, the slider:
| Bringing the normative acts of the NBU into line with the changes in the legislation that came into force on January 1, 2024 | ||
| On amending the resolution of the Board of the National Bank of Ukraine dated March 16 No. 26 of 2023 | 11 | 30.01.2024 | Changes were made to item 2 column 3, line 11 of the table of the appendix to the resolution of the Board of the National Bank of Ukraine "On Disclosure of Information Regarding Clients' Relationships with the State Carrying Out Armed Aggression Against Ukraine". In particular, in the above point the word "by" was replaced with the word "which". | Improvement of the NBU regulatory act | ||
| On amendments to some regulatory acts of the National Bank of Ukraine | 12 | 01/30/2024 | The National Bank of Ukraine updated the procedure for authorizing providers of financial payment services and their activities on the payment market. Changes include:
To this end, changes have been made to:
| Bringing the normative legal acts of the NBU into compliance with the legislation of Ukraine |
