LAW OF UKRAINE

of February 15, 2011 No. 3024-VI

About introduction of amendments to some laws of Ukraine concerning regulation of activities of banks

The Verkhovna Rada of Ukraine decides:

I. Make changes to the following laws of Ukraine:

1. In the Law of Ukraine "About the National Bank of Ukraine" (Sheets of the Verkhovna Rada of Ukraine, 1999, N 29, Art. 238; 2000, N 42, Art. 351; 2002, N 17, Art. 117; 2010, N 37, Art. 496, N 49, Art. 570):

Items 9 and 11 of Article 7 to state 1) in such edition:

"9) approval of charters of banks and changes to them performs, licensing of banking activity and transactions in the cases provided by the law, keeps the State register of banks, the Register of the auditing firms having the right to carrying out audit inspections of banks";

"11) performs certification of temporary administrators and liquidators of bank";

Item 6 of Article 15 to state 2) in such edition:

"6) is established by procedure for provision to legal entities who intend to perform banking activity, banking licenses, and also licenses to other legal entities, in the cases provided by the law";

To exclude 3) in part one of Article 57 of the word "on implementation of separate banking activities";

Article 68 to add 4) with part five of such content:

"The National Bank of Ukraine posts information on owners of essential participation in banks on the official website".

2. In the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" (Sheets of the Verkhovna Rada of Ukraine, 1999, N 40, the Art. 365):

Shall be replaced with words 1) in part three of Article 6 of the word of "national provisions (standards) of financial accounting" "international accounting standards";

Part the fifth Article 11 to state 2) in such edition:

"5. Forms of the financial reporting of banks are established by the National Bank of Ukraine";

Part one of Article 14 to add 3) with the words "and for banks-the National Bank of Ukraine".

3. In the Law of Ukraine "About banks and banking activity" (Sheets of the Verkhovna Rada of Ukraine, 2001, N 5-6, Art. 30 with subsequent changes):

1) in Article 2:

a) determination of the terms "state registration of bank", "subscribed capital", "division of bank", "representative office of bank" and "bank branch" to exclude;

b) "bank", "goodwill", "essential participation", "capital of bank", "regulatory capital", "authorized capital" and "control" to state determination of terms in such edition:

"bank - the legal entity who based on the banking license has exclusive right to provide banking services, data on which are entered in the State register of banks";

"goodwill - the data collected by the National Bank of Ukraine on compliance of activities of legal entity or physical person, including heads of the legal entity and owners of essential participation in such legal entity, to requirements of the law, business practice and professional ethics, and also data on decency, professional and managerial capabilities of physical person";

"essential participation - immediate and/or mediate possession by one person independently or together with other persons 10 in more percent of the authorized capital and/or voting power of shares, shares of the legal entity, or possibility of considerable influence, independent of formal ownership, on management or activities of the legal entity";

"the capital of bank - own means, residual cost of assets of bank after deduction of all its obligations";

"the regulatory capital - set of the main and additional capitals which components are determined by this Law and regulatory legal acts of the National Bank of Ukraine";

"the authorized capital - the share value paid with money contributions of members of bank, shares of bank in the amount of, determined by the charter";

"control - opportunity to perform decisive influence on management and/or activities of the legal entity by immediate and/or mediate possession by one person independently or together with other persons of shares in the legal entity, the authorized capital corresponding to equivalent of 50 or more percent and/or voices of the legal entity, or irrespective of formal ownership opportunity to perform such influence based on the agreement or any otherwise";

c) add with determination of terms of such content (in alphabetical order):

"the associated person - the husband or the wife, direct relatives of this person (the father, mother, children, brothers and sisters, the grandfather, the woman, grandsons), direct relatives of the husband or the wife of this person, the husband or the wife of the direct relative";

"inspection check of bank - form of implementation of banking supervision by persons authorized by the National Bank of Ukraine directly in bank";

"heads of the legal entity (except bank) - the director, organizations, members of executive body and council (supervisory board) of the legal entity";

"the controller - physical person or legal entity concerning which there are no controllers - physical persons and which has opportunity to perform decisive influence on management or activities of the legal entity by immediate and/or mediate possession independently or together with other persons of shares in the legal entity, the authorized capital corresponding to equivalent of 50 or more percent and/or voices of the legal entity, or irrespective of formal ownership to perform such influence based on the agreement or any otherwise";

"the standard rate of sufficiency (adequacy) of the regulatory capital of bank - ratio between the size of the regulatory capital and the amount of the assets and off-balance obligations weighed on the corresponding coefficients of credit risk and the amount of requirements for covering of other risks of bank";

"the opened reserves - the reserves and funds created or increased for the retained earnings account and promulgated in the financial reporting of bank";

"structure of property - the system of relations of legal entities and physical persons giving the chance to determine all persons having direct and/or mediate essential participation in the legal entity including the control relations between them concerning this legal entity";

The text of Article 4 to state 2) in such edition:

"The bank system of Ukraine consists of the National Bank of Ukraine and other banks, and also branches of foreign banks which are created and operate on the territory of Ukraine according to provisions of this Law and other laws of Ukraine.

The bank independently determines the directions of the activities and specialization in types of service.

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