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The Law of Ukraine on the National Bank of Ukraine




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ownership forms.


The obtained information shall not be disclosed, except for cases provided for by the legislation of Ukraine.


Article 58. Economic Norms


In order to protect interests of depositors and creditors, and ensure the financial reliability of the banks and other financial and

credit institutions, the National Bank shall establish the mandatory economic norms according to the procedure specified by it.

These norms shall ensure the exercise of control over the risks related to the capital, the liquidity, the credits to shareholders

and insiders (associated persons), the large credits, capital investments, as well as the interest and currency risk.


The National Bank shall officially notify of the subsequent changes in the norms and the methods of the calculation thereof not

later than one month prior to their coming into effect.


Article 59. Risk Coverage Reserves


The National Bank shall determine the amount, the procedure of formation and utilization of reserves of the banks and other

credit institutions for the coverage of eventual credit losses, the reserves for the coverage of currency, interest and other

financial risks of the banks.


The reserves for the coverage of the eventual financial risks, as well as fund of the guarantee of citizens' deposits shall be

formed at the expense of the pre-tax income according to the legislation of Ukraine.


Article 60. Determination of the Professional Suitability


By its regulations, the National Bank shall specify the qualification requirements to the managers of executive bodies, chief

accountants of banks and financial and credit institutions, and shall be entitled to require the dismissal of persons, which fail to

meet the established qualification requirements to the said positions.


If a bank, another financial and credit institution or an employee required to resign do not agree with such a requisition, they

may appeal against it to the court within two weeks. In this case, the performance of such a dismissal requisition shall be

suspended till the court's passing the decision.


Article 61. Powers Related to the Exercise of Supervisory and Regulatory Functions


The supervisory and regulatory functions of the National Bank specified hereby may be exercised by it either directly, or

through a banking supervision authority established by it.


The National Bank shall exercise its supervisory and regulatory functions by means of the following powers:


1.to carry out all types of on-site inspections of the banks, other financial and credit institutions in Ukraine (except for

inspections and audits of the financial and business activities), as well as the verification of the information provided by

legal entities and natural persons in the course of the registration of banks, other financial and credit institutions and the

licensing of banking transactions;

2.to require banks and other financial and credit institutions to hold general shareholders' (partakers') meetings and to

determine the issues, on which the decisions should be taken;

3.to take part in the shareholders' (partakers') meeting, sessions of the supervisory council, board and the auditing

commission of a bank or another financial and credit institution with the deliberative vote.


The National Bank shall set requirements to holding mandatory audits of banks and other financial and credit institutions, obtain

the opinions of independent auditors on the results of activities of the banks and other financial and credit institutions.


Article 62. Sanctions


Should a bank or another financial and credit institution violate the banking legislation, regulations of the National Bank, effect

high-risk transactions endangering their solvency and interests of depositors and creditors, the National Bank shall apply

sanctions adequate to the committed violation according to the law in order to protect creditors and depositors.


In case of the failure to comply with the request to eliminate the violations within the term specified by the National Bank, the

latter shall be entitled to apply the following sanctions:


1.to impose fine on managers of banks and other financial and credit institutions in the amount of up to one hundred

non-taxable minimum incomes of individuals;

2.to impose fines on banks and other financial and credit institutions according to regulations approved by the Board of

the National Bank; however, the amount of such fines shall not exceed one per cent of the amount of the registered

authorized fund;

3.to suspend the management (chairman of the board and chief accountant) from the management of a bank or another

financial and credit institution and appoint the temporary administration;

4.to suspend the license for certain banking transactions for a period of up to one year.


In case of the violation of laws or other regulations, which resulted in the considerable loss of assets or revenues or the

insolvency of the bank or other financial and credit institution, or brought about substantial damage to interests of the clients, in

case of concealment of any invoices, other documents or assets, the National Bank shall be entitled to revoke the license for all

the banking transactions end take a decision to re-organize or liquidate the bank, and to appoint the liquidator.


Article 63. Restriction of Requirements of the National Bank


The National Bank shall not be entitled to require banks or other financial and credit institutions to effect transactions or

commit other actions, which are not provided for by laws of Ukraine and regulations of the National Bank.


^ SECTION XI. OFFICIALS OF THE NATIONAL BANK


Article 64. Status of Employees of the National Bank


Conditions of the employment, dismissal, remuneration of labour, provision of vacations, duties and rights, the system of

disciplinary sanctions, issues of the social protection of employees of the National bank shall be determined by the Law of

Ukraine "On Public Service" (3723-12).

The employees of the National Bank shall be officials and attendants of the National Bank. The officials of the National Bank

shall be deemed the persons directly involved in the exercise of the functions of the National Bank and occupy positions

provided for by the Staffing Schedule. Officials of the National Bank shall be public servants, to which the norms of the Law of

Ukraine "On Public Service" shall apply, unless otherwise provided hereby. The issues of functioning of the public service in

the National Bank and those of the classification of positions shall be resolved by the Board of the National Bank according to

the laws of Ukraine.


The ranks of public servants of the National Bank, which correspond to the positions of the 1st category, shall be awarded by

the President of Ukraine. Other ranks shall be awarded by the Governor of the National Bank.


Attendants of the National Bank shall be the employees, whose duties are not directly related to the exercise of the functions of

the National Bank.


The labour remuneration of officials of the National Bank shall be established by the Board of the National Bank according to

provisions of the Law of Ukraine "On Public Service".


The labour remuneration of attendants of the National Bank shall be established by the Board of the National Bank according

to the provisions of the labour remuneration legislation.


Article 65. Prohibited Business


The Governor of the National Bank, deputy governors, members of the Board of the National Bank, other officials of the

National Bank belonging to the list of positions approved by the Board of the National Bank may not be people's deputies

(members of parliament) of Ukraine, member of the Government of Ukraine, to be engaged in the business activities, to work

on apart-time basis, except for the teaching, scientific and other creative activities.


Officials of the National Bank shall be prohibited from becoming members of managing bodies or shareholders of the

commercial banks and other financial and credit institutions.


The Governor of the National Bank, deputy governors, members of the Board of the National Bank and other officials of the

National Bank shall be prohibited from accepting loans from any other credit institutions, except for the National Bank.


Article 66. Confidentiality


Officials of the National Bank shall be prohibited from disclosing the information, which constitutes the service secret or is of

confidential nature and has become known due to their performance of the service duties even in case of the resignation from

the National Bank except for cases provided for by the laws of Ukraine.


^ SECTION XII. ORGANISATION OF THE BANKING STATISTICS AND THE STATISTICS OF THE

BALANCE OF PAYMENTS


Article 67. Definition of Reporting


In order to exercise the regulatory and supervisory functions, the National Bank shall define the forms and procedures of

reporting to be mandatory for all the business entities, including:


1.banks and financial and credit institutions located on the territory of Ukraine (both residents and non-residents) for

monetary, crediting and banking statistics procedures;


2.all business entities (residents and non-residents) for the compilation of the statistics of the balance of payments and the

exercise of the currency contr.


The information provided by banks and other business entities shall not be disclosed, except for cases provided for by the

legislation of Ukraine.


The requirements of this article shall not apply to the aggregate statistical information, which is subject to the open publication

by the National Bank.


Article 68. Publications


In order to ensure the transparency in the banking business and the statistics of the balance of payments, the National Bank:


1.shall publish the annual and quarterly balance sheets of the National Bank in printed media of the Supreme Council of

Ukraine and the Cabinet of Ministers of Ukraine;

2.shall issue a monthly statistical bulletin and the magazine "National Bank of Ukraine Herald' (Visnyk Natsional'noho

Banku Ukraymy);

3.shall publish the current banking information, the information on the issues of the monetary, credit and banking statistics

in official media, provided that this information does not belong to the state and banking secrets;

4.shall provide for the publication the information on the issues of the monetary, credit and banking statistics and the

statistics of the balance of payments pursuant to the international treaties.


The composition of the data to be published in the mass media shall be determined by the State Statistics Committee of

Ukraine in accordance with the legislation of Ukraine.


The National Bank shall be the owner of the aggregate information on the monetary, crediting and banking activities and

specify the regime of the access thereto in accordance with the legislation of Ukraine The use of the official banking information

by other bodies for the open publications shall be possible only on the basis of an authorization of the National Bank or with a

reference to the source of its official publication.


^ SECTION XIII. AUDIT OF THE NATIONAL BANK


Article 69. Internal Audit


The National Bank of Ukraine shall control the activities of its structural subdivisions by means of performing the internal audit

to be carried out by the auditing department of the National Bank directly subordinated to the Governor of the National Bank.


The comprehensive inspections of the economic and financial activities of structural subdivisions of the National Bank shall be

carried out at least once a year.


Article 70 External Audit


The Council of the National Bank, not later than on November 1 of the reporting year, shall take a decision on the audit of the

National Bank and appoint an auditing firm, which has the relevant work experience, to check the annual balance sheet and

submit the auditor's opinion According to a contract concluded with the auditing firm, the National Bank shall be obliged to

provide reports and information required to perform the audit.


As far as the flow of funds of the State Budget of Ukraine and the analysis of the compliance with the estimate are concerned,

the financial inspection of the National Bank shall be carried out by the Chamber of Accounts.


^ SECTION XIV. SPECIAL PROVISIONS


Article 71. Restrictions on Business


The National Bank shall be prohibited from:


1.being a shareholder or partaker of banks and other enterprises or institutions;

2.effecting transactions with real estate, other than those related to supporting the activities of the National Bank and its

institutions;

3.being engaged in the trade, manufacturing, insurance and other activities, which do not correspond to the functions of the

National Bank


The restrictions specified in Part 1 of this Article shall not apply:


1.to the purchase of any rights and assets for the purposes of covering the debt of the National Bank, provided that they

are alienated as soon as possible;

2.to the cases provided for by Article 42 hereof;

3.to partaking in the capital of other enterprises and institutions supporting the activities of the National Bank.


Article 72. Taxation Procedures


The National Bank shall pay taxes in accordance with taxation laws of Ukraine


SECTION XV. FINAL PROVISIONS


1.This Law shall come into effect from the date of its publication.

2.The Council of the National Bank shall be formed within two month upon this Law's coming into effect During the

formation of the Council of the National Bank, its functions as regards the monetary policy shall be exercised by the

Board of the National Bank

3.The following shall be deemed invalid:


Resolution of the Presidium of the Supreme Council of Ukraine "On the Charter of the National Bank of Ukraine" (1605-12)

of October 7, 1991.


President of Ukraine

L.Kuchma

City of Kyiv, May 20,1999

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