The Ukrainian Journal of Business Law, №3, 2015
What priority legislative changes are expected in the banking legislation in view of the implementation of the EU – Ukraine Association Agreement?
The EU - Ukraine Association Agreement directly stipulates that Ukraine shall approximate its legislation to that of the EU and in particular to those elements of EU acquis referred to in Annex XVI to the Association Agreement.
In banking sector Ukraine shall, within 6 years from the date of EU - Ukraine Association Agreement, implement provisions of 13 Directives into the national legislation. Among others, Ukraine shall enact provisions of the following EU Directives: Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions (recast); Directive 94/19 EC on deposit-guarantee schemes; Directive 2009/110 EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions; Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions (revised) and others.
It is worth mentioning that Ukraine has already made certain steps in implementing some provisions of EU Directives into national laws. For example, the amendments to regulation of e-money adopted by the NBU in July 2014 and providing for limitations regarding amounts of e-money to be used within a calendar year, in principle reflect provisions of the respective EU Directives. Following the CMU’s action plan on implementation of EU - Ukraine Association Agreement for 2014-2017, the primary legislative amendments into the banking sector would apply to preventing money laundering and financing of terrorism through financial system.Source »