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We refer to our law-now alert "Ukraine: sale of proceeds in foreign currency becomes mandatory" issued in connection with the Resolution of the Board of the National Bank of Ukraine "On Amendment to certain Normative Acts of the National Bank of Ukraine", dated 8 October 2010 No. 457, registered with the Ministry of Justice of Ukraine on 13 December 2010, No. 1249/18544.

On 15 November 2010 the National Bank of Ukraine (NBU) issued Letter No. 13-210/5939-20044, in which it clarified its position on the transfer of foreign currency abroad by Ukrainian residents who act as guarantors/sureties of a borrower's obligations to non-resident creditors.

On 30 December 2010, the Ukrainian central bank regulator, the National Bank of Ukraine, revised the interest rate caps on funds borrowed by banks as subordinated debt.

On 18 May 2009, new requirements were introduced for the state to participate in the capitalisation of Ukrainian banks.

On 25 July 2011, the National Bank of Ukraine (the "NBU") adopted Resolution No. 250 amending the Regulation "On the procedure of issuing individual licences for transfer of foreign currency outside Ukraine to pay for the bank metals and perform certain currency transactions" (the "Resolution").

Starting from 24 December 2010, Ukrainian residents (legal entities and individual entrepreneurs) must sell 50 per cent of their proceeds received in certain foreign currencies (including Euro, USD, Pound Sterling, Swiss franc, etc.).

New electronic money regulations came into force on 5 August.

From 15 November 2009, the interest rate charged by foreign lenders on foreign currency loans to Ukrainian residents will be limited.

On 7 August 2011, the Law of Ukraine No. 3614-VI "On Amendments to the Budget Code of Ukraine and Several Other Legislative Acts of Ukraine" (the "Law") came into force. Among other changes to the Budget Code of Ukraine, the Law introduced amendments to Article 17 which deals with state and municipal guarantees (i.e. guarantees issued by the Cabinet of Ministers of Ukraine (the "CMU"), the Supreme Council of the Autonomous Republic of Crimea (the "Council of ARC") and/or city councils, to secure

On 13 April 2011, the National Bank of Ukraine (the "NBU") approved Resolution No. 111 ‘On Amendments to Certain Legislative Acts of the National Bank of Ukraine’ ("Resolution No. 111"), which brought changes to the Regulation ‘On the Procedure for and Terms of Foreign Currency Trading’ approved by Resolution No. 281 dated 10 August 2005.

On 27 March 2009, the Cabinet of Ministers introduced more stringent requirements for state participation in the capitalisation of Ukrainian banks.

New legislation governing the enforcement proceedings in Ukraine became effective on 9 March 2011.

On 8 September 2011, the National Bank of Ukraine (the "NBU") adopted Resolution No. 306 "On the Approval of Several Legislative Acts of the National Bank of Ukraine" (the "Resolution"), which became effective on 7 November 2011.

On 16 November 2006, Verkhovna Rada (Ukrainian Parliament) passed the Law of Ukraine No. 358-V "On Amendments to Law of Ukraine "On Banks and Banking Activity" dated 16 November 2006 (the "Amendments") relating to the possibility for foreign banks to open branches in Ukraine. The following a brief summary of the provisions of the Amendments.