Transparency Of Banks’ Ownership To Improve

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.

Pursuant to the Resolution, by 1 December 2011, the owners of a substantial participation in a Ukrainian bank must submit to the relevant Ukrainian bank information on their ownership structure*.  In turn, by 17 December 2011, each bank must then submit to the NBU the information on its ownership structure and the information obtained from the owners of a substantial participation**.  Going forward, banks will be obliged, on an annual basis, to provide the information on their ownership structure to the NBU by 1 February. The scope of information that is reportable (including а model ownership structure chart) is defined in the Regulation "On the Procedure for Submission of the Information on the Ownership Structure" (the "Regulation")