Insurance Update

Enforcement Of Resolution On Appointment Of The Interim Administration

The State Committee for Regulating the Financial Services Markets of Ukraine ("SCRFSM") prepared a draft law on amending the Law of Ukraine "On Execution Proceedings". The amendments prepared by the SCRSFM are aimed at the improvement of the mechanism for the appointment of interim administrations in financial institutions. Specifically, the suggested draft law extends the list of execution documents by adding additional document whereby the State Execution Service ("SES") may initiate execution proceedings, which is the resolution of SCRFSM on the suspension of the financial institution's officials and the appointment of an interim administration.