The Verkhovna Rada adopted in the first reading a draft law that will regulate the sale of state shares in the banking sector. About this reported Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Hetmantsev in his Telegram channel.
The draft law, developed on the basis of the recommendations of the IMF and the World Bank, is aimed at establishing a transparent and competitive procedure for the sale of state shares in the capital of banks. It involves the participation of advisers in the sale process and is aimed at reducing the state’s share in the banking sector.
The new rules will allow expanding the range of investors to whom shares of state-owned banks can be sold, and will allow selling not only 100% of the shares, but also smaller shares.
In addition, the document establishes stricter requirements for legal entities that can act as financial advisers in the sale, and involves international donors in the process of selecting advisers and the sale procedure itself. New rules for auctions and price determination according to market standards are established.
The law also provides for protection mechanisms against the possible influence of former owners or minority shareholders on the sale process.
