The National Bank of Ukraine has prepared a bill that proposes to define certain “rules” for the disclosure of banking secrecy by courts, which will be submitted to the NBU from European regulators.
The NBU Chairman Andriy Pyshny announced the preparation of relevant legislative changes during his speech to the Verkhovna Rada with a report on the disclosure of banking secrecy of a monobank client, but then he did not have time to announce the details of future innovations.
“I would like to take this opportunity to thank you once again for your attention to the issue protection of banking secrecy and request your support for legislative initiatives that the National Bank will soon submit for your consideration to strengthen guarantees of banking secrecy within the framework of fulfilling our European integration obligations,” Pyshny noted.
The NBU explained that the need to adopt amendments to the legislation on banking secrecy is related to bringing Ukrainian legislation into line with European directives, in particular Directive 2013/36/EU. This stage is part of Ukraine’s obligations within the framework of the negotiation process for accession to the EU.
“The National Bank has prepared a draft law (…) proposing to introduce relevant amendments to the Civil Procedure and Commercial Procedure Codes of Ukraine in terms of establishing certain “rules” for the adoption by the courts of Ukraine (except for criminal and administrative proceedings) of decisions on access to information constituting banking secrecy that will be received by the National Bank from European regulators”, the NBU’s explanation states,
In addition, the draft law provides that the disclosure by the National Bank of banking secrecy received from European regulators will be possible only with the consent of these regulators.
The NBU is currently preparing the text of the draft law for submission to parliament for further consideration and voting. The regulator also emphasizes that the development of this document is one of the requirements set out in the memorandum with the International Monetary Fund.
