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Posted On

16
August
2022

Zelensky signs law on extension of financial restructuring, work of financial sector in wartime

KYIV. Aug 16 (Interfax-Ukraine) – President of Ukraine Volodymyr Zelensky signed the law on amendments to certain legislative acts of Ukraine on the peculiarities of activities of the financial sector in connection with the introduction of martial law in Ukraine (No. 2463-IX, as the bill passed under No. 7465-1), which, in particular, extends the law on financial restructuring until January 1, 2028.

According to information on the website of the Verkhovna Rada, the head of state signed the document on August 15, the law comes into force the next day after publication.

"The law is aimed at adapting the legislation of Ukraine, the powers of the National Bank, the Deposit Guarantee Fund to the new realities of the war, which will ensure the effective functioning of the financial sector under martial law," Danylo Hetmantsev, the head of the relevant parliamentary committee, commented on the document earlier.

The law, in particular, clarifies the NBU’s right to redeem war government bonds and confirms the regulator’s right to transfer funds to the budget from accounts opened to raise funds for the Armed Forces of Ukraine and humanitarian needs.

In addition, the NBU has the right to transfer profits to the budget in advance.

Credit unions are provided with the opportunity to temporarily stop their activities and the issues of restoring the activities of a credit union after a period of its suspension are regulated, and on the stock market the law removes a number of restrictions, which allowed the regulator – the National Securities and the Stock Market Commission – to resume trading in securities from August 8.

In connection with the signing of the law by the president, the National Securities and Stock Market Commission recalled its decision No. 1055 adopted on August 4 on the deadlines for the submission of reports and information by professional participants in the capital and commodity markets during martial law.

The commission amended the decision on the provision by professional participants of capital and organized commodity markets of reporting data and information to the commission during martial law.