The NBU will be restricted in disclosing banking secrecy — a draft law has been adopted

The Verkhovna Rada adopted as a whole draft law No. 15555, which improves the procedure for the National Bank of Ukraine to disclose information constituting a banking secret.

This is reported by the press service of the apparatus of the Verkhovna Rada.

"The purpose of the draft law is to bring the procedure for disclosing information constituting a banking secret received by the National Bank of Ukraine from the banking supervision authority of another state into compliance with the requirements of EU legislation," the statement says.

What changes are proposed

The document provides for a ban on access to information constituting a banking secret and received by the NBU from banking supervision authorities of other European Union member states, within the framework of civil and commercial litigation.

In addition, it is proposed to clarify the conditions under which the National Bank may disclose such information.

In particular, the NBU will have the right to transfer it not only with the consent of the banking supervision authority of another state, but also exclusively for the purposes specified in that consent.

Recall that Finance.ua previously reported that on October 13 the Verkhovna Rada of Ukraine adopted as a basis a draft law that improves the procedure for the National Bank of Ukraine to disclose banking secrecy received from banking supervision authorities of other states.

According to the explanatory note, the draft law was developed to fulfill the conditions for closing negotiating chapter 9 "Financial Services" as part of Ukraine's accession to the European Union. The document is also aimed at implementing the provisions of Directive 2013/36/EU and takes into account the Memorandum of Economic and Financial Policies with the International Monetary Fund.

It is expected that the adoption of the changes will enable the National Bank to receive a positive assessment from the European Banking Authority (EBA) regarding the equivalence of the confidentiality regime. This should remove obstacles to full-fledged information exchange between the NBU, central banks, and regulators of EU member states.