news
The Verkhovna
Rada of Ukraine has amended the Decree of the Cabinet of Ministers of Ukraine
"On currency regulation and currency control". According to the
amendments an individual license of the National Bank of Ukraine (“NBU”) allowing
to use Ukrainian Hryvnias in trade transactions between residents and
nonresidents is no longer required. The
NBU within three months is obliged to work out regulations regarding the procedure
for payments in national currency due to these amendments.
New rules will enter into force after signing by the President of Ukraine and their official publication.
The
President has signed the Law "On Amendments to Certain Legislative Acts of
Ukraine concerning the humanization of responsibility for violations in
economic activities".
The changes have primarily affected the decriminalization of certain offenses inter alia smuggling of goods, violation the economic activity rules, taking prohibited economic activities, illegal open, or use outside of Ukraine of foreign currency accounts, forgery of tickets and postage stamps, illegal actions in bankruptcy, fictitious bankruptcy, compulsion to anticompetitive concerted actions, failure to meet the mandatory conditions for privatization of public enterprises or public property. For a number of crimes an administrative responsibility is provided. Some crimes are no longer punishable by imprisonment, fines are provided instead but the amount of fines has been increased significantly.
The President has signed the Law of Ukraine "On amending the Law of Ukraine on Securities and Stock Market” as regards financial monitoring of the professional stock market traders" (“Law”).
The Law
established additional requirements for financial monitoring under professional
stock market traders.
Besides, the document provides that professional securities market traders are permitted
to establish separate divisions outside Ukraine under the approval and due to
the procedure set up by the State Commission for Securities and Stock Market.
Herewith stock market professional traders and their separate divisions, including those established and operating in other countries shall meet the requirements for organization of financial monitoring set by the legislation of Ukraine in the prevention and counteraction to legalization (laundering) of proceeds from crime and terrorism financing area.
