LAW OF UKRAINE

of May 19, 2011 No. 3394-VI

About introduction of amendments to some laws of Ukraine concerning supervision on the consolidated basis

The Verkhovna Rada of Ukraine decides:

I. Make changes to the following laws of Ukraine:

1. In the Law of Ukraine "About banks and banking activity" (Sheets of the Verkhovna Rada of Ukraine, 2001, No. 5-6, of Art. 30 with subsequent changes):

1) in Article 2:

a) to exclude determination of the term "financial holding group";

b) add with determination of terms of such content (in alphabetical order):

"banking group - group of the legal entities having the general controller who consists:

from the parent bank and its Ukrainian and foreign subsidiary and/or associated companies which are financial institutions;

from two or more financial institutions and in which banking activity is preferential.

The bank holding company and the company on provision of support services having the general controller with members of banking group are part of banking group.

Preferential activities in group are bank if cumulative arithmetic-mean value of assets of banks (bank) - members (participant) of banking group for the last four reporting quarters makes 50 and more percent of the cumulative extent of arithmetic-mean values of assets of all financial institutions entering into this group for this period.

Calculation of preferential activities of banking group is perfromed annually as of January 1 according to the procedure, determined by this Article.

After the group was determined bank based on preferential activities and the share of total assets of banks (bank) in the cumulative size of assets of the financial institutions entering into this group decreased and constitutes from 40 to 50 percent, such group continues to be considered bank for no more than three years from the moment of such reduction";

"bank holding company - finance holding company in which preferential activities of the financial institutions which are its subsidiary and associated companies is banking activity";

"subsidiary company - the legal entity who is controlled by other legal entity (mother company)";

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