LAW OF UKRAINE

of July 4, 2014 No. 1587-VII

About introduction of amendments to the Law of Ukraine "About banks and banking activity" concerning determination of features of corporate management in banks

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

1. In Article 2 part one:

"banking group" to state determination of the term in the following edition:

"Banking group - group of legal entities:

having the general controller, consisting of parent bank, its Ukrainian (Ukrainian) and/or foreign (foreign) affiliated (affiliated) and/or associated (associated) the companies (company) which (which) are financial (financial) organizations (organization), or consists of parent bank which is the controller its Ukrainian (Ukrainian) and/or foreign (foreign) affiliated (affiliated) and/or associated (associated) the companies (company) which (which) are financial (financial) organizations (organization), or having the general controller, consisting of two or more Ukrainian financial institutions, their Ukrainian and/or foreign subsidiary and/or associated companies, being financial institutions and in which banking activity is prevailing, or consists of non-bank financial institution, which is the controller its Ukrainian (Ukrainian) and/or foreign (foreign) affiliated (affiliated) and/or associated (associated) the companies (company) which (which) are financial (financial) organizations (organization) and in which banking activity is prevailing";

add taking into account alphabetic procedure with the term of the following content:

"Conflict of interest - the available and potential contradictions between private interests and job or professional responsibilities of person which can influence fair accomplishment of the powers by it, objectivity and impartiality of decision making".

2. In Article 9:

the ninth to add part with the offer of the following content: "In banking group which part the parent bank is responsible person is this parent bank";

in word part fifteen" (except insurance companies)" to exclude.

3. Article 37-40 to state in the following edition:

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