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The law on prohibition of the return of nationalized banks to their former owners and on other issues of banking activity has entered into force
DLA Piper, Kyiv, Ukraine,
May 27, Wed, 2020
On 23 May 2020 the Law “On Improvement of Banking Regulation Mechanisms” (the “Law”) entered into force. The Law introduces significant amendments to the regulation of banking activity mainly in the field of the withdrawal of banks from the market. The adoption of the Law constituted one of the requirements of the International Monetary Fund for provision of financing to Ukraine. The main changes introduced by the Law are as follows: Decisions of the National Bank of Ukraine (“NBU”) on withdrawal of banks from the market are irreversible even if courts find such decisions illegal. Former owners of such banks will not be entitled to get their shares back, only to receive monetary compensation of their losses. Provisions of the Law on determining the amount of former owners’ losses will apply to all ongoing court proceedings not settled in the courts of first instance, courts of appeal or cassation courts as of the date the Law enters into force.
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