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Ukraine's national bank approves sanctions rules for banks breaking financial restructuring law

Ukraine's national bank approves sanctions rules for banks breaking financial restructuring lawThe National Bank of Ukraine (NBU) has approved a procedure for applying sanctions to banks for violation of the law on financial restructuring, the regulator has said on its website.

The procedure is approved by NBU Board resolution No. 392 dated October 13, 2016.

According to the procedure, proposals to apply sanctions to banks could be submitted by a debtor or a supervisory board, secretariat or arbitration committee created. The description of infringements and copies of documents confirming it are to be filed along with the proposal.

The final decision to apply sanctions is made by the banks' operations and payment systems oversight and a regulation committee of the NBU.

The central bank makes the decision within 30 calendar days from the moment of receiving the full package of documents from the initiator.

The authorised structural division of the NBU appeals to the bank to get explanations and copies of documents confirming them to establish the fact of infringement.

The committee can make the decision to apply sanctions even if the bank does not submit explanations and document in the term set in Ukrainian law.

The bank is to inform the NBU on paying the fine within five working days from the moment of settling the fine payment.

Sanctions can be appealed in court.

The resolution took effect next day after its official publication, but no earlier than the law on financial restructuring takes effect.
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