OREANDA-NEWS. January 18, 2013. Resolution of the Board of the National Bank of Ukraine No 500 of 3 December 2012 on Amendments to Some Legislative Acts of Ukraine with regard to the Procedure for Issuing General and Individual Licenses registered with the Ministry of Justice of Ukraine on 24 December 2012 under No 2156/22468 (hereinafter referred to as Resolution No 500) shall enter into force on 18 January 2013.

Resolution No 500 has been passed in accordance with the Law of Ukraine on Amendments to Article 18 of the Law of Ukraine No 5398-VI of 2 October on Organizational and Legal Principles of Fight against the Organized Crime”.

In accordance with the above amendments, in particular, the requirement set forth in the Law of Ukraine on Organizational and Legal Principles of Fight against the Organized Crime putting the National Bank of Ukraine under obligation to inform the special authorities engaged in combating the organized crime about the receipt of petitions requesting licenses to conduct foreign exchange transactions and take into consideration conclusions drawn by the special authorities has been abolished.

Therefore, from 18 January 2013 any requirements putting the National Bank of Ukraine under obligation to send copies of applications/petitions filed by residents requesting the central bank to issue licenses to conduct foreign exchange transactions to the special authorities engaged in combating the organized crime and take into consideration conclusions drawn by the special authorities have been abolished.

In addition, pursuant to Resolution No 500, if the bank, branch of a foreign bank changes the name, USREO (Unified State Register of Enterprises and Organizations in Ukraine) Code or its location, the National Bank of Ukraine may refuse to issue a general license allowing the bank to conduct foreign exchange transactions only if, upon consideration of a package of documents, it draws the conclusion that bank has failed to submit reliable and full information.