On the Recognition of Certain Regulatory Acts of the National Bank of Ukraine as Having Lost Their Validity

Analysis of the Resolution of the Board of the National Bank of Ukraine No. 126 dated October 18, 2024

This document is a Resolution of the Board of the National Bank of Ukraine aimed at updating the regulatory legal acts of the bank. The main objective of the resolution is to declare certain previous regulatory acts, which previously governed the activities of the National Bank of Ukraine, invalid.

Main Provisions of the Resolution

1. Recognition of Acts as Invalid:
   In accordance with Articles 7, 15, and 56 of the Law of Ukraine “On the National Bank of Ukraine,” the Board of the NBU has decided to recognize the following regulatory legal acts as having lost their effect:
   1. Resolution No. 175 dated April 21, 2004
      This act “On the Approval of Certain Regulatory Legal Acts of the National Bank of Ukraine” was registered with the Ministry of Justice of Ukraine on May 17, 2004, under number 618/9217. According to Resolution No. 126, this document is no longer in effect.
   2. Paragraph 2 of Resolution No. 39 dated February 2, 2009
      This paragraph pertains to “Amendments to Certain Regulatory Legal Acts of the National Bank of Ukraine” and was registered on February 18, 2009, under number 150/16166. Resolution No. 126 designates this paragraph as invalid.
   3. Resolution No. 144 dated December 21, 2018
      This document “On Amendments to the Regulation on the Functioning of Information Systems of the National Bank of Ukraine and Banks in Special Period” is also recognized as invalid in accordance with the new resolution.
2. Control over the Implementation of the Resolution:
   Responsibility for monitoring the implementation of this resolution is assigned to the Deputy Chairman of the National Bank of Ukraine, Oleksiy Shaban. This means that he will be responsible for ensuring compliance with the new legal norms and the elimination of invalid acts.
3. Entry into Force:
   The resolution shall come into force on the day following its official publication. This is a standard procedure that ensures a smooth transition from old to new regulatory acts without interfering with the current activities of the bank.

Conclusion

The Resolution of the Board of the NBU No. 126 dated October 18, 2024, is an important step in regulating the activities of the national bank. The recognition of previous regulatory legal acts as invalid contributes to the updating and modernization of the bank’s internal documents, which, in turn, may affect the further functioning of Ukraine’s financial system.