The President of Ukraine signed Law No. 4112-IX, which will contribute to the further implementation of international standards in the fight against bribery and corruption of officials.
From now on, corporate control bodies will provide NABU with information on cases of bribery of officials. The law also establishes tax consequences for bribery of officials and prohibits the inclusion of bribery of officials as expenses.
The Cabinet of Ministers of Ukraine approved the procedure for maintaining the Register of state certificates of sufficient knowledge and skills to comply with the requirements of animal welfare legislation.
The draft resolution implements the requirements for the implementation of a unified information system, which contains information on state certificates and temporary permits, as well as information on:
- holder of a state certificate or temporary permit;
- training direction regarding compliance with animal welfare legislation: by type or types of animal handling (keeping, slaughtering, transportation and/or related operations), species (carcasses of species) of animals, type of equipment and specific operations for slaughtering farm animals;
- name and location of the authorized person who issued the certificate of completion of training on compliance with the requirements of animal welfare legislation and the date of its issuance, or the name and location of the educational institution, in the case of training at a vocational (vocational and technical), professional pre-higher education, higher education institution included in the list of educational institutions for which a decision on recognition has been made, and the date of completion of such training;
- information on prosecution for violation of the requirements of animal welfare legislation and/or legislation on the protection of animals from cruelty (attach a copy of the written declaration, resolution on the imposition of an administrative penalty, etc.);
- decision on issuing a state certificate or temporary admission;
- cancellation of the state certificate;
- return/withdrawal of the state certificate in case of its cancellation; validity period of the temporary permit.
The resolution will enter into force on January 1, 2026.
The National Bank of Ukraine, by Resolution No. 158 of December 23, 2024, approved the Regulations on the Procedure for Determining the Minimum Size of Settlement Risk by Ukrainian Banks and Banking Groups. With this document, the National Bank defined the rules for assessing the minimum size of settlement risk by banks and banking groups that must be covered by capital.
Such innovations are another step towards bringing the regulatory and legal acts of the National Bank of Ukraine in the field of banking regulation closer to EU standards, and will also contribute to increasing the financial stability of banks and further strengthening the banking sector as a whole.
Settlement risk reflects the probability of losses or shortfalls in income from transactions involving the purchase, sale, and exchange of securities, goods, and foreign currency in the event that counterparties fail to settle such transactions.
It is planned to introduce new requirements gradually, in particular:
- by October 31, 2025 – banks must develop or revise existing internal bank documents to determine the minimum amount of settlement risk;
- from November 1, 2025 to February 28, 2026 – banks will conduct test calculations and notify the National Bank of their results.
Regarding banking groups, it is expected that:
- development or revision by March 31, 2026 by responsible officials of banking groups of relevant intra-group documents;
- conducting test calculations from April 1 to October 1, 2026 by responsible officials of banking groups.
The Ministry of Finance of Ukraine has prepared amendments to NAS 1 and NAS 25. The draft order of the Ministry of Finance of Ukraine “On Amendments to Certain National Accounting Standards” (hereinafter – the draft order) was prepared in order to bring certain provisions of the National Accounting Standard 1 “General Requirements for Financial Reporting”, approved by Order of the Ministry of Finance No. 73 of Febriary 7, 2013, and the National Accounting Standard 25 “Simplified Financial Reporting”, approved by Order of the Ministry of Finance No. 39 of February 25, 2000 (as amended by Order of the Ministry of Finance No. 25 of January 24, 2011), into compliance with the current legislation.
In particular, the draft order proposes to bring the term "national accounting standard" into line with the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" and to clarify the definition of the cost of products sold (goods, works, services) by micro-enterprises.
Thus, the list of expenses was excluded from NAS 25 and it was clarified that the cost of products sold (goods, works, services) is determined in accordance with the National Accounting Standard 16 "Expenses".
The Cabinet of Ministers of Ukraine by Resolution No. 1481 of December 24, 2024 approved the lists of goods, the export and import of which are subject to licensing, as well as quotas for 2025.
The Government also approved licensing and export quotas:
- gold, silver and precious metal scrap
- coking coal (only brand "K")
- fuel oil
- natural gas of Ukrainian origin.
Regarding imports, ozone-depleting substances and fluorinated greenhouse gases, as well as equipment and goods that may contain them, will be licensed and quotas will be applied.
The Government resolution also extends the licensing of exports of certain types of agricultural products (grains and oilseeds) to the Republic of Bulgaria, Romania, the Slovak Republic, Hungary, and the Republic of Poland until 2025. And within the previously determined quota, a licensing and quota regime for exports of sugar and poultry meat to EU countries is established.
The National Bank of Ukraine by Resolution No. 153 of December 20, 2024, the Government of Ukraine adopted the Regulations on the procedure for organizing the implementation of certain requirements of the legislation in the field of financial monitoring, currency supervision, and supervision in the field of implementation of special economic and other restrictive measures (sanctions) during the period of martial law (hereinafter – the Regulations).
The purpose of the Regulation is to increase the efficiency of compliance with legislative requirements in the field of financial monitoring, currency supervision, and supervision in the field of implementation of sanctions policy during martial law.
The Regulation, in particular, provides for the application by banks and non-banking institutions during wartime:
- simplified mechanism for identification and verification by banks of buyers of domestic government loan bonds "Military Bonds";
- increased limits for banks to implement simplified methods of remote identification and verification of individual clients;
- special procedure for updating customer data in circumstances where it is not possible to establish contact with them;
- conditions for accepting from an individual an identification document whose validity period has expired, as well as one to which a photo is not attached, if the individual has reached the age of 25 or 45;
- possibility of obtaining a pension certificate from an individual as an additional identification document during video verification by the bank .
The Regulation also defines a special procedure for the use of certain supervisory tools by the National Bank during martial law, in particular:
- possibility for the bank/institution to choose the location address at which the on-site inspection will be carried out;
- identification of a person authorized to represent the interests of the bank/institution during the on-site inspection;
- procedure for informing the bank/institution of the decision to apply measures of influence for violation of legislative requirements/written request of the NBU has been updated.
This Resolution also amends the Regulations on the procedure for organizing and implementing supervision in the field of financial monitoring, currency supervision, supervision in the field of implementing special economic and other restrictive measures (sanctions), approved by Resolution of the Board of the National Bank of Ukraine No. 90 of June 30, 2020 (as amended by Resolution of the Board of the National Bank No. 37 of April 4, 2024), and the Regulations on the application by the National Bank of Ukraine of measures of influence against institutions for violating the legislation on financial monitoring, approved by Resolution of the Board of the National Bank No. 106 of July 28, 2020.
In addition, Resolution of the Board of the National Bank of Ukraine No. 60 of March 23, 2022 "On the Peculiarities of Fulfilling Certain Legislative Requirements in the Field of Financial Monitoring, Currency Supervision, and Supervision in the Field of Implementation of Special Economic and Other Restrictive Measures (Sanctions) During the Period of Martial Law" was declared invalid.
