National Bank of Ukraine drafts criteria for classifying financial cos as systemically important

MOSCOW. July 14 (Interfax) - The National Bank of Ukraine has drafted criteria for assessing systemically important financial companies, according to which a financial company is considered systemically important if it holds the at least 1% of the total assets and off-balance sheet liabilities of financial companies, Ukrainian media reported, quoting a draft NBU provision on the matter, published for discussion.

In addition, a financial company is deemed to be systemically important if it is a designated entity recognized by the National Bank from among medium and large groups, where there is a "high" or "very high risk of it violating the rights of consumers of financial services and has, regardless of the extent of its activity 12 months prior to being classed as systemically important, provided financial services within the framework of the relevant state or local government programs.

The NBU defines a financial company as systemically important if it meets at least one of the criteria found in the appendix to the provision. A financial company's compliance with the criteria is assessed each year before December 31 based on reporting prepared and submitted to the NBU.

The NBU notifies a financial company deemed to be systemically important each year by February 1 of the year following the year in which the assessment was conducted.

The NBU says on its website that additional requirements for regulating systemically important financial companies will be introduced going forward.

The drafts of the relevant regulatory legal acts will be published for discussion separately during July-August 2025.