Zelensky signs into law bill extending financial restructuring process in Ukraine
MOSCOW. Aug 16 (Interfax) - Ukrainian President Volodymyr Zelensky has signed into law a bill that amends some Ukrainian legislative acts on the specifics of the financial sector's operations during martial law in Ukraine, also extending the January 1, 2018 law on financial restructuring.
Zelensky signed the document on August 15, and the new legislation will take effect the day after its publication, Ukrainian media said, citing the Verkhovna Rada's website.
"The law is meant to help adapt Ukrainian legislation, the functions of the National Bank [NBU] and the Deposit Guarantee Fund to the new realities, a step that will help ensure the efficient functioning of the financial sector in conditions of martial law," chairman of the parliamentary committee on finance, tax, and customs policy Daniil Hetmantsev said earlier.
In particular, the law allows the NBU to buy back military bonds and confirms the regulator's right to transfer money from accounts opened to raise funds for the Ukrainian Armed Forces and for humanitarian needs to the budget.
The law also allows the NBU to transfer funds to the budget as advance payments.
Under the law, credit unions will be able to halt their operations and then resume their suspended activities. The law also lifts a number of restrictions on the stock market, permitting the regulator, the National Securities and Stock Market Commission (NSSCM) to resume trading in securities from August 8.
The NSSMC, for its part, said following the signing of the aforementioned legislation by the president that on August 4, it adopted a decision on a timeline for professional capital and commodities market actors to submit their reports and other information during martial law in the country.
The NSSMC has amended its decision on the submission by professional capital and commodities market actors of reports and other information to the commission during martial law in the country.
Thus, professional capital market actors and their organizations, as well as professional commodities market actors have been given 60 calendar days to provide reports, documents and other information that were not submitted to the commission before the day the aforementioned law entered into force.
Professional commodities market actors have also been given 60 days to provide the commission with information and documents, except for financial reports, and 90 days to submit financial reports for 2021 and monthly reports for the period between July 2021 and August 2022.