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LEGAL HOTLINЕ 07.02.2019

LEGAL HOTLINE . 07 February 2019

Legal news for your attention:


Oleksandr Melnyk

Head of Odesa Branch, Attorney at law, Associate

Kristina Kolchynska

Attorney at law, Senior Associate

The National Bank kept a discount rate at the level of 18%

According to the decision of the Board of the National Bank of Ukraine No. 88-рш dated January 31, 2019 "On the Discount Rate Size", the discount rate is set at the level of 18.0% per annum. According to the National Bank, keeping the rate at this level is aimed at reducing inflation up to 5% in 2020.

The National Bank brought a number of issues concerning the procedure for opening and managing accounts of clients of banks in compliance with legislation

In particular, the following issues were settled:

• procedure for using electronic signatures on electronic documents (including electronic settlement documents);
• rules concerning submission to the bank of a specimen signature form by individual entrepreneurs, individuals, who carry out independent professional activities, non-resident individuals – investors are withdrawn;
• banks were obliged to send notifications to state enforcement service authorities or private executors about the opening/closing of accounts of individuals, information about whom is entered in the Unified Register of Debtors;
• it was determined that conditional storage accounts (escrow) are also used for real estate purchase and sale transactions.
Such rules are included in the Resolution of the Board of the NBU No. 23 dated January 28, 2019 "On Amendments to Certain Laws and Regulations of the National Bank of Ukraine" which came into force on January 31, 2018.

Risk assessment criteria on securities market are set, of which the frequency of inspections of the national securities and stock market commission depends on

Resolution of the National Securities and Stock Market Commission No. 39 dated January 21, 2019 came into force on January 30, 2018, according to which the high-risk business entities shall be inspected not more than once per 2 years; of an average risk – not more than once per 3 years; of a low risk – not more than once every 5 years.
The degree of risk from professional activities in the securities market is evaluated according to the following criteria: scope, range of a business entity activities; financial performance indicators; breach of the legislative requirements on the securities market. Points are calculated by all criteria, which sum indicates the degree of risk, to which a business entity belongs: from 41 to 100 points – a high risk, from 21 to 40 points – an average risk, from 0 to 20 points – a small degree of risk.

Last digest of judicial practice of the grand chamber of the supreme court is published

The digest included legal positions from the decisions entered to the Unified State Register of Court Decisions for the period from November 12, 2018 to November 30, 2018.
The legal positions provided for in the digest relate, among other, to invalidation of retirement; invalidation of state certificate of title to land plot; determination of the amount of damage caused to the citizen by unlawful actions of the authorities conducting criminal intelligence and surveillance operations, authorities of pre-trial investigation, prosecutor's office and court; execution of enforcement inscription; performance of the joint enforcement proceedings; payment of one-time monetary aid in case of disability of servicemen; reclamation of property from illegal possession; invalidation of a terminated contract executed in full or in part.

State fiscal service reminded about setting limits for cash desks

The fiscal authorities in sub-category 109.21 "Public Information and Reference Resource" remind that the cash desk limit shall be deemed zero, if the institution/enterprise does not set it (regardless of the reasons for such failure). All cash in the cash desk of the institution/enterprise at the end of the business day and not given by it according to the requirements of the Regulation No. 148, shall be deemed excessive.
We would like to remind: for exceeding the set limits of a cash balance at cash desks, a financial sanction at twice amount of amount detected over-limit cash for each day shall be applied to the enterprise.


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