The law prohibits the use of foreign banking data in commercial courts
The Verkhovna Rada has passed bill No. 15555, which amends the rules for disclosing bank secrecy provided to the National Bank of Ukraine by foreign regulators. These innovations aim to align Ukrainian legislation with European Union standards. This is reported by the portal PromPolitInform, citing information from the Verkhovna Rada.
The document adopted by the parliament establishes clear restrictions on access to confidential banking data received by the regulator from supervisory authorities of EU member states. Specifically, such information will now be protected from disclosure during civil and commercial court proceedings.
New rules for handling bank secrecy
In addition to restricting access in court, the law defines the procedure for the NBU itself to use information received from abroad. Henceforth, the NBU may disclose or transfer such data exclusively with the consent of the foreign authority that provided the information, and only for the purposes specified in that consent.
The adoption of these changes is a step toward harmonizing Ukraine’s financial legislation with European norms. Improving the mechanisms for protecting secrecy is expected to strengthen the trust of international partners in the Ukrainian banking system and establish more effective exchange of supervisory information.
Illustrative photo: Irina Vol. Zakaluzhna / CC BY-SA 3.0
