NBU updates procedure for determining companies critical in special period

The National Bank of Ukraine (NBU) has updated the procedure for determining legal entities critical for the functioning of the economy and ensuring the life of the population in a special period in order to book persons liable for military service for the period of mobilization and for wartime.

This is stated in the NBU message, Ukrainian News Agency reports.

The relevant amendments to the Regulation on the procedure for the National Bank of Ukraine determining legal entities that are critical for the functioning of the economy and ensuring the life of the population in a special period concern insurers and companies that accompany automated banking systems of systemically important banks for performing operations in the System of Electronic Payments of the NBU.

The updated procedure allows providers of support services for such software to contact the National Bank to determine them critical, and the National Bank - to consider the relevant appeal and make decisions:

- on compliance of the person with three or more criteria of importance defined by the Procedure and criteria for determining enterprises, institutions and organizations that are critical for the functioning of the economy and ensuring the life of the population in a special period, approved by Resolution of the Cabinet of Ministers of Ukraine dated January 27, 2023, No. 76;

- defining a person critical for the functioning of the economy and ensuring the life of the population in a special period for the purpose of booking persons liable for military service;

- defining a person as important for the field of the national economy or meeting the needs of the territorial community (in case of compliance with the "industry" criterion of the NBU).

Changes regarding insurers provide for determining them important for the national economy or meeting the needs of the territorial community according to the current criteria only if there is a decision of the National Bank on compliance of the ownership structure of the relevant insurer with the requirements for transparency.

The changes were approved by the NBU Board Resolution No. 21 of February 16, 2024, effective from February 20, 2024.

As Ukrainian News Agency earlier reported, in order to assess the quality of the assets of insurance companies, the National Bank introduced a requirement for an additional audit report on the insurer and approved the procedure for its submission.