The National Bank of Ukraine (NBU) has updated the regulations on the procedure of identification and recognition of banking groups in accordance with law No. 629-VIII of July 16, 2015 on amendments to certain legislative acts of Ukraine concerning improving the system of individuals' deposit guarantees and withdrawing insolvent banks from the market.

The corresponding changes to the regulations on the procedure of identification and recognition of banking groups, introduced by NBU resolution No. 880 of December 11, have been posted on the website of the regulator and come into force on December 15, 2015.

According to law No. 629, banking groups will also include companies, for which the provision of financial services is the predominant activity.

Decree No. 880 sets the deadlines for submitting information on the banking groups to the NBU in connection with the entry into force of law No. 629 and bringing their activities in compliance with the requirements of NBU regulatory legal acts.