Draft Law of Ukraine

"On Amendment and Addition of the Law of Ukraine "On Banks and Banking"

The draft suggests amendments to Article 47 of the Law of Ukraine "On Banks and Banking", as well as adding the above-mentioned Law with Article 52¹.

Particularly, the draft suggests clearly determining, that banking institutions may perform non-governmental pension provision through opening pension deposit accounts for accumulating funds. Apart from that, the draft also suggests setting limits for amounts of funds, within which banks may perform such non-governmental pension provision.

The draft also determines that depositors of pension deposit accounts with banks can be:

• employers, making deposits in favor of their hired employees;
• natural persons aged over 18, or aged under 18, if they are employed or perform other activity, related to earning an income, not prohibited by the legislation;
• married couples, children or parents.

Apart from that, for persons in whose favor pension deposit accounts have been open, the draft sets forth the list of directions for using funds accumulated on such accounts.

The above-mentioned amendments are called for to bring the Law of Ukraine "On Banks and Banking" to conformity with the Law of Ukraine "On Non-Governmental Pension Provision".