Ukraine: obligation on financial institutions to disclose information

1. full name, ID number and address of the financial institution;
2. list of the financial services provided by the financial institution;
3. information about the owners of a substantial participation (including persons who control the financial institution);
4. information about members of the financial institution's supervisory board and executive bodies;
5. information about the financial institution's separated units;
6. information about licences and permits issued to the financial institution;
7. annual financial reports and consolidated financial reports;
8. information on bankruptcy or rehabilitation proceedings in relation to the financial institution;
9. decision on the liquidation of the financial institution; and
10. any other information about financial institutions required to be disclosed according to the law.

The above information must be disclosed for the last three years of the financial institution’s activity.
The Database will be administered by the Commission. The Commission will determine which documents and information the financial institutions should provide to be included in the Database.

The Law became effective on 1 February 2015, but the financial institutions' obligation to disclose information comes into force on 1 January 2016. The Law is aimed at making information on financial institutions and their services even more publicly available and thus to increase consumers’ interest in the financial services market and their trust in its participants.

Legislation: Law of Ukraine "On Amendments to the Law of Ukraine "On Financial Services and State Regulation of the Financial Services Market" re Disclosure of Information" dated 15 January 2015 No. 123-VIII