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Banking & Financial Services

Policy Progress: Draft Law #5125 “On Credit Unions” was Passed in the First Reading

Policy Progress: Draft Law #5125 “On Credit Unions” was Passed in the First Reading

On June 1, 2021, the Verkhovna Rada of Ukraine passed in the first reading Draft Law #5125 “On Credit Unions” dated February 22, 2021 (Draft Law).

The Draft Law aims to expand opportunities, prospects for the development of credit unions and update the requirements of the regulation and supervision of credit unions in line with best international practices, which will create a stable, efficient, competitive, and transparent credit unions market.

Therefore, the American Chamber of Commerce in Ukraine welcomes passing Draft Law #5125 in the first reading and supports its further adoption if proposals from the business community are taken into account. Our comments and proposals are aimed at eliminating the discrepancies between the provisions of the Draft Law and current legislation of Ukraine, as well as correcting a number of shortcomings regarding the definitions and concepts used, which complicate practical application of the Draft Law.