Illegitimacy of the Resolutions of the of the Board of NBU №  328 dated 30^th of May 2014 and № 245 dated 29^th of April  2014, which introduced temporarily  limit on the foreign exchange market http://www.sw-partners.com/en/news/256-02-06-2014-validity-of-restrictions-of-the-purchase-of-foreign-currency-money-transfer-and-withdrawals-from-foreign-currency-accounts-of-the-population-installed-by-nbu-resolution-245-dated-29-04-2014-was-expired-on-the-1st-of-june-2014

Analysis and correspondence with the Ministry of Justice of Ukraine.

Instead of correcting the error and cancellation of Resolution of NBU № 328 Verkhovna Rada of Ukraine on the 4th of July  2014 year adopted changes regarding the procedure for entry into force of the acts of the NBU.

 In accordance with Art. 56 of the Law of Ukraine "About  the National Bank of Ukraine":

“….

Normative legal acts of the National Bank ARE subject to compulsory state registration in the Ministry of Justice of Ukraine and enter into force in accordance with the legislation of Ukraine.”

 Consequently, the current legislation does not provide with  any exceptions to the requirements of state registration acts of  NBU in the  Ministry of Justice. So, Resolutions of the of the Board of NBU № 328 dated 30th of May 2014 and № 245 dated 29th of April 2014 MUST BE registered in the Ministry of Justice.

We asked about this Ministry of Justice and NBU and received from Ministry of Justice a completely unprofessional response.

In response of Ministry of Justice  is written  that the Resolution of the NBU № 245 of 04.29.2014 and № 328 from 30.05.2014 WERE NOT sent to  Ministry of Justice for registration. Also written, that the function of the Ministry of Justice only is explanation of his own acts, so they advised us to ask about this personally NBU – what is absolutely not correct!

In accordance with the Regulations of the Ministry of Justice of Ukraine, approved by Presidential Decree N 395/2011 of 6^th of  April 2011, namely, sub-11, paragraph 4:

“Ministry of Justice checks in the ministries and other central and local executive bodies, as well as other organs, which acts in accordance with the legislation subject to state registration, the state of compliance with the laws about  state registration of legal acts, and if necessary -  require the submission of legal acts for state registration or cancellation, makes proposals on elimination of violations and deficiencies and to bring to justice officials responsible for irregularities”

 Also, with Order of the Ministry of Justice of Ukraine, dated 19.01.2012 N 93/5 was approved Procedure about judicial audits of state registration of legal acts,   in § 1.2. of which clearly states that:

 “1.2. This Order defines mechanisms:

 implementation of the Ministry of Justice of Ukraine (hereinafter - the Ministry of Justice) compliance audits of state registration of legal acts of ministries and other central executive bodies, as well as other organs, which in accordance with the law are subject to state registration”

 So, the Ministry of Justice is obliged to check in the ministries and other central and local executive bodies, as well as other organs, which acts in accordance with the legislation are subjects to state registration, the state of compliance with the law on state registration of legal acts and  if necessary -  require the submission legal acts on state registration, and  not only to explain their own acts and offer  to us  to ask about  this  in  NBU (as specified by the Ministry of their  reply).

 Answer NBU also is  expected  soon and will be  made ​​public immediately.

 Instead of correcting this  mistake or negligence, 04/07/2014 the Verkhovna Rada adopted amendments  which changes  the procedure of entry into force of the Acts of the NBU. http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=51112

 In particular, this  Act changes the rule of entry into force acts of the National Bank of Ukraine -  when this Law will come into force in accordance with the new edition of the 4^th part of article. 56 of the Law "Acts of the National Bank shall enter into force after the date  of their official publication, unless a later effective date is not provided in this act. Official publication of normative legal act of the National Bank is considered to be the first publication of its full text in one of the periodic publications - "Official Gazette of Ukraine", newspapers "Governmental Courier" or "Voice of Ukraine", or the first page of  official web site of the National Bank of Ukraine. "

A new, simplified procedure for publishing acts of NBU   will not change this fact that Resolution # 328 IS INVALID  becouse was done with  violation of the procedure. Accordingly, it should be immediately canceled by NBU  and may  not be used by banks as a regulatory act.