LEGISLATIVE INNOVATIONS IN THE BANKING SECTOR IN MARTIAL LAW

Abstract

The article deals with rule-making activity in the banking sphere under martial law. It is noted that the legal regulation of the activity of banks is an important function of the state, carried out in order to ensure the stability of the banking system. The banking system in Ukraine has a twotier structure where the upper level is the National Bank of Ukraine, which is the main banking institution and manages the whole monetary system, and the lower level is all other banks. Today the banking legislation is quite confusing and not entirely different in the logic of its own construction. It is noted that despite the imposition of martial law on the territory of Ukraine, the banking system of the country continues to work, the banks continue to provide payments to the population and businesses, but subject to some temporary restrictions. During the period of martial law in Ukraine, a number of normative-legal acts were adopted, aimed at regulating important spheres of social relations and ensuring their stability for proper operation of the banking system in the supercomplicated conditions. The main anti-crisis decisions of the regulator, based on protection of interests of bank clients, depositors, business clients on preservation of access to own and credit funds, payments and transfers are analyzed. The Resolution of the Board of the National Bank of Ukraine No. 18 dated February 24, 2022 “On the Work of the Banking System During Martial Law” is the main regulator in the banking sphere, which ensures reliability and stability of the functioning of the banking system. Consideration is given to the decision of the National Bank to revoke the banking license and liquidation of banks under the control of the Russian Federation. The regulation of credit unions’ activities is analyzed. During the martial law period, a number of rules for the operation of banks and non-bank financial institutions, including those providing lending services, were changed. The peculiarities of rule-making activity in the sphere of providing deposits of physical persons under martial law in Ukraine were determined. A conclusion is made and proposals for systematic work and improvement of legal regulation in the sphere of legal relations are given.