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Legislative news digest: LEGAL HOTLINЕ 04.07.2019

Contents

  1. Requirements for Cyber Security of the Critical Infrastructural Facilities Set
  2. Period of Unlicensed Storage of Fuel Extended
  3. Cashless Payments in the National Currency Regulated
  4. National Bank Introduces New UAH 1,000 Bank Note

Legal news for your attention:

Requirements for Cyber Security of the Critical Infrastructural Facilities Set

 

The Cabinet of Ministers has approved the General Requirements for Cyber Security of the Critical Infrastructural Facilities with its Resolution No. 518 dated 19 June 2019, which entered into force on 26 June 2019.

The General Requirements establish the organizational and methodological, technical and technological terms and conditions for cyber security of the critical infrastructural facilities that are binding for the enterprises, institutions and organizations pertaining to the critical infrastructural facilities in accordance with the law.

Note that the critical infrastructural facilities are enterprises and institutions (of any legal form) in such industries as energy, chemical industry, transport, banks and finance, information technology and telecommunication (electronic communication), food industry, health care, public utilities of strategic significance for operation of the national economy and security, society and population.

Cyber security of the critical infrastructural facility is ensured by the owner and/or manager of the facility.

The Annex to the General Requirements contains the list of basic requirements for cyber security of the critical infrastructural facilities.

Implementation of the cyber security actions will provide protection from cyber attacks, prevent disclosure of confidential information and interruption of sustainable operation of the critical infrastructural facility.

 

Period of Unlicensed Storage of Fuel Extended

 

Law No. 2744-VIII “On Amending Article 18 of the Law of Ukraine “On the State Regulation of Production and Circulation of Ethyl Alcohol, Cognac and Fruit Spirits, Alcohol Drinks, and Tobacco Products” entered into force on 1 July 2019.

According to the amendments, economic operators storing fuel without a licence until 31 December 2019 will not be subject to financial sanctions.

Starting form 1 January 2020, unlicensed storage of fuel will be punished with a fine of UAH 500,000. This sanction has been introduced in order to reduce the scope of the shadow fuel market, to increase tax proceeds, and to improve the quality of oil products for consumers.

Therefore, economic operators have to obtain the fuel storage licence by the end of 2019.

 

Cashless Payments in the National Currency Regulated

 

A card with sample signatures does not have to be drawn up for cashless payments in the Ukrainian hryvnias. This is provided for by Resolution of the National Bank of Ukraine No. 83 dated 25 June 2019 “On Approving the Amendments to the Instruction on the Cashless Payments in the National Currency in Ukraine”.

These amendments will considerably reduce the time and money spent by economic operators to draw up the documents.

At the same time in order to fulfill the requirements of the Law of Ukraine “On Currency and Currency Transactions” on currency supervision over the transfer of funds in national currency to accounts of non-resident recipients by banks, the National Bank of Ukraine provides the possibility for banks to return without executing the settlement document of the payer who has not indicated the “Code of the non-resident country” of the recipient.

 

National Bank Introduces New UAH 1,000 Bank Note

 

The National Bank of Ukraine has announced changes to the denominations of hryvnia banknotes and coins aimed at streamlining the circulation of the hryvnia, namely:

  • beginning 25 October 2019, the NBU will put into circulation the 1,000-hryvnia note – Ukraine’s highest face value banknote. The front of the banknote features a portrait of Volodymyr Vernadskyi;
  • one-, two-, and five-kopiika coins will cease to be legal tender in Ukraine and will go out of circulation, effective 1 October 2019.

In addition, the 25-kopiika coin will continue to be used as legal tender for now, but will be phased out eventually.

Kateryna Manoylenko

Kateryna Manoylenko

Partner, Head of Litigation and Dispute Resolution practice, Attorney at law

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Natalia Matviychuk

Natalia Matviychuk

Associate, Attorney at law

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