REGULATORY AND LEGAL FOUNDATIONS OF BANKING ACTIVITY IN UKRAINE

Abstract

The article examines the regulatory and legal basis of banking activity in Ukraine. The main legislative acts regulating the functioning of the banking system are outlined, in particular the Constitution of Ukraine, the Law of Ukraine "On Banks and Banking Activities", the Law of Ukraine "On the National Bank of Ukraine" and other normative acts. The role of the National Bank of Ukraine as the main regulator of the banking system and supervisory body is analyzed.

The author examines current issues of legal regulation of banking activity in the context of financial sector reforms, and also studies the influence of international standards, such as the Basel principles, on the development of the banking system of Ukraine.

The article is devoted to the study of the peculiarities of the legal status of the National Bank of Ukraine. It is noted that now the banking system of our country requires the adoption of comprehensive measures to strengthen it, as well as support the financial stability of banks. An important role in the implementation of these measures should be played by the National Bank of Ukraine as a state authority that controls and supervises the activities of commercial banks. Understanding the legal status of the National Bank of Ukraine (hereinafter - NBU), its place and role in the system of state authorities is a very topical problem. The absence of a clear definition of the legal status of the NBU in the theory and in the Constitution of Ukraine, as well as the problem of interaction with the executive authorities, complicate the functioning of the monetary system and the development of the state’s economy in general.

It is noted that the National Bank of Ukraine is a modern independent state institution, which is designed to ensure price and financial stability in the state and promote the economic growth of Ukraine. The special status and independence of the National Bank of Ukraine is conditioned by the need to carry out effective banking and monetary regulation, however, we can only speak of a certain degree of independence of the National Bank of Ukraine. The autonomy and independence of the NBU is reinforced by the created mechanism of its accountability to the Verkhovna Rada of Ukraine, which is an important condition for ensuring the effectiveness and transparency of the policy pursued by the National Bank of Ukraine. In monopolizing its legally established powers, the NBU must proceed from the interests of the state, take into account the activities of other state authorities, and coordinate its activities with them.

The article also highlights the problems of law enforcement and provides suggestions for improving the legal regulation of the banking sector to ensure its stability and transparency