On January 17, 2015, the National Bank of Ukraine Board approved Resolution No. 32 On Amendments to Some NBU Regulations (hereinafter – theResolution). By virtue of this Resolution: amendments have been made to the Regulation on Applying Corrective Action by the National Bank of Ukraine for Violation of Banking Legislationapproved by NBU Board Resolution No. 346, dated August 17, 2012 (hereinafter – amendments); NBU Board Resolution No. 343, dated August 15, 2001 On Approval of Registration Rules for Correspondent Accounts by the National Bank ofUkraine has been deemed invalid. These amendments have been developed to meet the requirements of the following Laws of Ukraine: On Amendments to the Law of Ukraine OnBanks and Banking with regard to the peculiarities of corporate governance in banks, On Amendments to Some Laws of Ukraine Aimed atPrevention of Adverse Impact on Banking System Stability. Among other things, these amendments are intended to: determine the grounds entitling the National Bank of Ukraine to demand termination of powers of a member of the Bank Council and anextraordinary meeting of the Bank Council to be convened; expand the list of criteria for classifying banks as problematic banks; streamline the rules for imposing fines on banks and the owners of qualifying holding in a bank – the legal entity; strengthen responsibility of stakeholders/investors for implementing the financial rehabilitation plan/ capitalization program. In addition, amendments have been made to provisions relating to the guidelines on the mandate of the bank overseer. The Resolution enters into force on the day following its official publication.