The American Chamber of Commerce in Ukraine welcomes the adoption of the Draft Law #5125 “On Credit Unions” (Draft Law) by the Verkhovna Rada of Ukraine on July 14, 2023.
The Draft Law expands the list of persons who can become members of credit unions, improves the requirements for the credit union's capital structure, introduces new requirements for the systems of corporate governance and internal control at credit unions. This will allow to expand the opportunities and prospects for the development of credit unions, to update the requirements of their regulation and supervision considering international practices, which will create prerequisites for the work of a stable, efficient, competitive, and transparent market of credit unions.
The American Chamber of Commerce in Ukraine is grateful to the Members of Parliament for adopting this Draft Law with the proposals of the business community and member companies’ experts for professional support during the drafting process.
