On Tuesday, 10 November, the Verkhovna Rada adopted in the first reading draft law No. 15503, which aims to bring the Civil Code into line with European Union requirements and to facilitate Ukraine’s accession to the Single Euro Payments Area (SEPA). The bill was approved by 258 members of the Verkhovna Rada.
The bill is designed to strengthen civil-law protection of reputation and personal non-property rights in the field of financial monitoring. It provides mechanisms for protection in cases of dissemination of false information about alleged violations of anti-money laundering legislation, and also establishes the right of reply and the right to refute inaccurate information.
The document also protects the rights of legal entities in cases where false information about their authorised representatives is spread. At the same time, it provides for exempting individuals from the obligation to compensate for pecuniary or non-pecuniary damage in certain cases of unintentional reporting or disclosure of inaccurate information about possible breaches in the field of financial monitoring.
As for changes to financial monitoring, the register of accounts and safes is to be maintained containing only the IBAN, the account holder’s name and the name of the bank; data on account balances, transaction flows and the contents of safes will not be included in the register. The bill is part of a package of changes required for accession to SEPA, but its adoption in the first reading does not mean it will come into force - the bill must undergo further consideration in parliament.
