Meeting on Electronic Services / Communications in Financial Sphere


  • Date

We would like to inform you that on December 14, Chamber Banking and Financial Services Committee jointly with Chamber ICT Committee held a meeting devoted to discussion of NBU Resolution #254 regarding provisions that have established data sovereignty for banks in 2010 and that due to non-clarity create problems for the use of cloud technologies and development of the electronic digital signature. 

Mr. Mykhaylo Shmyelov, National Technology Officer, Microsoft, commented on NBU Resolution #254 and outlined major issues regarding data sovereignty for banks and electronic signature. According to Resolution #254, processing of information about operations and its storage should be made on servers located on the territory of Ukraine (data residence). Meeting participants also discussed the development of the digital signature and public keys infrastructure for the use of Ukrainian banks based on international standards, as well as banking cards issuance on the territory of Ukraine. 

Summarizing the meeting, participants agreed:

  • to look into the matter and draft amendments to 1.4 paragraph of NBU Resolution #254 as well as investigate the issue regarding card processing;
  • to send a Position Paper to NBU regarding NBU Resolution #254 and examine Resolution #851 of the Cabinet of Ministers dated 21 October 2015 on the topic of potential deregulation before addressing Ministry of Economic Development and Trade of Ukraine, as it appears that CMU Resolution creates significant impediments for cross-border services provision as well as directly violates EU-Ukraine Association Agreement.

Also, on a separate note, the State Service of Special Communication and Information Protection of Ukraine should be contacted for bringing their consultants in potential discussions with government agencies. 

We would like to encourage all interested Chamber Members to provide their proposals to be included into the Draft Chamber Position Paper regarding the abovementioned issues by Friday, December 18, COB.

To learn more, please contact Ulyana Shtybel, Chamber Policy Officer (Banking & Financial Services, HR Issues).

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