L&M Finance Group


On February 20 of this year, the Ministry of Justice of Ukraine adopted amendments to the Regulation on the Unified Register of Power of Attorney. As noted, the order of 02.20.2020 amends the order of the Ministry of Justice of Ukraine No. 111/5 of December 28, 2006 "On the introduction of the Unified Register of Powers of Attorney and amendments and additions to some regulatory legal acts of the Ministry of Justice of Ukraine".
According to the definition, the power of attorney register is an electronic database containing information on powers of attorney (including duplicates of them), as well as information about their termination. Powers of attorney (including their duplicates), notarized certificates, and powers of attorney equivalent to notarized are subject to mandatory registration in the Unified Register. To date, the resource holder is the Ministry of Justice of Ukraine, which also ensures its functioning.
As for important innovations, according to paragraph 1.8. of the amendments of 02.20.2020 - banks and financial institutions licensed to provide borrowed funds, including on a financial credit basis, have access to the Unified Register to receive information in electronic form in the manner specified by the Regulation.
At the same time, according to clause 6.7., Access to the Unified Register to banks and financial institutions in electronic form will be provided using a service in the form of the application program interface of this registry. Such services will not be free - for access, the bank will need to sign a special contract for the provision of services on a paid basis with the state-owned enterprise National Information Systems.
It is noted that these changes will provide banks with the opportunity to electronically verify powers of attorney containing data that are provided in abbreviated extracts from the registry.