Savchuk S. International Law Standards of Banking Activity.

The thesis is the first comprehensive research in the Ukrainian science of the international law standards of banking activity including the analysis of origin and development of international cooperation in the banking sector, specific features of the contemporary international law approach to regulating banking activity at the universal, regional and local levels, the contents and implications of the contemporary international law standards of banking activity as well as the role and place of international organizations and other institutions without the status of international organization in the process of formation and implementation of the international law standards of banking activity. The thesis also focuses on the structure of the international law standards of banking activity, the outstanding problems of their implementation in the Ukrainian banking law as well as elaborates proposals for implementation of the Core Principles for Effective Banking Supervision of the Basel Committee on Banking Supervision in the Ukrainian banking law. The normative content of international law standards related to banking activity appears in acts of more than 30 international and quasi-international organizations. Special attention in the thesis is focused on the international legal status of the Basel Committee on Banking Supervision. The author demonstrates that the Basel Committee on Banking Supervision does not have the status of a classical international organization under international law. It is proved in the thesis that the cooperation of central banks and authorities with responsibility for the supervision of banking business within the Basel Committee is a form of international inter-agency cooperation without formal establishment of an international organization. The author concludes that the majority of regional and local models of international law regulation of banking activity aim to define the common procedure and provide mutual assistance in implementation of standards of the Basel Committee on Banking Supervision in view of the local context. Among other purposes, the author notes ensuring development of national banking systems, sharing experiences, education and training activities in order to improve knowledge of central banks and monetary agencies’ employees. Special focus in the thesis is made on problematic issues of implementation in the Ukrainian banking law of the Core Principles for Effective Banking Supervision of Basel Committee on Banking Supervision (2012). To ensure their full implementation the author notes that the Ukrainian legislative acts should be amended in order to grant the National Bank of Ukraine the powers to set specific prudential requirements for individual banks based on their risk profile and systemic importance, to conduct on-site inspections of the members of banking groups, the bank parent company and its related parties, to introduce evaluation of the collective suitability of members of the management and supervisory boards of banks, to grant corrective powers to the National Bank of Ukraine (in addition to existing sanctioning powers), to improve control over transfer of significant ownership in banks, to fine-tune the powers of the National Bank of Ukraine related to cooperation with other state authorities, to move to a more fully risk-based approach to banking supervision, to improve the corporate governance and risk management systems in banks, to strengthen capital requirements for banks, to enhance public disclosure requirements and transparency of banks.