The National Bank of Ukraine (NBU) said its board of directors approved a resolution on Monday to amend the bank's regulatory practices.

In the resolution, the bank's directors approved changes in the regulation "Applying Corrective Action by the NBU for Violation of Banking Legislation," and they repealed a resolution from 2001, "On Approval of Registration Rules for Correspondent Accounts by the NBU."

The changes coincide with Ukrainian laws dealing with the banking sector and the regulatory responsibility of the National Bank.

Amendment changes include clarifying when the regulators have the authority to terminate a member of the Banking Council. The directors also expanded the criteria for determining whether a bank is in trouble or problematic. They also approved a more efficient process for imposing and enforcing fines on banks.

The amendments also dictate that shareholders and investors should be given more responsibility over rehabilitation of institutions in which they hold stakes.