By its Resolution No. 26, dated 23 March 2017, the National Bank of Ukraine (the "NBU") amended the rules governing registration of the loan agreements with foreign lenders. Among a number of mostly technical changes, there is a remarkable one permitting creditors to apply for the NBU registration of assignment under the cross-border loan agreement. By this time, only the borrower was allowed to apply for the NBU registration, which effectively prevented any assignment of a loan to a foreign entity without the borrower's co-operation.

The direct communication with the NBU covering all the registration formalities is handled by the local bank servicing payments under the loan agreement (the servicing bank). Therefore, the parties seeking registration of a loan agreement, amendment to the loan agreement or loan assignment should apply to the servicing bank.

The set of documents required for assignment registration includes, inter alia, an application to the servicing bank executed by the initial and the new creditor, a copy of the notice of assignment given to the borrower certified by the creditors, original or a copy of the loan agreement along with all the documents impacting on the payments under such a loan agreement (including the assignment agreement). The loan servicing bank must conduct identification of the new creditor and has discretion to require documents and clarifications it deems necessary for such purposes.

The new loan registration rules introduced by Resolution No. 26 shall become effective on 10 April 2017.