A decision has been passed
At the meeting of regulator held on April 8, 2014 the National Securities and Stock Market Commission made a decision On Endorsement of Provision on Termination of Professional Depository Business in the Stock Exchange.
«Above all, I’d like to underscore that the necessity to handle the matters related to the termination of depository operations carried out by a depository institution in the stock market and to do it within the legislative framework has arisen due to coming into effect the law of Ukraine On Depository System of Ukraine. Besides, the document worked out by the regulator envisages setting out the requirements in line with the legislation governing the depository system of Ukraine, as well performance of banks and banking activities », - Irina Kurochkina, Director of Depository & Clearing Regulation at NSSMC said.
We’d like to remind that this provision sets out the requirements to operations performed by the depository institutions and actions of legal entities, the licenses of which permitting to carry out professional activity in the stock market were repealed and which terminated any depository operations in the stock exchange. This document contains also stipulations for other market players affected by such business termination on how to carry out depository operations, and defines the procedure for governmental control over the market participants. In the near future, the document will be sent to the Ministry of Justice of Ukraine to be recorded into the national registry.
