A relevant resolution has been endorsed
The Securities and Stock Market State Commission has endorsed a sample agreement to be concluded between the temporary administrator of the professional participant of the depositary system of Ukraine and Securities and Stock Market Depositary System of Ukraine, as well as the “Requirements” to a person that will be appointed as a temporary administrator of the professional participant of the depositary system of Ukraine. The relevant resolution has been passed at the Commission’s meeting.
«A temporary administrator of the central depositary can be only a citizen of Ukraine who has Master degree in Economics or Law. Such person should have the certificate permitting to perform operations directly relating to professional activity in the stock market – depositary activity and, if necessary, clearing activity in the stock market, with work experience as senior manager for the professional participants of the depositary system of Ukraine of not less than 10 years, moreover, who has not been deprived of the right to hold certain positions or carry out certain types of activity within the recent 10 years», - this explanation was given by Director of Depositary & Clearing Activity at the SSMSC Irina Kurochkina.
Similar, yet simpler, are the requirements to the temporary administrator of the depositary agency. The administrator should be a person who is a citizen of Ukraine or foreigner legally residing in Ukraine, with no lower than the bachelor’s degree in economics or law, has the certificate that permits to carry out the depositary activity and trade in securities (if necessary) , with work experience as senior manager for the professional participants in the depositary system of Ukraine of not less than five years, who has not been deprived of the right to hold certain positions or carry out certain types of activity within the recent five years.
In addition, in both cases, it is essential that the activity of such a person before wouldn’t result in appointment as a temporary administrator, revocation of a license or certificates permitting any activity in the stock market, any administrative punishment for violation of legislative requirements specified for the securities market, or removal upon the demand of the government body for breach of professional ethics and labour standards. Moreover, such a person should not be a creditor, shareholder of the professional participant of the depositary system of Ukraine, should not have outstanding conviction or criminal record not expunged, or not be the person accused in criminal case.
