13.07.2021

The NSSMC draws the attention of commodity exchanges and other participants in the commodity market, which organize trade in products with the help of electronic trading systems and with mandatory centralized execution and centralized execution of transactions, that since July 1 2021 they are obliged to bring their activities into line with the Laws of Ukraine on Capital Markets and Organized Commodity Markets and on Commodity Exchanges and to obtain a license to conduct professional activities in organized commodity markets (activities to organize trade in commodity exchanges) issued by the NSSMC.

In accordance with the part 4 of Article 5 of the Law of Ukraine on Capital Markets and Organized Commodity Markets, the organization of trade in products is carried out exclusively by commodity exchanges on the basis of relevant licenses issued by the NSSMC.

The Law of Ukraine on Commodity Exchanges provides that from July 1, 2021 commodity exchanges have the be licensed to conduct their activities in organized commodity markets (activities to organize trade in products on commodity exchanges).

Article 2 of the Law of Ukraine on Commodity Exchanges stipulates that an exchange commodity is an asset admitted to exchange trading on a commodity exchange in accordance with the rules of such a commodity exchange, namely: products and other things defined by generic features.

The above-mentioned Law includes, among other things, wood, which is also a thing defined by generic features.

At the same time, an example of systems that ensure the centralized commissioning and centralized execution of transactions in the organization of wood trade are the State Enterprise “Forestry Innovation and Analytical Center” and the electronic trading system of the State Enterprise “Prozorro.Prodazhi” in terms of electronic auctions for the sale of enterprises which are regular forest users of individual consignments of unprocessed wood. Since the documents on the operation of the above electronic trading systems contain provisions that provide for the mandatory centralized execution and centralized execution of transactions, accordingly, administrators / operators of such systems should bring their activities in line with current legislation and apply to the NSSMC to get the license.

We also draw your attention to the fact that the provisions of Article 48 of the Law on Capital Markets and Organized Commodity Markets authorized the NSSMC to establish the existence of documents governing the activities of the multilateral system (electronic trading system), provisions transactions.

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