24.11.2021

The NSSMC (National Securities and Stock Market Commission) developed the new requirements to the agreements with persons, who conducts clearing activity, namely:

– the requirements to the Clearing Agreement applicable to persons, who conducts the clearing, regulated market operators, commodity market operators (commodity exchanges) during the conclusion of the Clearing Agreement;
– the requirements to the Securities Settlement Agreement on the based on the Results of Clearing, which apply to persons carrying out the clearing activities on securities, and the Central Securities Depository when concluding the Securities Settlement Agreement on the based on the Results of Clearing;
– the requirements to the Securities Settlement Agreement based on the Results of Clearing with the National Bank of Ukraine, which apply to persons carrying out securities clearing activities, and the NBU in accordance with the competence for securities accounting determined by the Law of Ukraine On the Depository System of Ukraine upon the conclusion of the Securities Settlement Agreement based on the Results of Clearing

In general, these agreements should include:

  • the date and place of conclusion;
  • the details of the parties to the Agreement;
  • the subject of the Agreement;
  • the rights and obligations of the parties;
  • the responsibilities of the parties (including the conditions under which the parties are released from the responsibility);
  • the procedure for the consideration of disputes that may arise between the parties in the process of execution, amendment or termination of the Agreement;
  • the conditions for the protection of information, the protection of which is required by the law;
  • the term of validity, the procedure for making changes, the cancellation terms and termination of the Agreement, etc.

The NSSMC developed these conditions to implement the provisions of the Law of Ukraine On the Capital Markets and Organized Commodity Markets and the Law of Ukraine On the State Regulation of Capital Markets and Organized Commodity Markets.

The documents approved by the regulator at one of the last meetings can be found in detail at the following links:

On the Approval of the Draft Resolution of the NSSMC On the Requirements For the Agreement With Persons, Who Conducts the Clearing Activity;

On the Approval of the Draft Resolution of the NSSMC On the Approval of the Requirements for the Securities Settlement Agreement Based On the Clearing Results with the National Bank of Ukraine

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