The President of Ukraine Vladimir Zelensky has signed the law “On amendments to some legislative acts of Ukraine on simplification of investment and the introduction of new financial instruments” (draft law № 2284).
The relevant information is published on the website of the Verkhovna Rada on Wednesday.
As reported, Ukraine has committed itself to adopt this law until the end of June in the framework of the Memorandum with the International monetary Fund on the current program stand by. Parliament finally approved it on 19 June, and the speaker signed on July 27.
The law, which was an updated bill No. 9035 “On derivatives and financial markets” of the previous convocation of the Parliament, implementeret EU mandatory requirements of the acts of MiFID II, MIFIR, EMIR. Financial infrastructure the document provides for the introduction of operator of regulated market to provide centralized conclusion and execution of agreements, the establishment of trade repository (database) for full functioning of the derivatives markets and the introduction of a Central counterparty for removing the risk of default of the agreements and calculation.
The document also envisages introduction of a differentiated approach to the licensing of financial intermediaries, under which less responsibility implies smaller requirements.
On the part of financial instruments the planned introduction of a derivative contract, certificates of Deposit of banks and issuance under the new procedure more secure corporate bonds. In addition, the bill provides for the introduction of the General rules of issue derivative securities, reglamentary liquidation netting.
In General, the law takes effect July 1, 2021, but individual items – from the date of publication, and several more from 1 January 2022. In particular, it is to this period, the national Bank shall transfer the municipal bonds to service from your Depository the national Depository of Ukraine.
The Verkhovna Rada