Legislation Overview

• LEGISLATION MONITORING: Law On National Commissions – Status Of Regulators Of Stock And Financial Markets; August 4, 2011
• LEGISLATION MONITORING: Amendments To Securities Legislation; June 2, 2011
• LEGISLATION MONITORING: Dividends; March 11, 2011
• LEGISLATION MONITORING: Dividends; January 12, 2011
• LEGISLATION MONITORING: Mandatory Dividends; December 8, 2010

Legislation

• International Standards

1. ОЕСD Principles of Corporate Governance; 2004

2. Objectives and Principles of Securities Regulation, International Organization of Securities Commissions (IOSCO); May 2003

3. Objectives and Principles of Securities Regulation, International Organization of Securities Commissions (IOSCO); June 2010

4. Takeover Regulation In The Jurisdictions of Some IOSCO EMC Members, Emerging Markets Committee of the International Organization of Securities Commissions (IOSCO); January 2006

• Basic Legislation
  • Verkhovna Rada of Ukraine

  5. Law of Ukraine On Securities and Stock Market of 23 February 2006

  6. Law of Ukraine On State Regulation of Securities Market in Ukraine of 30 October 1996

  7. Law of Ukraine On Financial Services and State Regulation of Financial Services Market of 12 July 2001

  8. Law of Ukraine On Joint Stock Companies of 17 September 2008

  9. Law of Ukraine On Business Associations of 19 September 1991

  10. Law of Ukraine On the National Depository System and the Specifics of Electronic Securities Circulation in Ukraine of 10 December 1997

  11. Law of Ukraine On Collective Investment Institutes (unit and corporate investment funds) of 15 March 2001

  12. Concept of functioning and development of the stock market of Ukraine approved by the Decree of the Verkhovna Rada of Ukraine No.342/95-VR of 22 September 1995

  • President of Ukraine

  13. Regulation on the Securities and Stock Market National Commission approved by the Decree of the President of Ukraine No.1063/2011 of 23 November 2011

  14. Decree of the President of Ukraine No.280/2002 of 21 March 2002 On Action on Corporate Governance Development in Joint Stock Companies

  15. Decree of the President of Ukraine No.1648/2005 of 24 November 2005 On Resolution of the Council for National Security and Defense of Ukraine of 29 June 2005 On Action on Improvement of the Investment Climate in Ukraine and of 28 October 2005 On Action on Strengthening Guarantees and Enhancing Effectiveness of Property Rights Protection in Ukraine

  16. Decree of the President of Ukraine On First Priority Action Investment Plan No.300/2006 of 10 April 2006

  • Cabinet of Ministers of Ukraine

  17. Ordinance of the Cabinet of Ministers of Ukraine No.131-r of 07 March 2006 On Approval of the Action Plan on Development of Major Areas of the Stock Market of Ukraine for 2006 - 2010

  18. Ordinance of the Cabinet of Ministers of Ukraine No.976-r of 08 November 2007 On Approval of the Concept for the State Target Economic Program on Modernization of Capital Markets in Ukraine

  19. Ordinance of the Cabinet of Ministers of Ukraine No.316-r of 25 March 2009 On Approval of the Concept of the Development of the Internal Market of Government Securities in Ukraine in 2009-2013

  • Securities and Stock Market National Commission

  20. Corporate governance principles approved by the SSMSC Resolution No.571 of 11 December 2003

  21. Procedure for and terms of issuing the license on certain types of professional operations in the stock market, redrafting of licenses, issuance of a duplicate and license copies approved by the SSMSC Resolution No.345 of 26 May 2006

  22. Procedure of termination and revocation of the license for certain types of professional activities in the stock market approved by the SSMSC Resolution No.432 of 23 June 2006

  23. Rules of examining the cases of violating the stock market legal requirements and application of the sanctions approved by the SSMSC Resolution No.2272 of 11 December 2007

  24. Regulation on computing the liquidity ratio restricting the risks of the professional activities in the stock market approved by the SSMSC Resolution No.2381 of 27 December 2007

  25. Procedure for control over observing securities legal requirements by the stock market professional participants approved by the SSMSC Resolution No.285 of 17 March 2009

  • Stock Exchanges

  26. License provisions on carrying out professional activities in the stock market - organizing trading in the stock market approved by the SSMSC Resolution No.347 of 26 May 2006

  27. Regulation on operations of stock exchanges approved by the SSMSC Resolution No.1542 of 19 December 2006

  28. Regulation on the procedure of making public disclosure and filing the administrative data on trade organizers’ performance approved by the SSMSC Resolution No.212 of 11 June 2002

  • Depositories and Custodians of Securities

  29. License provisions on carrying out professional activities in the stock market - depository activity approved by the SSMSC Resolution No.349 of 26 May 2006

  30. Regulation on depository activities approved by the SSMSC Resolution No.999 of 17 October 2006

  31. Regulation on settlement and clearing operations under the securities agreements approved by the SSMSC Resolution No.1001 of 17 October 2006

  32. Regulation on the procedure for arranging administrative data on performance of depository operations by the securities depository and filing the corresponding documents with the SSMSC approved by the SSMSC Resolution No.371 of 31 August 2004

  33. Regulation on the procedure for arranging administrative data by depository institutions carrying out professional activities of the securities’ custodian and filing the corresponding documents with the SSMSC approved by the SSMSC Resolution No.4 of 17 January 2006

  • Registrars

  34. License provisions on carrying out professional activities in the stock market - depositary activity, namely maintenance of the register of registered share owners approved by the SSMSC Resolution No.348 of 26 May 2006

  35. Regulation on maintenance of register of the registered share owners approved by the SSMSC Resolution No.1000 of 17 October 2006

  36. Regulation on arranging administrative data on maintenance of the register of registered share owners and filing the corresponding documents with the SSMSC approved by the SSMSC Resolution No.290 of 24 June 2003

  • Securities Trading (Brokers/ Dealers)

  37. License provisions on carrying out professional activities - securities trading approved by the SSMSC Resolution No.346 of 26 May 2006

  38. Rules (terms) for securities trading, brokerage, dealership, underwriting, securities management approved by the SSMSC Resolution No.1449 of 12 December 2006

  39. Regulation on the procedure for arranging administrative data on operations of securities traders and filing the administrative data approved by the SSMSC Resolution No.279 of 6 August 2004

  • Collective Investment Institutions

  40. License provisions for professional activities in the stock market - management of institutional investors asset (asset management operations) approved by the SSMSC Resolution No.341 of 26 May 2006

  41. Regulation on specifics of management of institutional investors asset approved by the SSMSC Resolution No.1227 of 2 November 2006

  42. Regulation on the procedure of information preparation and disclosure by asset management companies (AMC) on its performance and calculation of NAV of the collective investment institutions (unit and corporate investment funds) approved by the SSMSC Resolution No.216 of 1 August 2002

  43. Regulation on the procedure of filing the records with the financial indices of the entities managing assets of institutional investors (asset management operations) approved by the SSMSC Resolution No.520 of 4 October 2005

  44. Regulation on composition and structure of CII assets approved by the SSMSC Resolution No.12 of 11 January 2002

  45. Regulation on composition and rate of expenditures reimbursed at the expense of CII assets approved by the SSMSC Resolution No.196 of 2 July 2002

  46. Regulation on the procedure of computing NAV for CIIs (unit and corporate investment funds) approved by the SSMSC Resolution No.201 of 2 July 2002

  • Draft Laws

  47. Draft Law of Ukraine On the System of Depository Record Keeping of Securities

  48. Draft Law of Ukraine On Derivatives registered with the Verkhovna Rada of Ukraine on May 30, 2011, No.8576

  49. Draft Law of Ukraine On Amending Certain Legislative Acts of Ukraine Regarding Improvement of Securities Legislation registered with the Verkhovna Rada of Ukraine on November 2, 2011, No.8120-d (in Ukrainian)

  50. Draft Decree of the President of Ukraine On Approval of the Program for Stock Market Development in 2011-2015 approved by the SSMSC on 9 November 2010 (in Ukrainian)

Analytical Materials

• Developing Securities Markets and Non-Bank Financial Institutions in Ukraine: Key Impediments and Policy Reform Priorities Ahead
  World Bank & USAID Position Paper. 10th International Forum of Capital Market Participants, September 21, 2007; Alushta, Crimea
• Transactions And Practices That May Avoid Public Joint Company Status
  Robert D. Strahota, Senior Capital Markets Specialist, USAID Capital Markets Project; April 2010
• Analysis and Recommendations Regarding Dematerialization Initiatives under Ukraine's Law on Joint Stock Companiea and Law on the national Depository System and Specificities of the Computerised Securities Circulation System of Ukraine
  Robert D. Strahota, Senior Capital Markets Specialist, USAID Capital Markets Project; July 2010
• Development of Risk-Based Prudential Supervision of the Capital Markets in Ukraine
  Dr. Oonagh McDonald CBE, USAID Capital Markets Project; January 2008
• An Assessment of Ukraine`s Preparedness for a Unified Regulator
  Dr. Oonagh McDonald CBE, USAID Capital Markets Project; July 2006
• The Prospects for Risk-Based Supervision in Ukraine
  Dr. Oonagh McDonald CBE, USAID Capital Markets Project; July 2006