Настоящая публикация посвящена весьма важному и широко обсуждающемуся Закону “О внесении изменений в некоторые законодательные акты Украины относительно упрощения привлечения инвестиций и внедрения новых финансовых инструментов” № 738-IX от 19 июня 2020 года, официально опубликованному в газете “Голос України”. 2020. №№ 145-146. Некоторые положения Закона вступили в силу 16 августа 2020 года. Закон большого объема богат по контенту и довольно амбициозен. Законом регулируются как товарные, так и финансовые рынки, в том числе рынки капитала. Положения Закона о рынках капитала направлены на реализацию ключевых положений директив и правил европейских рынков капитала, таких как: Директива 2014/65 / ЕС о рынках финансовых инструментов (MiFID II), Регламент (ЕС) № 600/2014 о рынках финансовых инструментов (MiFIR ), Регламент (ЕС) № 648/2012 о внебиржевых производных финансовых инструментах, центральных контрагентах и торговых репозитариях (EMIR) и др.
In brief
Ukraine adopted a new ambitious legal framework governing the activity of capital markets intermediaries. In particular, the Law No. 738-IX “On Amending Certain Legislative Acts of Ukraine in relation to Investment Attraction and Introduction of New Financial Instruments” (the “Capital Markets Law”) was signed by the president of Ukraine on 12 August 2020 and it comes into force on 1 July 2021 (save some provisions that come into force on 16 August 2020).
This Capital Markets Law introduces the concept of the capital markets, which will be comprised of a stock market, a derivative instruments market and a money market whereby each of these is comprised of relevant participants interacting among themselves. The Capital Markets Law introduces the ecosystem of (i) professional intermediaries eligible to carry out their activity on the capital markets and (ii) other intermediaries eligible to carry out various auxiliary activities. Notable, the Capital Markets Law makes foreign intermediaries subject to specific licensing regime in Ukraine. The National Securities and Stock Market Commission is authorized to adopt specific guidelines which should enable foreign intermediaries to obtain necessary authorizations for acting as professional intermediaries in Ukraine.
Please follow this link for a chart providing more information on intermediaries.
Key takeaways
Foreign investment firms and other capital markets intermediaries interested in expanding their service lines to Ukrainian customers may now consider a suitable business model under the Capital Markets Law. Although the details of the specific authorization regime are not yet available, it may be advisable to consider the basic requirements applicable to local players to work out the potential constraints.
Background
The Capital Markets Law aims to implement key provisions of the European capital market directives and regulations such as Directive 2014/65/EU on markets in financial instruments (MiFID II), Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR), Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) and others.
Авторы: Сергей Черный, Максим Хлотов (Serhiy V. Chorny, Maksym Hlotov)
Источник: https://www.lexology.com/library/detail.aspx?g=08f1bdc3-3cb6-4db7-b4c3-0d01eb10543a&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2020-08-24&utm_term=