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LAW OF UKRAINE

of December 10, 1991 No. 1956-XII

About commodity exchanges

(as amended on 19-06-2020)

Section I General provisions

Article 1. Scope of the Law

1. This Law determines legal conditions of creation and functioning of commodity exchanges in the territory of Ukraine as organized goods markets.

2. Activities of commodity exchanges are regulated by this Law and are normative - the legal acts adopted in pursuance of this Law and also other acts of the legislation on commodity exchanges.

3. Provisions of Articles 71 - 76, 131 - 137 Law of Ukraine "About the capital markets and the organized goods markets" are applied to legal relationship concerning creation and functioning of commodity exchanges.

4. Operation of this Law does not extend to the relations connected with making and execution of transactions concerning the things determined by individual signs.

5. Operation of this Law does not extend to activities of the operator of the market of electrical energy, the operator of system of transfer, the operator of gas-transport system and to the relations connected with functioning of the market of electrical energy according to the Law of Ukraine "About the market of electrical energy", functioning of the natural gas market according to the Law of Ukraine "About the natural gas market" and functioning of the sphere of heat supply according to the Law of Ukraine "About state regulation in the field of utilities". The relations connected with activities in spheres of power and utilities are regulated by the National commission performing state regulation in spheres of power and utilities according to the Law of Ukraine "About the National commission performing state regulation in spheres of power and utilities".

Article 2. Determination of terms

1. In this Law the stated below terms are used in such value:

1) stock exchange transaction - the acceptance by participants of the exchange biddings of the obligation fixed and registered by commodity exchange in electronic trading system to sign the exchange agreement concerning exchange goods according to rules of commodity exchange;

2) the exchange agreement - the agreement which provides oplatny transfer of exchange goods after carrying out payment under such agreement within the largest of such periods - two working days or the period of time determined by the business custom fixed by rules of commodity exchange and which is signed in the course or by results of the exchange biddings according to rules of commodity exchange;

3) the stock exchange rate (market price of exchange goods) - the price created by competitive method by results of the exchange biddings which is calculated according to the procedure, determined by rules of commodity exchange. The commodity exchange has the right to perfrom calculation of the current stock exchange rate during the exchange biddings;

4) exchange goods - the asset admitted to exchange trading at commodity exchange according to rules of such commodity exchange namely products and other things determined by patrimonial signs;

5) operations on the stock exchange - the action (set of actions) of commodity exchange and/or participants of the exchange biddings directed to the conclusion and execution of stock exchange transactions and exchange agreements;

6) the exchange biddings - organized representation by participants of the exchange biddings of requests for purchase/sale of exchange goods, the conclusion of stock exchange transactions (exchange agreements) and making of other actions at commodity exchange concerning such exchange goods according to rules of commodity exchange;

7) electronic trading system - multilateral system, requirements to which are established by this Law, by means of which the commodity exchange will organize the exchange biddings electronically;

8) the client - legal entity or physical person, including the physical person - the entrepreneur which sells and/or acquires exchange goods with mediation (representation) of the participant of the exchange biddings;

9) the organization of trade in products at commodity exchanges (the organization of stock exchange trading) - activities of commodity exchange for creation and functioning of electronic trading system which in the procedure established by the National commission on securities and the stock market provide centralized making (conclusion) and centralized accomplishment of transactions (stock exchange transactions, exchange agreements) concerning exchange goods according to not discretionary rules established by commodity exchange and registered in the procedure established by this Law;

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